MTN Loan: How to Apply and Convert It to Real Money Legally (Old & New MTN Lines)

Loans play a crucial role in financial stability, helping individuals and businesses manage urgent expenses, expand opportunities, and cover unexpected costs. Whether for airtime, mobile money, or other financial needs, access to quick credit can be a lifesaver. MTN, one of the largest telecommunications companies in Africa and the Middle East, provides loan services to eligible subscribers, allowing them to access airtime and mobile money advances. Many users want to know how to apply for these loans and legally convert them into real cash. This guide covers everything about MTN loans, including application processes, repayment methods, eligibility requirements, and conversion techniques.

MTN Loan Code

The MTN loan code is a USSD shortcode that enables eligible customers to apply for a loan directly from their mobile phones. The specific code may vary by country, but the commonly used one is:

• *Dial 606# – This is widely recognized for accessing MTN loan services, including XtraTime and MoMo loans.

Some countries may have different codes, which can be confirmed through the official MTN website or customer service.

MTN Loan USSD Code

The USSD code is the fastest way to apply for an MTN loan. The process is as follows:

1. Dial the loan USSD code (*606# or the country-specific code).
2. Select the loan option (airtime or MoMo loan).
3. Check eligibility – The system will display the amount you can borrow.
4. Accept the loan terms and confirm to receive the loan instantly.

These steps apply to both old and new MTN lines. However, new users may need to develop a borrowing history before becoming eligible. As we have covered something here, crypto investment vs real estate.

MTN Loan App

MTN provides mobile apps that allow users to apply for and manage loans more conveniently. These include:

• MTN MoMo App – For mobile money loans.
• MyMTN App – For airtime and data loans.

To use the app for loan applications:

1. Download the app from the Google Play Store or Apple App Store.
2. Log in using your MTN number.
3. Navigate to the loan section and check eligibility.
4. Apply for a loan and receive funds instantly.

Using the app provides additional benefits such as loan history tracking, repayment reminders, and account management.

MTN Loan Requirements

Eligibility for an MTN loan is determined based on the following criteria:

• The user must be an active MTN subscriber for a minimum period (e.g., 3-6 months).
• Regular recharge and usage history.
• A good borrowing record, if applicable.
• Being in an eligible country (see list below).
• Having a registered MTN MoMo account for mobile money loans.

If a user does not qualify immediately, they should continue using MTN services, recharge frequently, and build a strong transaction history.

How to Repay an MTN Loan

Repaying an MTN loan on time is essential for maintaining a good borrowing record and avoiding penalties. The repayment options include:

1. Automatic deduction – MTN deducts the loan amount from the next recharge or MoMo balance.
2. Manual repayment via USSD – Dial *606#, select “Repay Loan,” and follow the instructions.
3. Repayment via MTN MoMo – Open the MoMo app, navigate to “Loans,” and make a manual payment.

Failure to repay on time may lead to loan restrictions, extra charges, or ineligibility for future loans.

How to Pay MTN Loan Without Recharging

If a user does not want their next recharge to be deducted for loan repayment, they can pay directly through MTN MoMo or bank transfer.

1. Using MTN MoMo
   • Open the MTN MoMo app or dial *170#.
   • Select “Loans & Savings.”
   • Choose “Repay Loan” and complete the process.
2. Via Bank Transfer
   • Some countries allow users to repay loans through mobile banking linked to MTN MoMo.

This method ensures that airtime remains intact while clearing the loan balance.

How to Qualify for MTN MoMo Loan Online

To qualify for an MTN MoMo loan, users should:

• Register for an MTN MoMo account, if they do not already have one.
• Maintain regular transactions (sending, receiving money, and paying bills).
• Repay previous loans on time.
• Check loan eligibility by dialing *170# and navigating to “Financial Services.”

Once eligibility is confirmed, users can apply for an MTN MoMo loan via the app or USSD.

Code to Repay MTN Loan in Nigeria

For MTN Nigeria users, repaying an MTN loan is straightforward:

• Dial *606#.
• Select “Repay Loan.”
• Choose the preferred payment method (airtime or MoMo).
• Confirm the repayment.

Users can also use MoMo Pay or bank transfer to settle their loan.

How to Convert MTN Loan to Real Money Legally

MTN loans (both airtime and MoMo) can be legally converted into real cash using the following methods:

Selling Airtime for Cash

Airtime obtained through an MTN loan can be sold to individuals or vendors who accept airtime as payment. Common methods include:

• Using airtime-to-cash apps such as Tingtel and Aimtoget.
• Selling directly to friends or businesses that buy airtime.

Using MoMo for Cash Transactions

For users who receive an MTN MoMo loan, funds can be withdrawn through:

• MTN Mobile Money Agents – Withdraw cash from a registered MoMo agent.
• Bank Transfer – Transfer the MoMo funds to a bank account.
• Peer-to-Peer Transfers – Exchange MoMo funds with a trusted person in return for cash.

It is advisable to use legal and verified platforms to avoid fraud or account restrictions.

Eligible Countries for MTN Loan Services

MTN loan services are available in several African and Middle Eastern countries. Below is the list of qualifying countries:

Africa

• Benin
• Botswana
• Cameroon
• Ivory Coast
• Ghana
• Guinea Bissau
• Guinea Republic
• Liberia
• Nigeria
• Republic of Congo (Congo Brazzaville)
• Rwanda
• South Africa
• Sudan
• South Sudan
• Swaziland
• Uganda
• Zambia

Middle East & Asia

• Afghanistan
• Cyprus
• Iran
• Syria
• Yemen

Users in these countries can apply for MTN loans using the methods outlined in this guide.

Final Thoughts

MTN loan services provide a convenient way for users to access instant credit for airtime and mobile money needs. By following the right procedures, users can apply, repay, and even convert loans into real cash legally. It is essential to repay on time to maintain eligibility for future loans and avoid penalties.