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How To Get Gh¢ 1000.00 On MTN QWIKLOAN.

How To Get Gh¢ 1000.00 On MTN QWIKLOAN.

How To Get Gh¢ 1000.00 on MTN QWIKLOAN.

The process of getting quick and instant loans in Ghanaian banks is quite lengthy, tiring and time-consuming for any individual that is looking for a small amount of loan to fix their immediate needs.

However, there’s great news!

Unlike before, you can easily borrow money right from your smartphone nowadays.

www.oxfordlanguage.com defines a loan as a thing that is borrowed, especially a sum of money that is expected to be paid back with interest.

What Is MTN QWIKLOAN?

MTN Qwikloan is a rapid, smooth, and accessible way by which MTN Ghana customers can get loans using their MTN mobile money wallet.

With Qwikloan, customers do not have to go through the hurdle of providing proof of collateral in order to access the loan.

MTN Mobile Money users can get loans up to Gh¢ 1000.00.

Who Is Eligible For MTN Qwik Loan?

  • You must be an active MTN subscriber for more than three(3) months.
  • You must be eighteen (18) years and above. 
  • Your MTN Mobile money wallet must have been actively used in transactions for a long period of time. 
  • The user must not have an outstanding loan amount to pay. If you have taken a loan before, you have to have repaid that loan and on time to qualify for another loan.
  • If your MTN Mobile Money wallet activity is not sufficient or you have not used the wallet at all, you may not be able to qualify for a Qwikloan.

How To Get Gh¢ 1000.00 On MTN QWIKLOAN.

How To Get Gh¢ 1000.00 On MTN QWIKLOAN.
Steps To Get Gh¢ 1000.00 On MTN QWIKLOAN.

How To Apply For MTN Qwik Loan.

  • Dial the short code *170# on your gadget.
  • Choose option five (5) to access Financial Services.
  • Choose option three (3) for loans.
  • Select option one (1) for Qwikloan.
  • Choose option one (1) to Request a Loan.
  • Type your loan amount.
  • Confirm your repayment plan (Number of days to pay back).
  • Enter your secret Mobile Money Pin to complete the process.

If your application is approved, you would receive an SMS to confirm: 

  1. The Loan Amount.
  1. The Repayment Amount.
  1. The Interest Rate of 6.9%.
  1. The due date for repayment.
How To Get Gh¢ 1000.00 On MTN QWIKLOAN.
How To Get Gh¢ 1000.00 On MTN QWIKLOAN.

How to Repay your MTN Qwik Loan.

  • Deposit the amount repayable or more into your MTN Mobile Money wallet before the due date to repay the loan.
  • The loan amount would automatically be deducted from your wallet on the due date.
  • You can also repay your loan at any time, by selecting the Repay loan option on the Qwik loan menu by dialing *170#.
  • You can only have one active Qwik loan at a time, but once the loan has been repaid, you can apply for another loan. 
  • Qwikloan is a thirty (30)-day loan. At the end of thirty (30) days, the loan is repaid in one single amount at a fee of 6.9 percent.

What Happens If You Do Not Pay Your Loan On Time?

MTN will automatically deduct the balance of any unpaid repayment amount from the funds in your MN Mobile Money wallet until they pay the repayment balance. 

If on the due date, you do not repay the amount in full, a 12.5% penalty will automatically be applied.

I hope this article answered your question.

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