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:
- Simple to apply
- No saving required for loan application
- Loan duration of one (1) month
- Minimum loan of GHS 50 and maximum of GHC 1,000
- 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:
- Be 18years and above
- Be active MTN Ghana subscriber for not less than three (3) months
- Register on the MTN mobile money service and actively using the wallet
- Repay all outstanding loans
- 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:
- Dial *170# on your mobile phone
- Choose option 5 that is financial services
- Select option 3 which is “Loans”
- Choose option 1, “Qwik Loans”
- Select also option 1 to “Get Loans”
- Input your mobile money pin for the next option
- Select the loan amount and press send
- If you qualify, an SMS will be sent to you and your cash to your MOMO account.
What happens to MTN Quick loan defaulters?
They automatically deducted the loan repayment from your MTN Mobile Money Account on the Due Date. They will automatically deduct the balance of any unpaid repayment amount from the funds in your MTN Mobile Money wallet until they pay the repayment balance. If on the due date you do not repay the repay amount in full, a 12.5% penalty will automatically be applied.
How to repay your MTN Qwik loans in Ghana
To repay your MTN Qwik loans, follow the steps below:
- Deposit cash into your mobile money wallet before the due date. On the due date, they will automatically deduct the loan amount.
OR
- Dial *170#, select 6, and follow the repay loan option prompt menu.
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.