Taking a loan can be one of the smartest financial decisions you make — or one of the riskiest. At Dokstrust, we want you to be fully informed before you borrow. Here are five essential things every Ghanaian should understand before applying for any type of loan.

1. Know Your Purpose

Never take a loan “just because.” Define your goal clearly: Is it for school fees, business expansion, or medical needs? Purposeful borrowing helps you stay focused and disciplined.

2. Understand the Terms and Interest Rate

Don’t just look at the monthly amount. Understand:

• Total interest you’ll pay

• Repayment schedule

• Penalties for late payment

Ask for a repayment breakdown before signing.

3. Borrow Within Your Capacity

Only borrow what you can reasonably repay based on your income. A good rule: your loan repayment should not exceed 30–40% of your monthly income.

4. Check for Hidden Fees

Look out for charges beyond the interest — processing fees, insurance, or early repayment penalties. At Dokstrust, we maintain 100% transparency.

5. Have a Repayment Plan

Before taking the loan, outline how you’ll repay it — weekly, monthly, or based on business income. If possible, create a small emergency savings buffer to cover payments when sales are slow.

Conclusion
Taking a loan is a commitment. By being well-informed, you set yourself up for success, not stress.

✅ Need help deciding what loan is right for you?