How to borrow money from MTN QwikLoan
First of all, you must have a working and registered MTN number. The number must also have MTN Mobile Money registered on it.
- From your MTN Mobile Money-registered number, dial *170#.
- Select Financial Services, option 5.
- Select Loans, option 3
- Select QWIKLOAN, option 1
- Select Get a loan, option 1
- Enter your secret Mobile Money PIN code to confirm that you’re taking a loan.
- The next page will ask you how much you want to borrow. For first-timers, you are usually given a few options. Maybe ₵20 and ₵50. For those who been borrowing and repaying on time, you’ll be given a range from which you can enter what amount you want to borrow.
- Now confirm that you are taking the loan and you do accept the interest on it.
- An SMS will be sent to notify you that the loan has been paid into your MoMo wallet.
Things to know about MTN Qwikloan
There are some things you should know about MTN Qwikloan. Any amount you borrow has an interest of 7%. The duration to pay back the loan is 30 days. If you are not able to pay back the loan in full within the 30 days, the interest will be moved to 12%.
The cool thing is you can pay the loan in smaller amounts at no extra cost.
If the scheduled date for payment is due and you have the amount in your Mobile Money wallet, it will be deducted automatically.