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How To Borrow Money From MTN Mobile Money

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In this post, we will be sharing with you how to borrow Money from MTN Mobile Money.

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.

To borrow from MTN Mobile Money, dial *170# on your mobile phone. Select the number 5 option to access the ‘Financial Service’. Choose number 3 and select “Qwikloan”. Select the option “Get a Loan” and choose the loan amount.

Code to borrow money from MTN Ghana

The code to borrow money from MTN is *170#. Dial the code on your mobile phone and follow the instructions below to access your MTN loan in a few minutes.

What are the requirements for MTN Qwikloan?

The MTN Qwikloan is not open to all, and there are some requirements you need to meet to qualify for the facility.

The requirements for MTN Qwikloan in Ghana include:

  1. The applicant must be 18 years and above.
  2. You must own an MTN Ghana sim card
  3. There is a need to be an MTN service user for at least 90 days.
  4. Also, you must be an active user of MTN Mobile Money services.
  5. Prospective applicants must have an active e-wallet.
  6. If you are a constant user of MTN QwikLoan services, you must have a good credit score and history.

NB: MTN will not allow you to apply for another loan if you have not paid the outstanding one. You have to make it a point to settle your Loan before requesting another one.

How to qualify for MTN loan

We have had several instances where people meet the requirements above but still fail to have access to the facility. This is mainly a result of late repayment of previous loans or you do not use your MoMo for transactions.

To qualify for MTN loan, frequently use your number for transactions and make sure to repay the loan on time when you are finally eligible. 

How To Borrow Money From MTN Mobile Money

Below are the step-by-step guide to borrowing money from MTN

  1. Dial the short code *170# on your MTN Handset
  2. Choose option 5 to access the Financial Services option
  3. Choose option 3 for loans
  4. Choose option 1 for Qwikloan
  5. Choose option 1 for Request Loan
  6. Choose your loan amount
  7. Confirm your repayment plan (Number of days to payback)
  8. On the next screen, enter your secret Mobile Money Pin to finalize the process

MTN quick loan terms and conditions

Some terms and conditions guide the loan facility from MTN. Subscribers who want to access the facility are expected to read the terms and conditions to understand very well before applying. We have added a link to the published terms and conditions of the facility for our readers.

What is MTN loan application limit

MTN will increase the amount you are entitled to based on your commitment to your loan repayment. We have seen someone who has borrowed up to GHC 5,000.00, and it all depends on how committed you are to the repayment on time.

MTN quick loan late payment

MTN expect you to repay your loan in 30 days or one month with an interest rate of 6.9%. They deduct the loan repayment from your MTN Mobile Money Account on the Due Date.

They will automatically deduct the balance of any unpaid repayment amount from the funds in your MTN Mobile Money wallet until they pay the repayment balance. If, on the due date, you do not repay the amount in full, a 12.5% penalty will automatically be applied.

How to repay MTN loan

To repay your MTN Qwik loans, follow the steps below:

Deposit cash into your mobile money wallet before the due date. On the due date, they will automatically deduct the loan amount.

How to repay your MTN qwikloan – Quick Steps

  1. Make sure you have the due amount available for repayment.
  2. Deposit the said amount into your MTN mobile money wallet.
  3. Dial *170#
  4. Enter option 5 (Financial Services)
  5. Enter option 3 (Loans)
  6. Enter option 1 (QWIKLOAN)
  7. Enter option 2 (Repay Loan)
  8. Enter your Mobile Money PIN to proceed.

Conclusion 

This article discussed everything you needed to know about accessing and repaying your MTN Qwikloan.

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