When you borrow money, you agree to terms. But those terms are often written in language that's hard to follow — especially if this is your first loan. This guide breaks down the most important loan terms in plain language so you know exactly what you're agreeing to.
The principal is the amount you actually borrow. If you take a GHS 500 loan, the principal is GHS 500. Interest and fees are calculated on top of this amount.
Interest is the cost of borrowing money. It's usually expressed as a percentage. With Fido, the interest and fees are shown clearly before you accept the loan — no hidden charges. You see exactly what you'll repay before you commit.
This is the date by which you must repay the full amount. Missing this date can result in late fees and a negative mark on your credit record. Set a reminder on your phone so you don't forget.
This is the principal plus all interest and fees. It's the total you'll pay back. Always check this number — not just the principal — before accepting a loan.
Some lenders allow you to repay early with no penalty. Repaying early can save you money on interest and helps build your credit score faster. Check your lender's policy before repaying early.
If you don't repay by the due date, the loan goes into default. This can lead to penalty fees, a negative credit record, and restricted access to future loans. If you think you'll miss a repayment, contact your lender before the date — not after.
The Bank of Ghana regulates licensed lenders. As a borrower, you have the right to:
• See all fees and charges before you accept the loan
• Receive a loan agreement in a language you understand
• Make a complaint to the Bank of Ghana if a lender treats you unfairly
• Know the total cost of borrowing — not just the headline rate
Always borrow from a licensed lender. Fido is a product of Fido Microcredit Limited, licensed by the Bank of Ghana.
What is the total amount I'll repay?
When exactly is the repayment due?
What happens if I repay late?
Can I repay early without penalty?
Is this lender licensed by the Bank of Ghana?
If you can't get clear answers to these questions, consider a different lender.
Q: Does Fido charge hidden fees?
No. Fido shows you the full repayment amount before you accept the loan. There are no hidden charges.
Q: What happens if I repay my Fido loan late?
Late repayment can result in additional fees and may affect your credit record. If you're struggling to repay, contact Fido support before the due date.
Q: Is Fido a licensed lender in Ghana?
Yes. Fido is a product of Fido Microcredit Limited, a company licensed by the Bank of Ghana.
Q: What if I disagree with a charge on my loan?
Contact Fido's customer support first. If the issue isn't resolved, you can escalate to the Bank of Ghana's consumer complaints unit.
Q: How do I get a copy of my loan agreement?
Your loan terms are shown in the Fido app before you confirm. You can also contact Fido support to request a copy of your agreement.
