MTN QwikLoan: Steps to get up to GHS 1000 Loans under 1 minute
MTN allows Mobile Money users to take loans which they can cash out with any Merchant, Bank or card less ATM.
Looking for a quick loan in Ghana? Look no further than MTN QwikLoan. With this fast and convenient lending service, you can get up to GHS 1000 in under 1 minute using your MTN Mobile Money platform.
No collateral or lengthy approval processes required. Simply dial *170# on your MTN handset, follow a few simple steps, and you’re on your way to accessing the cash you need.
Get the financial assistance you need with MTN QwikLoan today.
What Is MTN Qwikloan
MTN Qwikloan is a convenient lending service that allows you, as an MTN Ghana customer, to access loans up to GHS 1000 in under 1 minute using your MTN mobile money platform.
It’s an instant way to get a cash loan, anytime and for any purpose, right from your mobile phone. With Qwikloan, you don’t need to provide collateral or go through the hassle of extensive paperwork.
To qualify for a Qwikloan, you need to be 18 years and above, an MTN Ghana subscriber for more than 90 days, and actively use the MTN Mobile Money Service. If you have previously taken a loan with Qwikloan, you must have repaid it on time to be eligible for another loan.
Requirements for MTN QwikLoan
To qualify for an MTN QwikLoan, you need to meet certain requirements:
- Be 18 years and above.
- Be an MTN Ghana Subscriber for more than 90 days.
- Be registered on the MTN Mobile Money Service and actively use the Wallet for transactions, including sending and receiving money, purchasing airtime, paying bills, among others.
- Have repaid any previous loans taken with the feature on time.
- Have sufficient activity in your MTN Mobile Money wallet.
- Avoid being a defaulter.
By meeting these requirements, you can borrow money through MTN QwikLoan and enjoy the convenience of accessing cash loans up to GHS 1,000 from your mobile phone.
It’s important to adhere to the terms and conditions of the loan offer to ensure a smooth borrowing experience.
Steps to Apply for MTN Qwikloan
To apply for MTN Qwikloan, simply dial the short code *170# on your MTN Handset. Once you’ve dialed the code, follow these steps to complete your application:
- Choose option 5 for Financial Services.
- Select option 3 for loans.
- Choose option 1 for Qwikloan.
- Select option 1 to request a loan.
- Choose your desired loan amount.
- Confirm your repayment plan, specifying the number of days to pay back.
- Enter your secret Mobile Money Pin to finalize the process.
If your application is approved, you’ll receive an SMS confirming the loan amount, repayment amount, interest rate of 6.9%, and due date for repayment.
To repay your MTN Qwikloan, deposit the repayable amount or more into your MTN Mobile Money wallet before the due date. Alternatively, you can repay your loan manually by selecting the Repay loan option on the Qwikloan menu by following *170#.
How to Repay Your MTN Qwikloan
You can easily repay your MTN Qwikloan by depositing the repayable amount or more into your MTN Mobile Money wallet before the due date. Here’s how to repay your MTN Qwikloan:
- Deposit the amount repayable or more into your MTN Mobile Money wallet before the due date to repay the loan.
- The loan amount would automatically be deducted from your wallet on the due date.
Alternatively, you can repay your loan manually at any time by following these steps:
- Select the Repay loan option on the Qwikloan menu by dialing *170#.
- Follow the prompts to repay your loan.
Can You Apply for MTN Qwikloan on the Same Day You Repaid the One You Borrowed Before
Yes, you can apply for another MTN Qwikloan on the same day you repay the one you borrowed before. Once you have successfully repaid your previous loan, you have the option to apply for a new loan immediately. This means that you can access the funds you need without any waiting period.
To apply for another loan, simply follow the steps outlined in the previous section. Dial the short code *170# on your MTN Handset, choose the option for loans, select Qwikloan, and then request a new loan. Make sure to choose your desired loan amount and confirm your repayment plan. Once your application is approved, you’ll receive an SMS confirming the loan details and the due date for repayment.
How Can I Check My MTN Qwikloan Limit
One way to determine your MTN Qwikloan limit is by checking your repayment history. This will give you an idea of how much you have borrowed in the past and how promptly you have repaid your loans.
To check your MTN Qwikloan limit, follow these steps:
- Dial the short code *170# on your MTN handset.
- Choose option 5 for Financial Services.
- Choose option 3 for loans.
- Choose option 2 for Qwikloan.
- Choose option 3 for Check Limit.
By following these steps, you’ll be able to check your current MTN Qwikloan limit.
It’s important to note that your limit may vary depending on factors such as your repayment history and your usage of the MTN Mobile Money service. Make sure to check your limit regularly to stay informed about your borrowing capacity.
How Can I Increase My Loan Limit on the MTN Qwikloan
To increase your loan limit on the MTN Qwikloan, follow these steps and effectively manage your borrowing capacity.
Firstly, ensure that you have a good repayment history by repaying your previous loans on time. This demonstrates your reliability as a borrower.
Secondly, actively use your MTN Mobile Money wallet for transactions such as sending and receiving money, purchasing airtime, and paying bills. This will show your engagement with the platform and increase your chances of qualifying for a higher loan limit.
Lastly, maintain a healthy level of activity in your Mobile Money wallet to demonstrate your financial stability.
MTN Qwikloan Interest Rates
To understand the interest rates associated with MTN Qwikloan, you need to familiarize yourself with the terms and conditions of the loan offer. Here are the key points to know about the interest rates:
- The interest rate for MTN Qwikloan is 6.9%.
- The interest is calculated on the loan amount and is payable along with the loan repayment.
- The interest rate remains fixed throughout the loan tenure.
Failure to repay the loan on time may result in additional charges and penalties.
It is important to carefully consider the interest rates and repayment terms before applying for an MTN Qwikloan. Make sure you understand the total cost of the loan and have a clear plan for repayment to avoid any financial difficulties.
In just a few simple steps, you can access up to GHS 1000 in under 1 minute with MTN QwikLoan.
No need for collateral or lengthy approval processes. Simply dial *170# on your MTN handset, meet the requirements, and get the financial assistance you need.
Whether it’s for emergencies or bills, QwikLoan has got you covered.
Don’t wait, apply for MTN QwikLoan today and get the cash you need quickly and conveniently.