Mbosea

All You Need to Know About the MBosea App

MBosea is an essential mobile application for all Ghanaian customers, designed to simplify and expedite the process of applying for loans. This app provides a comprehensive overview of your current loans and aims to make the entire user experience, from logging in to applying for a loan, as seamless and convenient as possible. Here's a detailed look at what the MBosea app offers and how it works.

Key Features of the MBosea App

With the MBosea app, you can:

Apply for Loans: Easily submit loan applications directly through the app.

View Loan Details: Get a detailed view of all your existing loans.

Access Account Statements: Obtain detailed account statements.

Repay Loans: Make payments on your outstanding loans.

View Transaction History: Track your past transactions.

Receive Loan Offers: Get offers on various loan products tailored to your needs.

Eligibility for Using MBosea Services

To use MBosea services, you must meet the following criteria:

Citizenship: You must be a citizen of Ghana.

Age: You should be between 22 and 55 years old.

Personal Information: Fill in accurate and complete personal information.

Personal Loan Product Features

The MBosea app offers the following personal loan product features:

Loan Amount: You can apply for loans ranging from 100 to 2000 GHS.

Online Application: The entire loan application process is 100% online, requiring only a few document uploads.

Quick Disbursement: Loans are processed and disbursed within 24 hours.

APR (Annual Percentage Rate): The minimum APR is 22% and the maximum APR is 28%.

Loan Tenure: The minimum loan tenure is 3 months, and the maximum tenure is 12 months.

Handling Fee: There is a handling fee of 2% to 4%.

Higher Loan Eligibility: Successful repayment can increase your eligibility for higher loan amounts.

> Note: APR and fees vary based on the client's risk profile and the selected term.

Example Calculation

To provide a clear understanding of loan costs, here’s an example:

Loan Amount: GHS500 ~ GHS2000

Loan Term: 100 days to 365 days

Loan Interest: 10% to 29% per annum

Service Charge: 0%

For instance, if you apply for a loan of GHS2000 with a term of 150 days and an annual interest rate of 20%:

Daily Interest Rate: 20% / 365 = 0.055%

150-Day Interest: 2000 * 20% / 365 * 150 = GHS164

Total Repayment: 2000 + 164 = GHS2164

Privacy and Security

MBosea takes your privacy very seriously. We will never share your personal information with anyone without your explicit permission. When you download the app, we will request permission to access your phone's data strictly for verifying your identity and creating a credit score.

With MBosea, managing your finances and securing loans has never been easier. Download the app today and take control of your financial future!