MTN QwikLoan: 1 Minute Loans up to GHS 2000. It is now much easier to get a quick loan in Ghana. It’s confusing to see other lending institutions joining microfinance enterprises.
Realistically, they’re all flocking about to attract vulnerable debtors.
This isn’t even include the new internet loan companies that appear daily to try and get a piece of the pie.
MTN QwikLoan is a quick loan service provided by MTN.
MTN Qwikloan is a quick, simple, and convenient option for MTN Ghana clients to get a loan using their mobile money platform. Customers can get a loan with Qwikloan without having to go through the hassle of providing proof of collateral.
Qwikloan is a mobile-based cash loan service that allows you to get a cash loan at any time for any reason. Customers with MTN Mobile Money can borrow up to GHS 1,000.
You can read the loan agreement’s terms and conditions.
MTN Qwikloan Requirements
To participate, you must be at least 18 years old. For more than 90 days, you must be an MTN Ghana subscriber.
You must be a registered user of MTN Mobile Money Service and actively utilize the Wallet for transactions such as sending and receiving money, acquiring airtime, and paying bills.
If you’ve taken a loan with the feature before, you must have repaid it in full and on time to be eligible for another.
You may not be eligible for a Qwikloan if your MTN Mobile Money wallet activity is insufficient, or if you haven’t used the wallet at all.
MTN QwikLoan application process
- On your MTN handset, dial the short code *170#
- To access the Financial Services option, select option 5 from the drop-down menu.
- For loans, select Option 3.
- For Qwikloan, select option 1
- Request a loan using option 1
- Determine the size of your loan
- Make sure your repayment strategy is correct (Number of days to pay back)
- To complete the process, go to the following screen and input your secret Mobile Money Pin.
If your application is granted, you will receive an SMS confirming the following information: the loan amount, the repayment amount, the 6.9% interest rate, and the repayment due date.
How to Make an MTN Payment QwikLoan: Before the due date to repay the loan, deposit the amount repayable or more into your MTN Mobile Money wallet.
On the due day, the loan money would be taken automatically from one’s wallet.
Alternatively, you can repay your loan manually at any time by going to the Qwikloan menu and selecting Repay loan, then dialing *170#.
You can only have one active Qwikloan at a time, but after it’s paid off, you can apply for another. It’s a 30-day loan through Qwikloan.
The loan is repaid in one lump sum at a rate of 6.9% at the end of 30 days, and you don’t have to go to a bank to get it.