How to Borrow Money from MTN Momo

Borrowing money from MTN Mobile Money (MoMo) is a straightforward process, and it can be a convenient option if you’re in need of quick funds. MTN offers the QWIKLOAN and XpressLoan services, allowing customers to access short-term loans directly through their mobile phones. Here’s how you can borrow money from MTN MoMo:


  1. Eligibility: To be eligible for the QWIKLOAN service, you need to be at least 18 years old, have an MTN Ghana SIM card, be an active user of MTN services for at least three months, actively use the MTN Mobile Money service, and have a good credit history if you’ve used QwikLoan before.
  2. Applying for a Loan:
    • Dial the MTN Mobile Money short code *170#.
    • Choose “Financial Services,” then “Loan,” and select Option 1 to register and apply for a loan.
    • Once you apply successfully, the loan amount is instantly disbursed into your MTN MoMo wallet.
  3. Loan Repayment: Repayment terms and schedules are typically communicated during the loan application process. Ensure timely repayment to maintain a good credit score with MTN.

MTN XpressLoan

  1. Qualification: To qualify for XpressLoan, you need to frequently recharge your MTN number with airtime and use your mobile money account actively.
  2. How to Borrow:
    • Dial *170#.
    • Enter option 5 for “Financial services,” then option 3 for “Loans,” followed by option 2 for “XpressLoan.”
    • Select “Get a loan” and enter your Mobile Money pin.
    • Choose the offer that suits you (options usually range between GHS 50 and GHS 1000).
    • Confirm your repayment plan.
  3. Repaying the Loan:
    • The loan is typically auto-deducted from your Mobile Money account on the due date.
    • To repay manually, ensure you have enough money in your account, then follow the steps under the XpressLoan menu to repay the chosen amount.

Advantages and Considerations

  • Convenience: Both services offer a fast and convenient way to access funds without the need for traditional banking processes.
  • Automatic Repayment: Loan repayments are automatically handled when you recharge your MTN account.
  • Credit History Impact: Timely repayment can improve your creditworthiness with MTN, potentially leading to higher loan amounts in the future.

Remember to borrow responsibly and only take a loan if you’re confident in your ability to repay it within the stipulated time frame. For more detailed information, you can refer to the official MTN website or contact their customer service.

ALSO SEE: How to Repay Glo Borrow Me Credit


General Questions about MTN MoMo Loans

  1. What is MTN MoMo?
    • MTN MoMo is a mobile money service by MTN offering various financial services, including loans.
  2. What are MTN MoMo loan services?
    • MTN offers loan services like QWIKLOAN and XpressLoan for short-term financial needs.
  3. Is MTN MoMo available in all countries?
    • MTN MoMo is mainly available in MTN-operating African countries like Ghana.
  4. Can I use MTN MoMo without an MTN SIM?
    • MTN MoMo services, including loans, are exclusive to MTN subscribers.
  5. Do I need a bank account for MTN MoMo loans?
    • No, you don’t need a traditional bank account for these loans.

Applying for MTN MoMo Loans

  1. How do I apply for a MTN MoMo loan?
    • Dial *170# and follow the prompts for QWIKLOAN or XpressLoan.
  2. What are the requirements for a QWIKLOAN?
    • Be 18+, have an MTN Ghana SIM, be an active MTN and MoMo user, and have a positive credit history.
  3. What criteria are needed for XpressLoan?
    • Frequent recharge and active use of your MTN MoMo account.
  4. How long does it take to get a loan approved?
    • Loan approvals are usually instant upon meeting the criteria and completing the application.
  5. Can I choose the loan amount I want to borrow?
  • Yes, within the available options based on your eligibility.

Repaying MTN MoMo Loans

  1. How do I repay my MTN MoMo loan?
  • For QWIKLOAN and XpressLoan, repayments are auto-deducted from your MoMo account.
  1. Can I repay the loan before the due date?
  • Yes, you can repay anytime before the due date.
  1. What happens if I can’t repay on time?
  • It may affect your credit score and future loan eligibility.
  1. Is there a penalty for late repayment?
  • Specific penalty details can vary, so check the terms during your loan application.
  1. Can I apply for another loan before repaying the existing one?
  • Generally, you need to clear the existing loan before applying for another.

Loan Amounts and Limits

  1. What is the maximum loan amount?
  • It varies, but XpressLoan offers up to GHS 1000, depending on eligibility.
  1. How is my loan limit determined?
  • Based on your MoMo transaction history and creditworthiness.
  1. Can I increase my loan limit?
  • Consistent repayment and increased MoMo usage can help increase your limit.
  1. Are there different loan amounts for different users?
  • Yes, loan amounts are personalized based on user profiles.
  1. How often can I borrow from MTN MoMo?
  • As long as you are eligible and have repaid previous loans, you can borrow as needed.

Interest Rates and Fees

  1. What are the interest rates for MTN MoMo loans?
  • Interest rates and fees are disclosed during the loan application process.
  1. Is the interest rate fixed or variable?
  • Typically, it’s a fixed rate, but always check the specific terms.
  1. Are there any hidden charges?
  • All charges are usually disclosed upfront during the loan application.
  1. How are fees calculated on MTN loans?
  • Fees depend on the loan amount and repayment period, as specified in the loan terms.
  1. Can the interest rate change for subsequent loans?
  • Interest rates are usually consistent, but it’s best to confirm during each loan application.

Eligibility and Qualification

  1. Who is eligible for MTN MoMo loans?
  • MTN subscribers who meet the specific criteria for QWIKLOAN or XpressLoan.
  1. How do I know if I’m eligible for a loan?
  • Dial *170# and navigate through the loan options to check eligibility.
  1. Does my credit history affect my eligibility?
  • Yes, a good credit history with MTN MoMo enhances loan eligibility.
  1. What if I’m a new MTN MoMo user?
  • You may need to use the service actively for a period (e.g., 6 months) to become eligible.

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