Have you noticed new added service by MTN that allow you to Borrow money and get it directly to your bank account? Are you still doubting? You can dial *606# to see.
Now, XtraCash has been added to the existing services to help customer settle emergency bills and to render financial assistance when broke or stranded, some people are only familiar with borrow airtime service because they are regular customer lol not saying is bad though, I'm happy to tell you that MTN now have new feature that allow you to borrow airtime better than before.
Borrowing airtime is not a sin anyway, you can be stranded or need as a matter of urgency, on the same notion MTN has provided another way to help settle urgent bills.
XtraCash allow you to borrow real money not airtime this time, 9mobile have been doing this for long and many are still enjoying it up till today.
Note: Eligibility will be based on activeness and will be full monitored to prevent some culprit from abusing the platform.
How to use MTN XtraCash service
You are allowed to borrow up to N10,000 based on eligibility. Dial *606# and choose “XtraCash” option and in the next stage, you will be asked to open a Diamond Yello account by dialing *710# or if you already have, you can proceed to select the amount of cash you wish to borrow or loan and your Diamond MTN Yello account would be credited successfully.
Note: MTN XtraCash cash loan maturity period is 30 days at an interest rate of 15%.
I guess the interest percentage is fair enough even if at least you have settle your emergency then you should be able to payback as soon as possible.
Is there any penalty for not paying back?
Some people might want to play smart after borrowing and refuse to pay, but I believe MTN would have take care of that, possibly they would have ask you to link with your BVN and don't forget BVN link to all your bank accounts, with that they will be able to put restriction accross to all accounts linked to the BVN until the debt is paid.
However, this is nice added service by MTN or Isn't it? So you don't need to be stranded or run out of cash.