To default on a loan means repayments are not made for a certain time frame. MTN Qwik loan defaulters are individuals who cannot pay up their loan on the due date. Few realise the need for repaying loans from MTN. Some cannot recognize that the responsibility of a borrower is to make repayment on time. Failure to do so can cause additional charges, blacklisting and denial of future loans. It is important you know that, “To accept to borrow is to agree to repay”. 

Read on and explore all you need to know about MTN Qwik loan defaulters.

What is MTN Qwik loans

The MTN Qwik loan is a short-term cash advance disbursed and repaid from your MTN mobile money wallet. They do not require active subscribers to provide security to get the loan. No paperwork, no time wasted, just a tap and your money is deposited into your MOMO account.

Who are the MTN Qwik loan defaulters? 

MTN Qwik loan defaulters are individuals who cannot pay off their MTN Qwik loans on the due date. Some refuse to pay up deliberately, while some cannot pay due to lack of funds. Either way, it affects your credit score. Defaulters can not get future loans until proven worthy for months and a higher credit score attained.

What you need to know about MTN Qwik loan defaulters

MTN users in Ghana go for MTN Qwik loans. Because it is very easy to get. You can get this loan anytime, anywhere. You can cash out with any merchant bank around you.

However, many cannot repay this loan. The consequences of defaulting is not only the penalty of 12.5% charge in the amount borrowed. But also a negative impact on your credit score, thus disqualification from the services for three months. 

The impact of late repayment depends on how often you have paid late and how long you took to make repayments. After many days of non-repayment of MTN Qwik loans, they will deduct any money that enters your wallet till they pay the loan off.

Features of MTN Qwik loans 

The following are features of MTN Qwik loans in Ghana:

1. Simple to apply
2. No saving required for loan application 
3. Loan duration of one (1) month
4. Minimum loan of GHS 50 and maximum of GHC 1,000
5. One loan at a time

Requirements for MTN Qwik loans

Below are lists of criteria you need to meet inorder to be qualified for the loan:

1. Be 18years and above
2. Be active MTN Ghana subscriber for not less than three (3) months
3. Register on the MTN mobile money service and actively using the wallet 
4. Repay all outstanding loans
5. Low MTN mobile money wallet disqualifies you from applying. 

Interest rate

A single principal amount with a fee of 6.9% interest rate is repaid.

MTN Qwik loans duration 

The loan duration for the MTN Qwik loans is 30 days or one month. 

How to apply for MTN Qwik loans 

Applying for MTN Qwik loans is straightforward. Follow the procedure below:

1. Dial *170# on your mobile phone
2. Choose option 5 which is financial services 
3. Select option 3 which is “Loans”
4. Choose option 1, “Qwik Loans”
5. Select also option 1 to “Get Loans”
6. Input your mobile money pin for the next option 
7. Select the loan amount and press send
8. If you qualify, an SMS will be sent to you and your cash to your MOMO account. 

What happens to MTN Quick loan defaulters?

MTN mobile lending service customers who fail to repay their loans on the due date will incur a 12.5% penalty on the outstanding amount. Repayments are automatically deducted from your MTN mobile money account. If your account balance is insufficient, future deposits will be used to settle the outstanding debt.

How to repay your MTN Qwik loans in Ghana

To repay your MTN Qwik loans, follow the steps below:

1. Deposit cash into your mobile money wallet before the due date. On the due date, they will automatically deduct the loan amount.

OR

2. Dial *170#, select 6, and follow the repay loan option prompt menu.

Frequently Asked Questions

Can I deactivate my MTN Qwik loan?

We may not be able to deactivate our Qwik loan account as MTN does not provide a way to do so. But if we do not wish to continue using the service, we can ask MTN to deactivate or delete our Qwik loan account.

Does MTN check credit scores?

Although MTN does not have a specific credit score requirement for its contract, they review your credit history before assessing your loan or contract application. You will more likely be granted an MTN qwik loan or contract if you have a good credit history.

Why can’t I borrow from MTN again

You may not qualify to obtain an MTN loan for several reasons namely:

• Having an outstanding loan balance.
• Whether we have been active users for a while.
• Paying previous loans very late.

Conclusion 

MTN Qwik loans defaulters should know that they can get back on track by repaying their loans. By doing so, they can restore your credit score as well. The platform makes it so simple that you do not need to pass through rigorous procedures before getting your loans. Also have means of repayment before applying to avoid defaulting.