Thanks to its quick and streamlined loan procedures, transparent terms, fast disbursement, and competitive interest rates, the unsecured lending service at SafeLoan is increasingly expanding and receiving numerous positive reviews from users. It’s known that the app sets a minimum borrowing limit of GHS 1,000 for new borrowers. For loyal customers, however, the borrowing limit increases from the second loan onward.
This app provides financial assistance services for all residents of Ghana in need of quick loans on a digital technology platform. However, the app doesn’t directly disburse loans; it merely connects those seeking loans with financial partners. When you apply for a loan through this app, your profile is uploaded onto the system, visible to potential financial partners. Staff members will then contact you for direct discussions. SafeLoan has been operating in the online lending market for about a year and has assisted thousands of customers in Ghana.
Managing Company: SafeLoan LTP APP
Headquarters: GZ-187-6428, Block B, DBS Building, Spintex Accra, Ghana Hotline: 56222 636072
Working Hours: Monday to Friday (07:30 – 18:00), Saturday & Sunday (08:00 – 17:00)
Email Address: [email protected]
What are the advantages of borrowing from SafeLoan?
- You can choose a loan limit that suits your financial needs.
- No need for guarantors, income proof, or face-to-face meetings; you can still access loans.
- The loan application process is quick, online, and available at any time during the day. Loans are disbursed rapidly with 24/7 swift transfer services.
- For first-time borrowers, there might be a limit on the loan amount, but the approval process is swift, and the interest rates are highly favorable.
- There’s no limit on the number of times you can borrow here; you just need to repay your previous loan promptly.
- When borrowing again through the SafeLoan app, you’ll enjoy several benefits such as increased borrowing limits, extended repayment periods, and softer interest rates.
- For the second loan, there’s no need to register an account or provide personal information as you did for the first loan. You only need to choose the loan amount and repayment term, and the loan will be disbursed immediately.
Criteria for Borrowing Money:
To have your loan application approved here, you need to meet the following conditions:
- Reside, study, or work in Ghana and be at least 18 years old.
- Both men and women are eligible to borrow, regardless of their profession, as long as they have a monthly income.
- Possess a valid identification document/passport.
- Have a primary phone number used for at least 2 months.
Note: If you wish to borrow again through this app, ensure timely repayment of your previous loan. Providing a salary slip or confirmation of income from the last 3 months will facilitate the approval of your reloan application.
Borrowing for the Second Time:
If you wish to re-borrow, follow these instructions:
Step 1: Log in to your SafeLoan account using your registered phone number and password. On the app interface, select ‘Re-apply,’ enter your phone number for a quick system test.
Step 2: For this loan, your limit will increase up to a maximum of GHS 10,000, with a repayment term from 3 to 6 months and interest rates ranging from 13% to a maximum of 26% per annum. You can select the limit, and the app will propose other details.
Step 3: Your loan application will undergo evaluation, and if approved, the loan will be deposited into your account immediately.
In practice, first-time borrowers here are only allowed a minimum disbursement of GHS 500 to GHS 5000. For second-time borrowers, the app increases the limit from GHS 1,000 to GHS 15,000. However, these limits might be higher depending on the financial partner’s policies.
Therefore, borrowing cash from SafeLoan for the second time means your borrowing limit is increased but not unlimited. You can only borrow an additional GHS 1,000 to GHS 15,000 with your initial loan. The reason for not significantly raising the limit is due to:
- Loan policies adjusted over time;
- Some customers not repaying loans, causing financial partners to refrain from lending again.
Should You Borrow Quickly via the SafeLoan App?
Overall, this lending app is deemed relatively safe, offering short-term loans with acceptable interest rates and repayment terms suitable for borrowers’ capabilities. The loan contracts are very transparent, and the advisory staff provide clear guidance.
The app does not require collateral or assets; it only needs your ID verification photo along with a portrait. Borrowers benefit from numerous advantages with this online unsecured lending method. Based on this information, the decision to borrow from SafeLoan is entirely yours to make!