Overview

CedisCredit, brought to you by H&M Microfinance, is a ground-breaking financial product designed to provide easy and accessible loans to a wider range of customers. H&M Microfinance understands that traditional loan requirements may not always be suitable for everyone. That's why we have developed CedisCredit, a tailored product designed to provide an alternative solution for individuals who may not meet the conventional criteria. With CedisCredit, you can plan your future with confidence and access funds without the need for high credit scores, higher income, or guarantors.

Key Features

1. Convenient Loan Access: Get a minimum loan of GHS 200 and a maximum of GHS 1,000 to meet your needs.
2. Flexible Repayment Terms: Choose a loan term of up to 30 days, allowing you to manage your repayments with ease
3. Competitive Interest Rates: Benefit from an attractive interest rate of 5% per month, ensuring affordable repayment options
4. No Processing Fees: Enjoy a cost-effective solution, as CedisCredit does not charge any processing fees

Minimum Requirements

To ensure a smooth application process and help you achieve your financial goals, we have established the following requirements:

1. Valid Ghanaian National ID: Provide a valid Ghana Card for secure and transparent identification.
2. Proof of Current Address: Submit your Ghana Post Address or a valid document indicating your current address
3. No Income Threshold: With CedisCredit, we don't impose a specific income requirement like traditional loans. However, we do ask applicants to meet certain criteria that showcase their financial activity and stability. To qualify, you should have a minimum average of 20 mobile money transactions per month for the past 3 months. It's important to maintain consistency and keep your transactions stable, with less than a 20% variation. Additionally, each transaction should have a minimum amount of GHS 10, indicating a consistent and regular usage of mobile money services. These measures help us assess your financial behavior and ensure a fair evaluation of your loan application
4. Mobile Money Statement: To evaluate your financial habits and ensure eligibility, please provide your most recent 3 months' mobile money statement. This allows us to calculate your average of 20 mobile money transactions per month and assess your savings and credit habits
5. Credit Bureau and Loan Payment: To maintain a responsible lending practice, we conduct a credit bureau check to ensure there are no red flags in your credit history. Additionally, prompt payments on your current loan obligations are required
6. Bills or Loan Payment History: If your mobile money statement does not have a minimum of 3 months' recent loan or bill payment history, don't worry! You can still demonstrate your repayment behavior and financial responsibility by providing receipts or invoices for a minimum of 3 months' bills payment history or loan payment history. This allows us to assess your track record and ensure a fair evaluation of your loan application. We understand that not all transactions may be reflected in your mobile money statement, so we provide this alternative option to give you a chance to showcase your financial responsibility
7. Minimum Credit Score: Applicants should have a minimum credit score of 50 to qualify for CedisCredit
8. Auto Deduction: Ensure timely repayments and build a positive credit history by scheduling an automatic deduction from your income. For a loan of GHS 200, set a deduction of at least GHS 10 per day. For a loan of GHS 500, set a deduction of GHS 15 per day. And for a loan of GHS 1,000, set a deduction of GHS 20 per day. To set up a mobile money auto deduction, simply follow these steps:
   • Dial the number 0549 060 777 and enter the loan amount
   • When "H&M Microfinance MICRO-CREDIT ENTERPRISE" appears, select it
   • Choose the frequency of payment, whether it's daily, weekly, or monthly. This automated payment method ensures hassle-free repayments and helps you stay on track with your loan obligations.

Loan Tiers Summary

1. For GHS 200 Loans:
   • Transactions: Make 20+ mobile money transactions monthly (past 3 months)
   • Amounts: Minimum GHS 10 per transaction (average GHS 250/month)
   • Consistency: Keep transactions stable (less than 20% variation)
   • Creditworthiness: Demonstrate prompt payments and responsible borrowing behavior
2. For GHS 500 Loans:
   • Transactions: Make 20+ mobile money transactions monthly (past 3 months)
   • Amounts: Minimum GHS 15 per transaction (average GHS 250/month)
   • Consistency: Keep transactions stable (less than 15% variation)
   • Creditworthiness: Demonstrate prompt payments and responsible borrowing behavior
3. For GHS 1000 Loans:
   • Transactions: Make 20+ mobile money transactions monthly (past 3 months)
   • Amounts: Minimum GHS 20 per transaction (average GHS 250/month)
   • Consistency: Keep transactions stable (less than 10% variation)
   • Creditworthiness: Demonstrate prompt payments and responsible borrowing behavior

Here is a brief overview of the CedisCredit product:

1. Convenient Loan Access: CedisCredit allows customers to borrow up to GHS 200, providing them with the financial support they need for various purposes
2. Flexible Repayment Terms: Customers can choose a loan term of up to 30 days, providing them with flexibility and convenience in managing their repayments
3. Competitive Interest Rates: CedisCredit offers an attractive interest rate of 5% per month, ensuring affordable repayment options for borrowers
4. No Processing Fees: Unlike other loan products, CedisCredit does not charge any processing fees, making it a cost-effective solution for customers

To qualify for CedisCredit, customers need to meet the following minimum requirements:

1. Ghana Card: Customers must possess a valid Ghana Card as proof of identification and verification
2. Proof of Residence: Documentation confirming the customer's current residential address is required to ensure accurate contact information for loan communication
3. Mobile Money Account: An active mobile money account, used for at least six months, is necessary to establish a reliable transaction history
4. Auto Deduction: Customers are required to schedule an automatic deduction of at least GHS 10 per day from their income, ensuring timely loan repayments and building a positive credit history
5. No Guarantor Required: CedisCredit eliminates the need for customers to provide a guarantor, simplifying the loan application process and making it more accessible
6. Minimum H&M Microfinance Credit Score: Customers must have a minimum H&M Microfinance credit score of 50

CedisCredit aims to provide a straightforward and efficient borrowing experience for individuals with diverse credit profiles. It offers a reliable financial solution, empowering customers to meet their immediate financial needs and improve their overall financial well-being