apply for Airtel Money Quick Loans
The Airtel Money and Housing Finance Bank offers quick loans to consumers when their account balances are insufficient. FILE PHOTO

Consumers can obtain quick loans from Airtel Money and Housing Finance Bank when their accounts are insufficient to cover transactions.

Quick loans are a service offered by Airtel Money and Housing Finance Bank that enables consumers to execute transactions when their account balance is insufficient. 

Customers who opt into the service will be able to request a loan when sending money, paying merchants and paying bills, and purchasing bundles and airtime using their Airtel Money account. 

Customers may obtain several loans up to the amount of their credit limit.

What benefits do Airtel Quick Loans offer?

  1. You have access to a line of credit for a brief period of time. You can determine how much credit you qualify for by navigating to the menu and checking your credit limit.
  2. You have a 15-day grace period in which to make payment.
  3. You may withdraw funds several times as long as your Quick balance does not exceed your Quick limit.

How do I become eligible for Quick Loans?

You must have been an active Airtel Money client for six months and have completed at least one Airtel Money transaction per month during that time. 

Additionally, customers must have repaid any previous Airtel Money debts.

How do I enrol?

To enrol:

  • Dial *185*# and choose ā€œFinancial Servicesā€ from the menu. ‘Loans’>’ Short-Term Loans’
  • Enter the PIN for your Airtel Money account.
  • Choose ‘Opt in’
  • Agree to the terms and conditions

Qualifying users can also opt-in when making a transaction that exceeds the value of their Airtel Money balance.

Am I automatically granted a loan if my Airtel Money account has inadequate funds?

No, you must first enrol in Quick loans. To enrol, phone *185# and choose ‘Financial Services’ > ‘Loans’ > ‘Enroll’. ‘Short-Term Loans’ > input the PIN for your Airtel Money account > choose ‘Opt In’

Which transactions am I permitted to carry out using Airtel Quick Loans?

Send money, recharge airtime, purchase bundles, and make merchant payments. Loans will not be made for gaming and betting, cash withdrawals from agents, or repaying loans.

Is it necessary for me to repay my current Quick loan before applying for another?

No, as long as you stay under your credit limit, you may accept additional loans.

How can I check the credit limit on my Airtel Quick loan?

To begin, dial *185# >. Select ā€œFinancial Servicesā€ from the drop-down menu. ā€˜Loansā€™> ‘Short-Term Loans’ > > input the PIN for your Airtel Money account > choose ‘Confirm Limit’

How can I enhance the amount of assistance I am eligible for?

You can boost your eligibility by repaying your Quick loan early and increasing your Airtel Money transactions.

How long does a Quick loan last?

Fifteen days. During this short period, you may continue to utilise Quick Loans. 

However, you must repay the entire loan amount 15 days after taking out the initial loan.

What are the fees associated with Quick Loans?

You will be charged a 2% application fee and 1% on the outstanding balance daily for 15 days. 

Early repayment will save you money on daily interest charges.

Are there any late payment penalties?

There are no additional charges for late payments. However, you will be unable to obtain another loan until all outstanding debts are paid.

How am I going to return my loan?

To pay back your loan

  • Dial *185# and navigate to ‘Financial Services’ > ‘Loans’
  • Click on ‘Quick Loans’.
  • Enter the PIN for your Airtel Money account >
  • Select the ‘Repay Loan’ option.

I do not have the entire sum; am I able to repay my loan in instalments?

Yes, you can pay back your loan in instalments or in full.

Will the amount of my Quick loan be deducted immediately when I fill up my Airtel money account?

No, when you top up your Airtel money account, the loan amount will not be automatically removed. 

To make a loan repayment, dial *185# > Select ā€œFinancial Servicesā€ from the drop-down menu. ‘Loans’>’Short-Term Loans’ > input your Airtel Money PIN > Choose ‘Repay loan’.

Can I obtain a loan if my account is depleted of funds?

You may obtain a loan as long as you meet the eligibility requirements and have not yet surpassed your credit limit.