Last Updated on May 13, 2023
You can use a Migo loan to make purchases from merchants or withdraw cash using USSD codes, without the need for a smartphone, point-of-sale hardware or plastic cards.
In a country like Nigeria where access to loans is still a challenge, Migo is a leading lending company that provides a lifeline in the form of loans for many individuals and businesses in need of financial support.
Migo formerly “Kwikmoney” is a digital loan company offering collateral-free single-payment loans, instalment loans and payroll loans to people.
Migo offers a seamless and flexible loan service to its customers, leveraging technology to provide quick and easy access to loans without the bureaucracy and complications of traditional lending institutions.
With Migo Loan Nigeria, you can access loans ranging from N500 to N500,000, with flexible repayment plans that can be spread over a period of up to 90 days.
The loan application process is straightforward, and you can get a loan decision within minutes. Migo has already helped thousands of individuals and businesses in Nigeria meet their financial needs, and continues to provide innovative solutions to help people achieve their goals.
What is Migo Loan?
Migo is also an embedded loan platform that enables companies to extend credit to consumers and small businesses in their own apps.
When you apply for a Migo loan, you’ll get an approval decision within 15 seconds and the loan disbursed to you within 5 minutes.
Students, salary earners, self-employed, professional Public and Private companies, and civil service employees are eligible for a Migo loan.
- LCredit Loan App Review: How Does LCredit Loan App Work
- Best Bank Loans in Nigeria
- Best SME Loans Without a Collateral in Nigeria
Is Migo Loan legit?
Yes, Migo is one of the top Legit digital loan lenders in Nigeria. Migo is headquartered in the US but also operates in Brazil and Nigeria.
Who is Owns Migo Loan?
Migo was founded by Ekechi Nwokah (Co-Founder and CEO) and Kunle Olukotun (Chief Scientist and Co-founder). The company has raised about $37.2m from 14 investors.
How to get Migo Loan in NIgeria
To get a Migo loan, just follow these steps:
- Visit the Migo website and just enter and just your phone number.
- Then select the loan amount you want
- Next, you’ll provide the details of your bank account for the loan to be deposited.
- Migo will then register your debit card information to make repayment easier for you.
You can also buy now and pay later on selected point-of-payment platforms like; BuyPower, Flutterwave, Nairabox and even in pharmacies like Medplus (Awolowo and Ogudu) Chemart ( Ikoyi), Tehilah Pharmacy (Amuwo Odofin) Albany Pharmacy(Abuja).
You can also get a Migo loan using the USSD codes below.
Migo Loan USSD Code
To get a Migo loan, you can use the Migo loan code: *561# for MTN, 9mobile, and Glo or *554*561# for Airtel. This USSD code lets you request a loan or pay back a Migo loan.
You can also access other Migo services and make enquiries with the code.
For instance, you can dial these Migo loan codes:
- To take a loan on Migo dial: *561*1*1*1#
- To repay your loan dial: *561*1*2#
- To check your loan balance on Migo, dial: *561*1*3#
- To extend your loan dial: *561*1*4#
- For terms and conditions, dial: *561*1*5#
- To recommend a friend to Migo dial: *561*1*6#
Also See: How to Borrow Money From Umba Bank Nigeria
Migo Loan Repayment: How to Repay Migo Loan
There are several ways to pay back a Migo loan. You’ll have to visit the Migo repayment page and select the payment option that works best for you from the list provided. the payment option for repaying a Migo loan are:
- Pay with transfer
- Pay online
- Pay with USSD code
- Pay with Cash
Checkout: How to Convert Airtime to Cash on Patricia
Some might ask if Migo can debit your account directly.
For now, Migo doesn’t do this. You have to use the repayment channels mentioned above. You can’t repay your Migo loan on any other platform either.
Any other repayment methods or channels that are not mentioned above are unauthorized.
And Migo says it won’t be held liable for fraudulent transactions that result in using these unauthorized channels.
Some others might ask if they have to pay back a Migo loan with the same card they registered when applying for the loan?
No, You don’t have to use that same card. You can repay your Migo loan using any valid debit card.
You can also change the previously registered card and add a new payment card. Just visit the Migo website for more details.
What about spatial repayments on Migo you may ask? Well, Migo accepts partial repayments.
You just have to visit Migo’s website, choose your preferred repayment method, change the amount to be paid, and confirm the payment.
Besides partial repayments are a great way to preserve your good repayment history and avoid a reduction in your next loan amount.
Also See: List of Fake Loan Apps in Nigeria
What happens if I do not Pay Back my Migo Loan?
If you do not repay your Migo loan, here’s what happens:
For Migo to keep increasing your loan offers and offering loans to more people, you must repay your loans when due. In the unfortunate event that you do not repay your loan on the due date, we will charge an additional default fee (5%).
If you still do not repay, further penalties, as agreed in the terms and conditions, will be issued.
Rather than paying late, a good option that helps preserve your loan history is partial repayment, using the ‘Extend your Loan‘ Option on the Migo loan app.
Checkout: How to Qualify for an ALAT Loan
Migo Loan Extension
To request a loan extension on Migo, dial *561# or visit Migo website. Select “Loans” and go to “Extend Loan”.
Once you pay the 20% initial payment, your loan will be extended for 30-days.
Migo Loan App
Migo doesn’t have a mobile app, all loans are accessed through Miog’s website or via USSD codes.
See: Learn How to Check Nirsal Loan with BVN
Maximum or Minimum Loan Amount on Migo
if you’re wondering how much money you borrow from Migo; the company’s loan amount ranges from N500 to over N500,000.
When you start using Migo to borrow money, the company starts giving you small loan amounts, but your loan offers grow over time as you borrow and repay consistently and build trust with Migo’s system.
Some people will like to know if they can request specific amounts from Migo. The answer to that is No. Migo is unable to fulfil requests for specific loan amounts.
Your personal information is used to determine your unique loan offers on Migo.
249 People are Reading: New Loan Apps in Nigeria You Can Borrow Safely From
How do you determine the amount I qualify for? Your loan offers are based on your personal information and your loan repayment history.
The more you pay your loans on time, the higher the amounts you can get.
To increase your loan offers on Migo, just make sure to pay back your loan on or before the due date. Since the loan offers you get on Migo are a reflection of your borrowing behaviour.
Frequent early repayments mean better future offers on Migo. if you can’t repay your loan on time, then it is better to extend your loan than miss a payment date.
What are the Migo Loan Interest rates?
Interest rates on Migo differ. Why? Because your borrowing behaviour is different from other people’s own.
Your interest rates, just like your loan amounts vary based on your personal information and loan repayment history.
However, interest rates on Migo range from 5%-25%. Migo’s Interest rates are not fixed and can be reduced by repaying your loans early.
You can also get reduced interest rates when you recommend friends to take a Migo loan and repay.
See: Best Loan Apps in Nigeria with With Low Interest
Requirements for Taking A Migo Loan?
Migo offers loans to people based on the personal information they provide. The more personal information they obtain from you, the easier it is to qualify for their loans.
There are no other requirements you need for Migo to give you a loan as they do not require any collateral or documentation for their loan requests.
Migo Loan Customer Care Number
Here are Migo loan customer care numbers: +234(0)17002274 and +2349087792933.
You can also contact Migo via email: [email protected] and through the chat feature on the website.
Leave a Reply