Getting an instant loan in Ghana in this modern era is much easier. Currently, the high number of micro-finance firms accompanied by other lending associations is puzzling.
In fact, they are all buzzing like bees in promoting themselves, with the hopes of luring needy borrowers.
This is not to mention the online lending firms, which are sprouting on a daily basis trying to get a slice of the market’s pie.
Today, we focus on MTN’s QwikLoan (Pronounced “quick loan”) lending service that lets you get a loan via MTN Mobile Money.
What is MTN QwikLoan?
MTN Qwikloan is a fast, easy, and convenient way by which MTN Ghana customers can access loans using their MTN mobile money platform. With Qwikloan, customers do not have to go through the hustle to provide proof of collateral in order to access the loan.
Qwikloan is an instant way to access a cash loan, at any time for any purpose from one’s Mobile phone. MTN Mobile Money customers can access loan up to GHS 1,000.
There are terms and conditions regarding the loan offer which you can read.
Requirements for MTN Qwikloan
- You have to be 18 years and above.
- You have to be an MTN Ghana Subscriber for more than 90 days.
- You have to 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.
- If you have taken a loan before with the feature, you have to have repaid that loan and on time to qualify for another loan.
- If your MTN Mobile Money wallet activity is too low, or you have not used the wallet at all, you may not be able to qualify for a Qwikloan.
Steps to apply for MTN QwikLoan
- Dial the short code *170# on your MTN Handset
- Choose option 5 to access Financial Services option
- Choose option 3 for loans
- Choose option 1 for Qwikloan
- Choose option 1 for Request Loan
- Choose your loan amount
- Confirm your repayment plan (Number of days to pay back)
- On the next screen, enter your secret Mobile Money Pin to finalise the process
If your application is approved, you would receive an SMS to confirm: The Loan Amount, the Repayment Amount, the Interest Rate of 6.9% and the due date for repayment.
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 one’s wallet on the due date.
- Alternatively, You can repay your loan manually at any time, by selecting the Repay loan option on the Qwikloan menu by following *170#.
You can only have one active Qwikloan at a time, but once the loan has been repaid, you can apply for another loan. Qwikloan is a 30-day loan.
At the end of 30 days, the loan is repaid in one single amount at a fee of 6.9 per cent and you do not need to visit a bank to access the loan facility.