Usually, in Ghana, borrowing money happens to be a hectic and procedure that is bureaucratic. The financing establishments, by way of example, will request proof collateral through the process.
Fortunately, with all the introduction of MTN Mobile Money and Qwik loan, it really is easier, faster and convenient to borrow money. You should know the program procedure to access the loan, the requirements, therefore the borrowing from the bank terms before you make decision obtain funds from MTN Qwikloan.
With one of these in your mind, it will be easier and quicker to obtain the loan. Knowing the demands can help you understand also the repayment terms to avoid listed being a defaulter resulting in disqualification to re-apply.
Because the solution is virtual, its easier to understand you are able to decide to try qualify for the loan whether you’re entitled to the credit and when perhaps not, the measures. You can access the Qwikloan and all sorts of other MTN services by making use of these MTN Shortcodes.
The QwikLoan is just a loan solution made available from MTN and thus has it’s own recommendations regarding whom qualifies when it comes to loan and just who does not. The platform hinges on your MTN registration details and so, to borrow cash with the system, your number that is mobile must under your name.
To be eligible for the loan, you need to follow below measures;
- Be 18 many years and above
- Have an MTN Ghana card that is sim
- You really need to have used the solutions that are MTN more than three (3) months or 90 days.
- Be an active individual of MTN Mobile Money services and have now an e-wallet this is certainly active.
- Will need to have a credit that is great, in the event that you utilized the QwikLoan services before.
After submitting the application when it comes to QwikLoan, MTN will take some correct time for you evaluate your request. In case the loan demand is successful, you shall get an SMS verifying the mortgage amount and also the payment duration. A 6.9% interest will be contained in your confirmation SMS.
But, in the event your loan request wasn’t effective, you should evaluate several things which are few. First, you need to spend before requesting a new loan if you have a pending loan payment. Next, ensure your money this is certainly mobile number active.
Simply how much You Can Easily Borrow With MTN QwikLoan
There’s a ready limitation for MTN QwikLoan for first-time borrowers. More often than not, you can just borrow GHS 20 or GHS 50. But, you’ve got a possibility of having the GHS 1000 restriction if you should be already a subsequent borrower of the service and your loan rating is high.
It impacts your credit rating, hence disqualification from the service if you don’t pay your loan on time. To be able to regain your rating and applying once more, you need to regularly make use of the ongoing solution for more than three months.
This technique pertains to all the loan that is online. All other loaners have their needs which are own procedures but each one is similar.
You are getting your loan faster while you are able to move across almost all their requirements.
To obtain additional from online financial loans in Ghana, do the annotated following:
Keep money into your MoMo balance. Don’t withdraw frequently. And take all repayments through Mobile cash.
Whenever you borrow enough time this is certainly first pay before time and don’t borrow immediately after paying.
Make your entire bundle and credit expenditures via Mobile Money
Connect a bank-account to your Mobile Money account even in the event there’s absolutely no money in it.
How To Apply For MTN QwikLoan
The entire process of obtaining MTN Qwikloan is certainly not large. Proceed with the processes below to get a loan.
- Dial *170# on your own mobile handset
- Select option 5 which is solutions being financial
- Choose option 3, Loans
- Select option 1, QwikLoan
- Select choice 1, Get Loan
- Enter your mobile phone cash pin to advance to the option that is next
- Enter your Loan hit and amount send
Only at that minute, you’ll get an SMS fleetingly with your Loan amount sent to your MOMO account in the event that you are eligible for the Loan.