Responsible Lending

Before you take out a loan, ask yourself these questions:

• Do I really need to take out a loan?

• Can I repay the loan on the due date(s)?

• Will taking out a loan and repaying it help me get out of debt?

• Do I have a good credit history and credit score?

• Am I responsible with money?

We want to help you become better at managing your finances. If you answered no to the above questions, we strongly recommend finding an alternative.

 

What we DO

✓ We provide borrowers with the information they need to make fully informed decisions about the loan.

✓ We price loans based on appropriate factors, including the risk and cost of extending loan, marketplace conditions, and safety considerations.

✓ We will look at all the information provided and assess whether you are able to repay the amount borrowed, and will only lend if this is the case.

✓ We will always endeavour to offer our customers the highest level of customer service - We provide timely responses to customer questions and complaints and take prompt actions as needed.

✓ We only approve applications when we consider the borrower has the ability to repay the loan according to our terms

 

What We DON'T DO

x We will not encourage or push a customer to borrow more money than they require or are able to repay.

x We will not lend to a customer if we feel they are unable to afford the repayment.

x We would never lend to a customer without fully confirming their identity through all available means.

x We only lend based on the borrower's ability to pay back the loan and not on pity or sympathy.

 

 

Approval process

In order to protect you and our customers, we assess each application on an individual basis to make sure that you can afford the loan before we approve it. This way, we’re not putting you in a difficult financial situation. We’re here to help and we want you to manage your finances better.

 

Credit checks and credit history

As a responsible lender, we will conduct a full credit search if you meet our criteria. This means running your application through credit bureaus and reviewing your credit history. If you happen to default on your loan, we will notify a credit agency, which means that you might find it difficult to obtain credit in the future.

Interest will continue to accrue on the credit you have borrowed and you will receive late payment fees according to the terms of our credit agreement.

 

Transparency of terms and conditions

All terms and conditions are clearly displayed upfront before you make a decision about whether to apply for a loan. There are no unnecessary or hidden fees. What you see is what you pay back. The only way the cost of the loan will increase is if it is not paid it back on time.

 

Customer satisfaction and trust

Customer service is important to us, and you will be treated in a helpful and courteous manner. Our customer service team is available to answer any questions you may have throughout and the entire loan process and agreement.

One day prior to the payment due date, we will send you a reminder to make sure you don’t miss it, and so that you do not receive late payment charges.

 

Your information is 100% secure

All information that you share with is kept 100% confidential. As a fully licensed credit provider, our entire process is designed to protect your personal information. We are certified for SSL encryption of all transmitted data and, we abide by our Privacy Policy to keep your information confidential.

 

Collections Practices

We lend out loans to you and our customers in good faith and therefore, we expect pre-agreed repayment(s) on the due date(s). If you have any problems in paying back the loan, it is important that you contact us immediately, and preferable in advance and before the due date.

We will be fair to you. We understand circumstances change and will offer you payment alternatives.

We will take particular care if you are suffering from health problems, including mental health difficulties, when we are made aware of this. In order to do this we may need to ask for appropriate evidence of your health problem and may need your permission to record this information on our system.

 

Non-Payment and Financial Implications

Make sure that you are able to repay your loan before completing your loan application.

We have the option to refer your case to our debt collection partner. If this happens, it may result in additional charges that have incurred as a result of the repayment date being missed and pursuing you for the payment.

Please note that we may try to collect your loan automatically on a daily basis and we might try to collect it in parts until your debt has been fully recovered.

 

Renewal (Extension) Policy information

As mentioned, we are here to help you with your finances. To honor this promise, we allow you to take a extension for up to two times.

You are allowed to take a extension for up to 2 times. You may apply for extension through the ‘my account’ area. Please note that in order to take a extension you need to pay the outstanding interest and fees of your current loan.

All extensions are at our discretion and subject to us meeting our responsible lending obligations. If you can’t repay your loan on the due date, you shouldn’t apply for a extension as that option is only suitable for customers who are not experiencing financial difficulty.

Please note that extension can substantially increase the total cost of your loan.

 

Affordability

We want to act in a customer’s best interests, ensuring affordability, transparency of terms and conditions and supporting a borrower if they experience repayment difficulties.

We want to be sure that you understand the details of a loan and carry out thorough checks on any borrowers, so we can be confident that what you will receive will be suitable for your circumstances.

 

The credit solution

Taking out a loan should not be a lightly taken decision. By doing so you are entering into a legally binding agreement, and therefore should only take out a loan if you feel you are able to repay it. Loans should only be used as a short term financial solution, and not as a way to solve a long term financial shortfall.

 

 

Credit and Bank Account checks

Credit checks are usually skipped for Government Salaried Workers with an active Salary Bank account that has received your salary in the last 3 months. See bank account verification here.

If we have to do a credit check, then...

When you apply for a loan with us, we will run a background check on you (credit check), and a footprint of this search will be present on your credit file. We use the information on your credit report to decide if we can lend to you, and how much.

We will ONLY lend to you if we feel you are able to repay any money we lend. We do share your payment history with credit bureaus, so if you have successfully repaid loans in the past, this will show on your credit file. In contrast, if you have been unable to repay loans with other lenders this will show, and may result in you being refused credit.

Supporting start-ups and small businesses to grow is central to our vision and role as a financial institution. We equally have an obligation to lend responsibly so that business customers are not overextended and are able to repay their loan - We do this on a case-by-case basis, understanding the business and the risks involved.

 

Collateral

If you are not a government salaried worker, then you may be required to provide us a collateral before any loan will be advanced, irrespective of the amount being borrowed.

Useful info

Sikamaster, is a 24/7*365 well-capitalised internet first, forward-thinking, safe, robust, resilient, smart and responsible direct lender for the working class and modern and/or scalable small, medium & large businesses, including startups.

SML is not; a microfinance institution, and neither a savings & loans company or a Specialised Deposit-taking Institution (SDI) of any form, kind or type. SML does not seek and/or accept outside capital.

Rolling out a secured, safer, convenient, revolutionary self-care, ethical, no upfront fee, direct lending platform in phases (three phases remaining, including key synergistic acquisitions and regulation for some aspects of our operations).

We're Social

             

Ghana's 24/7 Direct Financing Hub

Not all our loans require a collateral - But if your loan requires one, any property used as security (which may include your home or pensions and/or business assets, or personal guarantees) may be repossessed if you do not keep up repayments on a loan or any other debts secured on it. Our Repayment Assistance Programme is available to qualified borrowers only.
 
PLEASE READ TERMS & CONDITIONS, COOKIES POLICY, PRIVACY POLICY, DATA RETENTION POLICY, & MODERN SLAVERY POLICY BEFORE USING THIS WEBSITE OR OUR SERVICE.
 
Applicants must be 18 or over. All loans are subject to affordability, applicant verification, traditional credit checks and TDG Scoring via various national databases in accordance with Sikamaster''s responsible lending policy.
 
Please note that there have been an increasing number of attempts to defraud Sikamaster clients. Please take every necessary measure to ensure that your account information is secure! Learn more.
 
Aside lending, our website offers information about saving, investing, tax and other financial matters, but not personal advice. If you're not sure whether Sikamaster Loans lending is right for you, please seek independent financial advice, and if you decide to borrow from us, please read our How We Operate before you proceed.