MTN Zambia offers the Kongola loan service, providing eligible customers with quick access to cash loans directly through their MTN Mobile Money (MoMo) accounts.
MTN Kongola loan options
Here are Kongola loan options available:
1. MoMo advance
2. Kongola
You can choose between the options while the advance has the lowest interest.
Eligibility Criteria:
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Age Requirement: Applicants must be at least 18 years old.
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Active MoMo Account: A consistently active MTN Mobile Money account is necessary. Regular usage of MoMo services enhances eligibility.
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Good Credit Standing: No outstanding loans or negative repayment history with Kongola or associated lending partners.
Application Process:
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Dial *115# on your MTN line.
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Select option 6 for "Kongola and Savings.
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Choose "Kongola" or "MoMo advance"
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Follow the prompts to complete your loan application.
Loan Terms:
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Loan Amounts: Determined based on your credit score, assessed in partnership with the Credit Reference Bureau (CRB) and other financial partners.
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Fees: A service charge is applied to each successful loan request. For loans of K1 or K2, a 15% fee is charged; for loans exceeding K2, a 10% fee applies.
Repayment:
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Repayments are automatically deducted from your MoMo account on the due date. Ensure sufficient funds are available to avoid penalties.
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Early repayments can be made by depositing the owed amount into your MoMo account before the due date.
Important Notes:
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Consistent and responsible use of your MoMo account, including timely loan repayments, can improve your creditworthiness and may qualify you for higher loan amounts in the future.
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Failure to repay loans on time may result in penalties and could affect your eligibility for future loans.
You need to make lots of transactions to qualify for Kongola loans on MTN.
Loan Service review
Overall service rating is 4.0/5 . The qualification threshold seems not easy to meet than other instant loan providers
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