Fido has been the standing pillar for Ghanaians in the days of corona and still remains the same these days in all financial crisis.
Fido now have an ” Improved New App” on Google playstore which has new features and tweaks. It is Easier, Faster, Simple and more Secured to apply for a loan with it.
And in this article, I will digest this app for customers of Fido to understand how works.
Let’s get start!!!!!!!!!
What To Know About The New Fido Loan App?
This New Fido Mobile Loan App has some slight changes from the old one. And this includes
New Fido Score: Unlock higher loan amounts and better terms by taking actions to improve your Fido Score.
Fresh new look and feel.
Fido is here to empower individuals and entrepreneurs to capture opportunities in Africa. The Fido App is available and accessible 24/7 to all.
And also there’s a change in the loan amount they offer.
New Fido Loan Description :
The Fido New App offers an instant loan amount starting from Gh¢100 minimum to Gh¢3,000 maximum.
Note: You can still get a loan of Gh¢200 for your first time but the amount has been reduced to Gh¢100 in the sense that, someone may need something less than the Gh¢200.00.
Loan Interest Rate:
The maximum Annual Percentage Rate (APR) is 62%. This is based on an interest set to 0.266% per a day and will be reduce if you do repayment early.
Also the processing fee per loan is GHS 17, a deductible Commitment fee is 1.4%.
Loan Repayment Period :
On this New App, the period to pay back a loan start from 90 days shortest to 180 days longest. This time you are the one to decide the repayment period between the 90 to the 180 days.
Remember, if you repay on time, the interest rate may be reduced and may increase when you pay back late. Payments could be made in installment.
Loan Example :
A borrower who receives GH¢ 1,000 loan for a 180-day term, would be charged an interest rate of 0.266% per day, thus GH¢297.79 in 180 days, and a processing fee of GH¢17 summing up to a total repayment of GH¢1,314.79. A deductible 1.4% commitment fee is applied, though, and GH¢14 will be deducted from the principal.
Therefore, in summary, Gh¢1,000 (borrowed amount), minus GH¢14 (commitment fee) + GH¢297.79 (interest) + GH¢17 (processing fee) = GH¢1,314.79 (total payment).
• The borrower has the flexibility to make early repayments at any point which may reduce the above-stated interest.
How To Apply For A Loan With The Fido New App In Ghana?
The following are the steps to go through a loan with this New app
- Download the New Fido loan app from playstore and register for account. (Do it only once)
- Fill in your details with a valid Ghana Card and an address. Or just confirm your details if have an account already.
- If approved, you will receive the money instantly into your Mobile Money account.
How To Repay Fido Loan?
- Log into the Fido App, select the ‘Make a Payment’ button and follow the prompts.
- You can also dial *711*666# to repay.
- For other options like using the MTN, AirtelTigo and Vodafone menus, find the repayment process in the Fido App ‘Help’ section.
Repay on time and be eligible to take another loan.
What Is Fido Loan Eligibility Requirements?
- Have valid Ghana card
- You should be at least 18 years and above.
- Ghanaian resident
- Mtn, AirtelTigo and Vodafone are acceptedwwhen applying, and all should be valid.
How To Contact Fido?
For any reason you want to call fido, kindly call them on this phone number 0242436885
For details please visit http://Www.fidobank.app.
Never hesitate to apply for Fido Loan.
It safe and secure.
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