How To Borrow Airtime From MTN – Step By Step Process

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Sirmike Saturday, 9 November 2024, 4:48 pm

How To Borrow Airtime From MTN – Step By Step Process

MTN Xtratime is a service offered by MTN that allows prepaid customers to borrow airtime when they run out of airtime. The borrowed airtime is then paid back on the customer’s next recharge.

To be eligible for Xtratime, customers must:

Be a prepaid customer
Have registered their phone number
Have been on the MTN network for more than 3 months
Have spent at least N200 monthly for 3 months
Have between N0 and N75 in their main account
Have paid up any outstanding Xtratime loan requests

To borrow airtime using Xtratime, customers can dial *303# or *606# and select the amount they want to borrow. The system will then send a message with the amount to be borrowed and the applicable service fee. Once the customer confirms the transaction, the airtime will be credited to their account.

The service fee for Xtratime is 15% of the borrowed amount. The borrowed airtime is valid for 30 days, after which it will expire if it is not repaid.

Here are some of the benefits of using MTN Xtratime:

It allows customers to stay connected even when they run out of airtime.
It is a convenient way to borrow airtime, as customers can do it from their phones.
The service fee is relatively low.

However, there are also some drawbacks to using MTN Xtratime:

The borrowed airtime is only valid for 30 days, so customers need to repay it on time.
If the customer does not repay the borrowed airtime, they may be charged a late fee.
The service fee may be seen as a hidden cost by some customers.

Overall, MTN Xtratime is a useful service that can help prepaid customers stay connected when they run out of airtime. However, customers should be aware of the terms and conditions of the service before using it.

What are the eligibility requirements to borrow money from MTN?

The eligibility requirements to borrow money from MTN vary depending on the loan product you are applying for. However, some general eligibility requirements include:

You must be an MTN Nigeria customer.
You must have a valid MTN Yello Account.
You must have been on the MTN network for at least 3 months.
You must have a good credit history with MTN.
You must be able to repay the loan on time.

The specific eligibility requirements for each loan product are as follows:

MTN XtraCash: You must be able to repay the loan within 30 days. The interest rate for the MTN XtraCash loan is 15%.
MTN Device Financing: You must be able to repay the loan over a period of 6 to 12 months. The interest rate for the MTN Device Financing loan is 24%.

If you are interested in borrowing money from MTN, you can contact their customer care team for more information.

Here are some additional details about the eligibility requirements for each loan product:

MTN XtraCash: To be eligible for the MTN XtraCash loan, you must have a minimum monthly spend of N200 for the past 3 months. You must also have between N0 and N75 in your main account.
MTN Device Financing: To be eligible for the MTN Device Financing loan, you must have a valid means of identification (NIN/Driver’s License) and a BVN. You must also be able to provide a down payment of at least 20% of the cost of the device.

How to borrow airtime from MTN

Sure, I can help you with that. Here are the steps on how to borrow airtime from MTN:

Check your eligibility. You can check your eligibility to borrow airtime by dialing *606#. The system will then send you a message with your eligibility status.
Request for airtime. If you are eligible, you can request for airtime by dialing *606# and selecting “XtraTime”. You will then be prompted to select the amount of airtime you want to borrow.
Pay the service fee. The service fee for borrowing airtime from MTN is 15% of the amount you borrow. This fee will be deducted from your airtime balance when you repay the loan.
Confirm the transaction. Once you have selected the amount of airtime you want to borrow and paid the service fee, you will be prompted to confirm the transaction.
Receive the airtime. If the transaction is successful, you will receive the airtime in your XtraTime account. You can then use this airtime to make calls, send SMS, or browse the internet.

Here are the steps in detail:

*Dial 606#. This will open the XtraTime menu.
Select “Eligibility status”. This will check if you are eligible to borrow airtime.
If you are eligible, select “Request for XtraTime”. This will open a list of the available airtime amounts you can borrow.
Select the amount of airtime you want to borrow.
Pay the service fee. The service fee is 15% of the amount you borrow.
Confirm the transaction. This will finalize the transaction and you will receive the airtime in your XtraTime account.

Here are some additional things to keep in mind:

You can borrow airtime from MTN up to a maximum of N5,000.
The loan period is 30 days.
You will need to repay the loan within 30 days, otherwise you will be charged a late payment fee.
You can repay the loan by dialing *606# and selecting “Repay XtraTime”.

What is the minimum airtime amount I can borrow from MTN?

The minimum amount of airtime you can borrow from MTN is N50. However, there are times where the N25 is available, as the system is flexible. In reality, the minimum standard is N50.

The maximum amount of airtime you can borrow depends on your eligibility and your credit history. You can borrow up to N1000 or more depending on your recharge history.

To borrow airtime from MTN, you need to dial *606# and select the XtraTime option. You will then be able to select the amount of airtime you want to borrow. You will be charged a service fee of 15% on the amount you borrow.

Here are some of the eligibility requirements for borrowing airtime from MTN:

You must be a prepaid customer.
You must have been on the MTN network for at least 3 months.
You must have spent at least N200 monthly for 3 months.
You must have between N0 and N75 in your main account.
You must have paid up any outstanding XtraTime loan request.

If you meet the eligibility requirements, you can borrow airtime from MTN by following these steps:

Dial *606#.
Select the XtraTime option.
Select the amount of airtime you want to borrow.
Confirm the transaction.

You will then be credited with the amount of airtime you borrowed. You will need to pay back the airtime, plus the service fee, on your next recharge.

Are there extra charges attached to borrowing?

Yes, there are extra charges attached to borrowing. These charges can vary depending on the type of loan and the lender, but some common charges include:

Interest: This is the most common charge associated with borrowing money. It is a percentage of the principal amount that is paid to the lender over time.
Fees: There are a variety of other fees that can be associated with borrowing, such as origination fees, late payment fees, and prepayment penalties.
Collateral: In some cases, the borrower may be required to provide collateral for the loan. This means that if the borrower defaults on the loan, the lender can seize the collateral to recoup their losses.

It is important to carefully review the terms of any loan before you borrow money. This will help you understand the total cost of the loan and make sure that you can afford the payments.

Here are some examples of extra charges attached to borrowing:

Credit card interest: Credit card interest rates are typically high, and they can add up quickly if you don’t pay your balance in full each month.
Mortgage origination fees: When you take out a mortgage, you will likely have to pay an origination fee. This fee is typically a percentage of the loan amount, and it can range from 1% to 5%.
Late payment fees: If you miss a payment on your loan, you may be charged a late payment fee. These fees can be as high as $35 or more, and they can add up quickly if you miss multiple payments.
Prepayment penalties: If you pay off your loan early, you may be charged a prepayment penalty. This penalty is designed to discourage borrowers from paying off their loans early, and it can be as high as 6% of the remaining balance.

It is important to understand the extra charges attached to borrowing before you take out a loan. This will help you make sure that you can afford the loan and that you are not surprised by any unexpected fees.

In Conclusion:

taking out a loan is a financial decision that should not be taken lightly. It is crucial to carefully consider the terms and conditions, including interest rates, fees, and potential penalties, before committing to a loan. By understanding the full cost of borrowing, you can make an informed decision and avoid any financial hardships in the future. Additionally, it is always wise to explore alternative options and compare different lenders to ensure you are getting the best deal possible. Remember, being well-informed and proactive is key to managing your finances responsibly.