Updated October 21, 2026 · SumCue Editorial Team
Bank of Africa vs Cheers Financial
Cheers Financial
Bank of Africa
Higher score in this comparison
Bank of Africa vs Cheers Financial: the differences
| Compare | Bank of AfricaReviewSee alternativesSee alternatives | Cheers FinancialReviewVisitVisit |
|---|---|---|
| APR | 6.25%Lower | 12.15% to 15% |
| Loan amount | MAD 5,000 to MAD 500,000 | $151.60 to $3,197.82 |
| Term | 1 to 24 months | 24 months |
| Arrangement fee | 0 MAD | 0 USD |
| Representative example | Credit Daba consumer loan: for 100,000 DH you repay 60 monthly instalments of 1,948 DH excluding insurance, total due 116,880 DH, TEG 6.25% | Plan A: $175 total payments, $151.60 financed, $7/month, $23.40 total interest, 15% APR |
| Eligibility | Any resident in Morocco, customer or not; aimed at private-sector employees, civil servants and retirees | 18+, valid U.S. bank account and Social Security number |
| Loan types | Personal, Debt consolidation | Secured |
| Credit check | Not confirmed | None |
| Origination fee (%) | Not confirmed | 0% |
| Credit needed | Not confirmed | Fair |
| Use cases | Home improvement | Not confirmed |
Same on both: Rate type (Fixed), Lender type (Direct lender), Free early repayment (Yes).
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Key differences
- Bank of Africa scores higher overall: 9.4 vs 9.2.
- APR is lower at Bank of Africa: 6.25% vs 12.15% to 15%.
- Support channels: only Bank of Africa offers Chat, Help centre.
- Support channels: only Cheers Financial offers Email, Community.
- Pricing model: only Bank of Africa offers No monthly fee.
- Loan types: only Bank of Africa offers Personal, Debt consolidation.
- Loan types: only Cheers Financial offers Secured.
Our verdict on each
Bank of Africa
Bank of Africa is a practical choice for Moroccan residents, students and customers wanting everyday banking, fixed savings and personal loans. Its student-focused Visa debit card has a monthly fee of MAD 25, while fixed-term deposits and consumer credit add useful options for saving and borrowing.
Cheers Financial
Cheers Financial suits US adults with a valid US bank account and a Social Security number who want a small secured loan they can clear early without charge. The APR is 12.15% to 15% and there is no origination fee, so the total cost sits above the cheapest lender here.
Score breakdown
| Area | Bank of Africa | Cheers Financial |
|---|---|---|
| Cost | Not confirmed | 9.3Origination fee of 0 USD and a monthly fee of $0, with APR of 12.15% to 15% above 12.74% to 13.01%. |
| Offer | 8.8Higher | 8.7Amounts of $151.60 to $3,197.82 over a term of 24 months on a fixed account suit small secured borrowing only. |
| Trust | 9.7Higher | 9.4A direct lender, direct lender, with a credit check of none and credit needed of fair. |
What each covers
| Loan types | Bank of Africa | Cheers Financial |
|---|---|---|
| Personal | Yes | No |
| Debt consolidation | Yes | No |
| Secured | No | Yes |
Licences and countries
Additional countries for Bank of Africa: 1. Additional countries for Cheers Financial: 1.
Sources behind this comparison
Bank of Africa
- bankofafrica.ma: 15 facts, checked September 26, 2026
- creditdaba.ma: 2 facts, checked September 26, 2026
Cheers Financial
- cheers.credit: 17 facts, checked September 30, 2026
How they place
| Ranking | Bank of Africa | Cheers Financial |
|---|---|---|
| Savings | 120 of 1492 | 23 of 1492 |
| Fixed-rate bonds and term deposits | 15 of 199 | 3 of 199 |
| Loans | 219 of 2043 | 95 of 2043 |
Every fact side by side
| Fact | Bank of Africa | Cheers Financial |
|---|---|---|
| Pricing model | No monthly fee, Fixed rateCovers more | Fixed rate |
| Features | Multi currency | Not confirmed |
| Legal entity | BMCE Bank of Africa | Cheers Financial Inc. |
| Headquarters | Morocco | United States |
| Founded | 1959 | Not confirmed |
| Support channels | Chat, Help centre | Email, Community |
Personal insurance
| Fact | Bank of Africa | Cheers Financial |
|---|---|---|
| Insurance types | Home, Travel, Health, Life, Income protection | Not confirmed |
| Provider type | Broker | Not confirmed |
| Monthly payments | Yes | Not confirmed |
| Audience | Student | Not confirmed |
| Cover limit | Sum assured from MAD 10,000 (Taamine Al Aazae death cover) | Not confirmed |
| Age range | 18 to 60 at subscription, cover until 65 | Not confirmed |
Savings
| Fact | Bank of Africa | Cheers Financial |
|---|---|---|
| Headline rate | Not confirmed | 12.15% to 15% |
| Minimum deposit | Not confirmed | $151.60 |
| Access terms | Deposit for 1-24 months, renewable; requires a dirham current account; early partial advance or full closure possible with a penalty rate on remuneration | 24-month term, savings returned minus interest at the end; cancel anytime and get savings to date less interest |
| Monthly fee | MAD 25 | $0 |
| Account kind | Fixed | Fixed |
Mortgages
| Fact | Bank of Africa | Cheers Financial |
|---|---|---|
| Maximum loan to value | 50% | Not confirmed |
| Product fee | MAD 0 | Not confirmed |
| Purpose | Purchase | Not confirmed |
Where each stands against the rest
| Fact | Bank of Africa | Cheers Financial | Median |
|---|---|---|---|
| APR | 6.25%below the median | 12.15% to 15%above the median | 9.99% |
| Term | 1 to 24 monthsbelow the median | 24 monthsbelow the median | 60 |
| Origination fee (%) | Not confirmed | 0%at the median | 0% |
Median across 1096 listed providers.
