Frequently Asked Questions About Loans
On issues from loan applications, eligibility of loans and loan terminology. Making sure you know what to ask for when you apply for an uncovered loan.
Applying for a new loan is not always easy – we’re here to help
Here are some of the most popular questions we get to our customer service:
How do I apply?
Simply go to our loan application page , fill in the details and click “Submit” once you are ready. We will send the application to suitable parties and you will receive offers to your inbox if you are eligible.
How long does it take to get a loan?
If you are able to present the documents required by the bank, your loan can be on your account in less than 24 hours from the application.
How much can I borrow?
Currently, you can access up to GHS 50,000 through our partners.
What interest will I pay?
Based on the information you provide, the banks will make an offer with a specific interest rate for you. The interest rate you are offered will depend on the information you provide as well as on the current desire of the bank to take give new loans.
When do I have to pay back my loans?
This depends on the loan tenure you have chosen. Normally, our partner banks lend for a maximum of 18 months.
What do I need to be eligible?
- You must be over 20 years of age
- You must be in paid employment
- You must have a bank account
- You must be able to give proof of your income
What documents am I required to present?
Credit Ghana does not require you to present any documents in order to get the offers. However, the lending bank will normally state which documents are needed to receive the money. They typically include:
- Valid identification
- Salary statement of account
- Employment letter
How do I repay my loan?
This will depend on which bank you choose to accept an offer from. Please be in contact with the lender directly to arrange repayment.
Why did I not get a loan?
- Based on the information you provided, you are not eligible for a loan.
Why did I get an offer for less than I applied for?
Terminology
Interest
Interest is the cost of the loan; the money you will pay back in addition to the principal.
Loan Tenure
This is the time after which the whole loan, including interest, must be paid back.
Credit Bureau
Most lenders will check your details with a Credit Bureau, for example with Dun & Bradstreet, in order to see if you have defaulted on loans earlier.