Getting a loan in Nigeria from a bank is such a difficult task as the requirements are just too much making it only possible for few people. It is normal for banks to demand collateral before issuing a loan to any customer, this is done so as to enable the bank to recover the loaned amount in case the loaner fails to pay within the stipulated time.
Etisalat now 9mobile has come up with another method of collecting loan that doesn’t require collateral. You only need to be a 9mobile subscriber. The 9mobile loaning program is called kwicash.
What is Kwicash?
Kwikcash is a financial inclusion product which is exclusively offered only to 9mobile subscribers, it’s the first of its kind. Before now, Nigerians in need of a loan were forced to visit loan sharks, make embarrassing requests from family and friends, or submit to long queues and endless documentation at a financial institution. By simply dialing *561#, 9mobile subscribers can now obtain a cash loan delivered instantly to their bank account with no collateral or documentation required.
No more Waiting in Lines
You get to access your loan amount instantly. You don’t have to wait in endless lines in banks, you don’t have to give a collateral, or involve in endless documentation and process. You only need to dial *561# and your loan amount will instantly hit your account. Kwicash is simple to access. Once you are a 9mobile subscriber you can access this loan.
How much money can I borrow with kwikcash?
Loan offers are usually between N500 and N100, 000. The maximum amount you can loan at start is 5000 naira, however, you can increase this size by paying back on time (early payment).
How do I qualify for a kwikcash loan?
In order to qualify for a KwikCash loan, you must:
- Be at least 18 years of age
- Be a 9mobile subscriber for the last 90 days
- Spend at least N500 in data or airtime every month for the last 90 days
When does a kwikcash loan have to be paid back?
Your KwikCash loan must be paid back within 14 days of disbursement.
What if I am unable to pay back an kwikcash loan in 14 days?
If you do not pay your loan within 14 days, you are given an automatic 14-day extension with additional rollover interest plus a 5% late fee.
What if I am unable to pay back my kwikcash loan even after my 14-day extension?
If you do not pay your loan within 28 days, your loan will default and a 5% default fee will be added to your loan. More importantly, there are several other consequences if your loan defaults:
- Numbers in your call/SMS history are notified that you have not paid your loan
- Our loan recovery team will track you down to collect payment
- You are reported to the credit bureaus which affects your ability to get a loan from any bank
For more information follow KWICASH
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