Are you looking for the best instant loan apps in Ghana for personal use without strict collateral requirements, find everything you need to know about Fido.
Fido money lending app, a financial app powered by Fido, is one of the highly recommended loan lending platforms for borrowers or business owners living in Ghana.
Since the developer is licensed legally and regulated by the Bank of Ghana, it, therefore, means that the chance of fraud is low. So, as a small business owner or individual looking for quick cash to finance immediate needs or expenses in Ghana, Fido money lending is a preferred choice to turn to.
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Here are some of the interesting features of the Fido money lending app:
- You can apply for a loan easily from your home or office. Even if you have a busy schedule and couldn’t get enough time to visit a bank or maybe the ATM in your area is out of cash, you can always resort to instant loan on the Fido app.
- If you are confused about whether you should take a loan for a specific task or not, this app will help you. Sometimes, we are so upset due to situational and financial factors that we fail to make decisions. In such conditions, this amazing app will help you make the loan request decisions. Fido on your mobile means you are just a tap away from credit alert to your bank account.
- Another amazing feature of Fido money lending app is that there are no hidden charges. All the payment details and the charges are clear at the time of filing a loan application; once you are about to submit a loan application, you will see all the details regarding the total amount in this app. Fido does not charge upfront fees on loan secured, rather a processing fee of 12GHS deducted upon repayment of your loan.
- To apply for a loan on the lending app, you do not need any paperwork. You are also not required to visit the bank for applying for the loan. In this way, this app brings more ease and comfort into your life through its instant loan facility.
What do you get with Fido?
- If you are applying for your first loan, you can receive up to GHS 200 and repay between 10 and 33 days.
- You will enjoy a higher loan payout of up to GHS 600 every time you repay the outstanding loan with lower interest rates on the subsequent loan.
- The interest rates displayed for new customers on Fido lending app start at 14% for 30 days while existing customers with a good history of paying on time get as low as 8% interest for 30 days.
- You are free to choose loan repayment terms that align with your specific needs and this varies from 10 to 90 days. You can also pay back the loan due on one instalment or in tranches depending on your eligibilities. The loan on Fido is designed to assist with urgent cash and not for long term obligations. The Interest rate is set at a cap of 0.466% per day which decreases. For instance, if you take 600 GHS for 30 days at a rate of 0.266% per day, your annual percentage rate (APR) for a loan secured including relevant charges, is 123%.
- Fido loans do not compound interest, nor are not eligible for extension or refinancing beyond the stated term.
What do you need to apply?
- A valid ID (voter’s ID, biometric passport, NHIA) and original bank statement.
- A mobile money account that is at least 2 months old;
- Be a resident of Ghana, over 18 years of age.
How to download Fido money lending app?
Fido money lending app is very easy to use, thanks to its simplest user interface designed to display relevant information you need for your loan decision.
- To explore the app, you need to download Fido credit by launching the Google play store. Tap on Install from the search results and initiate the download process which should take less than five (5) minutes.
- Before you proceed, let’s learn about some of its requirements. In order to use this app for taking the loan, you must meet the criteria mentioned earlier, then you are eligible to apply for the loan.