CedisCredit: Revolutionizing Financial Accessibility

CedisCredit, proudly introduced by CedisPay, represents a groundbreaking financial product meticulously designed to provide accessible and convenient loans to a wider array of customers. At CedisPay, we understand that traditional loan requirements often fail to meet the diverse financial needs of individuals. Hence, we've innovated CedisCredit, a bespoke financial solution tailored to offer an alternative avenue for those who may not fit the conventional criteria.

Why CedisCredit Matters

Traditional loan requirements can be limiting, excluding many individuals with varying financial needs. CedisCredit addresses this issue by offering loans without the constraints of stringent credit score prerequisites, higher income brackets, or the need for guarantors. It targets customers with lower incomes and credit scores, presenting a comprehensive solution for essential expenses.

Diverse Types of CedisCredit

CedisCredit is thoughtfully categorized into four distinct groups:
• Mobile Money Loan: Loan amounts are determined based on mobile money transactions
• Salaried Loan (Loan Me): Loan amounts correlate with an individual's salary
• Pension Loan: Loan amounts are influenced by both salary and pension assets
• Business Loan (Capital me): Loan amounts are determined by income activities in either mobile money or bank statements or both

CedisCredit establishes credit score limits of 50 for Mobile Money Loan and Salaried Loan (Loan Me), while Pension Loan carries a limit of 40. In contrast, regular CedisPay loans maintain a credit score limit of 60. Moreover, the Debt-to-Income (DTI) limit for CedisCredit reaches 90, while it stands at 80 for regular CedisPay loans.

Why Choose CedisCredit

We recognize that certain customers encounter unique hurdles when attempting to access traditional loans. These challenges often stem from low credit scores and lower income levels. So, why should you choose CedisCredit
• Financial Inclusion: CedisCredit empowers individuals who have been traditionally excluded from loan opportunities due to low credit scores and modest incomes. We believe in providing equal financial opportunities to everyone
• Tailored Solutions: Our product is meticulously designed to cater to the unique needs of individuals who may not meet conventional loan criteria. CedisCredit offers a tailored solution that understands your financial situation
• Ease of Access: We've simplified the borrowing process. No need for extensive credit checks or guarantors. CedisCredit offers straightforward access to the financial support you need

When to Offer CedisCredit

CedisCredit is best suited for specific scenarios and customers. Here's when to consider offering CedisCredit
• Target Audience: This loan product is meticulously designed for customers with limited business activity data within their mobile money or bank statements. If your customers have difficulty meeting traditional loan prerequisites, CedisCredit could be the solution
• Eligibility: Customers with shorter mobile money or bank transaction histories are eligible for this financial product. CedisCredit is here to bridge the gap for those with limited financial track records
• Loan Amount and Tenure: CedisCredit offers flexibility in loan amounts and repayment tenures, accommodating customers with varying financial needs. If your customers require smaller loan amounts with shorter repayment terms, CedisCredit is the answer
• Purpose: CedisCredit is meticulously tailored for customers who predominantly employ mobile money and bank statements for personal expenses, such as utility payments and airtime purchases. If your customers rely on mobile money for daily expenditures, CedisCredit can provide much-needed financial support

Eligibility

Our eligibility criteria now follow two primary conditions
• Minimum Credit Score of 50: To be eligible for a CedisPay loan, a customer must have a minimum credit score of 50. This is an essential indicator of their creditworthiness
• Debt-to-Income (DTI) Ratio Not Exceeding 90%: Additionally, a customer's Debt-to-Income (DTI) ratio should not exceed 90%. This means that their debt obligations, including existing loans and other financial commitments, should not account for more than 90% of their total income

Once these two conditions are met, we calculate the eligible loan amount as follows:
• CedisCredit Salaried Loan (Loan Me): Eligible loan amounts reach up to 2X net salary, less debt expenses, adjusted for credit score factors, and capped at GHS 3,000.
• CedisCredit Pension Loan: Eligible loan amounts also reach up to 2X net salary, less debt expenses, adjusted for credit score factors, and capped at GHS 3,000, taking into account pension assets
• CedisCredit Business Loan: Eligible loan amounts also reach up to 2X business income, less debt expenses, adjusted for credit score factors, and capped at GHS 3,000

