MTN XpressLoan is another financial service by MTN Momo and Ecobank that offers quick and unsecure short term loans. It is a convenient cash loan paid into your MTN Mobile Money wallet.
If you pay your loan on time, every time, then you will continue to have access to a loan whenever you need it.
Who Qualifies for MTN XpressLoan
To Qualify for the Xpressloan service, you need to frequently make Mobile Money Transactions and Top-up your airtime for 90 Days.
How to Apply for MTN XpressLoan
- First, Dial *170#
- Select Option 5 for Financial Services
- Select 3 for Loans to choose your preferences
- Select Option 2 for XpressLoan
- Select Option 1 to get a Loan
- Enter Your Pin to Confirm
- Select Option 1 to view Offers
- Enter your preferred amount between 50GH to 1000
- Enter Option 1 to Confirm repayment Plan
After confirming repayment, you will an SMS of the Loan amount you requested and the applicable service fee for the transaction.
Once the transaction is done, MTN will loan you the preferred amount directly into your Mobile Money Account, which you can check via *170#.
MTN interest rate of the XpressLoan stands at 6.9% and 12.5% when you default. The maximum amount is also GHS1000, same as Ahomka Loan and QwikLoan.
I have repaid my loan, 5days now, though the due day has not reached but they have refused to loan me!