For those who didn’t know, there is a way to borrow money from MTN in Ghana. MTN QwikLoan is actually an initiative MTN has been running for some time now. The company is running this in collaboration with afb, a financial institution in Ghana.
Quickly, let’s see how you can borrow some cash from MTN via the MTN Qwik loan service.
Requirements for MTN Qwikloan
- You have to be 18 years and above.
- You have to be an MTN Ghana Subscriber for more than 90 days.
- You have to be registered on the MTN Mobile Money Service and actively use the Wallet for transactions, including sending and receiving money, purchasing airtime, and paying bills among others.
- If you have taken a loan before with the feature, you have to have repaid that loan and on time to qualify for another loan.
- If your MTN Mobile Money wallet activity is too low, or you have not used the wallet at all, you may not be able to qualify for a Qwikloan.
If your application is approved, you would receive an SMS to confirm: The Loan Amount, the Repayment Amount, the Interest Rate of 6.9% and the due date for repayment.
How to borrow money from MTN QwikLoan
First of all, you must have a working and registered MTN number. The number must also have MTN Mobile Money registered on it.
- From your MTN Mobile Money-registered 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’re taking a loan.
- The next page will ask you how much you want to borrow. For first-timers, you are usually given a few options. Maybe ₵20 and ₵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.
- Now confirm that you are taking the loan and you do accept the interest on it.
- 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 one’s wallet on the due date.
- Alternatively, You can repay your loan manually at any time, by selecting the Repay loan option on the Qwikloan menu by following *170#.
Things to know about MTN Qwikloan
There are some things you should know about MTN Qwikloan. Any amount you borrow has an interest of 7%. The duration to pay back the loan is 30 days. If you cannot pay back the loan in full within 30 days, the interest will be increased to 12%.
The cool thing is you can pay the loan in smaller amounts at no extra cost.
If the scheduled date for payment is due and you have the amount in your Mobile Money wallet, it will be deducted automatically.
We hope you this article has helped you learn how to borrow money from MTN QwikLoan.