How CedisPay lending works

Before you apply for a CedisPay loan, we invite you to watch this short video to get a comprehensive overview of CedisPay's lending process. This video will help you understand the eligibility criteria, requirements, and next steps for applying for a loan with CedisPay. Watch the video here:

Alternatively, you can read the text below to learn more about:

1. Eligibility: Find out if you qualify for a CedisPay loan
2. Requirements: Discover the necessary documents and information needed to apply
3. Next Steps: Lear what to expect during the application process and beyond.

Choose your preferred mode of learning. By understanding how CedisPay lending works, you will be better equipped to navigate our platform and make informed decisions about your financial journey.

How CedisPay lending solution works

CedisPay is a cutting-edge loan application platform, designed to provide individuals and businesses with seamless access to loans. Follow these easy steps to apply for a CedisPay loan:

Stage 1: Initial Eligibility Check

To qualify for a loan with CedisPay, you must meet at least one of the following criteria:
• Hold a non-cancelable debit agreement
• Present an employer letter verifying your employment status
• Have payroll deductions set up.
• Offer pension assets as collateral
• Demonstrate investments or savings
• Provide evidence of assigned receivables (for business owners).
• Provide a guarantor. Guarantor procedure:
  Our current procedure for guarantors includes the following steps:
  • Willingness to pay: Ensure that the guarantor expresses a clear willingness to support the borrower.
  • Credit Bureau Check: Conduct a thorough credit bureau check on the guarantor to verify their creditworthiness.
  • Capacity to pay: Review the guarantor's financial capacity by obtaining their bank statements for the past three months
  • Guarantorship form: The form required for guarantors can be found on our website at Guarantorship
If you do not meet any of these criteria, your loan application will be automatically disqualified by our AI algorithms. This is the first and most critical step in the application process. If you do not qualify here, we regret that we cannot proceed with your application.

Stage 2: Additional Eligibility Check

If you meet the initial eligibility criteria, you must then satisfy the following conditions:
• Proof of Identity: You must be a Ghanaian citizen and over 18 years old, verified by your Ghana card.
• Proof of Address: Provide evidence of your residence in Accra.
• Employment or Business Stability: Demonstrate stable employment or business activity for at least three months.
• Proof of Income: Submit three months of mobile money statements or bank statements
• Credit Report: Have no unpaid loans appearing on your credit bureau report
• Debt-to-Income Ratio: Your debt-to-income ratio must be less than 30%.

Stage 3: Loan application process

If you meet these additional criteria, visit our website at cedispay.com.gh and select the loan application option on the landing page. For further assistance, contact us directly at:
• [+233244680960]
• [+233595741614]
• [+233 552386593]

Stage 4: Document Requirements:

After completing the loan application process, please then upload the following documents:

• Ghana Card
• 3 months mobile money statements
• 3 months bank statements
• Proof of address
• 3 months payslips

Stage 5: Instant Loan Decision Process

CedisPay Scoring Process: Our automated system evaluates your creditworthiness using a sophisticated scoring mechanism.

Capacity Assessment (DTI): The system assesses your Debt-to-Income (DTI) ratio to determine your ability to repay the loan.

System Approval Decision: Based on your credit score and DTI, the system autonomously approves or declines your loan application. To secure approval, you must meet both criteria: a minimum credit score of 50 and a DTI not exceeding 30%. These requirements apply even if you provide collateral, as CedisPay prioritizes responsible lending.

Eligible Income Calculation: The system calculates your eligible income by considering your income, expenses, and other deductions.

Stage 6: Detailed Credit and Income Assessment and Document Review Process

Within 24 hours, CedisPay conducts a comprehensive assessment of your identity, address, credit, and income. This process includes:
• Identity and Location Verification:
  • Proof of Identity Check: CedisPay verifies your identity by interfacing with the National Identification Authority (NIA), cross-referencing your details with information from your bank and mobile money statements.
  • Proof of Residence Check: You must provide a GPS address, either as a screenshot of the live location using the Ghana Post App or a picture of the metal plate in front of your building. CedisPay staff will verify the GPS address online at https://www.ghanapostgps.com/map/. Additionally with your consent, we:
    • Use geolocation technology to confirm your location during the loan application
    • Verify your location using IP geolocation when you access the loan application online
    • Require a video tour of your residence or business location as part of the loan application.
    • Implement multi-factor authentication to further verify your identity and location
• Creditworthiness Assessment:
  • Credit Bureau Data: We collect your credit data from two credit bureaus in Ghana via APIs. Our software verifies the consistency of bill and loan payments from the credit bureau reports in conjunction with your bank and mobile money statements
  • Bank Statement Review: CedisPay's software reviews your bank statements from the past three months to ensure consistent bill and loan payments
  • Mobile Money Statement Review: Our software also reviews your mobile money statements from the past three months for consistency
• Income, Expenses, and Debt Verification:
  • Comprehensive Analysis: CedisPay employs software to assess your transaction history, account balance, transaction consistency, bill payments, and savings behavior. This analysis helps determine your income, evaluate your living expenses, and verify your debt expenses
  • Risk Adjustment: The software adjusts your income for risk factors such as excessive loans, gambling, savings or investments, excessive pension /saving withdrawals, and income volatility
This robust loan approval process ensures responsible lending decisions, prioritizing your financial well-being.

Stage 7: Loan Disbursement

Once you have submitted all the required documents and CedisPay completes its verification, we will approve and disburse your loan within 24 hours. You will receive an SMS notification of your loan approval status. If approved, your facility letter will be sent via email for your e-signature. Once CedisPay receives your signed facility letter, your funds will be credited to your mobile money account