Did you know that as an MTN subscriber, you can now apply for MTN Mobile Money Loan? Since the launching of the MTN QwikLoan, active MTN mobile money users have had access to quick cash to solve their urgent needs.
With the MTN QwickLoan, you can get money at any time, anywhere. Now, you can cash out this cash with any Merchant Bank or cardless MTN. If you have been wondering how follow this guide to acess MTN qwikloan.
What is MTN QwikLoan?
QWIKLOAN is a short term cash loan disbursed and repaid with your MTN mobile money wallet. As an active MTN subscriber, you don’t need to provide collateral before accessing the loan. No queues, no paperwork, no time wasted in accessing MTN Mobile Money Loan.
Features of MTN QwikLoan
- The loan is simple and easy to apply
- It is accessible with no previous savings required.
- Loan repayment term is 30 days
- Minimum loan is GHS 50 with the maximum being GHC 1000
- Customers can have one loan at a time and can only apply for a new one after paying the existing loan.
Requirements for MTN QwikLoan
Below are the things you need before you can access the MTN Qwickloan on your Mobile Money platform.
- Applicant must be 18 years and above.
- Applicant must be an active MTN Ghana subscriber for not less than 90 days.
- You must be registered on the MTN Mobile Money Service and actively use the Wallet for transactions.
- If you are a loan defaulter, you need to repay in order to qualify for another loan.
- You may not qualify to apply for Qwikloan if your MTN Mobile Money wallet activity is too low.
How to Apply for MTN QwikLoan in Ghana
The process of obtaining a loan from MTN Mobile Money is not hard. Just follow the procedures below to get a loan.
- Dial *170# on your MTN Handset
- Select option 6 to access the Qwikloan feature.
- If your application is approved, you would receive an SMS to confirm:
- the Loan Amount;
- the Repayment Amount;
- the Interest Rate of 6.9%;
- the Due Date.
How to Repay your MTN QwikLoan
To pay back your MTN Qwikloan, just follow the procedures below;
- Make a deposit into your MTN Mobile Money wallet before the due date to repay the loan.
- When it is due, the loan amount will be automatically deducted from your MTN Mobile Money wallet.
- In another way, you can repay your loan manually at any time by dialling *170#, and then select 6, then followed by selecting the Repay Loan option on the Qwikloan menu.
NOTE: The MTN Qwikloan has an interest rate of 6.9 per cent.
At the end of 30 days, the loan is repaid in one single amount at a fee of 6.9 per cent and you do not need to visit a bank to access the loan facility.