If you are in Ghana and a part of the people searching for “I need a quick loan today, or I want a quick loan”, then this article is for you.
Borrowing money in Ghana is a long process and sometimes a waste of time and very frustrating. Regarding these challenges, MTN has provided a simple and easier way of borrowing money. This method is known as MTN QwikLoan.
What is MTN Qwikloan?
MTN QwikLoan is a financial solution in Ghana for MTN users. With MTN Qwikloan you can apply for a loan and get an instant quick loan in just 5 minutes. The Loan is paid into your Mobile Money Wallet simply.
So, If I need a loan, or you need a loan, then MTN money quick loan is for you. Today we are going to show you how to cash quick loans from MTN Qwikloan simply.
What are the requirements for MTN Qwikloan?
If you have the below quick loan applications term, then you are on the edge for a successful instant quick loan on MTN Qwikloan. The requirements include:
- You must be 18 years and above.
- You must own an MTN Ghana Sim card
- Active using MTN for at least 4 months.
- Not just having an MTN SIM card, but must use MTN Mobile Money services frequently to earn points. You will earn points when you buy airtime and send money using MTN Mobile money.
How can I Register for MTN Qwikloan in Ghana?
If you are eligible for MTN Qwikloan, then the next level is how to register for this instant cash quick loan.
How To Register for MTN Qwikloan.
You can apply for MTN Qwikloan using the following steps:
- Dial *170# on your mobile phone.
- Select the number 5 options and click ‘Financial Service’.
- Choose number 3 and select “Qwikloan”.
- Select the option “Register” and follow to successfully register.
- After registering, you will receive a welcome message notifying you of successful registration.
How Do I Apply for A Quick Loan?
You can apply for a loan on MTN Qwikloan using the following steps:
- Dial *170# on your mobile phone.
- Select the number 5 options and click ‘Financial Service’.
- Choose number 3 and select “Qwikloan”.
- Select the option “Get a Loan”
- Input your Mobile Money PIN
- Choose the loan amount.
- Then, accept some conditions and proceed.
Note: After a successful loan request, MTN will process it in a few minutes and If your application is successful, you will get an SMS.
What is the interest rate for MTN Qwikloan?
Loans are not given out for free, but they sometimes come with interest. MTN Qwikloan’s interest rate is somehow low compared to other loan-giving services. The interest rate of a loan is 6.9% and that’s for 30 days.
What If I Fail to Pay After 30 Days?
When you fail to pay your loan on the due date, the Interest rate increases to 12%. Also, if you fail to pay late, your account can be banned by MTN, and would take long for you to get another loan.
How much can borrow from MTN Qwikloan?
For the first time, MTN QwikLoan offers you GH₵ 20 to GH₵ 50. However, when you pay the loan on time, the amount of money you take is increased to GH₵ 100 and can head on to GH₵ 1000.
How do I repay My Loan?
When you apply for the loan, you are notified to pay within 30 days. So, if you have the money, then you can pay manually, by
- You first dial *170# on your mobile phone.
- Choose number 5, which is “Financial Service”.
- Then you click option 3, which is ‘Qwikloan’.
- Click “Repay loan” option 2.
- Finally, enter your Mobile Money PIN to proceed and pay.
Though you can pay manually if your loan is due, MTN can Automatic deduct the amount from your wallet and if in case the loan is due but you don’t have any money in your account, the day you receive money from elsewhere, the amount is deducted till it sums up to what you owe and the interest also.
Why am I Still not Eligible?
If you are not eligible to get a cash quick loan, then it might be because you are owing so It is advisable to pay off an outstanding loan before you can request a new loan. But if you don’t owe them, and you are new, then make sure that your MTN Mobile Money wallet is active.
Conclusion
Due to the Ghana Card registration, if you have not yet linked your Ghana Card to your MTN SIM card and completed the Biometric registration, you won’t be able to get a loan until you do so.
MTN QwikLoan is a simple, fast, and convenient way to get a loan that does not require any up-and-down movement. MTN Qwikloan is no quick loan application, all you need is a Mobile phone, and an active MTN SIM card with active Mobile Money. If you want a fast and easy way to get a loan, then Qwikloan is there to save you.