Help Center

Is a loan from Sikamaster Loans right for me?

We are a direct lender - If your application with us is successful then we are the company that lends you the money. Because we are a non-deposit taking direct lender and have direct control over our products and services, we have also been able to take innovative new approaches to the commonplace kinds of credit service offered by other lenders.

These innovations include a unique system whereby you can set a balance level at which you would like a transfer to be made directly to your bank account. Your available credit with us will then act as a safety net, automatically boosting your balance when you are close to going into an unauthorised overdraft or overdrawn, helping you avoid any unplanned borrowing charges from your bank.

You should only borrow from us if you are sure that you will be able to repay when payments are due. If you do not repay your loan on time, there will be additional interest and costs that you will need to pay.

Short term loans should not be used as a long term financial solution and if you already have concerns about your debt commitment, you should not apply with Sikamaster Loans.

How can I apply for a loan?

You can apply 24/7 by completing an on-line application from your computer, mobile or tablet, which usually takes just a few minutes. You can use the service immediately, wherever you are and whenever you like. We will send you a text and email to let you know if you are approved.

Am I eligible to apply? What information do I need for my application?

To be eligible to apply, you must:
1. Have a valid Ghana bank account.
2. Be employed.
3. Be a resident of Ghana.
4. Be at least 21 years old.

When applying you'll also need to provide us with the following information:
1. Employment details.
2. Bank account details.
3. Income and outgoings/expenses.
4. Other Personal Information.

Can I apply if I have less-than-perfect credit?

Yes. Less-than-perfect credit does not necessarily prevent you from qualifying for a Sikamaster loan. We understand that a credit score may take time to repair, even when you have been working diligently to erase past credit mistakes. That is why we use a variety of criteria to evaluate each customer, including their credit score and recent borrowing history. If you’ve had trouble with credit in the past but have worked diligently to improve your score, we may be able to approve you for a loan.

Will I need to submit any extra paperwork?

In most cases, we will be able to make a loan decision without additional paperwork. However, there are some instances where we may need some additional information regarding your income and employment. In this case, we will request you send the required documents so that our Loan Processing team can review them manually.

Why do I need to provide proof of income?

For some applicants, we may need to verify income. To help process your loan, we need a recent wage slip or equivalent income statement dated within the last 30 days (last 3 months usually requested). You would be required to attach them via our online application platform.

How can I check my application status?

You can check the status of your application online via our client area if you are an existing customer or client (New Customers will be notified via email for the first time together with login details to our platform):
1. Log-in to your account home page.
2. At the top of your account home page you'll see information on the status of your current loan application

Why was my application declined?

There are a number of factors Sikamaster uses to evaluate your application, including but not limited to: an applicant’s past borrowing history, credit report, identity verification, number of outstanding loans, income and existing financial commitments, as well as the validation of application details.

If an applicant does not meet all or some of Sikamaster’s lending criteria for each of the above items, Sikamaster may decide not to approve their application. If your financial circumstances change, you may reapply again in the future. Please keep in mind that each application is recorded on your credit file; too many applications over a short period of time may be seen as a red flag.

When will I receive my loan?

In most cases, your application will be processed within 4 hours from the time it has been received. Loan approval depends on satisfactory completion of identity, credit and affordability checks. If approved, funds will be sent to your bank account within 30 minutes of approval. Once you have completed a loan application, Sikamaster will send you updates via email.

Once I pay off a loan, how soon can I receive another one?

Generally, the earliest you may apply for a new loan depends on your previous loan's repayment method and is subject to affordability checks in accordance with Sikamaster’s responsible lending policy.

Example: Your repayment date is Friday and your full payment comes out of your account on that day. If the loan was repaid via Mobile Payment, you may be able to apply for another loan on Friday. If the loan was repaid via Direct Debit, you must wait until Wednesday before you are able to apply for another loan.

How many loans can I take out at one time?

Can be multiple, so long as it's supported by income levels and front-end debt-to-income ratio.

