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How To Borrow Money From MTN Mobile Money

Several years ago, MTN Ghana introduced its mobile money service, which has since become a ubiquitous and widely-used financial platform across the country.

With subscribers scattered across diverse locations, the MTN mobile money service provides a convenient and accessible means for individuals to manage their finances.

One notable extension of this service is the MYN QwikLoan, which empowers MTN customers to request loans seamlessly and repay them at a later date.

In this article, we will guide you through the steps to request a loan using the MTN mobile money service.

In various circumstances, individuals find themselves in need of financial assistance. Recognizing this, MTN introduced the QwikLoan service to provide a solution for their customers facing such situations.

This service eliminates the complexity associated with traditional loan processes, offering a quick and accessible alternative.

To get a QwikLoan from MTN, one must have used the mobile money service for a considerable amount of time over a certain period before they could qualify for the loan service. 

MTN QwikLoan

The QwikLoan service is a faster and easier way through which customers of the MTN Ghana network can access small loans through their mobile money accounts.

They do not have to go through the hustle of collaterals and signing of lots of papers. One can get a loan at any time provided that they qualify for it.

Subscribers can a loan of up to GHS 1.000, depending on how much he or she qualifies.

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Requirements Needed To Qualify For MTN QwikLoan

  • One must be over 18 years old
  • One must be a subscriber of MTN Ghana for more than 90 days
  • One must also be registered for the MTN mobile money service. The service must also be in use actively by the subscriber for some time

If you have passed all the above and have used or collected a loan before, the loan must have been paid on the appointed time before you can be considered.

Low usage of the service will render you unqualified to borrow from the service.

How To Get MTN QwikLoan

So if you tick all the qualification boxes above, then it is time to try and see if you can get a loan approved. Follow the steps below to apply for the loan.  

  • Dial *170#
  • Select option 5 for financial services
  • Select option 3 for loans
  • Select option 1 for QwikLoan
  • Select option 1 for request loan
  • Enter the amount of loan you want
  • Agree to the appointed repayment date
  • Enter your MoMo PIN to confirm
  • You will receive a notification alerting you of the success of the loan. Note that MTN will charge you an interest of 6.9%.

Repaying MTN QwikLoan

After successfully securing a loan through MTN QwikLoan and obtaining the needed funds, it’s crucial to understand the steps for repaying the loan promptly.

This ensures a seamless and responsible financial transaction. Here’s a step-by-step guide to repay your MTN QwikLoan:

Repayment Process:

  1. Deposit Money into Your Mobile Money Account: To initiate the repayment process, deposit the amount you wish to pay back into your mobile money account. This can be done through various means, such as transferring funds or depositing cash at a mobile money agent.
  2. *Dial 170# on Your Phone: Dial *170# on your mobile device to access the MTN mobile money menu.
  3. Navigate to QwikLoan Option: Within the menu, navigate to the QwikLoan option. This can often be found under the loans or financial services section.
  4. Select Repayment Option: Once in the QwikLoan section, you will find an option specifically for repaying the loan. Select this option to proceed with the repayment process.
  5. Enter Loan Repayment Amount: Input the amount you wish to repay. Ensure that the entered amount corresponds to the outstanding loan balance.
  6. Review and Confirm: Take a moment to review the transaction details, including the repayment amount. Confirm that all information is accurate.
  7. Transaction Confirmation: After confirming, the system will process your repayment transaction. You will receive a confirmation message indicating that the repayment has been successful.
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Automatic Repayment (If Loan Due Date Has Expired)

If the due date for repaying the loan has passed, MTN may automatically deduct the outstanding loan amount from your mobile money account.

This occurs when you deposit funds into your account, ensuring that the loan is settled.

Using the MTN QwikLoan can be very helpful, especially in times of need. However, you should make sure to pay your loans on time so you can qualify for another and to avoid the situation of MTN taking money that someone has sent to you for something else because you have not paid them their loan back. 

You can also check out how to borrow airtime from all networks in Ghana.

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