MTN QwikLoans: Get GH¢ 1,000 Into Your MTN MOMO Wallet Within Minutes

About Qwik Loan

MTN Ghana in partnership with Afb GHANA have launched the “Qwikloan” service to provide convenience to customers in times of need to enhance their business.

The service, dubbed, “Qwikloan” is fast, easy, and convenient which enables customers to access loans using their MTN mobile money platform.

Mr Eli Hini, the General Manager of Mobile Money Limited, speaking at the event said with Qwikloan, customers do not have to go through the hustle to provide proof of collateral in order to access the loan.

He said Qwikloan was an instant way to access a cash loan, at any time for any purpose from one’s Mobile phone, saying, customers can access loan up to GH¢ 1,000.

“All you have to do is use MTN Mobile Money wallet more frequently and also commit to repay your loans on time in order to have access to more loans.

MTN customers simply have to dial *170# and choose option 6 to access the Qwikloan” he said.

He said customers can have access to this loan only if; they frequently performed the transactions on Mobile Money by sending and receiving money, purchase airtime, pay bills among others.

According to him if one’s MTN Mobile Money wallet activity is too low, or the customer have not used the wallet at all, he or she may not be able to qualify for a Qwikloan.

Using a single MTN SIM for all airtime and Mobile Money activities is very necessary with respect to the Qwikoan, he stated.

He said to access the loan, the customer have to be above the age of 18, be an MTN customer for more than 90 days, and Simply deposit money into his or her MTN Mobile Money wallet before the due date to repay the loan.

The loan amount would automatically be deducted from one’s wallet.

Furthermore, he added that, customers can only have one active Qwikloan at a time, but once the loan has been repaid, they can apply for another loan, saying “There are limits to the number of loans a customer can take in a day or a week so you may have to wait for a few days before taking another loan after repaying.”

Read also: How To Get Fido Loans Within Minutes

Features of MTN QwikLoan

• The loan is simple and easy to apply
• It is accessible with no previous savings required.
• Loan repayment term is 30 days
• Minimum loan is GHS 50 with the maximum being GHC 1000
• Customers can have one loan at a time and can only apply for a new one after paying the existing loan.

The following are the requirements of MTN qwik loans:

• You must be 18 years or above.
• If you already have a loan with the platform. You must repay it before you can get another one.
• Be a user of MTN Ghana.
• To access this loan, you must have been an MTN Ghana subscriber beyond 90 days.
• Create an account with MTN Mobile Money Services. Besides that, you must actively use it to perform some financial transactions. Transactions such as; sending and receiving money, paying of bills, purchasing of airtime, etc.

How to register for MTN Qwik Loan

• Steps
• Dial *170#
• Select option 5 -financial services
• Select option 3 – loans
• Select option 1 to register for free or option 2 to view terms and conditions

How to borrow from MTN QwikLoan

Dial the short code *170# on your MTN Handset
Choose option 5 to access Financial Services option
Choose option 3 for loans
Choose option 1 for Qwikloan
Choose option 1 for Request Loan
Choose your loan amount
Confirm your repayment plan (Number of days to payback)
On the next screen, enter your secret Mobile Money Pin to finalize the process

Your loan request will be approved instantly and an SMS will be sent to you confirming the cash sent to your MoMo wallet.

If you are able to repay the loan on time with the 6.9% interest rate, you will be given a higher amount in your subsequent request.

How to Repay your MTN QwikLoan

Automatic Repayment

To pay back your MTN Qwikloan, just follow the procedures below;
Make a deposit into your MTN Mobile Money wallet before the due date to repay the loan.
When it is due, the loan amount will be automatically deducted from your MTN Mobile Money wallet. This is not recommended!

Manual Repayment, this is recommended

• Dial the short code *170# on your MTN Handset
• Choose option 5 to access Financial Services option
• Choose option 3 for loans
• Choose option 1 for Qwikloan
• Choose option 2 for Repay Loan
• Enter you MOMO pin to confirm
• Choose your own amount or repay your full loan

NOTE: The MTN Qwikloan has an interest rate of 6.9 per cent.

