Instant Online and Mobile Loans in Ghana Without Collateral

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The mobile money in Ghana has been expanding at a higher rate than anywhere else in Africa. For instance, between 2012 and 2017, the number of registered mobile money accounts in the country rose six-fold. One of the factors that has triggered this growth is the increased penetration of mobile phones. Approximately, 128% of the country’s population own a phone. This has made it easier for individuals who previously couldn’t access formal financial services to enjoy them at the comfort of their homes.

One of the financial services that has been largely embraced by the registered mobile phone owners in Ghana is loans. The fintech revolution has made it easy for Ghanaians to borrow a substantial amount of money without having to visit a physical bank. In most cases, the requirements and terms of repayment are more relaxed than those of traditional banks. In this article, the focus will be on the available online and mobile loans in Ghana.


Paylater allows you to get a loan without any collateral, paperwork, or guarantors. One of the interesting aspects of Paylater is that you get a discount on your next loan if you refer someone to the site and they repay their credit on time. Besides, adhering to the stipulated terms of repayment helps you get larger amounts as you go along.

To apply for a Paylater loan, download the loan app from Google Play. You will then be requested to fill in some of your basic personal details. Upon completion, the system will review your application for credit worthiness. Once approved, you will receive the funds within 5 minutes.


Qwikloan is a product available to MTN subscribers. You can get upto 1,000 Ghanaian Cedi at an interest rate of 6.9%. You can only have one Qwikloan at a time, which you are supposed to pay within 30 days. If you fail to pay on the stipulated date, you will have to repay the amount at an interest rate of 12%.

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For you to access this loan, you have to be at least 18 years of age and be an active subscriber of MTN Ghana for over 90 days. During that period, you should be an active user of MTN mobile money including paying bills, buying airtime, and sending, or receiving money. If you already have a Qwikloan, failing to pay it on time may lead to the moneylender denying you another loan.

To apply for this loan:

  • use your MTN registered number to dial *170#
  • select ‘Financial Services’
  • slect ‘Loans’, ‘QuikLoan’, then ‘Get a loan’ in that order.
  • Input your PIN
  • Enter the amount you intend to borrow. For first-time borrowers, the amount is usually 50 Ghanaian Cedi or less.
  • Confirm that you want to take the stated loan amount and that you understand the terms of repayment.
  • You will receive a text message showing that you have received the money into your mobile money account.

To repay the loan, deposit the repayable amount into your MTN mobile money account and it will be deducted automatically on the due date. Alternatively, dial *170# and select ‘Repay loan’.

Fido Loan


Like other online and mobile loans included in this article, you don’t need a guarantor or collateral to get a Fido loan. You can get the loan by either visiting one of their branches or applying for it through your mobile phone. First-time borrowers can get 200 Ghanaian Cedi and pay it within 30 days. The interest rates for new customers start at 14% for 30 days. The lowest interest rate for future loans is 8% for 30 days. Depending on your ability to adhere to the set repayment terms, you can get up to 1,000.

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To apply for a Fido loan on your mobile phone:

  • Download the app on Google Play
  • Fill in the application form
  • Receive the money within a few minutes. When you repay the loan on time, you become eligible for a larger amount.

There are NO UPFRONT FEES for using the FIDO mobile app or applying for a FIDO Loan. We charge a processing fee which will be disclosed to the customer prior to accepting a loan, and are paid only after you get your money, when your loan is due for repayment.

Xpress Loan

This is another mobile loan in Ghana offered by MTN. It is available to MoMo subscribers who constantly use their mobile money account and regularly recharge their MTN number with airtime. It is important to note that the charges of this credit product are not fixed. As such, it is important to read the terms when applying for the loan.

To acquire the XpressLoan;

  • Dial *170#
  • Select ‘Financial Services’
  • Select ‘loans’, ‘XpressLoan’, and then ‘Get a loan’ in that sequence
  • Enter your mobile money account PIN
  • Select ‘View Offers’ to select the preferred amount. The options are usually btween 50 and 1000 Ghanaian Cedi
  • Confirm the stipulated repayment plan

To repay your mobile money loan in Ghana, you need to deposit the required amount into your mobile money account and it will be deducted automatically on the due date. Alternatively, you can use the following steps:

  • Dial *170#
  • Select ‘Financial services’
  • Select ‘Loans’, ‘XpressLoan’, and then ‘Repay my loan’ in that order
  • Enter your PIN and then input the amount you intend to pay


Similar to other African countries, the mobile money and internet revolution have transformed the financial ecosystem in Ghana. Without adhering to complex loans terms stipulated by banks, you can now access mobile and online loans in Ghana without collateral.


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