Do I have the right to cancel or withdraw my loan agreement?

Yes, you have the right to withdraw from your loan agreement within 7 days of signing your agreement. If you withdraw from the loan, you must return any money we have provided to you, plus accrued interest. You can withdraw from your loan by emailing us at

Can I still receive funds if my application is submitted and approved over the weekend?

Yes. If your application is approved on a weekend, your funds will typically be sent to your bank account (in some occasions via mobile payment) within 30 minutes after approval.

Does Sikamaster Loans run credit checks during the application process?

Yes. We run credit-application checks with credit reference agencies to verify your application information and to help us determine whether your application will be approved or declined. Credit checks also help us determine the amount of your loan offer, if approved.

Important Notice: When we run a credit-application check, it will leave a footprint on your credit report. Footprints themselves are not negative, but if a credit report shows that many searches have been done in a short period of time, it could be seen by lenders or others as a sign of identity fraud or great financial need.

What is a Top-Up?

Top-Ups allow qualified borrowers to borrow more money on top of their current loan. You may apply for a Top-Up before paying back your original balance. If approved, your current loan will be rolled into the new loan. The additional borrowed amount will be added to your current outstanding principle balance and you will accrue daily interest on your total outstanding principle.

How much can I Top-Up?

If eligible to apply for a Top-Up, the maximum amount you are eligible to apply for is displayed on your Account Home page. Keep in mind that your new loan (previous unpaid principal + Top-Up) can total no more than 50% of the total debt-to-income (DTI) for individual borrowers, and 70% for couple applicants and company Profit-after-tax. Your actual Top-Up amount is subject to approval.

How much will my Top-Up cost?

After you take a Top-Up, your new loan amount will be a combination of your new money plus the outstanding loan balance and any unpaid interest on your old loan. As with your original loan, you will pay interest on the total outstanding principle until the end of the loan term. Also remember that there is no early settlement or processing fees when you take a Top-Up.

How do I apply for a Top-Up?

If eligible, you can apply for a Top-Up right from your Account Home page. If we can offer you a Top-Up, a “Need more money?” window will appear on your home screen. Click the “Apply For Top-Up” button to submit your application.

How quickly can I receive my Top-Up?

If approved, the money will usually be sent to your bank account 30 minutes after approval.

Do you offer unsecured loans?

At Sikamaster we offer you the choice of unsecured loans and secure loans. The advantage of a secured personal loan is that the rate on the loan is generally less than that charged for an unsecured loan.

An unsecured loan is obtained without the use of collateral for security. Normally, this means that the amount you can borrow is less and the interest rate charged is slighter higher than a secured loan. In the majority of cases the maximum unsecured portion of any loan is GHS25,000 (in addition to the Loyalty Account balance).

A secured loan is obtained with the use of collateral for security. Normally, this means that it will help you borrow more and reduce the interest rate you pay. Interest in items taken as security will be registered on the Bank of Ghana Collateral Registry System (CRS) until the loan is paid off.

Does it matter where I live?

Our lending supports individuals and families who work or reside in Ghana. Innovation and technology has enabled Sikamaster to cater to your needs wherever you live in Ghana. Sikamaster online loans are available through our website.

Our focus is on always enhancing customer experience and to deliver a service that is convenience to you.

What happens after you have submitted your application?

Once you have submitted your application form, one of our team members will review your application and be in contact within the next 7 working day to finalise your application. We may require extra supporting material to make a decision on your application.

How does Sikamaster collect payments?

Instructions for repayment are provided in the client area.

What should I do if I need extra time to make a payment?

If you will not be able to repay the amount due on your next repayment date, please contact us immediately. Depending on your situation, we maybe be able to offer you a due date adjustment, an extension or a fixed repayment plan. Here's how each option works:

Due date adjustment: If you are certain you can make your payment within a few days of your due date, we may be able to postpone your repayment date by up to 3 calendar days. This adjustment can be made no more than once per loan.

