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Xtracash Loan App: How To Apply, Ussd Code And Requirements

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Sirmike Tuesday, 14 May 2024, 2:53 am

XtraCash is a mobile loan service offered by MTN Nigeria to its Diamond Yello subscribers. It allows customers to borrow money quickly and easily, using their mobile phones. The loan amount is paid directly into the customer’s Diamond Yello Account, and repayment is automatically deducted from the account on the due date.

The interest rate for XtraCash loans is between 3% and 15%, depending on the customer’s creditworthiness. The maximum loan amount is NGN50,000, and the repayment period is between 7 and 30 days.

To apply for an XtraCash loan, simply dial *606# from your MTN phone and select the XtraCash option. You will be asked to provide some basic information, such as your name, phone number, and ID number. If your application is approved, the loan amount will be credited to your Diamond Yello Account within minutes.

How to Apply for Xtracash Loan

Check if you are eligible. You must be an MTN Nigeria customer who is at least 18 years old and has a Diamond Yello account. You must also have a good credit history with MTN.
Dial the USSD code. To apply for an XtraCash loan, dial 322*6# from your MTN phone.
Follow the prompts. The USSD menu will guide you through the application process. You will need to provide your MTN number, ID number, and other personal information.
Wait for approval. If your application is approved, you will receive a notification on your phone. The loan amount will be credited to your Diamond Yello account within minutes.

Here are the requirements for applying for an XtraCash loan:

You must be an MTN Nigeria customer.
You must be at least 18 years old.
You must have a Diamond Yello account.
You must have a good credit history with MTN.

The loan amount you can borrow depends on your credit history and the amount of money you have in your Diamond Yello account. The maximum loan amount is ₦50,000. The loan period is 30 days.

To repay your XtraCash loan, you can do so through the Quickteller website or mobile app. You can also repay your loan by dialing 322*7# from your MTN phone.

Here are some of the benefits of applying for an XtraCash loan:

You can get the money you need quickly and easily.
You can use the money for any purpose you want.
The interest rates are relatively low.

Here are some of the risks of applying for an XtraCash loan:

If you don’t repay the loan on time, you may be charged late fees.
If you don’t repay the loan in full, your credit score may be affected.

Requirements for Applying for Xtracash Loan

You must be an MTN Nigeria Diamond Yello subscriber.
You must be at least 18 years old.
You must have a valid national ID card or passport.
You must have a functional MTN SIM card.
You must have a good credit history.
You must have a monthly income of at least NGN10,000.

To apply for an XtraCash loan, you can dial *606# from your MTN handset or visit the XtraCash website. You will need to provide your personal information, including your name, ID number, and contact details. You will also need to provide your MTN SIM number and your monthly income.

If your application is approved, you will receive the loan amount in your Diamond Yello Account within minutes. You can then use the loan to pay bills, purchase goods, or make transfers.

The repayment terms for XtraCash loans vary depending on the amount of the loan. However, most loans must be repaid within 30 days. You can repay your loan by dialing *606# from your MTN handset or by visiting the XtraCash website.

Here are some additional things to keep in mind about XtraCash loans:

There is a processing fee for XtraCash loans. The processing fee is usually a percentage of the loan amount.
There is also an interest rate on XtraCash loans. The interest rate is usually a percentage of the loan amount per day.
If you do not repay your loan on time, you may be charged late fees.
If you do not repay your loan in full, your account may be blacklisted. This means that you will not be able to take out any future loans from XtraCash.

Xtracash Loan Repayment

Here are the ways to repay your XtraCash loan:

Automatic repayment: The loan amount will be automatically deducted from your Diamond Yello Account on the due date.
Manual repayment: You can repay the loan in full at any time by selecting the “repay loan” option from the XtraCash menu.
Quickteller: You can also repay your loan using Quickteller. To do this, follow these steps:
1. Dial 7233531# from your phone.
2. Select the “Repay Loan” option.
3. Enter your XtraCash loan number.
4. Enter the amount you want to repay.
5. Confirm your payment.

The due date for your XtraCash loan is 30 days from the date of disbursement. If you do not repay your loan on time, you will be charged a late fee. The late fee is 1% of the loan amount per day.

For example, if you borrow ₦10,000 and do not repay it on time, you will be charged a late fee of ₦100 per day. So, if you repay your loan 10 days late, you will be charged a late fee of ₦1000.

If you do not repay your loan within 90 days of the due date, your loan will be considered delinquent. This means that you will be reported to the credit bureaus as a defaulter. This can make it difficult to get loans in the future.

To avoid late fees and delinquency, it is important to repay your XtraCash loan on time. You can do this by setting up a reminder on your phone or by automating your repayments through Quickteller.