How to Borrow Money from Mtn Mobile Money

Borrowing money from MTN Mobile Money, specifically through the MTN Qwikloan service, is straightforward if you meet certain requirements. Here’s a step-by-step guide on how you can apply for a loan:

1. Eligibility Requirements:
   • You must be at least 18 years old.
   • You need to be an MTN Ghana subscriber for more than 90 days.
   • Registration on the MTN Mobile Money Service is necessary, and you should actively use the wallet for transactions (sending/receiving money, purchasing airtime, paying bills, etc.).
   • If you have taken a loan before, it must be repaid on time to qualify for another.
   • A low activity on your MTN Mobile Money wallet may disqualify you from getting a Qwikloan.
2. How to Apply for MTN QwikLoan:
   • Dial *170# on your MTN Mobile Money-registered number.
   • Select “Financial Services” (option 5), then “Loans” (option 3).
   • Choose “QWIKLOAN” (option 1) and then “Get a loan” (option 1).
   • Enter your secret Mobile Money PIN to confirm the loan.
   • You’ll be presented with loan amount options. First-timers usually have limited options like GH₵ 20 or GH₵ 60, while regular borrowers with a good repayment history might access up to GH₵ 1000.
   • After confirming the loan, you’ll receive an SMS indicating the loan has been paid into your MoMo wallet.
3. Repayment of Loan:
   • Loans are typically due in 30 days.
   • You can manually repay the loan in instalments or wait for automatic deduction on the due date.
   • Ensure you have enough funds in your Mobile Money wallet for repayment.
4. Interest and Other Details:
   • The interest rate for MTN QwikLoan is 6.9% for a 30-day period.
   • If you fail to repay on time, the interest rate may increase.
   • Timely repayment can improve your credit score and loan limits with MTN QwikLoan.

Remember, it’s important to understand the terms and conditions of the loan, including the repayment schedule and interest rates. Also, it’s advisable to borrow within your means and ensure timely repayment to maintain a good credit score with MTN Mobile Money.

ALSO SEE: How Much is Opay Limit?

For more detailed information, you can visit MTN Ghana’s official website or contact their customer service​

COMMON QUESTIONS

General Questions about MTN Qwikloan

1. What is MTN Qwikloan?
   • A loan service offered by MTN Mobile Money allowing subscribers to borrow money directly through their phones.
2. Who can apply for MTN Qwikloan?
   • MTN Ghana subscribers who are over 18 years old and have been using the service for more than 90 days.
3. Do I need a bank account to access MTN Qwikloan?
   • No, a bank account is not required, just an active MTN Mobile Money account.
4. Is there a credit check for MTN Qwikloan?
   • MTN assesses your Mobile Money usage and previous loan repayments but doesn’t perform a traditional credit check.
5. Can non-MTN subscribers apply for Qwikloan?
   • No, the service is exclusively for MTN Ghana subscribers.

Applying for the Loan

6. How do I apply for an MTN Qwikloan?
   • Dial *170#, select ‘Financial Services’, then ‘Loans’, and follow the prompts to ‘QWIKLOAN’.
7. What are the requirements to qualify for the loan?
   • You must be an active MTN user for over 90 days, actively use Mobile Money, and have repaid previous loans on time.
8. How much can I borrow for the first time?
   • Usually between GH₵ 20 and GH₵ 60 for first-time borrowers.
9. Is there a maximum loan amount?
   • Yes, up to GH₵ 1000 for regular borrowers with good repayment history.
10. How long does the loan approval process take?

• The process is quick, and funds are usually disbursed instantly after approval.

Repayment of Loan

11. How do I repay my MTN Qwikloan?

• You can repay manually by depositing the amount into your Mobile Money wallet and following the repayment steps, or it will be auto-deducted on the due date.

12. What is the loan repayment period?

• 30 days from the date of loan disbursement.

13. What happens if I can’t repay the loan on time?

• The interest rate may increase, and it could affect your future borrowing capacity.

14. Can I repay the loan in instalments?

• Yes, you can make partial payments without extra cost.

15. Is there a penalty for early repayment?

• No, there’s no penalty for early repayment.

Interest and Fees

16. What is the interest rate for MTN Qwikloan?

• The standard rate is 6.9% for a 30-day loan.

17. Does the interest rate change for late repayment?

• Yes, it can increase to 12% in case of late repayment.

18. Are there any additional fees for Qwikloan?

• No additional fees are mentioned, but it’s best to confirm during the loan application.

19. Can the interest rate vary based on loan amount?

• The interest rate is generally standard across all loan amounts.

20. Is the interest calculated daily or monthly?

• The interest is calculated for the 30-day loan period.

Loan Limits and Credit Score

21. How is my loan limit determined?

• Based on your Mobile Money usage and repayment history of previous loans.

22. Can I increase my loan limit?

• Yes, by repaying loans on time and increasing your Mobile Money activity.

23. Does repaying on time improve my credit score with MTN?

• Yes, timely repayment positively impacts your credit score and loan limits.

24. What happens if I default on a loan?

• It negatively affects your credit score and future loan eligibility.

25. Is there a way to check my current loan limit?

• Yes, by dialing *170# and following the steps to check the ‘Loan Limit’.

Other Services and Questions

26. Can I use Qwikloan for international transactions?

• No, Qwikloan is intended for domestic use within Ghana.

27. Is MTN Qwikloan available 24/7?

• Yes, the service is available at any time.

28. Can I have multiple loans at the same time?

• No, you need to repay an existing loan before applying for another.

29. How secure is the MTN Qwikloan service?

• It is secure, using your Mobile Money PIN for all transactions.