Pros and cons
Bank of Africa
Pros
- The student debit card uses the Visa network and has a monthly fee of MAD 25.
- The fixed-term deposit requires no monthly fee and pays a fixed rate.
- Early partial withdrawal and full closure are possible, although a penalty rate applies.
Cons
- Fixed-term deposits require a dirham current account, and early withdrawal can reduce the return through a penalty rate.
- Support is limited to the channels listed in chat and help centre.
- The maximum mortgage loan to value is 50%, which may restrict borrowing for some purchases.
Cheers Financial
Pros
- The origination fee is 0 USD, so there is no charge to set the plan up.
- Early repayment carries no charge, so clearing the balance sooner costs nothing extra.
- The credit check is none and the credit needed is fair, so a thin file does not decide the outcome on its own.
Cons
- Amounts stop at $151.60 to $3,197.82, a small sum for anything beyond a household bill.
- A single term of 24 months on a fixed account, so there is no shorter or longer schedule.
- Support runs on email and community only, so there is no phone line when a payment goes wrong.
Who each suits
Bank of Africa
Who it suits
- Moroccan residents seeking a Visa debit card for everyday spending.
- Students looking for a bank account with straightforward card pricing.
- People interested in fixed savings, consumer credit or home purchase lending.
Who should look elsewhere
- Wise may suit people prioritising a lower listed account fee of £0.
- Varo Believe Secured Credit Card may suit users prioritising a secured credit card over a Visa debit card.
- bunq may suit people prioritising a listed monthly account fee of €0.
Cheers Financial
Who it suits
- US adults with a valid US bank account and a Social Security number who want a small secured loan at a fixed rate.
- Borrowers with a thin credit file: the credit check is none and the credit needed is fair.
- Households with savings to place behind the plan, since the money comes back less the interest at the end or on cancellation.
Who should look elsewhere
- Anyone outside the US: a minimum age, a valid US bank account and a Social Security number are required, so Ibancar Prestamos and Mi Prestamo are the listed routes to compare instead.
- Borrowers chasing the lowest APR here: 12.15% to 15% sits above 12.74% to 13.01%, and Ibancar Prestamos is priced lower.
- Anyone wanting an unsecured personal loan: the only loan type listed is secured, so a plan that needs no savings behind it is not in this offer.
Country by country
| Country | Bank of Africa | Cheers Financial |
|---|---|---|
| Morocco | Yes | No |
| United States | No | Yes |
Questions about each
Bank of Africa
What type of bank card does Bank of Africa offer?+
Bank of Africa offers a student-focused debit card on the visa network. Its listed monthly fee is MAD 25. This makes it relevant for students and other Moroccan residents who want an everyday card linked to their banking.
What does a fixed-term deposit at Bank of Africa involve?+
The term runs for 1 to 24 and is renewable, with a fixed rate. A dirham current account is required. An early partial advance or full closure is possible, but a penalty rate on remuneration may apply.
Cheers Financial
What fees do I pay on top of the interest?+
The origination fee is 0 USD and the monthly fee is $0, so there is no recurring charge for keeping the plan running. The cost of borrowing shows up in the APR of 12.15% to 15% instead, and the representative example shows that interest collected across the monthly payments.
How does the APR compare with the other lenders here?+
Cheers Financial runs at 12.15% to 15%. Ibancar Prestamos is priced at 12.74% to 13.01%, AXI Card Tarjeta y Credito at 21.59% and Mi Prestamo at 23%, so Ibancar Prestamos is the cheaper named option for a reader shopping on cost.
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Cheers Financial
Bank of Africa