How to get Free Loans without Collateral in Ghana – 2023

How to get free instant loans online.


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Despite the most diligent financial planning, financial emergencies may crop up unexpectedly in life. During such emergencies, you can avail of free loans without security or collateral requirements from banks and other financial institutions. These loans are unsecured, so you do not need to pledge any asset like your land, house property or gold as collateral with the lender.

Availing of such personal loans without collateral is fairly simple nowadays since most leading banks offer the option to apply for these loans online.

How to get Free Loans without Collateral in Ghana

How to apply for collateral-free loans in Ghana

Getting a loan without collateral in Ghana to scale your business should not be something that is hard to obtain. However, it is known that in Ghana the process of getting a loan is quite cumbersome especially when collateral is needed to complete the transaction.

Ghanaians usually shy away from loan opportunities when some form of collateral is involved as it poses too much risk to their livelihood, which has opened up the gateway for mobile money loans.

Another factor that stops or minimizes loan applications is the processing time it takes to acquire a loan. In most circumstances, when you really need the loan, it is best to plan ahead to apply ahead of the time you would actually need it.

If not, the processing time could even outnumber the period you urgently needed the loan for, rendering the purpose of the loan futile. This has created the avenues for mobile money loans in Ghana, which can be accessed within the shortest amount of time, with some even granting the service almost instantly.

Oze SME Loan

Oze partners with financial institutions and other fintechs to offer small business loans to users who consistently use the Oze Business App and have completed the loan application and passed the Loan Prep Process. Oze offers up to 30,000  Ghana Cedis. These short loans in Ghana are given out with as little as 3% monthly interest on the amount received. The loan can be repaid in instalments over a period of 12 months.

To be eligible for the loan, an applicant has to be an active Oze Business App user for at least 30 days. After 30 days, they can apply for an Oze loan directly from their Oze Business App.

MTN Qwick Loan

MTN partnered with AFB Ghana, to provide customers with MTN loans, which is accessible to users who have actively transacted in their wallet beyond 90 days. Qwickloan, is an instant way to access cash at any time for any purpose and offers up to 1,000 Ghana Cedis. The loans have a 6.9% interest rate on the amount given. The “collateral” regarding this loan is frequent use of MTN Mobile Money as well as committing to repay previous loans on time in order to have access to more loans of larger sums. To access the loan, simply;

  1. Dial *170#

  2. Select option 5 -financial services

  3. Select option 3 – loans

  4. Select option 1 to register for free or option 2 to view terms and conditions

Fido Loan

Fido Loans are provided by Fido Micro Credit (FIDO), a financial institution based in Accra. Fido Microcredit is a private money lender in Accra, that provide loans through their app, to anyone who has a valid ID and a mobile money account, with no collateral or guarantors.

For first time borrowers, they are eligible to receive a maximum of 200 Ghana Cedis to be paid back within 10 to 33 days. However, as a person keeps borrowing, they build their creditworthiness to receive larger sums at discounted interest rates. The interest rates start from 14% for 30 days for new customers and go as low as 8% for 30 days for returning customers.

Dial the MTN short code for FIDO loan *711*999#.
What are the requirements for a Fido loan?
  1. You must be a resident Ghanaian.
  2. You must be at least 18 years of age.
  3. Have an active mobile money wallet, registered in your name.
  4. Have a valid Ghana Card.

Vodafone Ready Loan

These are the terms that apply should you decide to take out a loan through the Vodafone Mobile Money Platform (“Product Terms”) along with the Platform Terms. These Product Terms may change so please read them carefully each time you apply for a mobile loan.

1             Applying for a Loan

You may apply for a mobile loan from the finance institution named in your loan application (“Provider”) if you are 18 or older and have an active Vodafone Cash Mobile Money account.

When you apply for a loan we will give you the following information:

  • the amount you decide to borrow (“Loan Amount”);
  • the time you need to pay it back by (“Loan Term”)
  • the rate of interest for the Loan Term and the actual interest amount (“Interest Amount”), if applicable;
  • the amount you need to pay back, including the Interest Amount and other fees (“Repayment Amount”)
  • the date by which you need to pay us back the Loan Amount, being the last day of the Loan Term (“Due Date); and
  • other fees, including the fee for not repaying the Repayment Amount on the Due Date (“Late Payment Fee”).

You will not be charged an interest rate of more than 7% monthly .You will however be charged a penalty of 12.5% of the loan amount if you fail to pay within 30 days.

You may accept or decline to take a loan from the Provider by following the instructions provided in the application menu on your mobile phone.

If the Provider approves your application, the Loan Amount will be paid into your Mobile Money account.

The Provider does not have to give you reasons why they approve or decline your loan application.

2             Questions and Complaints

If you have any complaints, queries or any suggestions with respect to your mobile loan please dial 100 on your mobile phone to contact the Customer Call Centre.

3             Paying Back the Loan Amount

We or the Provider may take the Repayment Amount directly out of your  Mobile Money account on the Due Date or you can pay it back yourself (as set out in clause 3.4. below).

By accepting these Product Terms you agree to allow Vodafone Cash to automatically debit your account on the Due Date with the Repayment Amount (or any other amount you owe the Provider).

A Late Payment Fee will be charged if you fail to repay the Total Repayment Amount in full within two (2) days after the start of the Due Date.

You may choose to pay the Repayment Amount directly into the Provider’s account on or before the expiry of the Loan Term by using the repayment option on the loan menu. Even if you choose to pay back the Loan before the end of the Loan Term, we will still charge you the full Repayment Amount.

Zidisha Loan

Zidisha is an online microlending community that directly connects lenders and entrepreneurs, without intermediaries. Zidisha loans are offered to anyone who has the Zidisha app, a valid ID and a good reputation based on recommendations from friends and family. Usually, entrepreneurs post their loan applications as well as their reason for taking the loan, and individuals who give loans in Ghana 2021 who are also on the app, decide if they would like to fund partially or fully of the entrepreneur’s loan amount.

Hence, Zidisha free loans can be as little as $1 and as large as the amount the entrepreneur posted that they needed. There is no interest rate when borrowing from Zidisha. However,  there is a service fee of 5% of the loan amount as well as an on-time membership fee of 40 Ghana Cedis.

PayLater Loans

PayLater is a platform of private money lenders in Accra, that provides the service of smart cash loans in Ghana through their app, where one receives an instant deposit of the loan after the application is submitted. Applicants just need to create an account with the app and fill in the application with their basic information, once the application is approved, it gets received in 5 minutes.

PayLater offers free loans to the tune of 5 Ghana cedis for first-time users at a 5% monthly interest rate. The loan duration is between 15 to 30 days to repay.

In conclusion, these are 5 loans in Ghana you can access without collateral, which have different offers but are assured of delivering their proposition of offering quick mobile money loans in Ghana.

Frequently Asked Questions

Do banks give collateral-free loans?

Yes, banks offer personal loans, which are collateral-free loans or loans without security. To avail of these loans, you need not offer any assets as collateral.

Will personal loan interest rates rise?

If the regulatory body raises repo rates, personal loan interest rates may also rise in response to the increased repo rates. In addition to this, banks may also occasionally choose to raise personal loan interest rates at their discretion.


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