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How to Get Vodafone Cash Loan in Ghana

How to Get Vodafone Cash Loan in Ghana

How to Get Vodafone Cash Loan in Less Than 30 Minutes | Vodafone Ghana has introduced the Vodafone Cash Loan service in partnership with the Consoli

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How to Get Vodafone Cash Loan in Less Than 30 Minutes | Vodafone Ghana has introduced the Vodafone Cash Loan service in partnership with the Consolidated Banks of Ghana (CBG) to their mobile money subscribers (users). This means that they can now take a loan and pay later with an interest rate. How to Get Vodafone Cash Loan

What is Vodafone Cash Loan?

Vodafone Cash Loan refers to short-term micro-loans to active and loyal Vodafone customers who are eligible and qualify based on their network usage behavior. This means that certain conditions have to be met before one can access the Ready Cash Loan. The loan is however available to all Vodafone Subscribers except those who use the network services less. How to Get Vodafone Cash Loan

How to Get Vodafone Cash Loan in Less Than 20 Minutes

How to Get Vodafone Cash Loan

Here is a step-by-step guide on How to Get Vodafone Cash Loan in Ghana in less than 15 minutes.

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01. Go Vodafone Cash Menu – *110#

Dial *110# on your handset to access the Vodafone Cash Menu

02. Select Financial Services – Reply 5

Reply 5 to select the Financial Services option, a new menu will pop up

03. Choose Loans – Reply 3

Reply 3 to select option 3 “Loans”, a new menu will pop up

04. Select Ready Loan – Reply 1

Reply 1 to Choose the Ready Loan option, another menu will pop up

05. Select Ready Loan Request – Reply 2

Reply 1 to Choose the Ready Loan option, another menu will pop up

06. Opt-In – Reply 1

To opt-in for the Ready Loan service reply 1

07. Accept Ready Loan Terms & Conditions

To continue, you will need to enter your Vodafone Cash PIN as a reply to the prompt. You can read the Vodafone Cash Loan Terms & Conditions HERE!

08. Wait for Approved Loan Amount

If you are qualified for the loan, they will generate an approved loan amount for you based on your last 4 months transaction history.

09. Accept Approved Loan Amount

To receive the approved loan amount, you need to accept it by replying 1

10. Wait for Credit Alert and Receipt of Loan

You will receive a credit alert on your Vodafone Cash account as soon as you accept the approved loan amount. Following that will be a receipt of the loan and when payment will be due.

Estimated Cost: 0.00 GHS

Supply:

  • Registered Vodafone SIM Card
  • Registered and Active Vodafone Cash Account

Tools:

  • A Smartphone or
  • KaiOs Phone aka YAM

Materials: You should be an active user of Vodafone Cash for more than 4 months.

How to Borrow Money on Vodafone Cash Loan

  1. Dial *110#
  2. Reply 5 for Financial Services
  3. Reply 3 for Loans
  4. Reply 1 for Ready Loan
  5. Reply 2 for Ready Loan Request
  6. Reply 1 for Opt-In
  7. Reply with your Vodafone Cash PIN to accept terms & conditions
  8. Wait for Approved Loan Amount
  9. Accept or Decline the offer
  10. Wait for Credit Alert

And that is How to Get Vodafone Cash Loan in Ghana.

READ ALSO: Vodafone Ghana Introduces No Expiry Bundles.

If your Ready Cash Loan is approved, you will get a message “Dear Customer, your account has been credited with a Ready Loan of GHS #LoanAmount. Your repayment of GHS#Loan+Interest is due in 30 days Dd-Mm-Yyyy. Kindly pay on time to avoid the penal charge of 12.5%. Thank you.”

If the loan is declined, you will receive this notification on your phone: “You are not eligible for Ready Loan” How to Get Vodafone Cash Loan.

How to Get Vodafone Cash Loan
How to Get Vodafone Cash Loan

Vodafone Cash Loan Terms & Conditions

These are the terms that apply should you decide to take out a loan through the Vodafone Mobile Money Platform (“Product Terms”) along with the Platform Terms. These Product Terms may change so please read them carefully each time you apply for a mobile loan.

SEE ALSO: How to Watch Bundesliga For Free With Just A Betway Account.

1             Applying for a Loan

1.1        You may apply for a mobile loan from the finance institution named in your loan application (“Provider”) if you are 18 or older and have an active Vodafone Cash Mobile Money account.

1.2        When you apply for a loan we will give you the following information:

  • the amount you decide to borrow (“Loan Amount”);
  • the time you need to pay it back by (“Loan Term”)
  • the rate of interest for the Loan Term and the actual interest amount (“Interest Amount”), if applicable;
  • the amount you need to pay back, including the Interest Amount and other fees (“Repayment Amount”)
  • the date by which you need to pay us back the Loan Amount, being the last day of the Loan Term (“Due Date); and
  • other fees, including the fee for not repaying the Repayment Amount on the Due Date (“Late Payment Fee”).

1.3       You will not be charged an interest rate of more than 7% monthly .You will however be charged a penalty of 12.5% of the loan amount if you fail to pay within 30 days.

1.4        You may accept or decline to take a loan from the Provider by following the instructions provided in the application menu on your mobile phone.

1.5        If the Provider approves your application, the Loan Amount will be paid into your Mobile Money account.

1.6        The Provider does not have to give you reasons why they approve or decline your loan application.

READ MORE: How to Register For Vodafone Instant Schools.

