Cediboom loan requirements shows that you need to have a steady source of income. This means you should regularly earn money from a job or business. Having a consistent income shows that you can repay the loan on time
Introduction
Cediboom is a loan app in Ghana that helps people get quick short-term loans. It’s designed to make it easy for users to apply for loans right from their phones or tablets.
With Cediboom, you can borrow between GH₵ 5,000 and GH₵ 10,000. How much you can borrow depends on your credit history and how well you’ve used the app in the past.
The app charges an interest rate between 12% and 28% per year. This rate can vary based on your credit standing and the details of your loan.
The app offers two ways to repay your loan. You can choose to pay it back in monthly installments or as a single lump sum.
You have between 91 days and 365 days to repay the loan. This gives you flexibility to choose a repayment plan that works best for you.
One of the best things about them is that it does not charge any processing fees or require collateral. This means you can get a loan without paying extra fees upfront or putting up anything valuable as security. This makes it easier for more people to get loans.
However, there is a problem with the app. Sometimes, it has bugs that make it crash. This can be frustrating if you are trying to apply for a loan or manage your current loans. The app’s performance issues can disrupt your experience and make it harder to use.
Despite this issue, it is still a popular choice for people in Ghana who need quick access to short-term loans. Its easy application process and flexible repayment options make it a convenient option for getting financial help when you need it.
History and overview
Cediboom is a loan app owned by PINTU, a fintech company in Ghana. The app was started in 2023 and helps people get quick short-term loans. It is designed to be easy to use, but there are a few things to note.
it is only available for Android devices and cannot be downloaded from the Google Play Store. To get the app, users need to download the Cediboom APK file from a trusted website. This APK file allows the app to be installed on Android phones.
The app works with virtual wallets from major mobile networks in Ghana, including MTN, Vodafone, and AirtelTigo.
This means users can receive their loan money and make payments using these mobile money services. This makes it simple for users to handle their loans through their mobile phones.
Since it is new, it may still have some bugs or issues. Sometimes, the app can crash, which can be frustrating if you are trying to apply for a loan or manage your account.
Despite this, it is popular because it offers a fast and easy way to get loans without needing collateral or paying extra fees.
Overall, it is a useful tool for people in Ghana who need quick financial help. Its support for major mobile wallets and its straightforward approach make it a convenient option, though users should be aware of the potential for technical problems.
Requirements
Steady income
To get a loan from Cediboom, you need to have a steady source of income. This means you should regularly earn money from a job or business.
Having a consistent income shows that you can repay the loan on time. You might also need to provide proof of your income, such as pay slips or bank statements
Credit history
To qualify for a loan from Cediboom, you need to have a satisfactory credit history. This means your past borrowing and repayment activities should show that you manage your finances well and pay back loans on time. A good credit history helps the app see that you are a reliable borrower.
Valid ID and information
To apply for a loan with Cediboom, you must provide personal information and a valid ID. This includes details like your name and contact information, and a valid identification document such as a passport, driver’s license, or national ID. This helps the app verify your identity and process your loan request.
Wallet
Cediboom supports virtual wallets from MTN, Vodafone, and AirtelTigo. This means you can receive your loan funds and make repayments using these mobile money services, making transactions easy and convenient.
Age
To get a loan from Cediboom, you must be over 18 years old. This age requirement ensures that you are legally an adult and can enter into a loan agreement.