Overview:

CedisCredit, created by CedisPay, is a pioneering financial product designed to make loans accessible to a broad spectrum of customers. CedisPay recognizes that conventional loan requirements can be prohibitive for many, so we developed CedisCredit to provide a tailored solution. This product enables individuals who may not meet traditional loan criteria to plan their futures confidently, accessing funds without high credit scores, substantial incomes, or guarantors. With CedisCredit, financial flexibility is within reach for all Ghanaians.

Key Features

• Convenient Loan Access: Secure loans ranging from GHS 200 to GHS 1,000, customized to suit your financial needs.
• Flexible Repayment Terms: Choose a loan term of up to 30 days, allowing you to manage repayments at your own pace.
• Competitive Interest Rates: Benefit from a favorable interest rate of 6% per month, designed to make repayments affordable.
• 1% Processing Fees

Minimum Requirements

To qualify for a CedisCredit loan, applicants must provide the following:
• Valid Ghanaian National ID: Required for identification and verification during registration.
• Proof of Current Address: Documentation to confirm your residence.
• Active Mobile Money Account: Minimum 6 months of use, along with a recent mobile money statement.

Auto Deduction for Seamless Repayment

For timely repayments and positive credit building, CedisCredit offers an automatic deduction option, where funds are deducted directly from your income:
• GHS 200 Loan: Deduct GHS 10 per day.
• GHS 500 Loan: Deduct GHS 15 per day.
• GHS 1,000 Loan: Deduct GHS 20 per day.

During the onboarding process, the customer will authorize CedisPay to set up automatic deductions from their mobile money wallet. Using this authorization and a secure API, CedisPay will automatically deduct the loan repayment from the customer’s mobile money wallet on the due date.

CedisCredit (Mobile Money Loans for Everyone) – Loan Terms

Flexible Loans with Easy Access CedisPay’s CedisCredit offers quick and accessible loans for individuals, pensioners, and businesses, with simple terms and eligibility criteria.

Key Loan Terms

• Interest Rate: 6% monthly
• Processing fees: 1% of loan amount
• Loan Term: Up to 1 month, with flexible repayment options of 7, 14, or 21 days

Loan Amounts Starting loan amounts range from GHS 200 to GHS 500, with the potential for increases based on your repayment history. CedisCredit’s incremental loan growth model rewards responsible borrowing, making it easy to access larger amounts over time.

Eligibility and Loan Analysis

Loan eligibility and amounts are determined based on key mobile money usage metrics:
• Transaction Frequency
• Transaction Amounts
• Consistency of Mobile Money Usage

Loan Tiers and Criteria

CedisCredit loans are structured into tiers to provide appropriate financial support based on usage history and creditworthiness:
• GHS 200 Loan
  • Transactions : 20+ mobile money transactions per month over the past 3 months
  • Amounts: Minimum GHS 10 per transaction, averaging at least GHS 250 per month
  • Consistency: Stable transactions with no more than 20% variation in transaction frequency.
  • Creditworthiness: Demonstrated prompt repayments and responsible borrowing
• GHS 500 Loan
  • Transactions : 20+ mobile money transactions monthly over the past 3 months
  • Amounts: Minimum GHS 15 per transaction, averaging at least GHS 350 per month
  • Consistency: Stable transactions with less than 15% variation
  • Creditworthiness: Consistently timely repayments and responsible loan management
• GHS 1,000 Loan
  • Transactions : 20+ mobile money transactions monthly over the past 3 months
  • Amounts: Minimum GHS 20 per transaction, with a monthly average of at least GHS 450
  • Consistency: High stability in transactions, with less than 10% variation
  • Creditworthiness: Strong history of prompt payments and responsible borrowing

Apply Today! With CedisCredit, you gain access to reliable financial support tailored to meet your needs and aligned with your unique transaction patterns. Apply now with the required documents, and take the next step toward reaching your financial goals.