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What is Qwikloan?
MTN Qwikloan is a mobile service that allows you to get a cash loan at any time for any reason. Customers of MTN Mobile Money can get a loan of up to GHS 1,000.
To participate, you must be at least 18 years old.
For more than 90 days, you must be an MTN Ghana subscriber.
You must be a registered user of MTN Mobile Money Service and actively utilize the Wallet for transactions such as sending and receiving money, acquiring airtime, and paying bills.
If you have previously taken a loan with the feature, you must have repaid it in full and on time to be eligible for another loan.
You may not be eligible for a Qwikloan if your MTN Mobile Money wallet activity is insufficient, or if you have not used the wallet at all.
How to Apply for a Mobile Telecommunications Network (MTN) QwikLoan
On your MTN handset, dial the shortcode *170#.
To get to the Financial Services section, select option 5.
For loans, select option 3.
For Qwikloan, select option 1.
To request a loan, select option 1 from the drop-down menu.
Determine the size of your loan.
Make sure your repayment strategy is correct (Number of days to payback)
To complete the operation, enter your secret Mobile Money Pin on the next screen.
If your application is granted, you will receive an SMS confirming the following information: the loan amount, the repayment amount, the 6.9% interest rate, and the repayment due date.
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How to Repay your MTN QwikLoan
To repay the loan, deposit the amount repayable or more into your MTN Mobile Money wallet before the due date.
On the due day, the loan money would be automatically withdrawn from one’s wallet.
You can also repay your loan manually at any time by selecting Repay loan from the Qwikloan menu and entering *170#.
At any given time, you can only have one current Qwikloan.