2             Questions and Complaints

If you have any complaints, queries, or suggestions with respect to your mobile loan please dial 100 on your mobile phone to contact the Customer Call Centre.

3             Paying Back the Loan Amount

3.1        We or the Provider may take the Repayment Amount directly out of your Mobile Money account on the Due Date or you can pay it back yourself (as set out in clause 3.4. below).

3.2        By accepting these Product Terms you agree to allow Vodafone Cash to automatically debit your account on the Due Date with the Repayment Amount (or any other amount you owe the Provider).

3.3        A Late Payment Fee will be charged if you fail to repay the Total Repayment Amount in full within two (2) days after the start of the Due Date.

3.4        You may choose to pay the Repayment Amount directly into the Provider’s account on or before the expiry of the Loan Term by using the repayment option on the loan menu. Even if you choose to pay back the loan before the end of the Loan Term, we will still charge you the full Repayment Amount.

4             Your Personal Information

As far as the law allows, by applying for a loan, you expressly consent to the collection and use of your Personal Information as set out below.

4.1        What information do we collect and why. When you apply for a loan, you agree that we may collect certain information about you to assess if we can lend you the amount you applied for (“Loan Amount”). This includes but is not limited to: your mobile phone number, your forename and surname, date of birth, identity or passport number, and all information about your  Mobile Money Account and how you use it (“Personal Information”).

4.2        Mandatory collection. The collection of your Personal Information is mandatory (compulsory). This means that for you to receive a loan offer from us, you agree to share your Personal Information with us, the Provider, and certain third parties.

4.3        What happens if we don’t get your Personal Information. 

If we do not receive your Personal Information, we cannot offer you a loan. This is why you must agree to allow us access to your Personal Information.

4.4        Sharing your Personal Information with the Provider. 

When you apply for a loan, you agree that we may also share certain Personal Information about you with the Provider for regulatory purposes and to assess if we can lend you the Loan Amount. This includes, but is not limited to: your mobile phone number, your name and surname, date of birth, identity or passport number, and all information about your  Mobile Money Account and how you use it (“Personal Information”).

How to Get Vodafone Cash Loan?

4.5        Sharing your Personal Information with third parties. 

As far as the law allows, by accepting these Product Terms you expressly consent and authorize the Provider to share your Personal Information with any:

  • local or international law enforcement or competent regulatory or government agency to help prevent, detect, investigate or prosecute criminal activities or fraud;
  • other third party authorized under applicable laws; and
  • Credit Reference Bureau to (amongst others) conducting credit checks or reporting to the Credit Reference Bureau as may be market custom or required by law.

4.6     How long will Vodafone keep your Personal Information. 

We will keep your Personal Information for as long as needed to give you access to our services and  further loans.

4.7    Can I correct my Personal Information. 

You may have access to the information the Provider has about you and ask to rectify incorrect information. There may be a reasonable cost involved in exercising this right which may change.

4.8     Security safeguards.

We shall endeavour to observe adequate and comprehensive security safeguards to protect any unauthorised use or access to your Personal Information.

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5             No liability

Vodafone and the loan Provider will not be responsible for any indirect or consequential loss or damage, caused by or related to your application for or your use of a mobile loan.

6             General

6.1        These Product Terms only apply as far as the law allows.

6.2        By accepting the Product Terms, you agree that the Provider may transfer (cede or assign) all its rights or obligations in these Product Terms to any third party without your further consent.

6.3        If a duly appointed, court or administrative body (with jurisdiction) finds any provision of these Platform Terms invalid or unenforceable, this will not affect the rest of the provisions.

FAQ on How to Get Vodafone Cash Loan

Q1. What is Vodafone Cash Loan?

Ans: Ready Cash offers short-term micro-loans to active and loyal Vodafone customers who are eligible and qualify based on their network behaviour.

Q2. How do I know I am eligible for Ready Cash?

Ans: You must have an active Vodafone Cash account and be active on our GSM network

Q3. How do I apply for Vodafone Ready Cash?

Ans: By dialing *110# and navigating to option 5 (Financial Services)

Q4. How do I know I qualify for Ready cash?

Ans: You must be at least 18 years to apply and being with Vodafone for at least 6 months and active on Vodafone cash for at least 3 months

Q5. Are there any charges to applying for Vodafone Ready Cash?

Ans: Yes, the Loan service attracts a fixed monthly interest. This fee is added to the loan amount to give the customer the value to pay back, before or on the due date. When the due date elapses, a penalty fee of 12.5% is applied for defaulting.

Q6. How many times can I take a loan on Vodafone Ready Cash?

Ans: As many as possible, but you only have one loan account at a time.

Q7. How will I receive the loan fund?

Ans: Your loan is paid directly into your Vodafone Cash wallet

Q8. How much is the interest rate?

Ans: The interest is fixed and applied monthly, and will be displayed to you when making your request

What is the process for repaying my loan on due dates?

The deduction shall be automatically done on the due dates.

When can I repay my loan?

Due-date for repayment is fixed on the 30thday after disbursement, but you can repay any time before the due date

Can I repay my loan through a bank?

No, all repayment shall be made from your Vodafone Cash wallet, which you used for the loan request.

What happens if I can’t repay my Vodafone Cash loan on time?

You will be charged an additional rate of 12.5% as a penalty until full repayment is made.

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