Do you find yourself in a financial crisis? Then this guide is going to be of help to you because we are going to elaborate on how to apply for a loan on FIDO in Ghana.
Many people can’t meet the requirement of banks before they are granted loans. Therefore, there is a need for financial institutions that don’t require collaterals or guarantors before granting loans.
Also, many need small loans for their activities and businesses but don’t know where to get them.
Finally, there is a financial institution called Fido Micro Credit that gives loans in a small amount with no stress nor collateral or guarantor.
What Is FIDO
FIDO is a registered financial institution in Ghana that grants fast and easy short-term loans through an app on a smartphone. It is fast, safe, and secured with few requirements to access a loan. Just like payday loans, FIDO ensures you don’t run out of cash until your salary is paid.
The Fido Micro Credit was launched in 2013 and has operated till today. The long duration of business operation shows the credibility of the good services the FIDO institution provides.
What Does FIDO Offer
FIDO offers fast and easy short-term loan deals with no collateral or guarantor.
Also, customers receive their loans within a business day if only the details provided to FIDO are genuine and accurate. The most interesting thing is that you don’t need to be a Government worker to apply for a loan on FIDO.
Who Qualifies To Apply For FIDO Loan
The list below are people who qualify to apply for FIDO loans:
1. Salary workers
2. Contract workers
3. Self-employed individuals
Requirements To Apply For A Loan On FIDO Ghana
Below are the things you’ll need to apply for a loan on FIDO:
1. Smartphone in Ghana
2. ID Card (Driver’s license, NHIA membership, Voter ID, National ID, or Passport)
3. Active mobile number registered with mobile money (MTN or AirtelTigo )
4. Fido App
5. An internet connection
Note: Your choice of ID used in applying for a loan on FIDO must correspond with the details used for your mobile money registration.
How To Apply For A Loan On FIDO In Ghana
To successfully apply for a loan on FIDO, follow the steps below:
1. Launch the FIDO app on your smartphone
2. Click on get loan
3. Choose the amount you want to borrow and the payback duration time
4. Click continue
5. Accurately fill the loan application details
6. Click on submit
How Much Can I Get Through FIDO Loans
If you just registered with FIDO as a new customer, then you are eligible for a maximum of 200 Ghana cedis. The duration within 10 – 33 days of paying back the loan is selected by the customer in the app when applying for a loan.
When a customer pays back on time, he/she gets a loan increment up to a maximum of 1000 Ghana cedis. Also, paying back on time reduces the interest rate on your loan.
What Is The Interest Rate On FIDO Loans In Ghana
A new customer interest rate starts at 14 % for 30 days.
An old customer with good payback records gets a reduced interest rate at a minimum of 8% for future loans.