Fees and Charges

Product Minimum Interest Rate per month Maximum loan term Maximum loan amount Processing fees Insurance
Mobile Money Loan (CedisCredit) 6% 3 months Up to GHS 3,000 Not applicable Not applicable
Credit Builder Loan 4% 3 months Up to GHS 5,000 3% of approved loan amount 0.65% of approved loan amount
Emergency loan (Cash Me) 5% 3 months Up to GHS 3,000 Not applicable Not applicable
Unsecured Salaried loan (Loan me) 5.5% 6 months Up to GHS 10,000 3% of approved loan amount 0.65% of approved loan amount
Loan Me - based by pension assets 1.8% 12 months Up to GHS 20,000 3.5% of approved loan amount Not applicable
Investment / Savings Backed Loan 2.5% 12 months Up to GHS 20,000 3.5% of approved loan amount Not applicable
Pay-roll Loan 4% 12 months Up to GHS 10,000 3% of approved loan amount 0.65% of approved loan amount
Business loan (Capital Me) 6% 6 months Up to GHS 20,000 3% of approved loan amount 0.65% of approved loan amount
Business line of credit (Capital Me – Topup) 6% No term limit Up to GHS 20,000 1% of approved loan amount 0.65% of approved loan amount

Please note the following:

  1. The interest rate disclosed is the minimum rate, and some customers may have a higher rate based on their credit score with CedisPay. The interest rate calculation is based on five components, including the cost of funds, cost of operation, cost of credit risk, customer-specific risk premium, and desired profit margin
  2. At CedisPay, we prioritize transparency and openness in all our dealings with our clients. In addition to the interest rate on your approved loan amount, we charge a processing fee of 3% and an insurance premium of 0.65%. It's important to note that both the processing fee and insurance premium (where applicable) will be deducted from the approved loan amount
  3. For the Loan Me-based on pension asset, 1.5% of the processing fee is paid to the pension trustee company. However, CedisPay will deduct the full 3.5% processing fee from the approved amount and remit the 1.5% balance to the pension trustee company later
  4. An unpaid monthly/weekly payment will attract a late payment charge that is calculated as follows: 10% per annum of the prevailing interest rate plus the interest rate on the outstanding arrear
  5. CedisPay charges you 0.65% of the approved loan amount for insurance, which will be paid to a life insurance company. In the event of the borrower's death, the life insurance company will pay off the outstanding loan amount to CedisPay. Please note that the life insurance company may provide CedisPay with a commission
  6. The amount of the loan is determined using CedisPay's eligible loan model, which involves calculating the customer's available income by subtracting assumed expenses, debt expenses, and monthly savings from their income. The resulting available income is then multiplied by the future loan period to estimate the expected residual income. Customers lacking certain habits, such as savings or insurance, may receive a reduced loan amount. CedisPay verifies customers' residence, income, and credit habits to ensure that loans are offered only to those who can afford to repay them. For more information, visit Our Lending Model.
  7. CedisPay's current license restricts unsecured loans to GHS 10k. Therefore, loans exceeding this limit require collateral, such as pension assets or post-dated cheques.
  8. CedisPay loans are offered at a fixed interest rate and are not structured as reducing balance loans. If you choose to repay your loan before the scheduled term ends, you will not incur any penalty fees. Instead, you will be required to settle your outstanding balance, including the total interest calculated for the original loan duration.

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