Our payroll loans aren’t just numbers; they’re the plans that customers make and the potential they have to reach their goals. Bayport offers short term loans for when our customers need a quick cash boost, medium term loans for a larger loan that gives more time to repay, and long term loans for maximum credit over a longer repayment period. We are committed to helping our customers make a difference to their lives every day through responsible access to credit.
Our customers use our range of loans for:
To build or improve their homes
To start or expand a small business
For agriculture or to buy land
For personal emergencies
At Bayport we believe in responsible credit; we therefore make sure that our customers understand the terms of repayment and encourage them to borrow for the right reasons.
The car title loan gives customers the opportunity to borrow with their cars as collateral. What sets this offer apart from similar loans in Ghana, is the fact that customers can keep driving their cars while they pay back the loan, and that it only attracts 5.5% interest per month.
Another useful feature of the car title-backed loan is that customers can use it to buy a vehicle. The customer puts up at least 55% of the purchase price and Bayport will finance the rest up to GHS 20,000.
A consolidation loan allows customers to take out a loan that covers the debt they have with other credit providers. Bayport settles the other debts on the customer’s behalf, leaving him or her with only a Bayport loan repayment.
In many cases, the consolidation means a lower monthly instalment and customers often save on interest as well.
The consolidation loan comes with a number of other benefits as well:
Depending on their financial situation, customers can qualify for a loan that is bigger than their consolidated debt amount. If they choose to take the bigger loan, they have extra cash to work with.
Customers can get a free My Money account into which Bayport will pay the extra cash if they choose to take out a loan that is bigger than the consolidated amount.
If customers open a My Money account and arrange for their salary to be paid into it, they could qualify for a bigger loan and better terms.
Our group lending is designed to meet the needs of occasional traders, mostly women and members of existing trade-based associations, who live and work close to each other. Many of these women are involved in small business and petty trading, but most of their borrowing is for consumption purposes.
Groups that meet the minimum membership requirement, are accepted in the Bayport Micro training programme where they undergo six week of training on the product and, especially, on how to run their group. If the group stays together and works well during this period, it graduates from the training. After that, members become eligible for a series of loans that commence at a small amount and increase over a period of time, provided the loans are repaid successfully.
The individual loan product is aimed at full-time traders who are reluctant or unable to give up their time to form groups. Specially trained individual loan officers assess loan affordability by compiling a forecast of each applicant’s cash flow position over the course of the loan.
Bayport Micro also identified a niche for a new credit product: experienced commercial drivers with the ability to start up on their own but who don’t have the finances to do so.
This product set includes Bayport’s personal loan products, both retail and payroll.
Payroll loans are collected through employers’ payrolls. It is the mainstay of Bayport’s credit business and is built on relationships with employers as much as individual customers. In many markets government employees are the bulk of Bayport’s payroll loan customers.
Retail loans are recovered through direct payments, preferably through debit orders. The different Bayport operations have designed innovative retail loans, such car title-backed loans in Ghana and mortgage-type loans in Tanzania.
Certain operations also offer retail loans to informal traders and micro enterprises.
All personal loans are secured with Credit Life Insurance. To this end Bayport has developed its own My Credit Life product, which makes it competitive in its local markets.