How to borrow money using mtn in uganda?

MTN Uganda offers several services that allow customers to borrow money directly through their mobile phones. Here are the primary options available:

1. MoKash

MoKash enables MTN Mobile Money customers to save and access short-term loans.

How to Access MoKash:

Dial 1655# and select "MoKash."
Loan Features:

Loan amounts range from UGX 3,000 to UGX 1,000,000, depending on your loan limit.
A 9% facilitation fee applies.
The repayment period is 30 days.
If the loan is not repaid within 30 days, it can be extended for another 30 days with an additional 9% fee.
Requirements:

Active MTN Mobile Money account.
Regular savings with MoKash.
2. MoPesa

MoPesa is a 2-in-1 product offering both savings accounts and instant loans.

How to Access MoPesa:

Dial 16545# and select "Loans," then choose "MoPesa."
Loan Features:

Instant loan approvals with funds credited to your Mobile Money account.
Flexible repayment options: repay partially or in full at any time.
Multiple loan requests allowed within your credit limit.
Once a loan is fully repaid, you can request another instantly.
Fees:

3-day loan: 2.5% fee.
7-day loan: 5% fee.
14-day loan: 7% fee.
30-day loan: 9% fee.
3. MoSente

MoSente offers short-term and installment loans to MTN MoMo customers.

How to Access MoSente:

Dial *165#, select "Savings & Loans," then choose "MoSente."
Loan Features:

Loans start from UGX 1,000.
Loan duration: 60 days, payable in equal installments at 30 and 60 days.
Initiation fee: 8.5%.
Interest fee per 30 days: 2%.
Total cost for a 30-day loan: 10.5%.
Total cost for a 60-day loan: 12.5%.
Requirements:

Active MTN MoMo account.
Regular use of MTN services like airtime, data, SMS, and MoMo transactions.
4. MoMo Advance

MoMo Advance allows qualifying MTN Mobile Money customers to complete transactions when they have insufficient funds.

How to Access MoMo Advance:

Dial 1655*3# and select "YES" to accept the terms and conditions by entering your MTN Mobile Money PIN.
Features:

Covers the difference when you have insufficient funds for a transaction, within your approved limit.
Access fee: 2.75% of the transaction amount.
Daily interest: 0.95% on the outstanding balance, charged at the end of each day.
Requirements:

Active MTN Mobile Money account for a minimum of 6 months.
Passed credit scoring based on usage of MTN Mobile Money and other MTN services.
General Steps to Borrow Money Using MTN Services:

Ensure Eligibility:

Maintain an active MTN Mobile Money account.
Regularly use MTN services such as airtime, data, SMS, and MoMo transactions to improve your credit score.
Select the Appropriate Service:

Choose between MoKash, MoPesa, MoSente, or MoMo Advance based on your financial needs and eligibility.
Apply for the Loan:

Use the specific USSD code for the chosen service.
Follow the prompts to apply for the loan amount you need.
Repay the Loan:

Deposit the required amount into your Mobile Money account before the due date.
Use the service's menu to repay the loan, either partially or in full.