MTN Qwikloan / quick is a financial solution by AFB Ghana and MTN MoMo that provides a convenient loan to subscribers of MTN MoMo, it is a very easy and simple way.
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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.
why it is not possible to get another MTN Qwikloan
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 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 dire 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.
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Solutions To Get Approved For Mtn Qwik/quick loans In Ghana
What can one do to prevent such awkward situations? First, contact MTN and make your complaints to them when you seem not to get access to the QwikLoan offer. You stand a chance of having the account reinstated to assist you with the loan facility.
If it does not work this way, then you stand a chance of being at risk by registering a new account attached to your business.
To be on the safe side, just pay the loan before the time elapses and both parties will be happy. There would not be any back and forth story, no disgrace, or lack of trust.
You must be a current MTN subscriber in order to be qualified for a qwikloan
You must be at least 18 years old
You must have been an active MTN subscriber for at least the previous 90 days.
Your MTN Mobile money wallet must be actively used in transactions for an extended period of time in order to be eligible for a reward.
Customers of MTN who want to take the qwikloan need to dial *170# on their mobile phones, and select option 6 to gain access to the Qwikloan service.
Mtn QwikLoan allows a 30-day loan term with a single repayment with a 6.9% interest rate
As long as you don’t have any outstanding loans to pay, you qualify for an MTN loan when you request it.