Are you looking for a quick loan in Ghana? MTN provides a quick, easy, and convenient means of borrowing called MTN QwikLoan.
With MTN QwikLoan, Ghanaians can have quick access to funds without collateral. in this article, we will explore information on mtn QwikLoan, the requirements, how to apply, and repayment options.
About MTN QwikLoans in Ghana
MTN QwikLoan is a financial solution in Ghana that provides quick and convenient loans to MTN subscribers. It is a short-term cash loan that requires no collateral and it is paid into one’s MTN Mobile Money wallet. The loan does not require previous savings and is accessible. Consistent access to MTN Qwikloan depends on paying your loan on time.
What are the requirements for MTN Qwikloan?
MTN QwikLoan in Ghana has guidelines regarding eligibility for their loan. Eligibility test and confirmation is easier since it’s virtual.
The ability to meet the below requirements gives you an edge for a successful MTN Qwikloan application as a prospective applicant. The requirements for MTN Qwikloan in Ghana include:
- You must be 18 years and above to apply.
- You must own an MTN Ghana SIM card
- There is a need to be an MTN service user for at least 90 days.
- Also, you must be an active user of MTN Mobile Money services.
- Prospective applicants must have an active e-wallet.
- If you are a constant user of MTN QwikLoan services, you must have a good credit score and history.
Note: If you are not eligible for the loan, it might be because you have a pending loan. It is always advisable to pay off an outstanding loan before requesting a new loan. Also, ensure that your MTN Mobile Money wallet is active.
How can I apply for MTN Qwikloan in Ghana?
Having found out whether you are eligible for MTN Qwikloan, the next question is how I can apply. The application for MTN Qwikloan depends on your details during your MTN registration.
Hence, to borrow money in Ghana using MTN Qwikloan, your mobile must be under your name.
You can apply using the following steps:
- Dial *170# on your mobile phone.
- Select the 5th option and click ‘Financial Service’.
- Choose number 3 and select “Qwikloan”.
- Select the option “Get a Loan” and choose the loan amount.
- Then, select the “repayment plan.”
- Input your Mobile Money PIN
Note: After the successful submission of the application, MTN will process your request. If your application is successful, you will get a notification via SMS. The notification is a confirmation of the loan amount and the repayment duration.
What is the interest rate for MTN Qwikloan?
MTN Qwikloan has a competitive interest rate when compared to other loan facilities. The interest rate is 6.9% for a loan of 30 days duration.
Note: The interest rate on MTNQwikloan can increase to 12% when you do not repay within the agreed period. Also, if you default after the new extended period, MTN will ban you for 90 days. Meanwhile, you can avoid these penalties with part payment.
What is the amount I can borrow from MTN Qwikloan?
Borrowing from MTN QwikLoan for the first time has limited options. If you are new, you can only borrow GH₵ 20 or GH₵ 50.
However, if you are a subsequent borrower and your credit score is good enough. You will have more chances of borrowing GH₵ 1000 limit.
How can I repay MTN QwikLoan?
The repayment of MTN Qwikloan is within 30 days from the set day of loan application and approval. Meanwhile, the repayment processes for MTN Qwikloan are straightforward.
The repayment process includes:
1. Manual repayment
This allows you to repay the loan in installments over 30 days. You can make this payment by having money in your MTN Mobile Money account. Then you dial *170# and follow the repayment options.
2. Automatic repayments
This type of repayment option does not require payment by installment. You can exhaust the 30 days and pay the loan using the automatic option. Also, automatic repayment does not require any process. However, you must have the loan amount and the interest in your MTN Mobile Money.
Can you apply for MTN Qwikloan on the same day you repay the one you borrowed before?
Having paid your loan, it takes a few days to approve another loan. Meanwhile, repaying your loan early enough is the key to raising your loan limits. It can raise your loan limit to GH₵ 1000.
Note: Failure to pay your loan on time will affect your MTN QwikLoan credit score. You regain your credit score by constantly using the MTN mobile money savings and loans for at least three months.
How can I check my MTN Qwikloan limit?
Your MTN Qwikloan limit usually changes after repaying previous loans.
You can check your MTN Qwikloan limit by:
- You first dial *170# on your mobile phone.
- Choose number 5, which is “Financial Service”.
- Then click option 3, which is ‘Qwikloan’.
- Click “Loan Limit”.
- Finally, enter your Mobile Money PIN.
How can I increase my loan limit on the MTN QwikLoan?
If you are new to MTN QwikLoan, your limit is usually low. However, there are some things you can do to increase your limits.
First, consistently use MTN mobile money savings and loan facilities. The more you use MTN mobile money, the more your limit increases. For example, keep sending money using MTN Mobile money and encourage people to send your payment through MTN.
Second, you must make timely payments to MTN QwikLoan to increase your limits. Redeeming debt obligations is the best way to increase your borrowing capacity. If you make timely repayments within twelve months, you might reach the GH₵ 1000 limit.
Frequently Asked Questions
How can I qualify for the MTN Qwik loan?
To qualify for MTN qwik loan, we must:
- Be 18 years and above.
- Possess MTN Ghana SIM.
- Use MTN Mobile Money services actively and have a valid e-wallet.
- Have used the MTN services for over 90 days (3 months).
- Have a good credit score, for customers who have previously used the Qwikloan services.
How long does it take to qualify for an MTN Qwik loan?
After meeting the eligibility requirements for the MTN qwik loan, it will take us a few days to qualify for the MTN qwik loan. Besides that, we must have been active users of MTN for more than 90 days.
What is the loan application limit for the MTN Qwik loan?
You can typically borrow GH₵ 20 or GH₵ 50 from MTN qwik loan. However, we will have better chances to borrow up to GH₵ 1000 if we are subsequent borrowers and have a good credit score.
Is MTN qwik loan code the same as Momo loans?
No, the MTN qwik loan code is not the same as the Momo code. MTN qwik loan code is *170# whereas MTN Momo code is *671#.
Conclusion
MTN QwikLoan is that favorite quick and convenient loan that does not require collateral in Ghana. It makes banking less frustrating and cool because it involves a shorter process. It is a soft loan you can apply for today in Ghana with few requirements. Looking for an easy and quick loan with no collateral in Ghana, you can try MTN Qwikloan.