WohiaSika Loan is one of the loans offers you can try out in Ghana. Also, financial institutions (both online and offline) have embraced a paperless system to reach more clients in this modern time. The Vodafone Cash Loan, Fido Loan, MTN Qwik Loan, and Sika Masters Loan are examples of such loans. However, in this article, we will examine the requirements, how to apply, and the interest rates of the WohiaSika Loan.
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In order to determine whether they are qualified for a loan from them. Therefore, applicants must first review the requirements listed below:
- You must be a Ghana Resident.
- Be between 18-60 years old.
- You must have a good credit score.
How To Apply
Installing the WohiaSika Loan mobile app is required before the loan can be instantly deposited into your account.
- Start the WohiaSika mobile app on your smartphone.
- On the Wohiasika app, create an account.
- Click the “request for funds” button on the WohiaSika Loan mobile app.
- Fill out the loan application in the APP with the information from your personal and mobile money accounts to apply.
- After providing the necessary details, receive your money immediately.
- Get a bigger loan amount by making on-time repayments.
How To Download
Before you can apply for the WohiaSika Loan, you will have to apply using their loan app. Here’s how to install the WohiaSika app:
- Installing the WohiaSika App comes first. Then launch the app on your Android device after downloading and installing it.
- Google Playstore, to be precise. Look up WohiaSika.
- It will launch the WohiaSika Loan Mobile app page on Google Play. Select “Install” from the menu.
- To start the download, grant the requested permissions.
WohiaSika Loans Interest Rates
The interest rate on their loan is from 10.95% to 22.31% per annum, with a service rate from 0 to 1%.
For a better understanding, the following example will show you how they calculate your interest rates on their loans:
A loan of GH₵5,000 with a duration of 100 days, will accrue an annual interest rate of 10.95%, and a 0 service rate. Therefore, the daily interest rate = 10.95 % /365 = 0.03%, the interest for 100 days = 5,000 × 10.95 % /365 × 100 = 150.
The total repayment = 5,000 + 150 = 5,150.