Need quick cash? MTN Qwikloan is one of the fastest and most convenient ways to borrow money in Ghana. With no paperwork, guarantors, or collateral required, you can access loans ranging from GHS 25 to GHS 1,000 at an interest rate of just 6.9%. This guide walks you through the application process, repayment options, eligibility criteria, and tips to qualify.
Key Takeaways
- Borrow GHS 25 to GHS 1,000 with a 6.9% interest rate and a 30-day repayment period.
- Dial
*170#on your phone to apply for a Qwikloan. - Other MTN loan options include Xpressloan, Ahomka Loan, and XtraCash.
- Late payments attract an increased interest rate of 12.5% and can affect your eligibility for future loans.
What is MTN Qwikloan?
MTN Qwikloan is a micro-loan service offered in collaboration with AFB Ghana. It allows MTN Mobile Money users to borrow small loans quickly and repay after 30 days. For example, if you borrow GHS 25, you’ll repay GHS 26.73 after 30 days.
Eligibility Criteria for MTN Qwikloan
Not all MTN users qualify for Qwikloan. Here’s what you need to be eligible:
- Be 18 years or older.
- Have a registered MTN SIM card.
- Be an active MTN user for at least 6 months.
- Actively use your MTN Mobile Money wallet for a minimum of 3 months.
If you meet these requirements, you can apply for Qwikloan without a guarantor or any complicated paperwork.
How to Apply for an MTN Qwikloan
Follow these simple steps to borrow money using MTN Qwikloan:
- Dial
*170#on your mobile phone. - Select “Financial Services.”
- Choose “Loans.”
- Select “QWIKLOAN.”
- Choose “Get a Loan.”
- Enter your MoMo PIN to confirm.
- Enter the amount you want to borrow (within the GHS 25–1,000 range).
- Review the loan amount, terms, and repayment details.
- Select “Next” to agree to the terms and conditions.
- Choose a purpose for your loan and confirm the application.
Once approved, you’ll receive an SMS notification, and the money will be credited to your Mobile Money wallet instantly.
How to Repay Your MTN Qwikloan
You can repay your Qwikloan in two ways:
Option 1: Manual Repayment
- Deposit the total loan amount, including interest, into your MoMo wallet.
- Dial
*170#and select “Financial Services.” - Choose “Loans” and select “QWIKLOAN.”
- Select “Repay my loan.”
- Enter your MoMo PIN to confirm repayment.
- Choose a repayment option (partial or full payment) and confirm.
You’ll receive an SMS once the repayment is successful.
Option 2: Automatic Repayment
If you don’t manually repay your loan, MTN will automatically deduct the total amount (plus interest) from your wallet on the repayment due date. Ensure your wallet has sufficient funds to avoid late payment penalties.
Other MTN Loan Services in Ghana
Besides Qwikloan, MTN offers other loan products through partnerships with financial institutions:
- Xpressloan
- Offered in collaboration with Ecobank Ghana and Jumo.
- Provides microloans at a 6.9% interest rate, payable within 30 days.
- Ahomka Loan
- Designed to provide short-term loans during emergencies.
- Same terms as Qwikloan, with a 6.9% interest rate and a 30-day repayment period.
- MTN XtraCash
- Allows users to borrow GHS 50 or less for urgent needs.
- Repay within 7 days, with a 10% late payment penalty if overdue.
- Pick-and-Pay-Later Service
- Instead of cash loans, qualified users can purchase devices (phones and tablets) and pay in installments over 6–12 months via MoMo.
Tips to Qualify for an MTN Loan
Want to increase your chances of getting a Qwikloan or other MTN loans? Here are some tips:
- Use MoMo regularly: Maintain consistent transactions with your Mobile Money wallet.
- Register with your Ghana Card: Ensure your MTN SIM card is linked to your national ID.
- Repay loans on time: A good repayment history increases your eligibility for higher loan amounts.
Frequently Asked Questions (FAQs)
1. What is the maximum loan amount for MTN Qwikloan?
The maximum loan amount is GHS 1,000.
2. What happens if I don’t repay on time?
Late repayments attract a higher interest rate of 12.5%. Failure to pay may also disqualify you from applying for future loans.
3. Can I borrow multiple loans at once?
No, you can only borrow one loan at a time. To access a new loan, repay your outstanding balance in full.
Conclusion
MTN Qwikloan is a fast, hassle-free way to access small-scale loans in Ghana. With an affordable 6.9% interest rate and a repayment period of 30 days, it’s a great solution for urgent financial needs. To enjoy this service, use your Mobile Money wallet frequently and maintain a good credit history.
If you’re looking for additional loan options, explore MTN’s Xpressloan, Ahomka Loan, or XtraCash services.
Got questions or need more tips? Share your thoughts in the comments below, and don’t forget to bookmark this guide for future reference!