MTN QwikLoan Steps to get up to GHS 1000 Loans under 1 minute Mtn MTN QwikLoan code *170# MTN lets people who use Mobile Money get loans that they can pay back at any Merchant, Bank, or cardless ATM.
Today, it is much easier to get a loan right away in Ghana. At the moment, it is strange that there are so many microfinance firms and other lending groups.
In fact, they are all buzzing around like bees trying to get the attention of people who need loans. This doesn’t even count the online lending companies that are popping up every day to try to get a piece of the market.
Today, we’re going to talk about MTN’s QwikLoan service, which lets you get a loan through MTN Mobile Money.
What is MTN QwikLoan?
MTN Qwikloan is a fast, easy, and convenient way for MTN Ghana customers to get loans using their MTN mobile money platform. Customers don’t have to go through a lot of trouble with Qwikloan to get a loan because they don’t have to show proof of collateral.
With Qwikloan, you can get a cash loan right away, for any reason, from your cell phone. Customers who use MTN Mobile Money can get a loan of up to GHS 1,000.
You can read the terms and conditions that come with the loan offer.
Requirements for MTN Qwikloan
- You have to be at least 18 years old.
- You have to have been a subscriber to MTN Ghana for more than 90 days.
- You have to sign up for the MTN Mobile Money Service and use the Wallet regularly to send and receive money, buy airtime, pay bills, and do other things.
- If you have used the feature to get a loan before, you must have paid it back on time in order to get another loan.
- If you haven’t used your MTN Mobile Money wallet much, or if you haven’t used it at all, you might not be able to get a Qwikloan.
Steps how to apply for MTN QwikLoan
- Enter the short code *170# on your MTN Handset.
- To get to the Financial Services option, choose option 5.
- For loans, pick option 3.
- Qwikloan is the first choice.
- Pick option 1 to ask for a loan.
- Choose how much you want to borrow
- Confirm your plan to pay back (Number of days to pay back)
- Enter your secret Mobile Money PIN on the next screen to finish the process.
If your application is accepted, you will get an SMS confirming the Loan Amount, the Repayment Amount, the Interest Rate of 6.9%, and the due date for repayment.
How to Repay your MTN QwikLoan
- Pay back the loan by putting the full amount or more into your MTN Mobile Money wallet before the due date.
- On the due date, the loan amount would be taken out of the wallet automatically.
- You can also repay your loan by hand at any time by following *170# and choosing “Repay loan” from the Qwikloan menu.
You can only have one Qwikloan open at a time, but you can apply for another loan once the first one is paid off. Qwikloan is a 30-day loan.
At the end of 30 days, you pay back the loan in one lump sum and pay a fee of 6.9%. You don’t have to go to a bank to get the loan.