Loan Me (CedisPay Personal loan)


Loan Me is a personal loan option designed to cater to the short-term financial needs and emergencies of salaried workers who have good credit habits, consistent savings habits, stable employment, and proof of residence. CedisPay offers a diverse range of loan me products, categorized into three distinct groups:

  1. Unsecured Loans - Up to GHS 10,000:
    • Unsecured Personal Loan: Tailored to meet individual financial needs
    • Employer Loans: Providing financial assistance to employees
  2. Unsecured Loans - Up to GHS 3,000:
    • Mobile Money Loan (CedisCredit): A mobile money-based solution for essential expenses
  3. Secured Loans - Up to GHS 20,000:
    • Pension Backed: Utilizing pension assets as collateral to enhance security
    • Investment Backed: Supported by investments, ensuring loan assurance
Here are some relevant details about LoanMe
    Eligibility Requirements for LoanMe: To be eligible for Loan me you must satisfy these fundamental criteria:
  • Stable Income Source: It's imperative to maintain a stable income source, whether derived from employment or your business, to ensure timely loan repayment. This can be validated by providing appropriate documentation, such as three months' worth of bank or mobile money statements
  • Solid Employment History: Your history of stable employment is essential
  • Good Payment History: Demonstrating responsible credit behavior by consistently meeting loan and bill payments for the past three months is a key requirement
  • Automated Loan Payment Behavior: A positive history of automated loan payments can enhance your eligibility
  • Ghanaian Citizenship: Provide substantiating evidence of your identity through a Ghana card, which confirms your Ghanaian nationality and age above 18
  • Residency and Financial Stability Verification: Present documentation as proof of your current residence within Accra to establish residency
Loan Details
  1. Eligibility:
    • Credit Score: Applicants must have a minimum credit score of 60
    • DTI: Applicants must have a DTI not exceeding 80 percent
  2. Loan Amount:
    • Maximum loan amount is GHS 20,000
    • Eligibility for loan amount is calculated using CedisPay's eligible loan model which considers available income (income - assumed expenses - debt expenses - monthly savings), loan period and pension/investment/savings assets (not exceeding 80% of pension/investment/savings assets). Customers without certain habits (savings or insurance) may receive a reduced loan amount. For more information, visit Our Lending Model
  3. Collateral Requirement: Loans above GHS 10,000 require collateral. We accept various forms of collateral, such as pension assets, investment or insurance policies. Payment Terms: CedisPay l offers flexible payment terms, allowing business owners to choose a repayment plan that suits their financial situation. The loan has no prepayment penalties, which means borrowers can pay off their loan earlier than scheduled without incurring additional fees.
  4. Disbursement Time: The funds can be disbursed within 24 hours after loan approval, providing quick access to the necessary capital
  5. Interest Rate: The interest rate for CedisPay is based on five components: the cost of funds, cost of operation, cost of credit risk, customer-specific risk premium, and desired profit margin. This approach ensures that the interest rate charged is fair and reflects the borrower's risk profile
  6. Processing Fee: In addition to the interest rate charged, CedisPay charges a separate processing fee of 3% for new customers. This fee covers the cost of operations and is not included in the interest rate.
Personal loan requirements
    The requirements for for personal loan include:
  1. Valid Identification: Please provide a valid identification document, such as your Ghana Card
  2. Provide 3 months of bank statements and mobile money statements to help us evaluate: a. Stable and Reliable Monthly Income, b. Assessment of Everyday or Living Expenses: We will analyze your bank and mobile money statements to understand your everyday life expenses, such as electricity bills, rent/housing expenses, water bills, airtime purchases, and fuel payments. If these expenses are not reflected in the bank and mobile money statement review, we may request additional information
  3. Proof of Address: Please provide documentation verifying your address, such as the Ghana Postal GPS
  4. 3 months payslips
  5. Full-time employment with your current employer for at least three months evidenced by your employment letter or HR introduction letter
  6. To achieve a minimum credit score of 60, please meet the requirements mentioned above. However, obtaining a credit score above 70 eliminates the need for a guarantor
  7. Guarantor Requirements: If your credit score from CedisPay is below 70, you need to provide a guarantor with a good credit history. The guarantor should also provide us with collateral of pension of investment to be held with a custodian on behalf of CedisPay. The loan amount is based on your available income, the loan period, and your pension, investment, or savings assets, utilizing our eligible loan model. To gain a deeper understanding of our lending model, kindly refer to our website: Our Lending Model
  8. Collateral Requirements for Loans Exceeding GHS 10,000: Any loan exceeding GHS 10,000 must be accompanied by collateral in the form of pension, investment, or savings assets held with a custodian on behalf of CedisPay. Our Collateral Requirements Options: We offer several options for fulfilling the collateral requirements:
    • Partnership with Petra or Achieve: If your pension or investment collateral is held with Petra or Achieve, you're in luck. We have established partnership agreements with these institutions. Inform them about your intent to obtain a CedisPay loan, and they will provide you with a collateral charge form to complete
    • Alternative Pension or Investment Collateral: For those whose pension or investment collateral isn't held with Petra or Achieve, but with entities such as susu, pension tier 3, or other financial institutions, you can facilitate the process by providing them with the CedisPay collateral agreement and customer consent documents. These documents serve as a mutual agreement to utilize your investment or pension as collateral for CedisPay
    • Exploring New Horizons: If, however, you currently lack savings or investments, we recommend considering the option of signing up with Petra or Achieve. These platforms offer opportunities for securing loans and building a foundation for your financial growth
Progressive Loan Limits
  • Initial Phase: As you embark on this journey, you'll start with a maximum loan limit of GHS 5,000. This initial boost is designed to help you meet immediate needs and kick-start your financial empowerment journey
  • 3-Month Milestone: By consistently engaging with Petra and Achieve for three months, your loan limit will automatically rise to GHS 10,000. This demonstrates your dedication to financial growth and prudent money management
  • 6-Month Achievement: After enjoying the benefits of our partnership for six months, your loan limit will further elevate to an impressive GHS 20,000. This substantial increase reflects your continued commitment to financial empowerment

We believe that this multifaceted approach to collateral options and progressive loan limits reflects our commitment to supporting your financial growth. As you choose the path that aligns best with your aspirations, know that CedisPay is dedicated to being a partner in your journey to success.

Once approved for a loan, you will be required to set up a standing order or mobile money auto-payment for loan repayment. If applicable, a pension/savings asset collateral charge document must be signed with the endorsement of the pension trustee and employer.

For convenient loan repayments, CedisPay offers two options: standing orders and mobile money auto deductions. To set up a standing order, please provide a scanned copy of the standing order form from your active bank account, including the required details. Alternatively, you can set up a mobile money auto deduction by following these steps:

  • Dial *170# on your mobile phone
  • Pay to 0549 060 777
  • Enter the loan repayment amount
  • Choose the frequency of payment (daily, weekly, or monthly).
  • Please note that additional evidence may be requested based on the information found in your bank or mobile money statements.

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