Aside from the loans offered by the various telecommunication companies, Fido also offers some loans to individuals.
These loans are easily accessible and as an individual, you can get up to GHC 2,000 and pay back within the stipulated amount of time – 30 days.
Professionals who are salaried, contracted, or self-employed can apply for a FIDO loan. Before money is disbursed, only a one-time verification of ID and mobile money account is required. There is no need for collateral or guarantors.
In this article, we would be taking a look at the Fido Money Lending service so if you want to know more about the service then this article is the right article for you.
What is Fido Money Lending?
FIDO Money Lending Limited (FIDO) is a Ghana-based financial institution in Accra, which is authorized by the Bank of Ghana. As a financial institution, FIDO Money Lending Limited offers quick loans and simple short-term loans known as FIDO Loans to its customers.
The applicant chooses flexible repayment terms, which are payable in one or more installments depending on eligibility. The loans are intended to provide working capital to microentrepreneurs in order for them to grow their businesses, rather than to service long-term debt obligations.
The highest annual percentage rate (APR) is 62%. This is based on a daily interest rate of 0.266%, which decreases with good repayment behavior. The processing fee per loan is GHS 17, and the commitment fee is deductible at 1.4%.
What can Fido Loans be used for?
Loans obtained from Fido can be used for the following but are not limited to;
For business expansion – A small loan to get your business started or to cover cashflow issues is an excellent way to stay profitable.
To pay for school fees – Nothing is more important than your child’s education, but you may require assistance with an initial payment.
To sort out your rent issues – It’s easy to overspend after payday, so use an emergency loan to get your finances back on track.
What you need before your loan request will be granted?
Have in mind that you must meet some requirements before your loan request is granted. Before FIDO Money Lending Limited can grant you a loan, you must first complete a one-time verification with your Ghana Card. A mobile money wallet should be registered in your name and also you must be a resident of Ghana, and over 18 years of age.
Applying for Fido Loans
- Install the free FIDO app on your phone
- Fill out the loan application in the app to apply.
- Immediately after your application is successfully received, you will get the money instantly
- Repay on time and you will receive a larger loan amount for your next loan.
How to Repay Fido Loan
- If you owe money, log into the FIDO app, tap the ‘Make a Payment’ button, and then follow the on-screen instructions.
- You can also repay by dialing *711*666#.
- Other options, such as using the MTN, AirtelTigo, and Vodafone menus, can be found in the Fido App’s ‘Help’ section.
Note that the minimum Repayment period is 91 days and the maximum Repayment period is 180 days
Contact of Fido Money Lending Services
Below are the contact details of Fido Money Lending Services, so in case you need to speak to someone or visit their office you can do so;
Physical address:
No. 48 Blohum Road
Dzorwulu, Accra, Ghana
Near Sid Theatre and Medlab
Telephone numbers: 030 220 8060, 024 243 6885
Email: [email protected]