Terms & Loan Policy

Last updated: 14 September 2026

This page summarizes our terms in plain language. Every loan is also governed by a signed Credit Agreement and Pre-Agreement Disclosure Statement provided in person before you borrow, which take precedence over this summary.

1. Who we are

Colatr provides short-term loans secured against collateral — phones, accessories, and vehicles — based in Accra, Kumasi.

2. How valuation works

We use three separate figures, and it's worth knowing the difference:

Term	What it means
Market value	What your item could realistically sell for in its current condition.
Collateral value	The value we assign after factoring in condition, liquidity, and risk — always somewhat below market value.
Loan amount	What we actually offer you, based on a percentage of collateral value.

Any estimate given online or via chat is indicative only. Your final loan amount is confirmed in person, after physical inspection and ID verification.

3. Loan terms & cost

Loan terms available: 14, 30, or 90 days — you choose at intake.
Flat finance charge (not compounding): 7% for 14 days, 15% for 30 days, or 45% for 90 days.
A valuation fee of 2% and redemption fee of 1.5% of the loan amount apply. The signed disclosure states the cedi amounts and when each fee is collected.
Nothing is charged that isn't listed on your signed Disclosure Statement.

Illustration: On a GHS 1,000 loan for 14 days, the finance charge is GHS 70. Valuation and redemption fees total GHS 35 (GHS 20 + GHS 15), making the total repayment by the due date GHS 1,105. If it remains unpaid after the due date, a one-time GHS 22 late fee applies, plus 0.533% per day on the unpaid repayment amount (about GHS 5.89 per day on GHS 1,105). Illustration only; your signed disclosure and agreement govern your loan.

4. Late payment

If any repayment amount remains unpaid after its due date, a one-time GHS 22 penalty applies.
A daily penalty of 0.533% then applies to the amount overdue for each day it remains unpaid. Your agreement shows the actual balance and charges.
You can check your current balance any time by logging into your account with your phone number.

5. Your collateral while we hold it

Phones and accessories are logged, tagged, and kept in secure, access-limited storage at our premises.
Vehicles are kept in secure parking, with the logbook held for the duration of the loan.
Only authorized staff can access stored collateral.
Your item is returned once your loan is fully repaid.
If you don't repay and don't respond to our notices, we may sell the collateral to recover what's owed — any surplus after the debt, fees, and sale costs is returned to you.

6. Early settlement

You can repay early at any time. Contact us or use the Early Settlement option in your account to arrange a payoff figure.

7. Ownership

You must be the legal owner of anything you pledge, free of any other claim on it. We may decline items where ownership can't be reasonably confirmed.

8. Complaints

If something's gone wrong, contact us directly first via WhatsApp. We aim to resolve issues promptly and fairly.

9. Changes

We may update these terms from time to time. The latest version is always available on this page; your signed agreement governs the specific loan you took.