How to check MTN QwikLoan limit 

After loan repayment, the MTN QwikLoan limit may change. You can check your limit by following these steps. On your gadget, dial *170# Select #5, which is “Financial Service Option.” Click option #3 that is ‘QWIKLOAN.’ Go to “Loan Limit” Enter your Mobile Money Pin

How can I increase your loan limit on the MTN QwikLoan?

If you are new on MTN QwikLoan, your limit is usually low. Hence to increase your limits.

First, consistently use MTN mobile money savings and loan facilities. The more you use MTN mobile money, the more your limit increases. For example, keep sending money using MTN Mobile money and encourage people to send your payment through MTN.

Second, you must make timely payments to MTN QwikLoan to increase your limits. Redeeming debt obligations is the best way of increasing your borrowing capacity. If you make timely repayments within twelve months, you might reach the GH₵ 1000 limit.

Why Your Mtn Qwikloan Request Was Denied- How To Get Approved

Do you find it difficult to get a loan using your MTN MoMo account or get the notification that you are unable to apply for MTN QwikLoan?

The MTN Qwikloan has some conditions attached to it. You must have an active MTN MoMo account to start with. Your initial loan amount should be between GHS 45 –GHS 50 and based on how fast you paid the loan will determine how high the next amount for the loan will be.

So the reason for you not being able to apply is that you couldn’t pay your previous loan within the stipulated time. Anytime you are given a loan you are given an ultimatum of thirty days to repay.

During this time, your loan amount will not be taken from your wallet, rather if you are able to repay during that period without them taking money from your wallet, you are considered credit-worthy. 

Be mindful that if you wait for the system to make automatic deductions you will be found wanting and getting another chance is minimal.

The next reason is you entered the penalty zone. You see when your thirty days have elapsed and you get reminders that you owe them do not take it on a lighter note. This is because they are in the need of their money and will not rest until the last pesewa is paid.

Again you will be paying 12% of the loan amount as a penalty for late payment. If this continues two times, you will not be considered honorable enough to be given another opportunity to request a loan.

Furthermore, if your MOMO activities are not enough, you'll not be eligible the next time you apply the MTN Qwikloan. People who use their MOMO account often, that is transferring and receiving money are readily accepted in the MTN Qwikloan list and are granted loans within minutes.

To add to the above is your airtime and bundle activities. If you buy airtime and bundle quickly especially through your MTN MOMO wallet, you'll be granted loans easily.

Some people are not accepted in the MTN Qwikloan list let alone talking about granting them loan because their activities on their MTN MOMO wallet is not enough to qualify them.

So you'll realize that it all depend on the MTN MOMO activities, the more you use your MTN wallet and buy airtime and bundles, the more quickly you'll be qualified for the MTN Qwikloan.

Frequently Asked Questions And Answers About MTN Qwikloan

What is the maximum loan amount I can get from MTN Qwik loan?

Before applying for the MTN qwik loan, it’s necessary to know the maximum loan amount you can get. The maximum loan amount you can get from MTN qwik loan is GHS 1,000. But I head someone taking about GHS 2,000 from them before.

What is the loan duration of MTN qwik loan?

Every loan typically has a duration. This duration states when you have to repay the loan. The loan duration of MTN qwik loan is 30 days.

What is the interest rate of the MTN qwik loan?

Loans typically come with interest rates. This is usually the one reason lenders borrow money to individuals. This interest is a source of income for lenders. However, the interest rate for MTN qwik loan is 6.9%.

What is the MTN Qwikloan Short Code?

The MTN Qwikloan short code is *170# then select option 5, financial services

What is the MTN Qwikloan Contact Number?

For MTN Qwikloan contact number, you may dial +2330244300000

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