Mobile Loan Apps are on the rise in Ghana; we have written about five mobile loan apps already. Adding to the list is LendingPapa.
Lending Apps in Ghana have made it easy to acquire loans to solve urgent situations that need financial aid.
With the likes of Fido Loan, Wohiasika Loan, Sikapurse Loan, Bloomkash Loan, etc., and LendingPapa Loan, getting a loan needs no physical meeting, No collateral, and no initial deposit Banks ask for before giving loans out.
What Is LendingPapa Loan?
LendingPapa is a Mobile Loan App that gives loans to Ghanaian Users. – It loans a minimum of 100 and 5,000 for Loyal Loanees.
Who is Eligible For LendingPapa Loan?
To be eligible for LendingPapa loan, the applicant must be:
- Ghana Resident
- 20 to 55 years of Age.
What is the Interest Rate?
Loan Term: 91~365 days.
The interest rate for LendingPapa loan starts from 8% to 22% per annum.
If you apply for a loan of GHS 5,000, the term is 120 days and the annual interest rate is 18%.
So the daily interest rate=18%/365=0.049%, the interest for 120 days =5,000×18%/365×120= 245, the totally repayment=5,000+245= 5,245.
How Much Loan Does LendingPapa Gives?
LendingPapa Loan gives a minimum of Ghc100 and a Maximum of Ghc5,000; this solely depends on how loyal you become to them.
What is LendingPapa Loan Term?
Although it is stated under their Mobile App on Google Playstore as 91 to 365 days, it is 14 days to repay your first loan from them.
How To Apply for LendingPapa Loan?
To Apply for LendingPapa Loan, You will need to download their Mobile App, which is available on Google Play Store (You can CLICK HERE to download).
After You have successfully installed the app, please lunch it and create an account by;
LendingPapa Sign up
• Type In Your Phone Number
• Enter The OTP Sent to You Via SMS
• Type a New Password
• Type the Same Password You Choose Again.
Now, Tick On “I Agree to The Privacy Statement”
Click On Sign up to Proceed.
After a Successful account creation, you should see a screen like the one above.
LendingPapa Loan Application
Under the Figure 5,000 click on GO
As shown in the Above Image, you can select the amount you wish to borrow; as a new Borrower, the maximum you will be given is Ghc100. However, You increase your loan limit when you pay your loans on time.
Also, You have 14days Maximum to pay back your first loan.
Tick on “I Agree To Loan Agreement” and Click on “Confirm“.
It is a requirement to take and submit a selfie before a loan is disbursed to you.
Once you have submitted the selfie, LendingPapa Will call you to verify you truly need the loan before disbursing it.
We are done for today, and I hope this article helps you get an instant loan from LendingPapa. Although I don’t recommend you always take a loan, especially those who are unemployed – Repayment can be difficult sometimes.