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How to get an MTN QwikLoan

How to Apply for MTN QwikLoan. For those who were unaware, MTN in Ghana offers a mechanism to borrow money. Actually, MTN has been operating the MTN QwikLoan program for some time. How to get quick loan from MTN in Ghana

This is being conducted by the business in association with afb, a financial institution in Ghana.
Let’s quickly go through how to use MTN’s MTN Qwik lending service to borrow some money.

Conditions for MTN Quick loan

Before you qualify for MTN QwikLoan, you have to meet the following;

  • You must be at least 18 years old.
  • You must have been a subscriber to MTN Ghana for more than 90 days.
  • Must actively utilize the Wallet for transactions, such as sending and receiving money, buying airtime, and paying bills, among other things, and be enrolled for the MTN Mobile Money Service.
  • If you have previously used the feature to borrow money, you must have done so successfully and on schedule in order to be approved for another loan.
  • You may not be able to get a Qwikloan if your MTN Mobile Money wallet activity is too low or if you haven’t used the wallet at all.
  • In the event that your application is accepted, you will get an SMS confirming your loan amount, payback amount, interest rate of 6.9%, and repayment due date.

How to use MTN QwikLoan to borrow money

You must, first and foremost, have an active, registered MTN number. Additionally, MTN Mobile Money must be registered on the phone.

  1. Dial *170# from your MTN Mobile Money registered number.
  2. Choose Option 5 for Financial Services.
  3. Select Option 3 for Loans.
  4. Choose option 1 for QWIKLOAN.
  5. Select Option 1 for Get a Loan.
  6. To confirm that you are applying for a loan, enter your private Mobile Money PIN number.
  7. You’ll be asked how much you wish to borrow on the next page. For newcomers, there are often a few solutions available. Maybe between 20 and 60. You will be given a range from which to choose the amount you wish to borrow if you have been borrowing and repaying on time.
  8. Verify that you are accepting the loan and the associated interest now.
  9. You’ll get an SMS informing you when the loan has been deposited into your MoMo wallet.
How to get an MTN QwikLoan
How to get an MTN QwikLoan

Methods for MTN QwikLoan Repayment

Before the loan’s due date, put the whole amount that must be repaid or extra into your MTN Mobile Money wallet.
On the due day, a predetermined sum would be automatically taken out of the borrower’s wallet.
You may also choose the Repay loan option from the Qwikloan menu by dialing *170# at any time to repay your loan manually.

Information about MTN Qwikloan

You need to be aware of a few facts about MTN Qwikloan. Any sum you borrow has a 7% interest charge. The loan must be repaid within 30 days. The APR will rise to 12% if you are unable to repay the loan in full within the allotted 30 days.

The good part is that you may repay the loan at no additional expense in lesser quantities.

If the payment is due on the specified date and you have the necessary funds in your Mobile Money wallet, a deduction will be made immediately.

We hope this tutorial has shown you how to use MTN QwikLoan to borrow money.

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