You Can Now Borrow Money From Etisalat Kwik Cash Using a USSD Code

Mr A

Etisalat Kwik Cash or Quick Cash is a new service from Etisalat that lets you borrow money instantly. The loan is deposited directly into your bank account and you will be required to pay back after a specific time frame. Think about that moment of desperation when you need to pay for something urgently while waiting for your end-of-month salary, Etisalat Kwik Cash might just save you the embarrassment of having to ask other people.

Pause. Now let's take this one step at a time.

So How do I borrow this money from Etisalat?

You don't need to go anywhere. Just sit in your room and dial *561#

After dialing *561#, you will be show a screen of options. Select1 to choose the "Loan" option.
The next screen will display loan amounts for you to select depending on how much you want to borrow.
After that, you would be asked to provide your bank details where the money will be deposited to. Soon as you supply that information, the loan will be sent to your account within minutes.

Sounds awesome right? Yeah, that was the sweet side of the story. Here's the bitter side:

You will be required to pay back this loan within 15 days.
This service is invite only. This means that it is not open to all Etisalat subscribers and will only be available to you when you get an SMS invite.
The loans will attract an interest rate of 1% per day, until you pay back. For example, if you borrowed ₦50,000, your interest rate will be an additional ₦500 per day until you pay back the loan.
Looks like borrowable amounts are only between ₦500 and ₦50,000. So, if you are looking for business capital of a greater magnitude, Etisalat's KwikCash might not be able to help you.

So, how do I pay back?

To pay back borrowed money, dial *561# and then follow the options to pay back.

What if I don't pay back my Kwik Cash?

I have no idea what could possibly happen, but it's not something I would advise you to try. They have your personal information which is attached to both your bank account and your phone number. Plus the longer you stretch it, the higher your payback amount will be.
Also, their terms and conditions states that they would contact people in your call history if you don't pay back. You don't want to look like a criminal on the run, so it would be wise to pay back your loans when they are due.

Edit: I just found out they have the power to execute a direct debit mandate, which gives them the right to debit your bank account(s) if you refuse to pay. Here's an excerpt from the Kwik cash terms and conditions.

BY USING THE SERVICE, YOU AGREE TO GRANT US AN IRREVOCABLE WRITTEN AUTHORISATION TO ISSUE OPEN-ENDED DIRECT DEBIT MANDATES FOR ALL ACCOUNTS YOU OWN NOW, OR AT ANY POINT IN THE FUTURE. IF YOU DEFAULT, YOU AGREE THAT SUPPORT MICROFINANCE BANK LIMITED HAS YOUR WRITTEN AUTHORISATION TO PLACE A LIEN ON EVERY ACCOUNT YOU OWN NOW, OR AT ANY POINT IN THE FUTURE, TO RECOVER ANY OUTSTANDING BALANCE YOU OWE US BY THE EXECUTION OF THE DIRECT DEBIT MANDATE. You further agree that if you default we may execute such direct debit mandates, singularly or severally, from one or more of your Accounts, without any notice or further obligation to you, and may continue to execute direct debit mandates on your Accounts until such time as your financial obligations to us have been fulfilled. We warrant and represent that we will only execute a direct debit mandate if you default on your financial obligations to us.

What if I port to another network?

If you port your phone number, you will not be able to use Etisalat Kwikcash anymore, but you must pay back any outstanding loans you owe using internet banking, or manual bank payment (using paydirect teller).

What is the Etisalat Kwikcash code?

The code to borrow money from Etisalat Kwikcash is *561#.