Fido Money Lending: 5 reasons why your loan may be rejected.

Getting an instant loan in Ghana in this modern era is much easier thanks to the online money lending firms like Fido Money. But how can one easily apply for a loan within minutes and not have their application rejected?

Fido Money Lending Limited is one of the well-known financial institutions in Ghana that is not only secure and easy to use but also processes your requests in minutes. Although based in Accra, one can easily access their services through the phone conveniently, without having to go to their offices.

Using the special FIDO app which is currently only available on Android, it asseses the loan applications and sends feedback after a short while. There are no guarantors or application fee required whatsoever. In addition, there is no paperwork for verification, instead, you are only asked to provide your Identification details and a mobile money account. The identification details may be your driver’s license, NHIA membership, Voter ID, passport or even your national identification card.

Did you go through all above and still had your loan request rejected? Here’s 5 reasons why it happened and how to successfully apply for your next loan.

1. Provide full and accurate name details.

When applying for a loan through the Fido app, provide names that will match in all databases. Avoiding adding nicknames or middle names that don’t match names on your Voter ID, NHIA card, Driver’s license or Passport. In case of a name change due to marriage or any other reason, an applicant must make the necessary legal changes to reflect in their documents before applying for a loan.

2. Provide correct dates.

When filling in details for your date of birth which is very important in your verification, it is essential to provide the accurate dates that match your selected national document for application. A slight mistake in the day or year may be a sign of dishonesty and may hinder the success of your application.

3. Ensure the mobile money number you provide is registered in your name.

Disbursement of loans are conveniently done through the mobile money services MTN Mobile Money, AirtelTigo Money etc. It is therefore very necessary to provide a mobile money wallet which is registered in your name for easy flow of cash. If the name on your provided document do not match the name registered on the momo wallet provided, your loan application will be rejected.

4. Don’t log into the Fido App on multiple devices.

After a failed application, one may be tempted to try again on a different phone. This however reduces the chance of having your loan request granted. Applying on multiple devices lowers Fido’s trust in you, it is therefore important to retry with accurate information on the same app used earlier.

5. Pay your loan on-time

First-time borrowers are only eligible for two hundred cedis which is to be paid within ten to thirty-three days. After which, they can climb up the ladder and borrow as much as six hundred cedis and at a lower interest rate.

However, failure to pay the loan on time calls for penalties in your loan that will be accumulating as each day passes and also reduces the chance of getting your next loan granted.

Fido Money Lending Limited is licensed by the Bank of Ghana and so legitimate and certified to provide loans. With its remarkable reputation, it has also earned the public trust that it is reliable and efficient.

Click on the link below to apply for your first loan.