MTN Xpress Loan: How to use this new service to get up to GHS 1000
For a lot of people who have read our article on MTN Qwikloan, the first Mobile Money Loan service but could not access the service due to one reason or the other, we are happy to inform you about a new service called the MTN Xpress Loan.
What is MTN XpressLoan?
Xpress Loan is a borrowing or credit service on the MTN Mobile Money platform that allows regular MoMo subscribers to access a loan/credit facility through their mobile phone in a few minutes.
Existing MTN Customers can use the loan service to access loans. There is no need for savings or paperwork and the money is sent directly into the subscriber/applicant’s MoMo account.
How to qualify for MTN Xpress Loan and Loan Fees
To qualify for MTN XpressLoan, you must frequently recharge your MTN number with airtime and also use your mobile money account frequently.
Fees on loans are not fixed. Therefore, it is important to read very well the instructions to get the loan below. This is because all the fees you will be paying will be shown to you during your loan application process.
How to borrow money from MTN XpressLoan
To borrow money from XpressLoan, follow the following steps on your phone:
- Dial *170#
- Enter option 5 (Financial services)
- Enter option 3 (Loans)
- Enter option 2 ( XpressLoan)
- Enter option 1 (Get a loan)
- Enter your Mobile Money pin and hit submit
- Enter option one ( View offers)
- Enter the option for your preferred amount (There are usually options available between GHS 50 and GHS 1000)
- Enter option 1 to confirm your repayment plan
How to repay your Xpress Loan
If your loan is overdue, XpressLoan may auto deduct money from your Mobile Money account to repay your loan on a specific date.
To pay your loan in full, make sure you have enough money in your account on the due date.
You can follow the following steps to repay your loan:
- Dial *170# to access the MTN Mobile Money menu
- Enter option 5 (Financial services)
- Enter option 3 (Loans)
- Enter option 2 ( XpressLoan)
- Enter option 2 (Repay my loan)
- Enter your Mobile Money pin and hit submit
- Select the amount you want to pay
Your loan amount will be paid and you will be eligible for new loans
How to get bigger loans from MTN Xpress Loan
To get bigger loans from XpressLoan and almost all the other Mobile Money loan services, follow the following steps:
- Always pay your loans on time
- Use your MoMo account frequently and try to keep some money in the account always. Don’t always withdraw everything
- Keep your phone line active and use it for more calls or receive more calls from it.
