Have you, in recent times, tried accessing a loan facility using your MTN MoMo account only to receive the response that you were not eligible for MTN QwikLoan? You’re not alone. There are many like you who have one thing in common; you did something very wrong, and MTN doesn’t trust your vibes anymore.
When it was first introduced, MTN QwikLoan was received by a section of MTN subscribers with some hesitation. Of course, it came with certain conditions; you needed to have a very active MTN MoMo account to qualify in the first place. Your initial loan amount was something between GHC45-GHC50, and depending on how quickly you honored your loan repayment, the next loan would have a higher amount.
So if you’ve been consistent with your repayments, what would have to happen — to make you not eligible for MTN QwikLoan when you least expect it? Read on; there’s more to learn.

No longer eligible for MTN QwikLoan? Here’s why

These are the two reasons responsible for your inability, or you being blacklisted from taking some QwikLoan reprieve when you need a… quick loan.

1. You didn’t pay back within your 30-day period

When you’re given a loan, you have a repayment period spanning a month (30 days). Within that period, your loan amount would not be automatically deducted from your wallet. What happens is that if you’re able to repay the loan amount during that period of your wallet being ‘untouchable’ (making the manual repayment), you’d be considered credit-worthy.
Even though it’s not stated anywhere, if you wait for the system to start making automatic deductions, your credit-worthiness takes a hit.
The first reason why you’re no longer eligible for MTN QwikLoan is because you waited for the system to make its deductions. It is like having to chase someone to retrieve your own money from them. Such a person would lose credibility in your eyes, right? Yes. So to the folk at QwikLoan, that behavior is a red flag.


2. You entered the penalty zone

For everything under the sun, there’s a penalty when the rules have been flouted with impunity. Whether in sports or business, there’s something to pay.
When your repayment period has elapsed, and QwikLoan starts sending reminders that you owe them, don’t take it lightly. At this point, they need their money back so bad that even the few Cedis or pesewas that MTN pays as interest on your MoMo account would be used to defray the debt partly.
You’d be paying somewhere in the region of 12% of the loan amount as a penalty for late payment. Don’t let it get this far twice. In this instance, you only have two strikes. The second time it happens, you’d be blacklisted, and no matter how credit-worthy you become, QwikLoan would ignore your loan requests.
This is the second thing that leaves you not eligible for MTN QwikLoan.

What to do

When you tried applying for a loan with your MoMo account and got the response that you were not eligible for MTN QwikLoan, one of the first things to do is to contact MTN to complain about your sad situation.
The chances are that you’d have your account reinstated to enable you to access the loan facility. Should that happen, go and sin no more. However, If that doesn’t materialize, then you might want to register a new account attached to your business. Note that having multiple MTN MoMo accounts is not advisable, so, try that at your own risk.
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