CedisCredit Mobile Money

The calculation of eligible loan amounts for CedisCredit Mobile Money loans involves a two-step process, carefully considering the financial situation of the customer:
• Step 1:
  • If the customer's income minus debt expenses falls below 2,000 (GHS), the eligible loan amount will be limited to the amount derived from income minus debt expenses
  • If the customer's income minus debt expenses is greater than 2,000 (GHS) but less than 5,000 (GHS), the eligible loan amount will be determined as 1.5 times the income minus debt expenses
  • If the customer's income minus debt expenses exceeds 5,000 (GHS), the eligible loan amount will be calculated as twice the income minus debt expenses
• Step 2: Following the completion of Step 1, the final eligible loan amount will be computed by multiplying the result obtained by 40% and subsequently capping it at 3,000 (GHS). This multi-step process ensures that the eligible loan amount is derived in a manner that aligns with the customer's financial capacity while maintaining a responsible lending approach.

Key Features of CedisCredit

• Flexible Loan Amounts: CedisCredit empowers customers to select loan amounts that align precisely with their distinct business requirements, whether for working capital, equipment procurement, or other business-related expenditures
• Shorter Tenure: Acknowledging the challenge of limited transaction history, this loan product offers shorter tenure options. Customers can tailor repayment periods, ranging from a few months to one year, in line with their financial capabilities
• Streamlined Application Process: The application process for CedisCredit is meticulously designed to be straightforward and accessible, eliminating the need for extensive transaction history or detailed business plans
• Quick Approval and Disbursement: CedisPay is committed to providing swift loan approval and disbursement, ensuring customers can access funds promptly to address their business needs
• Affordable Interest Rates: Recognizing that customers with limited transaction history may face higher perceived risk, CedisCredit offers competitive and affordable interest rates, making borrowing more accessible
• Customer Education: CedisPay's dedication extends to educating customers about the importance of maintaining separate mobile money accounts for business and personal use
This empowers them to enhance the visibility of their business activities within their statements, strengthening their financial profile

Additional Key Features of CedisCredit

• Convenient Loan Access: Borrowers can access a minimum loan of GHS 500 and a maximum of GHS 3,000, catering to a wide spectrum of financial needs
• Flexible Repayment Terms: For loans up to GHS 500, clients can select a loan term of up to 30 days, ensuring manageable repayments. Loans exceeding GHS 3,000 come with a maximum term of 3 months
• Competitive Interest Rates: Enjoy an attractive interest rate of 5% per month, providing affordable repayment options
• No Processing Fees: CedisCredit proudly refrains from charging any processing fees, offering a cost-effective borrowing solution
• No Guarantor Required: We understand that finding a guarantor can be challenging. CedisCredit eliminates the need for customers to provide a guarantor, simplifying the loan application process and making it more accessible

Minimum Requirements for CedisCredit

To qualify for CedisCredit, customers need to meet these minimum requirements:
• A valid Ghanaian National ID: Customers must possess a valid Ghanaian National ID card for identification and verification purposes
• Proof of current address: Documentation confirming the customer's current residential address is essential to ensure accurate contact information for loan-related communications
• Proof of employment or permanent business location
• Mobile Money statement for CedisCredit Mobile Money loans: An active mobile money account, used for at least six months, is necessary to establish a reliable transaction history within the mobile money platform
• Bank statement and payslip for CedisCredit Loan Me: The submission of both a bank statement and payslip is required for customers applying for the CedisCredit Loan Me product.
• Bank statement, pension statement, and payslip for CedisCredit Pension Loan: Customers seeking the CedisCredit Pension Loan must provide a bank statement, pension statement, and payslip as part of their application process
• Bank statement and mobile money statement for CedisCredit: The submission of both a bank statement and mobile money statement is required for customers applying for the CedisCredit CapitalMe product

A Simplified Borrowing Experience with CedisCredit

CedisCredit is designed to simplify the borrowing experience:
• Ghana Card: Possess a valid Ghana Card for identification and verification purposes
• Proof of Residence: Provide documentation confirming your current residential address to ensure accurate contact information for loan communication
• Mobile Money Account: Maintain an active mobile money account, used for at least six months, to establish a reliable transaction history
• Auto Deduction: Schedule an automatic deduction of at least GHS 10 per day from your income, ensuring timely loan repayments and building a positive credit history
• No Guarantor Required: CedisCredit eliminates the need for customers to provide a guarantor, simplifying the loan application process and making it more accessible
• Minimum CedisPay Credit Score: Customers must have a minimum CedisPay credit score of 50 to qualify for CedisCredit, ensuring responsible borrowing practices and a strong financial foundation