Xtracash Loan Review: Overview, Qualification, How To Apply, Fees And More

June 20, 2022

Xtracash Loan

In this article we'd be reviewing Xtracash Loan; Overview, qualification, how to apply, fees, how to check your loan balance and more. XtraCash offers existing MTN Diamond Yello subscribers an instantaneous and convenient way to get a cash loan. The loans can be used to buy airtime and cash out, purchase goods, pay bills and do P2P transfers all from your mobile phone.

How To Qualify For XTRACASH Loans

To qualify for an XTRACASH loan, you need to meet the following criteria:

• Be above the age of 18 years old

• Be an existing Diamond Yello Account customer. (Dial *701# to open a Diamond Yello account now)

• To be a regular user of your wallet and Airtime account

• Have no negative repayment history with XTRACASH

• Have no outstanding loans with XTRACASH. Customers with an existing open loan would not be able to access newer loans.

Xtracash Nigeria Fees

Xtracash Loans charges a fee of 15% on the 30-day loan amount.

Xtracash Loan

How much can you borrow?

Xtracash loan amount varies from one customer to the other depending on their DYA usage and airtime usage. The loan amount you qualify for will be disclosed during the loan application process. 

The loan amounts that are available to you will continue to increase as you pay back each loan on time, every time. 

How to apply?

Application is easy and stress-free with the Xtracash loan USSD code:

- Simply dial *606# 

- Select 4 (XtraCash) and then follow the steps on your screen.

How to repay XtraCash loans?

The loans will be automatically recovered from your Diamond Yellow account on the agreed due date. You can also initiate an early repayment of the loans by selecting the 'repay loan' option from the XTRACASH menu.

There's also an Xtracash loan Quickteller page for making payments, but I'm yet to test it, so I recommend the USSD option.

NOTE: In case of a partial payment, the XTRACASH recovers the fee first then the principal.

How to check your loan balance?

Checking your balance is easy, just follow the below steps:
- Dial *606# from your handset 
- Select the ’XtraCash balance’ option. 
- You will also receive SMS reminders with the outstanding loan amount prior to settlement.

What's more?

Kindly note that failure to repay your loan within the stipulated time will result in compromising your credit score. If you missed repayment within the initial 30 calendar days of the disbursement of the loan, an extended period of 30 calendar days will be given. During the rollover periods, an interest of 18.64% per month shall be applied to any outstanding amounts.

In the event that you don't repay the loan after 180 days, Xtracash may recover the loan from other bank accounts, deposits or digital wallets held by you using your BVN.

Xtracash is available in Nigeria, Ghana, Zambia, Uganda, Democratic Republic of Congo, Ivory Coast, South Africa and Guinea Conakry.

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