Hire Purchase Loans: Personal

What is a Hire Purchase?

A hire purchase is a method of buying goods through making installment payments over time. Under a hire purchase contract, the buyer is leasing the goods and does not obtain ownership until the full amount of the contract is paid. The seller/financier rents the asset for an agreed period of time in return for a set of monthly installments.


Our Hybrid Model

Works like a term loan financing. We partner internal and external vendors who retail consumer goods. The buyer obtains ownership immediately we approve the purchase loan and arrange the full amount for the purchase/contract to the seller of goods: Lump sum is paid to the seller for the asset and borrower/client takes immediate possession. Installment payments are made to us and not the vendor subsequently. Legal ownership is obtained by the client after the pre-agreed minimum period of return of goods elapses. We assume no liability for purchased goods.



Can be used when buying a product or service from any of our merchant partners only.


How to apply

Kindly complete a short online application form here.



Related Product

Hire Purchase Loans for Businesses also available here.


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 automated self-care, ethical, no upfront fee, direct lending platform in phases (three phases remaining).

Fully compliant with AML and KYC regulations.

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.
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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. 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.