Looking for a short-term cash
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Yango Loans–one of the leading P2P lending platforms in Ghana– launches a mobile app called InstaMoney, enabling young workers to be granted advances on salary or instant cash loans, faster (within 24h) and more easily. Millennials are their main targets, as they are usually poorly addressed by conventional financial institutions.
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InstaMoney is fast, easy and convenient.
Licensed by the Bank of Ghana and trusted by thousands of satisfied customers
Only available in Ghana.
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Define Financial Goals
This solution is mostly meant for Millennials –choice targets in Ghana– and intended to become essential for these young workers (advances on salary especially). This point is particularly relevant when these creditworthy customers live and work in mid-sized towns but happen to be excluded or poorly addressed by conventional credit institutions. New entrants, including LenDenClub, rely on this trend/need, as well as on increasing smartphone and Internet penetration rates to stand out on the emerging market for mobile-based lending platforms. No less than 25 P2P lending platforms are now present in Ghana. Also, some players opted for India by way of diversifying their services: PayPal, Visa or Mobile Money, for instance, are there to highlight the potential and attractiveness of this market segment.
In the end of 2018, InstaMoney reported 11,000 borrowers, for slightly less than 170 million cedis in loans (roughly $2 million) and a 25% payback rate on their investments.
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Set custom spending limits
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Get realtime budget alerts
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Devise a clear spending plan
Apply for a Loan Now!!
Upon applying, InstaMoney users must confirm they have a job, a monthly income of at least Gh600 (roughly $115). They specify their TIN number (paired with their Valid ID Card information). These loans may range from 5,000 to 10,000 cedis over 1 to 3 months. Variable interest rates apply (from 10 to 50 cedis). The decisioning process takes 24 hours and, if approval is granted, the amount is sent within 2 or 3 hours.
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Cancel wasteful accounts
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Schedule payments on the go
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Manage your debt
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