Quick loans and money lending by all accounts are on the rise right now. With the country recovering after a pandemic and millions of Ugandans looking for cash, quick loans powered by telecoms are the next best alternative. Airtel Uganda together with fintech startup YABX has introduced a credit service dubbed “Airtel Quick Loan” to help customers during the recession.
But how is this service different from other credit services offered by Airtel, and How do you get started with it? Let’s go through all the facts in our explainer as we digest the new Airtel Quick Loan credit service.
How to Sign Up for Airtel Quick Loan?
- Dial *185*7*10# and press okay to access the main menu option
- Choose Option 1 for “Quick Loan” and enter your Airtel money to opt into the credit service.
- If you are eligible to join the service, you will receive a welcome message and be able to access the quick loan main menu.
Keep in mind, as with every credit service provided by the Airtel, not all phone numbers are eligible for the loan and Airtel has criteria on which numbers to offer which service. But in nutshell, if you are not eligible for the Airtel quick loan, you will have to continue using Airtel money and other services of the company and check routinely to see if your phone number is eligible.
How to Use the Airtel Quick Loan Service?
Unlike other loan services offered by Airtel, the Quick loan service is used in case you have an insufficient balance on your Airtel Money wallet while sending money, making merchant payments, bill payments, or data bundles & airtime purchases using your mobile money account.
Here is an example of how you can use the quick loan service to send money when you have no funds in your Airtel wallet;
- Dial *185# and select Option 1 i.e. send money
- Choose the telecom network and Input the mobile number
- Enter the amount you like to send and confirm the transactions with your Airtel money PIN.
- If the mobile money balance is insufficient, wait for the Airtel Quick Loan menu to proceed and complete the transaction.
The process is the same for other services like bill payments, merchant payments, airtime & data bundle purchases as well. You will only get to access the quick loan menu in the last part of concluding the transaction.
READ ALSO: Airtel Super Saver Explained, How to Save as low as UGX 500 with Airtel?
What Are the Fees and Charges on the Loan?
Airtel charges a 2% application fee and 1% interest on the outstanding amount every day for 15 days.
For context, you will have to pay back 58,500UGX when you borrow a loan of 50,000UGX after 15 days. Here is the breakdown of the fees and charges on your Airtel quick loan. Keep in mind, that when you pay the loan back early, the interest on the outstanding amount reduces and you pay back less amount in interest.
| Amount Borrowed | Application Fee | Interest |
| 50,000UGX | 1,000 | 7,500 |
How to Check Your Loan Limit and Repay Your Loan?
- Dial *185*7*10# and press okay to access the main menu option
- Choose Option 1 for “Quick Loan” and enter your Airtel money.
- To check your loan limit, select Option 4 to “check limit”.
- To repay your loan, choose Option 2 to “Repay Loan”. Enter the amount you want to pay back and follow the prompt.
What’s the Difference with Wewole?
Quick Loan isn’t like Wewole where the loan reflects on your mobile money account, you can only access it when you have an insufficient balance on your account while trying to pay or access a service.
Did we answer every question you need to know about the Airtel Quick Loan credit service? Let us know in the comment section if there is any query we need to address?