MTN QwikLoan is a financial service that offers subscribers in Ghana quick and convenient loans.
It is difficult and, most of the time, irritating to borrow money in Ghana with collateral. In response to these difficulties, MTN offers MTN QwikLoan, a quick, simple, and practical form of borrowing. Ghanaians now have quicker access to money thanks to MTN. The requirements, application process, and available repayment alternatives for MTN QwikLoan are all covered in this article.
MTN QwikLoan: What is it?
With your MTN mobile money wallet, you can receive and repay a short-term cash loan called a QWIKLOAN. You do not need to offer collateral in order to get the loan if you are an active MTN user. MTN Mobile Money Loan can be accessed quickly and easily without any lines or paperwork.
You can borrow money through MTN Quick Loan at any time and anywhere. You can now withdraw this money using any Merchant Bank or MTN without a card.
MTN QwikLoan Features
- The loan application process is simple.
- It is available without the need for prior savings.
- The loan has a 30-day repayment period.
- GHS 50 is the smallest loan amount, and GHC 1000 is the maximum.
- Customers are limited to one loan at a time, and they can only apply for another one once they have paid off the first.
Application Process for MTN QwikLoan
It is not difficult to apply for a loan from MTN Mobile Money. To obtain a loan, simply follow the steps listed below.
- using your MTN phone, enter *170#
- To use the Quick Loan service, choose option 6.
- If your application is approved, an SMS will be sent to you to confirm:
- the loan’s sum;
- the amount of repayment;
- the 6.9% interest rate;
- the Deadline.
MTN QwikLoan Requirements
To access the MTN QwikLoan on your Mobile Money platform, you must have the items listed below.
- A minimum age of 18 is required for applicants.
- The applicant must have been an MTN Ghana subscriber for at least 90 days.
- To use the Wallet for transactions, you must actively use the MTN Mobile Money Service and be registered.
- You must make loan repayments if you are in default in order to be approved for another loan.
- If the activity level of your MTN Mobile Money wallet is too low, you might not be eligible to apply for a Loan.
How to Pay Back an MTN QwikLoan
After the designated day of loan application and approval, MTN QwikLoan must be repaid within 30 days. In the meantime, MTN QwikLoan payback procedures are simple.
- Paying manually
You can do this to spread out the loan’s repayment over a 30-day period. Your MTN Mobile Money account must have funds available for this transaction. You follow the repayment options after dialing *170#.
- Automatic repayments
This kind of repayment option does not call for installment payments. When the 30 days are up, you can choose the automated payment option to repay the loan. Furthermore, no procedure is needed for automated repayment. You must, however, have the loan amount and interest in your MTN Mobile Money account.
NOTE: The interest rate on the MTN QwikLoan is 6.9%.
How can I check the limit on my MTN QwikLoan?
You can determine your MTN QwikLoan limit by:
- On your cell phone, first dial *170#.
- Select option 5, “Financial Service.”
- The third choice, “QwikLoan,” is selected after that.
- Select “Loan Limit.”
- Finally, input your Mobile Money PIN.
How can you raise your loan limit on MTN?
Your limit will often be modest if you are a new MTN Quick Loan customer. hence, to expand your boundaries.
- First, regularly utilize the savings and borrowing features of MTN mobile money. Your limit increases the more you use MTN mobile money. Use MTN Mobile Money to continue sending money, for instance, and encourage others to do the same.
- Second, in order to raise your limitations, you must pay MTN Quick Loan on time. The best strategy to expand your borrowing power is to redeem debt commitments. The GH $1,000 maximum might be reached if timely repayments are made within a 12-month period.
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