Xtracash loan: There is no doubt that MTN is the largest network provider that has ever existed in hole Africa and most other foreign countries.
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MTN they say no has added to what they are being known for and has recently added some tremendous features to their platform just to maintain the giant they were called.
MTN has recently launched a system called XtraCash loan which offers a convenient and easy way to get a loan.
Note that the loan we are talking about here is for already MTN existing Diamond Yello subscribers and this loan can be used to pay bills, purchase goods, P2P transfers, recharge, and cash out from your mobile phones.
Haven seen all the features of the MTM Xtracash let’s quickly look at what the loan is all about and every other thing related to Xtracash loan both eligibility, requirements, interest rate, contact number, and how to repay your Xtracash loan, and many more.
What is Xtracash loan?
Xtracash loan is a system designed, created, and launched by MTN with the aim of providing financial assistance to MTN users preferable to the MTN existing Diamond Yello subscribers which can be used for many purposes like paying off bills, buying goods, P2P transfer, airtime recharge and withdrawal to phone.
Xtracash loan eligibility?
Listed below are the conditions you must accept before you can be eligible to borrow from Xtracash.
- You must be 18-years and above.
- You must be an existing Diamond Yello account customer but if you do not, dial *701# to open an account immediately.
- You must be a frequent user of your wallet and airtime account.
- You should not have any bad history on the previous Xtracash loan.
- You should not have any outstanding loans with Xtraccash.
- If you have an already existing open loan, you won’t be able to borrow again.
- Customers must agree with the repayment pattern, i.e all repayment of the loan is automatically deducted from the Diamond Yello account on the loan repayment date.
- Borrowers should agree on initiating an early repayment of the loan borrowed that is to say payment on or before the agreed date is allowed.
- In case of any installment payment, the loan providers will, first of all, recover the fee first then the principal.
- You must agree that every unpaid loan will automatically be extended to the next month.
How to apply for Xtracash loan
Applying for the loan is pretty easy and simple all you need to do is to dial *606# on your mobile devices whether Android or iPhone. You can also dial *606*4# to access the services.
Xtracash loan interest rate
Xtracash offers an affordable loan interest rate to their customers, their interest rate ranges from 15% to 16% on a 30 to 180 days loan.
How much can I borrow from Xtracash?
The loan amount varies from person to person mostly on your DYA usage and airtime. On every application, the loan amount you are eligible for will be displayed on your mobile device screen when applying for the loan. Your limit will continue to increase as you continue paying back your loan on or before the agreed date.
Xtracash loan repayment
How do I repay my loan?
- Repayment of the loan is easy, you don’t need to stress yourself because all repayment is done automatically from your Diamond Yello account on the agreed repayment date.
- Secondly, the loan can also be repaid in full at any point in time, all you have to do is to select the “repay button” shown on the Xtracash menu when you dial the loan code.
- Thirdly, repayment can be done initially before the agreed repayment date.
- Finally, for any partial payment, the loan provider will recover the fee first before the principal.
Xtracash loan code
Without wasting any time or visiting any MTN branch for the loan, you can easily dial *606* or *606*4# and then follow the instructions on the Xtracash loan menu.
How to check account balance on Xtracash loan
How do I check my account balance on Xtracash?
Checking your account balance on Xtracash loan is easy, all you need to do is to dial *606* on your mobile device, and select the Xtracash balance on the menu finally you will receive an SMS reminding you of the outstanding loan amount which is yet to be repaid.
What happens if I don’t pay back my Xtracash loan?
Below are what you should expect when you fail to repay your loan on the agreed date;
- You are expected to pay back your loan within 30 days and failure to do so will lead to affecting your credit score.
- If by any chance you fail to pay off your loan within 30 days of the loan disbursement, another 30 days will be given with an interest rate of 18.64% per month on the unpaid loan.
- Most importantly, if you fail to pay back after 180 days of the loan disbursement, the debit may be recovered from other bank accounts linked to your BVN and this is because you accepted deduction from other linked accounts after 180 days.
Wrap Up
The MTN xtracash is strictly designed for already existing MTN Yello Diamond accounts and this simply means that if you ain’t a Yello Diamond account holder, you shouldn’t think of getting a loan from Xtracash..but you ain’t left behind, you can as well try Carbon Paylater, Branch or Renmoney for higher and convenient amount.