Why is a document needed in a business loan application
Valid Ghanaian national ID (Ghana Card): This is required to verify your identity and ensure that you are a Ghanaian citizen. It is also a requirement per KYC (Know Your Customer) and AML (Anti-Money Laundering) policies set by the Bank of Ghana
Proof of current address: This is required to verify your current residence and ensure that you are located within Accra, which is the only location where CedisPay currently operates. It is also a requirement per KYC and AML policies set by the Bank of Ghana
Three (3) months of mobile money statements: This is required to verify the applicant's financial standing. By reviewing their mobile money statements, we can assess their income, expenses, and any outstanding debts or obligations. This helps us determine whether they are financially capable of repaying the loan. This is required to ensure that you have a steady income stream and can repay the loan. It is also a requirement per lending best practices.
Valid mobile money number: This is required to facilitate loan disbursement and repayment. Mobile money is a convenient and secure way to transact and is widely used in Ghana
Document that shows you've existed in your current business location for at least three months: This is required to ensure that you have an established business presence in Accra and have a stable business operation. It also demonstrates your ability to manage your business effectively and sustainably.
Proof of payment for recent bills, loans, or rent: This is required to ensure that you have a good credit history and are capable of paying your bills on time. It also demonstrates your financial responsibility and reliability.
Mobile money auto deduction confirmation: This is required to confirm that the applicant has authorized their Mobile money operator to deduct loan payments from their mobile money account. By obtaining this confirmation, we can ensure that the loan payments will be made on time and in full.
Guarantor (if applicable): If your credit score from the CedisPay pre-approval calculator is below 70, you will need a guarantor with a good credit history to guarantee the loan. This is to ensure that the loan will be repaid even if you are unable to do so.
Pension asset or investment asset: This is required if the loan amount exceeds GHS 10K and is unsecured. As per the Bank of Ghana's regulations, any unsecured loan above GHS 10K requires collateral such as Pension asset or investment asset. This provides us with some security and ensures that the loan will be repaid.
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