The unplanned needs of finances are always possible in this hectic and dynamic world. This is because it makes money lending possible for Ghanaians who do not have a formal banking relationship. This is a blog that will guide you through the borrowing procedure on MTN Mobile Money in Ghana.
Step 1: Register for MTN Mobile Money: Users wishing to utilize MTN Mobile Money are required to register first. Go the nearest MTN Mobile Money agent outlet with your ID card (National Identity Card, Driving License, or Passport) in Nairobi with you. complete the required documents and give the needed information. After successfully registering, you will be given an MTN mobile money account.
Step 2: Maintain Active Account: However, a borrower must at least have an active account on MTN Mobile Money as borrowing is open to all registered users. In order to achieve this, regularly deposit funds in your Mobile Money account, conduct transactions, and refrain from prolonged intervals without any action. Such clients are usually easy to get credit from loan approvers.
Step 3: Check Eligibility: However, a person should be sure of his capability of repayment before taking any loan. Eligibility among the MTN Mobile Money users depends on how they use their accounts, also on the type of financial transactions made through it. If you want to check whether you are eligible, dial *170#, choose “loan” and wait for instructions.
Step 4: Select a Loan Provider: One of their strengths is that they partner with a number of loan providers in Ghana allowing consumers to have many choices when borrowing. Make a call through dialing number *170#, and then press “loans” and pick an institution offering loans. Interest rates, repayment terms and loan amount can vary from provider to provider.
Step 5: Apply for a Loan:After choosing a loan lender proceed in filling an application form. You will be required to indicate certain particulars like the desired loan amount and period. After that, the loan provider will go through your application and let you know of their decision.
Step 6: Loan Approval and Disbursement:In case your application for loan is accepted, the required money amount will be credited to your mobile wallet, provided by MTN mobile money. This will depend on the policies of the loan providers. Remember to always check that the loan terms are acceptable, the interest rates are reasonable, and repayments are convenient.
Step 7: Repayment:Paying back in good time provides no problems when borrowing. The MTN mobile Money makes loan repayments convenient. Once you give them the authority to do so, the loan repayments can be deducted in the form of lumpsum or monthly installments directly from the MTN mobile money account. If you pay promptly, it will help build your trustworthiness which will also increase the possibility of successfully borrowing in future.
