MTN QwikLoan Ghana – Best tips to get up to GHS1000 in 1 minute 2022

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Borrowing money in Ghana with collateral is strenuous, and the process, most times, can be frustrating. Regarding these challenges, MTN provides quick, easier and convenient means of borrowing called mtn QwikLoan. With MTN QwikLoan, indigenes of Ghana now have quicker access to funds. Information on mtn QwikLoan, the requirements, how to apply, and repayment options are all in this article.

About MTN QwikLoans in Ghana

Mtn QwikLoan is a financial solution in Ghana that provides quick and convenient loans to mtn subscribers. MTN Qwikloan is a short-term cash loan that requires no collateral 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:

  1. The applicant must be 18 years and above.
  2. You must own an MTN Ghana sim card
  3. There is a need to be an MTN service user for at least 90 days.
  4. Also, you must be an active user of MTN Mobile Money services.
  5. Prospective applicants must have an active e-wallet.
  6. 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 for 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:

  1. Dial *170# on your mobile phone.
  2. Select number 5 options and click ‘Financial Service’.
  3. Choose number 3 and select “Qwikloan”.
  4. Select the option “Get a Loan” and choose the loan amount.
  5. Then, select the “repayment plan.”
  6. Input your Mobile Money PIN

Note: After a successful submission of 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 30days duration.

Note: Interest rate on MTNQwikloan can increase to 12% when you did 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 30days 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 instalments over the 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 repaid 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?

MTN Qwikloan limit usually changes after repayment of the loan.

You can check your MTN Qwikloan limit by:

  1. You first dial *170# on your mobile phone.
  2. Choose number 5, which is “Financial Service”.
  3. Then you click option 3, that is ‘Qwikloan’.
  4. Click “Loan Limit”.
  5. 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. Hence, 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.

Conclusion

MTN QwikLoan is that favourite quick and convenient loan that does not require collateral in Ghana. It makes banking less frustrating and cool because of the less process it involves. It is that soft loan you can apply today in Ghana with few requirements and your mobile phone. Thinking of an easy and quicker loan with no collateral in Ghana, you can try MTN Qwikloan.

Read also:

MTN Xtratime in Ghana- How it works

Vodafone Cash Loan in Ghana – How to apply and what you should know

USSD loan codes in Ghana – What you should know

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