Imagine you’re out and about, and suddenly you need cash—maybe your favorite snack vendor only takes mobile money, or your transport fare runs out at the worst time. Wouldn’t it be great if you could borrow a little extra right from your phone, no long forms or stress involved? Well, with MTN Mobile Money Loans, you can do just that!
In this guide, we’ll break down everything you need to know about borrowing money using MTN’s mobile loan services, explaining it in a way that’s easy to follow, whether you’re new to this or just need a refresher.
What Is MTN Qwikloan?
MTN Qwikloan is a short-term loan service that allows MTN Mobile Money (MoMo) users to borrow cash instantly—anywhere, anytime. You can borrow between GHS 25 and GHS 1,000, and you’ll have 30 days to pay it back with a 6.9% interest rate. That means if you borrow GHS 100, you’ll pay back GHS 106.90 after a month.
There’s no need for paperwork, bank visits, or collateral—just your MTN MoMo account and a good track record.
Who Can Get an MTN Qwikloan? (Eligibility Requirements)
Not everyone qualifies for an MTN Qwikloan right away. To be eligible, you need to:
- Be at least 18 years old
- Have a registered MTN Ghana SIM card
- Have been using MTN for at least six months
- Be an active MoMo user for at least three months
- Maintain a good credit history (if you’ve borrowed before, make sure you paid on time!)
If you tick all these boxes, you’re good to go!
How to Borrow Money from MTN (Step-by-Step Guide)
Getting a loan is as easy as dialing a short code and following a few prompts. Here’s how:
- Dial
*170#on your MTN phone - Select “Financial Services”
- Choose “Loans”
- Select “Qwikloan”
- Tap “Get a Loan”
- Enter your MoMo PIN to confirm
- Choose the loan amount you need (within the available range)
- Confirm the loan amount and repayment terms
- Agree to the terms and conditions
- Select the reason for your loan (e.g., emergency, business, bills)
That’s it! You’ll receive an SMS confirmation and the money will be instantly credited to your MoMo wallet.
How to Repay Your MTN Qwikloan
Paying back your loan on time is crucial because it helps you qualify for higher loan amounts in the future. MTN gives you 30 days to repay, and you have two ways to do it:
1. Manual Repayment
Want to repay early? No problem! Follow these steps:
- Deposit the loan amount + interest into your MoMo wallet
- Dial
*170# - Go to “Financial Services”
- Select “Loans”
- Tap “Qwikloan”
- Choose “Repay My Loan”
- Enter your MoMo PIN to confirm
- Select full payment or part payment
- Confirm the repayment
You’ll receive an SMS confirmation once your loan is successfully repaid.
2. Automatic Deduction
If you don’t manually repay, MTN will automatically deduct the loan amount (plus interest) from your MoMo wallet on the due date. Make sure you have enough funds in your account to avoid penalties!
What Happens If You Don’t Repay on Time?
Late repayments come with consequences, and you definitely don’t want to ignore them:
- Your interest rate increases from 6.9% to 12.5%
- You might be disqualified from borrowing again
- Your credit score drops, making it harder to get loans elsewhere
So, always repay on time to keep your options open!
Other MTN Loan Options
Besides Qwikloan, MTN has partnered with other financial institutions to offer more loan choices:
1. XpressLoan
- Provided by Ecobank Ghana & Jumo
- Works like Qwikloan with a 6.9% interest rate
- No paperwork or collateral required
2. Ahomka Loan
- Introduced during COVID-19 to help people with short-term loans
- Same 30-day repayment period and 6.9% interest
3. MTN XtraCash
- Offers small, short-term loans (GHS 50 or less)
- Must be repaid within 7 days
- Late payments attract a 10% penalty
MTN also offers a pick-now-pay-later service for buying phones and tablets, where you pay in installments over 6-12 months.
3 Tips to Increase Your Loan Limit
Want to borrow higher amounts? Follow these tips:
- Use MoMo regularly – The more transactions you make, the more MTN trusts you.
- Link your MoMo account to your Ghana Card – It boosts your credibility.
- Repay loans on time – A clean track record means higher loan offers!
FAQs
1. What’s the maximum loan amount I can get?
The highest amount for Qwikloan is GHS 1,000.
2. Can I apply for multiple loans at the same time?
No, you must repay your current loan before applying for another.
3. What happens if I don’t repay my loan?
Your interest rate increases to 12.5% and you may be blocked from borrowing in the future.
MTN Mobile Money Loans are a lifesaver when you need quick cash without stress. Whether it’s for an emergency, small business, or just covering expenses before payday, these loans are fast, easy, and convenient.
Just remember: borrow only what you can repay and always pay on time to keep your loan options open. Need cash now? Dial *170# and get started!
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