How to borrow money from MTN
Whether you are looking to consolidate debt, make a major purchase, or just need some extra cash, borrowing money from MTN Mobile Money is a great choice. With competitive interest rates and flexible repayment terms, MTN Qwikloan can offer the perfect financial solution.
In this article, we will take you through the process of applying for a loan from Mobile Money in Ghana and explain the different options available.
About MTN loan
Qwik Loan is an innovative financial solution by Afb Ghana and MTN MoMo that provides quick and convenient Loans to subscribers of MTN MoMo. It’s a short-term, unsecured cash loan paid into your MTN Mobile Money wallet. The Loan is simple and accessible, with no previous savings required. If you pay your loan on time, every time, then you will continue to have access to a loan whenever you need it.
MTN QwikLoan requirements
- The applicant must be 18 years and above.
- You must own an MTN Ghana sim card.
- There is a need to be an MTN service user for at least 90 days.
- Also, you must be an active user of MTN Mobile Money services.
- Prospective applicants must have an active e-wallet.
- If you are a constant user of MTN QwikLoan services, you must have a good credit score and history.
How to apply for MTN QwikLoan
- On your MTN MoMo number, dial *170#.
- Select Financial Services, option 5.
- Select Loans, option 3.
- Select QWIKLOAN, option 1.
- Select Get a loan, option 1.
- Enter your secret Mobile Money PIN code to confirm that you are taking a loan.
- The next page will ask you how much you want to borrow. For first-timers, you are usually given GHS 20 to GHS 60.
- For those who have been borrowing and repaying on time, you’ll be given a range from which you can enter what amount you want to borrow.
- Accept payment terms and proceed.
- An SMS will be sent to notify you that the loan has been paid into your MoMo wallet.
How to Repay your MTN QwikLoan
- Deposit the amount repayable or more into your MTN Mobile Money wallet before the due date to repay the loan.
- The loan amount would automatically be deducted from your wallet on the due date.
- Alternatively, You can repay your loan manually at any time, by selecting dialing *170# and selecting the Repay loan option on the Qwikloan menu.
Benefit of MTN QwikLoan Loan
- No guarantor needed before you can get a loan from your MTN MoMo wallet.
- Flexible and convenient payment options.
- Inflation or foreign exchange does not affect loan charges.
- You have the choice to choose any amount you desire.
How do I know I am eligible for QwikLoan?
You must have an active MTN Mobile Money account and be active on their GSM network
How do I know I qualify for QwikLoan?
You must be at least 18 years to apply and being with MTN Ghana for at least 6 months and active on MTN MoMo for at least 3 months.
How many times can I take a loan on MTN QWIKLOAN?
You can only have one active Qwikloan at a time, but once the loan has been repaid, you can apply for another loan.
How much is the interest rate?
Qwikloan is a 30-day loan. At the end of 30 days, the loan is repaid in one single amount at a fee of 6.9 per cent.
When can I repay my loan?
Due-date for repayment is fixed on the 30th day after disbursement, but you can repay any time before the due date.
Can I repay my loan through a bank?
No, all repayment shall be from your MTN Mobile Money wallet you used for the loan request.
What happens if I can’t repay my MTN QwikLoan on time?
You will be charged an additional rate of 12.5% as a penalty until full repayment is made.
Borrowing money from MTN is a great way to access funds quickly and conveniently. With a variety of loan options available and easy application process, you can get the money you need in minutes. Make sure to read all the terms and conditions, and choose the loan that best fits your needs.