Mobile phones today serve many more purposes than just placing and receiving calls.

As we live and use mobile phones more, their uses range from sending and receiving emails to browsing the internet, marketing and selling products, as well as studying and teaching. 

The ability to apply for and get loans through mobile phones (smartphones) is an interesting change that we've all come to recognize and value. 

Particularly in Ghana, a number of loan organizations offer loans to people via their mobile phones. 

This includes Qwikloans, Express Loans, Carbon, Fido Loans, and all the way down to Zidisha Loans. 

In this post, we'll look at another lender who may provide you with up to GHS 1,000 by phone without requiring any collateral or in-person meetings or transactions. 

A Ghanaian loan startup called Bloomkash provides short-term loans to Ghanaians using their mobile phones. So, if you have a smartphone and have downloaded the Bloomkash app, you can get a loan from Bloomkash of up to 1,000 GHS. 

Let's look at how to get a payday loan from Bloomkash and how to open an account with them. 

Applying For Bloomkash Loans 

A functional smartphone, especially an Android phone, is required for the user to apply for a loan facility from Bloomkash. The following actions can be taken once you have an Android phone: 

Click here for the APK or visit the Google Play Store to download the Bloomkash app.

Make sure the app is fully and correctly installed on your phone before installing it.

Click "Apply for Loan" to access the application.

Fill up the space with your Mobile Money number.

Your mobile number will receive an SMS for confirmation. 

Please type the code into the Bloomkash app's designated field. Please wait a moment and click "resend" if you don't see the SMS after a little while.

A message will ask for your consent before Bloomkash can access your contacts, camera, location, images, and other data. Please go ahead and approve everything.

Click "Apply for loan" on the following screen.

When finished, enter your first name, last name, middle name, gender, ID information, home address, employment status, monthly income, day of salary receipt, and whether or not you have any outstanding loans. Then click the next button.

Indicate who should be contacted in an emergency. The company is likely to call this individual, so it should be someone who knows you well and can guarantee your loan. You can choose an emergency contact from your contact list by using the application, which will also automatically take you to your contact list.

Similar to step 9 above, enter the second emergency contact's contact information next.

You will move on to the next level, where you will see the loan amount you qualify for, the repayment amount, and other information, if your information is sufficient. Click "Apply now" if you are happy with what you see.

Congratulations! Processing of your loan is complete. If you are indeed eligible for the loan, you should have it in your hands shortly. 

Bloomkash Loan Terms And Conditions And Interest Rates

Most people might think Bloomkash's loan structure is too good to be true. It is exactly what it is, though. There are some restrictions and conditions to be considered, though, just like with any other financial institution. 

For Bloomkash, the interest rate is calculated daily and ranges from 0.1% to 1% every day. 

Every loan accessed through the platform carries a 36.5% processing fee. Therefore, the processing cost would be GHS 23.7 for a loan application for GHS 65 with a 91-day term. However, the total amount of interest would be GHS 1.8. Your total repayment would therefore be GHS 90.5. 

However, depending on how quickly you paid off your previous debts, loan periods can range from 15 to 90 days. 

Finally, the success of prior loans is a major factor in Bloomkash loans. In order to qualify for larger loans down the road, it is best to start with smaller loans and repay them promptly. 

Conclusion 

Loans are a reliable source of assistance during emergencies. However, getting a loan usually comes at a very high cost, such as a processing charge, collateral, or a number of ups and downs. 

This makes it much harder for people who might need such loans to handle urgent problems. 

So, Bloomkash made an online loan system that gives customers short-term loans between 65 and 1000 cedis to help them solve their problems. 

In this post, we looked at the Bloomkash loan application process as well as the terms and restrictions that go along with it. 

I sincerely hope you find this post useful and that you will spread the word about it to your loved ones. 

Please use the space below for comments, queries, and reservations about this article.