Why is a document needed in a personal loan application
Valid Ghanaian national ID (Ghana Card): This is required for several reasons. Firstly, as a financial institution operating under the regulation of the Bank of Ghana, we are required to comply with the KYC (know your customer) and AML (anti-money laundering) policies set by the regulator. This policy mandates us to verify the identity of our customers using an official identification document. Secondly, by verifying the identity of our customers, we ensure that we are lending to the right person and not to an imposter. Thirdly, we need to ensure that the person applying for the loan is a Ghanaian citizen and at least 18 years old.
Proof of current address: This is required as per the Bank of Ghana's KYC and AML policies. We need to ensure that we are lending to someone who resides in the area where our license is valid (currently only Accra). By verifying the applicant's current address, we can ensure that they meet this requirement.
Three (3) most recent payslips: This is required as proof of income and proof that you are currently employed with your current employer for at least 3 months. By providing their most recent payslips, applicants can demonstrate that they have a steady stream of income, which can be used to repay the loan.
Three (3) months of bank statements: This is required to verify the applicant's financial standing. By reviewing their bank 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.
Proof of payment for recent bills, loans, or rent: This is required to further verify the applicant's financial standing. By providing proof of payment for their bills, loans, or rent, applicants can demonstrate that they are financially responsible and have a history of meeting their financial obligations.
Standing order confirmation: This is required to confirm that the applicant has authorized their employer/Bank to deduct loan payments from their salary or bank account . By obtaining this confirmation, we can ensure that the loan payments will be made on time and in full.
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.
Guarantor (if applicable): If your credit score from the CedisPay pre-approval calculator is below 80, 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.
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