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How To Borrow Money From MTN Mobile Money

MTN Ghana unveiled its mobile money service to customers some years ago. The service is arguably now the most used form of mobile money service in Ghana.

The MTN mobile money service is used in almost all parts of the country. Subscribers of the telecommunications company can

no matter their location.

MTN then later introduced a service that allowed their customers to take some loans from the service and then pay them back later.

This service is known as the MYN QwikLoan. For today’s article, we will be walking you through the steps that you can take to request a loan from the MTN mobile money service.

There are a lot of people who are normally in need of money and in most cases, their only hope of securing any is to try and get a loan.

There are a lot of money lending firms that have sniffed this and have started giving out loans to such people which comes with interest.

One such is the MTN QwikLoan that we will be looking at today. We are helping to go get that loan but it doesn’t matter since you already need it 

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.

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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.

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%.
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Repaying MTN QwikLoan

In case you have got your money from wherever it was coming from and now you want to repay the loan that you took from MTN. here are the steps to get that done.

You will need to deposit the amount of money you wish to pay into your mobile money account

You then dial *170# on your phone and go to the QwikLoan option. You will see an option for repaying the loan

Note that if the due date for paying the loan has already expired, MTN will automatically take whatever money you put in your account until the full amount of the loan has been paid off.

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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