Things are hard, especially when you have a tight budget. Many people often have a lot of expenses that are not covered by the fixed income. This can be a struggle for some people.
One way to get around this difficult is to find ways that can help you borrow money. One way to do this is by using the MobiLoan app. With the mobile loan app, you can borrow up to 5000 cedis and pay it back in installments.
The MobiLoan app is a mobile based loan application that allows you to get a loan of 5000 cedis within 24 hours without having to submit to a bank application.
It was created to help people in need of a loan to get out of a financial bind. MobiLobi is not a regular loan. It’s a quick loan that can be used for emergencies as needed.
So, in this article, We will take a look at how you can take a loan using the mobile loan.
Read also: >>> MobiLoan: How to repay your MobiLoan in 4 Simple steps
What is MobiLoan?
MobiLoan is a fintech platform that provides instant personal online loans to eligible Ghanaian customers.
MobiLoan aim to provide customers with high-quality loan products with reasonable interest rates and generous amounts. Allow households to enjoy convenient and fast loan services without leaving their homes.
Who Is Eligible For MobiLoan Loan?
The Eligibility of the MobiLoan Application are:
√ Legal citizen of Ghana
√ 22 years of age or older
√ Have a stable monthly income
√ No record of breach of credit and breach of contract
What Makes MobilLoan Better Choice than Its Competitors?
First, MobiLoan’s product interest charges fully comply with relevant requirements, and the comprehensive annualized rate does not exceed 36%.
Second, Users do not need to provide any paper information to obtain loans online throughout the entire process.
Third, Up to GHC5,000. Disburse to your Mobile Money (MTN/Vodafone/AirtelTiog) in a while.
Also, MobiLoan does not share your data with any third parties without your consent. Your data is totally safe with them.
Last but not least, with MobiLoan, All the transactions are secured via a SSL encryption. All the data are transferred over secured connections. All user information will be strictly encrypted, and they promise not to disclose any personal privacy information of users to any third party. All your information will only be evaluated by users for your personal loan eligibility. It will never be used for other purposes.
MobiLoan’s Loan Amount and Loan Term
MobiLoan’s Loan amount ranges from 5000GHS to 300,000 GHS and it has a loan term of 91 days (shortest, including renewal time) – 2 years (longest, including renewal time)
What is MobiLoan’s Interest Rate?
APR:up to 24% and as low as 5% Short term
If your loan amount is 10,000 GHS,
APR is 20%,service fee is 10% and the term is 91 days.
on the due date, the amount payable is 11498.63 GHS(10,000 * 20% / 365 * 91 + 10,000 + 10,000*10%)
MobiLoan’s Contact Info
If you want to contact MobiLoan support, you can do so via any of the mediums below:
Email: [email protected]
Tel: +233 208881814
MobiLoan Headquarters is located at Yawhima, Sunyani, Ghana.
How to apply for MobiLoan?
Now, I’m certain most of the frequently asked questions are all answered above, so it’s time for the actual loan application process.
To Apply for the MobiLoan’s Loan, You will need to download their mobile App from Google Playstore (Click Here To Download). After the app is successfully installed, Lunch/Open it.
On the next page, enter your phone number in the space provided to enable you receive a one OTP code from MobiLoan.
A ffour digit code will be sent to your via SMS, kindly type the code into the space provided.
Once that is done, you will be sent to a page similar to the one below, kindly click on Apply Now.
It iis now required to provide some basic information about yourself before the loan can be lent to you.
Under the personal information you will need to provide informations such as:-
- First Name (e.g Frank)
- Middle (e.g Osei) this optional
- Last Name (e.g Nyarko)
- Select Your Gender (e.g Male)
- Date of Birth (e.g 19/10/1999)
- Your Email (e.g [email protected]@gmail.com)
- Your Alternative Number (e.g 0206660157)
- Marital Status (e.g Single)
- Are You Schooling (No)
Under Contact information, you’re required to select two people from your phonebook to serve as reference.
Note: MobiLoan Won’t call these people, they will only call them when you can’t pay your loan on time.
Mobile Mobey Wallet
You should select how your loan will be disbursed to you. You need to provide the following:-
- Wallet Mobile (Enter Your Wallet number. e.g 0545880700)
- Your Name (The band name your used to register the Momo number. e.g Frank Osei Nyarko)
- Wallet Channel (e.g MTN Ghana)
You click next to proceed….
MobiLoan would have to verify your true identity, therefore you need to provide a valid ID of yours.
Under ID type, you can choose Old Voter’s ID, New Voter’s ID or Ghana Card.
Type in your ID number in the space provided in the MobiLoan app..
Now, tap on next to proceed.
On the next page, the amount your will be given is shown to you with Loan Tenure,
° Interest rate and Service Fee Charged when repayment.
° Total Interest
° Overdue penalty interest (billed daily)
° Disbursal amount
° and Total repayment.
If you are ‘OKAY’ with what you’re seeing, Click On APPLY and your loan will be disbursed to you in a jiffy.
How to repay your Mobiloan?
We hope you enjoyed our blog post on Mobi Loan! We are always excited when we are able to provide valuable information on a topic like this!
This was a quick post, but still had a lot of great information on how to get an instant loan of 5000 cedis. If you have any questions, please don’t hesitate to comment below and we shall attend to you.
Thank you for reading, we hope you found this blog post helpful!
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