How to Get Telecel Cash Loan in Less Than 30 Minutes | Telecl Ghana has introduced the Telecel Cash Loan service in partnership with the Consolidated Banks of Ghana (CBG) to their mobile money subscribers (users).
This means that you can now take a loan and pay later with an interest rate. How to Get Telecel Cash Loan in Ghana.
What is Telecel Cash Loan?
Telecel Cash Loan refers to short-term micro-loans to active and loyal Telecel customers who are eligible and qualify based on their network usage behavior.
This means certain conditions must be met before one can access the Ready Cash Loan. The loan is however available to all Telecel Subscribers except those who use the network services less. how to Get Telecel Cash Loan
READ ALSO: Telecel Ghana Offices in Accra Near You.
How to Get Telecel Cash Loan in Less Than 20 Minutes
Here is a step-by-step guide on How to Get Telecel Cash Loan in Ghana in less than 15 minutes.
01. Go Telecel Cash Menu – *110#
Dial *110# on your handset to access the Telecel Cash Menu
02. Select Financial Services – Reply 5
Reply 5 to select the Financial Services option, a new menu will pop up
03. Choose Loans – Reply 3
Reply 3 to select option 3 “Loans”, a new menu will pop up
04. Select Ready Loan – Reply 1
Reply 1 to Choose the Ready Loan option, another menu will pop up
05. Select Ready Loan Request – Reply 2
Reply 1 to Choose the Ready Loan option, another menu will pop up
06. Opt-In – Reply 1
To opt-in for the Ready Loan service reply 1
07. Accept Ready Loan Terms & Conditions
To continue, you must enter your Telecel Cash PIN as a reply to the prompt. You can read the Telecel Cash Loan Terms & Conditions HERE!
08. Wait for Approved Loan Amount
If you are qualified for the loan, they will generate an approved loan amount for you based on your last 4 months transaction history.
09. Accept Approved Loan Amount
To receive the approved loan amount, you need to accept it by replying 1
10. Wait for Credit Alert and Receipt of Loan
You will receive a credit alert on your Telecel Cash account as soon as you accept the approved loan amount. Following that will be a receipt of the loan and when payment will be due.
Estimated Cost: 0.00 GHS
Supply:
- Registered Telecel SIM Card
- Registered and Active Telecel Cash Account
Tools:
- A Smartphone or
- KaiOs Phone aka YAM
Materials: You should be an active user of Telecel Cash for more than 4 months.
READ ALSO: How to Buy Telecel 5 Cedis for 5GB for 7 days Bundle.
How to Borrow Money on Telecel Cash Loan
- Dial *110#
- Reply 5 for Financial Services
- Reply 3 for Loans
- Reply 1 for Ready Loan
- Reply 2 for Ready Loan Request
- Reply 1 for Opt-In
- Reply with your Telecel Cash PIN to accept the terms & conditions
- Wait for Approved Loan Amount
- Accept or Decline the offer
- Wait for the Credit Alert
And that is How to Get aTelecel Cash Loan in Ghana.
READ ALSO: Telecel Ghana Introduces No Expiry Bundles.
If your Ready Cash Loan is approved, you will get a message “Dear Customer, your account has been credited with a Ready Loan of GHS #LoanAmount. Your repayment of GHS#Loan+Interest is due in 30 days Dd-Mm-Yyyy. Kindly pay on time to avoid the penal charge of 12.5%. Thank you.”
If the loan is declined, you will receive this notification on your phone: “You are not eligible for Ready Loan” .
FAQ on How to Get Telecel Cash Loan
Q1. What is Telecel Cash Loan?
Ans: Ready Cash offers short-term micro-loans to active and loyal Telecel customers who are eligible and qualify based on their network behaviour.
Q2. How do I know I am eligible for Ready Cash?
Ans: You must have an active Telecl Cash account and be active on our GSM network
Q3. How do I apply for Telecel Ready Cash?
Ans: By dialing *110# and navigating to option 5 (Financial Services)
Q4. How do I know I qualify for Ready cash?
Ans: You must be at least 18 years old to apply have been with Telecel Ghana for at least 6 months and active on Telecel cash for at least 3 months
Q5. Are there any charges to applying for Telecel Ready Cash?
Ans: Yes, the Loan service attracts a fixed monthly interest. This fee is added to the loan amount to give the customer the value to pay back, before or on the due date. When the due date elapses, a penalty fee of 12.5% is applied for defaulting.
Q6. How many times can I take a loan on Telecel Ready Cash?
Ans: As many as possible, but you only have one loan account at a time.
Q7. How will I receive the loan fund?
Ans: Your loan is paid directly into your Telecel Cash wallet
Q8. How much is the interest rate?
Ans: The interest is fixed and applied monthly, and will be displayed to you when making your request
What is the process for repaying my loan on due dates?
The deduction shall be automatically done on the due dates.
When can I repay my loan?
Due-date for repayment is fixed on the 30thday after disbursement, but you can repay any time before the due date
Can I repay my loan through a bank?
No, all repayment shall be made from your Telecel Cash wallet, which you used for the loan request.
What happens if I can’t repay my Telecel Cash loan on time?
You will be charged an additional rate of 12.5% as a penalty until full repayment is made.
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