Mitrobe Staff
A Short term loan, also known as microloan is obtained to support a business or taken to sort personal issues, it is often paid back with interest within a set period of time.
A short term loan is obtained by an individual who wants to fix sudden crises such as starting or financing a business or solving life issues such as paying hospital bills or children’s school fees. The payback time for the short term loan is about 6-12 months.
ADVANTAGES OF SHORT TERM LOAN
“Short term loans” is called that name because applicants have to be payback within a shorter period of time. The interest rate is payable and it doesn’t take a longer period of time before getting approval.
LOW-INTEREST RATE
Short term loan interest cannot be compared to long term loan interest because of the payback year involved. The interest rate is low and easy to pay back since it is within a year.
EASY AND QUICK FUNDING
A short term loan is easier and faster, financial institutions do not take longer period processing the application, unlike long term loan. The requirements are easier to get and collateral is not needed in the deal. (Make a research about the financial institution you wants to apply for short term loan)
HELPS IN EMERGENCY
A short term loan is often called a “lifesaver”. It has helped individuals in rescuing their business. Apart from saving business, short term loans can be used to settle house bills, hospital bills, children’s school fees, and so on.
TYPES OF SHORT TERM LOAN
Before applying for a short term loan, you need to understand the different types of short term loan financial institutions offered.
ONLINE OR INSTALLMENT LOAN
This is a type of short term lending system offered online. Appearing in the office is not necessary, all that you need is to apply on the lender’s website online and perform a few clicks. The money will be wired through to the borrower’s account.
PAYDAY LOAN
A payday loan is a type of loan that is required to pay back with interest exactly with the agreed time of repayment. If however, the borrower is unable to pay back at the given time; higher interest will be placed and on the money borrowed.
MERCHANT CASH ADVANCE
This type of short term loan allows the lenders to have access to credit lines of the borrower’s. Each time a customer purchases from the lender’s business, a certain percentage will be taken by the lender until the loan is repaid.
BANKS GIVING SHORT TERM LOAN IN GHANA
STANBIC BANK
Stanbic bank offers short term loan for individuals who wants to finance their business.
REQUIREMENTS
- Applicant must have three years financial statements and cash flow.
- Six months bank statement from bank
- Business registration documents
- Insurance on stock
- Favorable credit bureau reports
- Visit Stanbic bank’s website for more information.
ABSA BANK GHANA
ABSA bank Ghana provides easy and fast short term loan to anyone who is in emergency such furthering education, financing business and so. ABSA Bank’s application is easy to approve and the interest rate is affordable.
REQUIREMENTS
- Applicant must have a proof of identification such as National ID card
- 6 months bank statement
- Latest pay slip
- Completed loan application form
- Visit ABSA bank’s website for more information
SOCIETE GENERALE
Societe Generale offers specially designed shirt term loans for their customers. The payback is usually 12 months.
REQUIREMENTS
- Applicant must have a proof of identification such as National ID card
- 6 months bank statement
- Latest pay slip
- Completed loan application form
- Visit Societe Generale’s website for more information
FBN GHANA
FBN Ghana offers short term loan for Any who wants to finance their business. They offers cash support to property development and all other expenses such as paying medical bills, school fees and so on. Their payback options is easy and flexible.
REQUIREMENTS
- Application letter
- Completed application form
- Companies financial records
- Banks statement (12 months)
- Proof of identification such as National ID card.
BAYPORT SAVINGS AND LOANS
BAYPORT savings and loans is specially designed to help provide financial supports to individuals. The best thing about Bayport is that you can complete your application online. Bayport offers repayment services such as 1 to 12 months period of time.
REQUIREMENTS
- Applicant must provide bank account and bank statement
- Applicant must have a valid National Identify card
- Applicant must have most recent pays slips
- Applicant must have SSNIT identification number
Mitrobe Staff