Extension: If you need more than a few extra days to repay your loan, you may be able to apply for an extension. You can see if you're eligible to apply for an extension by logging in to your account. If your extension application is approved, the interest you accrued on the original loan must be paid on the original repayment date. The repayment of your loan principal will then be moved to a later repayment date. On this new repayment date, you will repay the loan principal along with additional accrued interest. Because you will pay additional interest on your outstanding principal, extensions are granted solely at our discretion, based on whether we believe you will be able to repay the extension without undue difficulty. You may apply for a maximum of two extensions per loan.

Fixed repayment plan: If you are in severe financial hardship, you should contact us immediately, as we may be able to provide you a fixed repayment plan. Important notice: We may be unable to offer the above options unless you contact us in a timely matter.

Can I make overpayments?

You can make overpayments online for free via your Sikamaster Member Area. If you want to make a large overpayment, or pay off your loan completely, kindly email us first.

Can I repay early?

With Sikamaster, you can repay your loan early free of charge. We'll even recalculate your interest so that you only pay for the time you had the loan.

If you have any questions about early repayments, kindly contact us.

How can I settle my loan in full?

If you want to pay off your loan completely, kindly contact us.

What if I can't make a repayment on time?

At Sikamaster, we understand that your financial circumstances can change in an instant. If you know that you won't be able to repay your loan amount on your payment date, you should contact us immediately so that we can do our best to help set up payment arrangements that work for you. If your loan payment is dishonoured, returned, unpaid or otherwise missed, you may be charged a late fee of up to GHS50.00.

We may also charge you default interest on any outstanding principal at the same daily interest rate as your contracted interest rate, beginning on the first calendar day after the repayment date. Missing payments can make it more difficult and/or expensive for you to obtain credit, and such missed payment may adversely affect your credit report. In addition, if you default under a loan agreement, we may commence legal proceedings. You may be required to pay us the reasonable expenses and costs we incur in those legal proceedings or in attempting to enforce our rights against you under the loan agreement.

How do I check what I still owe?

Log in to your Sikamaster Member Area to take a look at your personal repayment schedule. If you have any questions, feel free to contact us.

What is a Salary Advance?

Salary Advance is a relatively small amount of money lent at a high rate of interest on the agreement that it will be repaid when the borrower receives their next wages or salary.

What is a short term loan?

It is important to note that Salary Advance are traditionally repaid in full on the borrowers next payday. However, there is an option of spreading out repayments over two or more months via our personal loans option and not a Salary Advance. Personal loans are more accurately classified as short term non-business loans.

Who would take out a Salary Advance?

If you are living on a very tight budget, any extra expenses are difficult to cover. We’re not talking only about the lowest-earning members of the population; research has shown that the majority of borrowers actually have a net annual household income of over GHs12,000.

So why would they turn to a payday loan?

Ideally, everyone should have an emergency fund, stocked with ready-to-use money that should cover most financial emergencies. It’s not for a spur of the moment holiday to the beach, it’s for car or appliance repairs, emergency medical bills, and other similar situations.

But what happens if you don’t have one, or if you’ve just used it up for something else? In that case, you don’t have many options. Most conventional loans are for large amounts and last for longer periods. If you only need a small amount for a few weeks, you may not want to go through the arduous process of applying for a longer-dated loan. If you can borrow on your credit card, that’s great, but remember – taking out cash from a credit card account is very expensive.

But what if you don’t have a card, or it’s maxed out? If you don’t have anyone who will lend to you, you may be well and truly stuck.

Do short-term lenders prey on the unaware?

When someone takes out a short-term loan, do they understand what they are signing up to? Or are they then caught unaware when the payments are due? One way of investigating this is to look at whether borrowers are managing to meet the repayments.

What is a Personal Loan?

A Personal Loan is credit you can apply for that is either secured or unsecured.

The Loan Agreement you enter into thereafter, requires you to repay the loan, with interest, for the agreed timeframe until it is fully repaid. We provide personal loans from GHS2000 to GHS100,000 and from 3 months to 60 months.