If you are looking for a fast and easy way to get a loan in Nigeria, you might want to consider Migo loan. Migo loan is an online platform that partners with banks, network service providers, and merchants to offer credit to individuals and small businesses. You can access Migo loan through your phone, without any paperwork or collateral.
In this blog post, I will explain everything you need to know about Migo loan, including how it works, how to apply, how to repay, and what are the benefits and drawbacks of using Migo loan.
How Migo Loan Works
Migo loan works by using your phone number as your identity. When you register with Migo, you will be asked to provide some basic information, such as your name, date of birth, and bank account details. Migo will then use its proprietary machine learning algorithms to analyze your data and determine your credit score and loan offer.
Migo loan offers vary depending on your credit history, repayment behavior, and other factors. You can get a loan from N500 to N500,000, with interest rates ranging from 5% to 25%, and repayment terms from 14 days to 6 months. You can check your loan offer for free by dialing *561# on your phone or visiting https://www.migo.ng.
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.
How to Apply for a Migo Loan
To apply for a Migo loan, you need to have a phone number that is registered with one of the network service providers that Migo works with, such as MTN, Airtel, Glo, or 9mobile. You also need to have a bank account with any of the banks in Nigeria.
To apply for a Migo loan, follow these steps:
– Dial *561# on your phone and select “Loans”.
– Choose the amount and duration of the loan you want.
– Confirm your bank account details and agree to the terms and conditions.
– Receive the loan amount in your bank account within 2 minutes.
Alternatively, you can apply for a Migo loan online by visiting https://my.migo.money/login and logging in with your phone number. You will then see your loan offer and follow the same steps as above.
Migo Loan Code (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#
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)
Migo Loan App
Migo doesn’t have a mobile app, all loans are accessed through Miog’s website or via USSD codes.See also: How to use UBA Quick Loan Code to Apply for Loan
Migo Loan Repayment
To repay a Migo loan, you have several options:
– Dial *561# on your phone and select “Pay Loan”.
– Choose the amount you want to pay and select your preferred payment method (bank transfer, card payment, USSD code, etc.).
– Follow the instructions on the screen to complete the payment.
You can also repay your Migo loan online by visiting https://my.migo.money/login and logging in with your phone number. You will then see your outstanding balance and choose your preferred payment method.
You can repay your Migo loan before the due date or extend it by paying a rollover fee. If you repay your Migo loan on time or early, you will improve your credit score and get better loan offers in the future.
Benefits of Using Migo Loan
Some of the benefits of using Migo loan are:
– It is fast and easy. You can get a loan within minutes without any paperwork or collateral.
– It is convenient. You can access Migo loan through your phone at any time and anywhere.
– It is flexible. You can choose the amount and duration of the loan that suits your needs.
– It is transparent. You will see the interest rate and repayment terms before you accept the loan offer.
– It is rewarding. You will get lower interest rates and longer repayment terms as you build trust with Migo.
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.
Drawbacks of Using Migo Loan
Some of the drawbacks of using Migo loan are:
– It is expensive. The interest rates are higher than some other lending platforms or banks.
– It is risky. If you fail to repay your Migo loan on time, you will incur late fees and damage your credit score.
– It is limited. You can only get a maximum of N500,000 per loan, which might not be enough for some purposes.
migo loan phone number
Here are Migo loan customer care numbers: +234(0)17002274 and +2349087792933. You can also contact Migo via email: support@migo.money and through the chat feature on the website.
Conclusion
Migo loan is a good option for anyone who needs a quick and easy way to get a loan in Nigeria. However, you should be careful not to borrow more than you can afford to repay and compare other alternatives before you apply for a Migo loan.
If you have any questions or feedback about Migo loan, feel free to leave a comment below or contact Migo customer service at 01-700-2274 or hello@migo.money.
