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Frequently Ask Questions

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How can I apply for a loan?

  • New customers can apply at any time by completing the online application form, which you can find on our milestone page. The form takes minutes to complete and once you have been approved for the loan we will inform you immediately by both text and email. Following confirmation of approval, you simply request the loan you want from your online account or by giving us a call. In some cases, we may need to contact you to confirm your address and bank account details; however, we usually send money to your account within just minutes of your request. To be eligible for a Milestone loan, you will need to meet the following criteria: 1. Have a regular source of income. 2. There must be some sort of a collateral 3. Reside permanently in Ghana with a bank account. 4. Need to have a guarantor Once we have confirmed these details we will make any necessary checks required to support our lending decision and to ensure the loan is affordable for you.

 

How do I know if my loan is approved?

  • As soon as a decision is made regarding your loan we will inform you by text and email.

 

How much can I borrow?

  • We offer loans of up to GHS50,000 for first time and returning borrowers up to a period of 12 months. The amount you can borrow and for how long is dependent on our assessment of your creditworthiness and your ability to comfortably make the repayments on time. It is important to remember that you should never borrow if you are in any doubt that you will be able to make repayments. Late payments may incur a charge and additional interest. Borrowing more than you can afford will lead to financial difficulties.

 

Do you charge for transferring money into my account?

  • No. there are no hidden costs and the agreed interest payments will be the only thing we charge you at Milestone Microcredit.

 

How do your loans work?:

  • We offer instalment loan of up to 12 months for first time and returning customers. You can borrow up to a maximum of GHS 50,000. You repay the loan monthly on your pay date. If you are paid weekly or every two weeks we will schedule the instalments on a four-weekly cycle. Each instalment includes a combination of both interest and loan capital repayment. If payments are late we can charge a 0.5% default fee each day.

 

Do I need to have a bank account?

  • Yes, and you will need to have a debit card or cheque booklet linked to the account. This is because Milestone Microcredit will send money directly to your bank account upon approval of your loan and we then collect the repayments using the linked cheque pages.

 

Am I eligible to reborrow if I have repaid my loan if full?

  • Once you have repaid your loan our systems will recalculate your credit limit to reflect your payment history with us and any new information we have obtained from a credit reference agency. Because of the checks we make, your credit limit and the loan options available to you might have changed. We may be able to offer different limits depending on the term of the loan you choose. Longer term loans are usually more manageable so the credit limit for a 12-month loan could be higher than that for shorter terms. The most important thing when you borrow from us is that you are confident of your ability to make your repayments on time. Late payments will incur a charge and can damage your credit score.

 

Why have I been asked to send supporting documents?

  • To lend responsibly, sometimes we ask some of our customers to provide extra documents to support their application, such as bank statements a copy of your ID card or a proof of your address. We do this to check things such as identity or income information before lending.

 

Do you need any supporting documents?

  • In some circumstances, it may be necessary for us to request documents to support your application, such as bank statements or proof of address. We will tell you if we need these from you during the application process.

 

How long do I have to cancel my loan?

  • You can cancel your loan at any time up to 14 days after the loan has been paid to you. To do this you need to call us on 0302631739. If you want to withdraw you must notify us of your intention to do so, either in writing or over the phone. Speak with a customer service representative on 0302631739. To cancel in writing you can write to Milestone Microcredit Services, P.O.Box CT 7167, Cantoments, Accra or info@milestoneghana.com If you cancel your loan you must repay the amount of credit and accrued interest (from the date the credit was provided until you repay the credit) without undue delay and no longer than 30 calendar days after giving notice of withdrawal. The amount of interest that will accrue per day is set out in the loan agreement that you have completed with us. If you ask us to, we will inform you without delay of the amount of interest payable per day. You can repay the capital borrowed and interest by calling us on 0302631739 or by bank transfer. You can also request our bank details by emailing us at info@milestoneghana.com

 

What methods of payments can I use?

  • Once we have agreed on the most convenient time of the month for you to make repayments we can then take payments using a continuous payment authority using a postdated cheques issued by you. These automatic payments will be prearranged in a repayment schedule that you can view at any time. If you wish to make a payment outside of the scheduled arrangement this is the other option available to you. Telephone: call us on 0302631739 and we are always ready to receive payment.

 

What are the charges for late payments?

  • If you do not make your payments on time a default fee which is a daily interest charged at a rate of 0.5% depending on the loan term you have chosen. However, no matter how late your payments are, you will not pay more than twice the amount that you borrowed.

 

Will a poor credit score be a problem?

  • A credit score is calculated by analyzing many details about an individual like their income, their financial history and how much credit they have. This gives lenders an indication of how much of a risk it will be to approve a loan. The score comes from many sources including details from the customer, banks and credit companies. The credit scoring system allocates points for each piece of relevant information and uses these to produce a score. This score then helps lenders to decide whether to lend and if so how much. Each lender uses these scores differently which means you will automatically be refused by another company. Here at Milestone we take other factors into account before deciding as we are aware that a poor credit history does not provide the full picture. Milestone loans are all short term and because of this we can offer a loan to anyone who has a regular income regardless of their credit score although this does not ensure that we willapprove you for a loan. All that matters is that we are all confident of you being able to pay back on time and you can afford the repayment.

 

What happens if my application is declined?

  • If we are unable to approve your loan application, we will notify you by email to tell you. The email will contain additional instructions if you want to request to have your application reconsidered. You can do this if you believe our decision-making process had not taken all the information into account or if your circumstances have changed and you think it may make a difference. If your loan has been declined and you wish to ask us to reconsider our decision, then please write as much information regarding the grounds for your appeal as you can: Milestone Microcredit Services P.O.Box CT 7167, Cantonments, Accra. You can also call to discuss this with one of our customer support advisors before you write to us to confirm that you are sending the right information.

 

Will late repayments affect my credit score with you?

  • Yes. Late repayment of any loan will damage your credit score. The impact will depend on the frequency and length of delayed payments. If your loan remains unpaid, we may register a default against you at a credit reference agency but if we do so we will give you notice that this is what we plan to do. A default registered on your credit file is likely to have a significant impact on your ability to get future credit.

 

What happens if I experience financial difficulties?

  • We understand the stress that can be caused by financial difficulties. If you let us know that you are struggling, we will always try to help you by allowing you additional time to pay. Although we are not authorized or regulated to provide debt advice, we support the work of the leading free debt advice agencies. They each have specially trained staff to help people with money problems and their success rate in finding good solutions is very high.

 

What does it mean if you send my account for debt collection?

  • If we send an account for debt collection, this means that we are asking a professional company to collect the loan on our behalf. Using debt collection agencies is always a last resort and only used if we have had no contact from a customer who has not repaid their loan. We only use agencies that are members of the Credit Services Association. This indicates that they set high professional standards that all their members must meet. These agents will aim to work with our customers to help them set up repayment arrangements that they can afford. However, if customers do not work with us or our agents to pay their loans. It may leave us with no choice other than to go to court. This is never what we want to do and we will always avoid that if we can.

 

What is a default notice?

  • When a loan is not paid back on time, lenders have a responsibility to record this at a credit reference agency. Before we register you, we will contact you to give you notice of our intention of doing so. This will give you time to make the missed payments or to agree a payment plan with us. If you are in financial difficulty, we will always help you if you ask us to. If a default is registered against you it will make it more difficult for you to obtain credit.