South Africa’s biggest mobile telecommunication company, MTN, in partnership with JUMO, which is a platform that offers mobile financial services, have come up with Qwik Loan, which offers quick reasonably priced short-term loans for people who are in need of financial assistance.
MTN Mobile Money (MoMo) Qwik Loan is accessible to South Africans who use smartphones and are on MTN or Vodacom network and registered to the MoMo app and you can access the service using the USSD (*151#).
With the MoMo Qwik Loan you can borrow a loan amount that ranges from as little as R250 up to R10 000 and the repayment of the loan will be processed through your MoMo account balance, on the repayment date that you made when your loan was approved.
MoMo Qwik Loan Requirements
To apply for the mobile short-term you must be registered on MTN MoMo, must be 18 years or older with a South African valid ID or Passport, have an active MoMo account and you must not have a bad credit history or score.
MoMo Qwik Loan Benefits
- Competitive Interest rate from as little as 10%
- You can apply for the loan using the app on the comfort of your home
- Requires no paperwork
- Can be accessed by anyone whether on MTN network or not
- Offers zero fees transactions
How to Qualify for the Loan
To qualify for the Qwik Loan you must meet the eligibility requirements and most importantly your MoMo account must be active with a history of cash deposits to your account.
Frequently Asked Questions (FAQ’s)
When will MoMo approve my Qwik Loan?
Approval for the loan instantly occurs on the application process when you check that you qualify.
How can I get a bigger loan amount?
To get a bigger loan amount continue being active on MoMo and also pay your current loan amount you owe on time.
What are the QwikLoan Fees?
Your Fees will be determined by the way you use your MoMo account and how you repay your loans.
What are the documents needed for QwikLoan?
No documents are required when applying for the loan, you must only be familiar with the eligibility requirements.
To get more personal loan products click here.
