Telecel Cash Ready Loan vs MTN Qwikloan Calculator
Let’s be honest; when you are in a tight spot and need quick cash in Ghana, you usually don’t have time to sit down with a calculator and read the fine print. You just dial the shortcode.
But have you ever wondered if you are paying too much in fees?
Currently, the two giants; MTN Qwikloan and Telecel Cash Ready Loan dominate the mobile lending space. On paper, MTN looks cheaper with an 8% interest rate compared to Telecel’s 8.9% service fee. But there is a catch that most people miss: upfront deductions.
EarnMoreCashToday built this comparison tool to show you exactly how much money lands in your wallet versus how much you have to pay back.
Ready Loan vs Qwikloan Calculator
Enter an amount to see the breakdown for both
MTN Qwikloan and
Telecel Ready Loan.
MTN Qwikloan Telecel Ready LoanProcessing Fees vs. Service Fees
The reason it is hard to compare these two loans just by looking at the percentages is that they calculate “debt” differently.
1. MTN Qwikloan
MTN charges a 1% processing fee and an 8% interest rate.
- They deduct the 1% processing fee before they send the money to your wallet.
- If you request GHS 100, MTN keeps GHS 1 (processing) and sends you GHS 99. However, you still owe interest on the full GHS 100.
- Total Payback: GHS 108.
2. Telecel Ready Loan
Telecel charges a flat 8.9% service fee.
- They do not deduct anything upfront.
- If you request GHS 100, you receive the full GHS 100 in your wallet.
- Total Payback: GHS 108.90.
The Verdict?
If you strictly want the lowest repayment amount, MTN is slightly cheaper (usually by a few pesewas or cedis depending on the amount).
However, if you need a specific amount of cash right now; for example, exactly GHS 500 to pay a bill, Telecel is often better because they don’t shortchange you on the principal amount. With MTN, you would have to borrow slightly more than you need to cover the processing fee deduction.
Qwikloan & Ready Loan Fees Calculator
If you are loyal to one network or just want to analyze a single loan in depth, we have dedicated tools for that:
- Only use MTN? Check out our dedicated MTN Qwikloan Calculator to see your repayment schedule and limits.
- If you prefer Telecel, use our Telecel Cash Ready Loan Calculator to plan your repayment and check late fees.
Frequently Asked Questions
Which loan has a lower interest rate in Ghana?
MTN Qwikloan technically has a lower combined rate (approx 9% total cost) compared to Telecel Ready Loan (8.9% service fee), but the difference is minimal. The main difference is that MTN deducts fees upfront, while Telecel adds them to your debt.
What is the shortcode for Telecel Ready Loan?
You can access the Telecel Ready Loan by dialing *110#, selecting “Financial Services,” and then choosing “Loans.”
What happens if I pay my Qwikloan late?
MTN charges a 10% penalty on the outstanding balance if you fail to pay after 30 days. This is calculated on the total amount you owe (Principal + Interest).
Does Telecel charge a penalty for late payment?
Yes, Telecel charges a 12.5% penalty on the outstanding loan amount if you do not repay within the 30-day window.
Why did I receive less money than I requested on Qwikloan?
This is standard for MTN. They deduct a 1% processing fee from the principal amount before sending the cash to your mobile money wallet.
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