How to Get A Quick Loan Using Mobile Money In Uganda

get quick loan with mobile money
Credit: goodtogoloans
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When you’re low on cash, yet wish to go shopping for a few important things that splash a few lights into your life and give a little more meaning to your existence, you no longer have to wait for the end of the month to get paid on the job.

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The growth of our telecommunications network systems has enabled us to always be on the lookout for the cheapest luxuries. The financial services offered by the networks we subscribe to can now enable us to access loans in a snap of a twig. You don’t have to get yourself to a mid-fire pit because you lack the money to trim your hair a bit and look good for other Ugandans who pass you by in the mall.

Read Also: How to withdraw pay pal cash in Uganda

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How to borrow money on MTN Uganda

quick loan mobile money


With MTN, you can now get a quick loan from MTN Mobile Money through the service, MoKash.

This service gives you the option to save the loan on your Mobile Money account and withdraw it whenever. This is through activating a savings account that is free of charge and that you can request a loan at any time. Your loan amount will be limited by the amount of money you save to your MoKash account.


To access MoKash services, you have to be an MTN customer and definitely an ardent user of MTN Mobile Money. This is how you can activate your MoKash account;


STEP 1: Dial *165# (you will use your Mobile Money pin to activate your MoKash account
STEP 2: Select Savings
STEP 3: Select Option 1 (Deposit), then enter the amount you wish to save to your MoKash wallet from your Mobile Money account. Go ahead and enter your pin to complete the saving process and activate your MoKash account.

How To Get a Loan With MTN MoKash


MoKash gives you a Loan Limit that you cannot exceed. This loan limit is determined by how much money you save to your MoKash account, your repayment behavior when you get loans from MoKash, as well as your user behavior as far as Mobile Money and other MTN services are concerned.
To check your credit limit, you can follow the steps below;


STEP 1: Dial *165#
STEP 2: Select option 1 (MoKash)
STEP 3: Select option 2 (Loans)
STEP 4: Select option 3 (to check credit limit)

To get a loan with MoKash, follow the steps below;


STEP 1: Dial *165#
STEP 2: Select MoKash
STEP 3: Select Loans
STEP 4: Select Option 1, then go ahead and request a loan
STEP 5: Enter the amount you wish to borrow
STEP 6: Enter your pin to confirm

MTN Mobile Money Loan Charges Breakdown

Amount (UGX)Rates

1 – 300,000

2%

300,001 – 800,000

3%

800,001 – 1,600,000

4%

> 1,600,001

5%

Getting A Quick Loan With MTN


You can get money instantly off your phone by accessing a loan through MTN Mobile Money. Here are the steps you can follow to access a loan on your phone;


STEP 1: Dial *165#
STEP 2: Select ‘Financial Services’
STEP 3: Select ‘ATM Cash out
STEP 4: Generate a TIN
STEP 5: Enter your MTN Mobile Money PIN
STEP 6: You will receive a cash TIN (this TIN is only valid for 10 minutes and it will be received as an SMS message.)
STEP 7: Find the nearest Centenary Bank, or Interswitch ATM and use the TIN to complete the cashout.

While at the ATM Machine;


STEP 1: Wait or press any button for the MTN Mobile Money interface to appear on the screen
STEP 2: Select MTN Mobile Money
STEP 3: Enter your phone number
STEP 4: Enter the amount you wish to withdraw
STEP 5: Enter the TIN code which was sent to you on your phone
STEP 6: Choose whether or not you require a receipt for your withdrawal, then press OK
STEP 7: The machine will then dispense the cash and the receipt (if requested)
STEP 8: You will also receive a message on your phone confirming the transaction


Note that you have only 24 hours to withdraw the loan you have requested via Mobile Money.

Editors Note: The above method may have been scrapped for some users after the release of more newer services.

How to borrow money on Airtel Uganda


Airtel Uganda uses the famous Wewole credit service to grant loans to its customers. Any Airtel customer who is fully registered on Airtel Money can access a loan with Wewole. You can borrow from UGX 8,000 to UGX 500,000. Unlike MTN, Wewole does not require one to generate a TIN number to access a loan from the bank.


How to get a loan with WEWOLE Airtel


STEP 1: Dial *185#
STEP 2: Select option 8 (Wewole)
STEP 3: Select option 1 to request a loan
STEP 4: Enter your Airtel Money pin to complete the transaction.

Borrow now & Pay Later with Airtel Quick Loans

Airtel recently launched Airtel Quick Loans similar to MTN momo advance where an Airtel customer can borrow now & pay later. To get Airtel Quick Loans, Airtel customers can dial *185*7*10# to opt-in and check their eligibility. Once opted into Airtel Quick Loans, you can get extra or more money to send to someone or withdraw or pay for UMEME, tv, or airtime even when you have less or no amount on your airtel money. You can take as many loans as you need as long as they’re within your limit.

Editors Note: The above method was launched recently for airtel customers to borrow now & pay later.