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Can I Use a Loan to Pay Off Another Loan?

The Real Catch, Settlement Quotation & What to Do When You Have Zero Affordability (Public Sector Workers Guide)

As a public sector worker in Ghana, you know the drill too well.

An emergency hits school fees, medical bills, funeral, or just to cover the gap before salary day and the quickest option is a high-interest loan that hits your account fast. No long paperwork, no stress.

It’s okay to take it in an emergency.

But here’s the catch most people don’t see until it’s too late:
That “fast and easy” loan is quietly eating deep into your future salary through high interest and long deductions.

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The Good News

You can use a new, lower-interest loan to completely pay off the old expensive one and save yourself thousands of cedis every month.

Many public sector workers are already doing this successfully and breathing easier.

What is a Settlement Quotation?

A settlement quotation (also called a payoff letter or redemption statement) is an official document from your current loan company or bank.

It shows the exact amount you need to pay TODAY to clear the entire loan in full.

It includes:

Outstanding principal
Accrued interest up to the payment date
Any fees or charges
Final total you must pay to close the account completely

Important:
This amount is always different from the “outstanding balance” you see on your payslip or loan statement.

Never use the payslip figure for calculations the settlement quotation gives the true payoff amount.

How to Request a Settlement Quotation

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Contact the bank or loan company that gave you the loan
Ask specifically for a “Settlement Quotation” or “Payoff Statement”
Provide:
- Your loan account number
- Valid ID
- Reason (e.g., “I want to refinance/pay off the loan”)
They will issue it — usually within 1–7 working days (sometimes same day if you push)

💡 Pro Tip

We at Seekers Consult help many clients get settlement quotations from several banks very fast.

📞 Call or WhatsApp: 0550414552
We will assist you directly.

Why Are Banks Not Happy When You Want to Pay Off Your Loan?

Simple:

When you pay off early, they lose the interest they planned to collect over the full term.

So some banks may use delay tactics:

Slow response to your quotation request
Delays in processing the payoff
Holding back your new loan funds

It’s frustrating — but don’t worry.

Seekers Consult has seen it all and knows exactly how to push things through quickly.

How to Pay Off Your High-Interest Loan and Get a Better One

(Even With Zero Affordability)

Yes — you can!

Many public sector workers have zero affordability showing on the CAGD system because their current loan is already consuming the allowable deduction.

Here’s how we fix it at Seekers Consult:

We check your payslip and current deductions
We help you request the exact settlement quotation
We connect you with partner financial institutions that:
- Work with CAGD payroll
- Offer lower interest rates
- Provide flexible tenors
- Allow refinancing/takeover
We give honest advice:
- “This payoff will free up your affordability and save you money”
- Or
- “This option won’t help — let’s try another route”

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Key Insight

Even with zero affordability right now, you can still qualify.

Something is already consuming your slot.
Once we pay off the expensive loan, fresh affordability opens up for a new, cheaper loan.

What We Have Helped Clients Achieve

We have helped hundreds of public sector workers to:

Pay off high-interest loans completely
Reduce their monthly deductions
In some cases, reduce the total repayment period

I Can’t Generate Mandate from the Old Portal — What Now?

This is a common issue.

Some workers get stuck when the old portal won’t generate a new mandate number after payoff.

Don’t panic.

At Seekers Consult, we:

Walk you through the process
Physically accompany you to CAGD where necessary
Or submit your details directly to the new bank for mandate processing
Follow up until:
- Your new loan is active
- Deductions are correct

How Fast Does the Payoff Money Hit My Account?

We work as fast as possible:

Often same day or next day for quotations and processing
Some institutions may delay — but with our experience and relationships, we push things through quickly