HOW TO GET A LOAN WITH MTN MOBILE MONEY.
Mobile loans in Uganda have become very popular in the recent past, providing a reliable and convenient way for people to get credit minus collateral or tedious bureaucratic processes. Telcos like MTN & Airtel have adventured into giving options to mobile loans and in this article, we shall dive into some of the loan products MTN has in place.
LOAN PRODUCT CATEGORIES
- MoPESA
With MoPESA, you can borrow from UGx 5,000 to UGX 3,000,000 for 3 days, 7 days, 14 days, and 30 days at access fees of 2.5%, 5%, 7%, and 9% respectively.
When you frequently save with MoPESA, you earn up to 5% per annum on your savings balance as you grow your limit.
- MoSente
The MoSente loan is serviced by JUMO through MTN MoMo.
MoSente offers loans to selected MTN customers. No savings or paperwork is needed and the loan fee is paid directly into the MoMo account.
To qualify for MoSente, you must frequently recharge with Talktime and use your MoMo account.
You can pay the loan at any time either through full pay or partial pay.
To pay your loan in full, make sure you have enough money in your account on the due date or select “Repay my loan” on the main menu.
If your loan is overdue, they may auto-deduct money from your MoMo account to repay your loan, on a specific date or when you make a deposit.
To make a loan repayment at any time, select “Repay my loan” or the loan balance will be collected from your account on the due date. If the loan is overdue, they may auto-deduct the money from your MoMo account to repay the loan, on a specific date or when you make a deposit.
How to get a bigger loan?
Pay your MoSente loan on time, every time, and keep using your MoMo account and you may qualify for bigger loans in the future.
What happens if you do not pay on time?
If you do not pay the loan balance by the due date, a late payment fee will be charged as shown when you applied for the loan.
Your loan payment history can also be submitted to the credit bureau. Late payment may affect you when applying for finance from other providers.
- XtraCash
XtraCash allows you to take a cash loan instantly and directly on your MoMo account. More info & T&Cs can be gotten at www.mtn.co.ug/xtracash.
Ooh, if you are interested in obtaining low-interest loans from savings groups, you can download the Pesasave app from the Google Play Store
