Where to get 1,000,000 leones quickly in Sierra Leone

How does someone in Sierra Leone get their hands on 1,000,000 leones quickly when they need it? The truth is, most people in the country could really use that kind of money, but it’s not easy to come by. The average Sierra Leonean earns about 500,000 leones a month (around $24), and with that, they’re trying to cover rent, food, school fees, and the unexpected expenses that always seem to come up. It’s a tight stretch—barely enough to get by, let alone save.

Out of almost 5 million people of Sierra Leone, 52.6 percent (2,621,773) are in the working age 15-64 years, with about 85.62 percent of those in the working age,( 1,785,662 ) economically active. This translates into 1,722,460 employed and 63,262 unemployed.

Yet, over 70% of the population are still financially excluded with no bank accounts, no formal savings, no access to traditional loans. When a big expense comes along, something like a medical emergency, house repair, or an opportunity to grow a small business, finding 1,000,000 leones in a hurry is a real challenge.

That’s where the need for quick loans comes in. But if banks aren’t an option for most, and savings aren’t there to fall back on, where do people turn? 

In this guide, we’ll look at the best loan apps to get 1,000,000 leones fast in Sierra Leone that don’t require the red tape.

1. ASA Microfinance Sierra Leone

ASA Microfinance Sierra Leone Limited (ASA Sierra Leone) is a subsidiary of ASA International, one of the world’s largest international microfinance institutions. Incorporated in 2015, ASA Sierra Leone operates as a for-profit, non-deposit-taking microfinance institution, focusing on providing small loans to low-income entrepreneurs.

As of June 2024, ASA Sierra Leone reported a client base of over 48,000, indicating steady growth in its outreach efforts.

Loan offerings:

• Minimum loan amount: SLL 500,000
• Maximum loan amount: SLL 50,000,000
• Tenor: Typically ranges from 23 to 30 weeks
• Interest rate: Approximately 20% per annum
• Penalty fees: Just because they are not highlighted on their website, don’t assume it doesn’t exist. So, make sure you repay your loan on time.
• Loan requirements: Applicants must be engaged in a micro or small business, provide valid identification, and have a guarantor.

2. LAPO Microfinance Company Ltd SL

LAPO Microfinance Company Sierra Leone was established in 2008 as a non-profit entity by Dr. Godwin Ehigiamusoe, the founder of LAPO Nigeria. The institution transitioned to a for-profit microfinance company, focusing on the social and economic empowerment of low-income households through access to financial services.

In 2019, LAPO SL received recognition as the Best Microfinance Institution in Sierra Leone by the African Consulting Group, highlighting its impact in the sector.

Loan offerings:

• Loan amount: up to 10,000,000 leones
• Tenor: Up to 12 months
• Interest rate: Approximately 25% per annum
• Loan requirements: Applicants must be engaged in a micro or small business, provide valid identification, and have a guarantor.

Remember, borrowing responsibly is key

Only take on what you can pay back comfortably. 

Whether you need the money for an emergency, a business opportunity, or just to make ends meet, these microfinance options provide a lifeline for many Sierra Leoneans. 

However, it’s important to understand the interest rates, loan terms, and requirements before borrowing. Make sure you meet the criteria and have a solid plan to repay on time to avoid penalties.