Do you ever need money so badly and decide to borrow money from MTN Quickloan only to dial the shortcode and be told ‘You do not qualify’?
It happens in our daily lives, and if you are a man, you have experienced what I am talking about at least once in your life.
When you find yourself in this situation, you will have no option other than to borrow from someone and then pay later.
Sometimes you will be lucky and get a loan, but you will never get one if you are not lucky like us.
Luckily for us, MTN decided to come to our aid. They brought MTN Quick loan. Quick loan is a service that gives loans to you for you to pay within a month with a little interest.
This service has helped a lot of us, as it helps nobody see that we are broke.
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How To Request For MTN Quickloan
- Dial the MTN mobile money shortcode *170#
- Select 5: Financial Service
- Choose 3 for loans
- Select MTN Quickloan or any other type of loan you want
- Select 1: Get a loan
- Enter your Mobile Money PIN to continue
- Type in the amount you want to collect as a loan
But some people don’t get to qualify for these loans. Imagine when you need a loan, and then you decide to follow these simple steps only to find out you don’t qualify for a loan.
That’s why in this article, I am going to take you through why MTN Quickloan is refusing to give you a loan.
Here Is Why You Are Not Qualified For MTN Quickloan
Your SIM card Is New
Yes, Quickloan is a business, and for that matter, they need to make sure they don’t run at a loss. They are helping you, and you pay back with a little tip.
You might not be qualified for loans when your SIM card is new. This step ensures nobody buys a sim and then collects the loan and after that throws away the sim.
One thing you need to be doing is to use your MTN Simcard for quite some time before you will be eligible for a loan. You will only get a loan if you are an existing mobile money user.
You Don’t Make Transactions On Your Mobile Money Account.
Not sending and receiving money on your mobile money account is one thing that may be limiting you from getting a loan.
Before MTN gives you this loan, they have to check if you have been making transactions on your mobile money account. This step is to check if you can pay on time.
What To Do?
MTN QuickLoans is given to active mobile money users. This is to ensure users can pay back so that MTN can also give the money to another person in need.
To qualify for MTN QuickLoan, you will need to prove to MTN that you can pay your loan after it has been given to you and one way to let them know that is by making transactions on your mobile money account.
You Didn’t Pay Your Previous Loan On Time.
Luckily for you, you got the chance to collect a loan, but you didn’t pay within the given month period. And then later paid with a penalty fee.
When you are looking for a new loan, it will be hard to get the loan. Simply because the loan service will think you are not going to pay again.
So if you have been wondering why you are still not qualified for MTN Quickloan even though your sim card is not new, then this might be one of the reasons.
How To Qualify For MTN Loan
To qualify for an MTN loan, follow these steps:
- MTN Mobile Money Account: Ensure that you have an active MTN Mobile Money account. If you don’t have one, you will need to register for MTN Mobile Money.
- Regular Usage: Use your MTN Mobile Money account regularly for transactions such as sending money, receiving money, and making payments.
- Transaction History: Maintain a positive transaction history on your MTN Mobile Money account. Regular and consistent usage of the service may improve your chances of qualifying for a loan.
- Adequate Balance: Keep a sufficient balance in your MTN Mobile Money account. Lenders may consider your account balance and usage patterns when determining your eligibility for a loan.
- Repayment of Previous Loans: If you have taken loans from MTN Mobile Money before, ensure that you have repaid them on time. Timely repayment enhances your creditworthiness.
- Check Loan Eligibility: Dial the appropriate USSD code to check your eligibility for a loan. MTN will provide information on whether you qualify and the loan amount you can access.
- Follow Application Procedures: If you meet the eligibility criteria, follow the provided instructions for the loan application. This may involve dialing a specific USSD code or using the MTN Mobile Money app.
- Wait for Confirmation: After applying, wait for confirmation regarding the approval or rejection of your loan request. MTN will communicate the decision to you through SMS or within the Mobile Money app.
- Loan Repayment Terms: Understand the terms and conditions of the loan, including the repayment period and any associated fees. Ensure that you are comfortable with the terms before accepting the loan.
- Prompt Repayment: If approved, make sure to repay the loan on time. Timely repayment not only maintains a positive credit history but may also increase your chances of qualifying for larger loan amounts in the future.
Remember to check with MTN for specific details, terms, and conditions regarding their loan services as these may vary.
As soon as a loan is given to you, the platform will monitor how you will decide to pay back, whether on time or you will let the days given to you pass.
If you don’t ever want to be rejected when applying for MTN QuickLoan, then you should try and do your best to pay your loans on time.
Paying loans on time gives you the ability to get higher loans when you need another one.
You can check out how to use the MTN midnight bundle in the daytime and also if you have an MTN bonus that is due to expire and you have been wondering if there is a way to extend this bonus, the answer is yes, you can, we have an article taking you through how to extend your MTN bonus for another 7 days.
Mobile Money Quickloan is here to stay and help us. I will urge everybody to pay on time so that these banks will get money to give to other people in need.
So to the one reading this, have you ever collected Quickloan before?
Or you be one of the ‘Dadabees’?