Migo Loan, Migo App, How to get loan from Migo, How to repay Migo Loan, Migo loan requirement: Formerly referred to as Kwikash, Kwik Cash or Kwikmoney, Migo is an instant online personal loan provider. Migo leverages on its interconnected relationship between itself and telcos and banks to provide easy and fast credit to its users without any collateral.
About Migo Loan
Migo loan is a cloud-based platform that deals with companies like banks, telecommunications operators, and merchants.
It enables these companies to provide their clients with credit to improve traditional banking and card payment systems.
This is done by integrating Migo in such a company’s app. Migo, in turn, subverts the clients, provides them a digital account and a credit line. Accordingly, clients get to use this credit line in making easy and direct financial transactions.
The utmost goal of this company is to make prosperity available to all. To re-invent the way we access and use credit and to also provide full customer satisfaction
How to Get a Migo Loan
Getting a Migo loan isn’t a difficult thing to do, simply follow these procedural steps.
- Visit their website
- Enter your phone number.
- Select your desired loan amount
- Provide your bank account details upon request. This is where the loan would be deposited.
- After this, Migo would register your debit card details for easy repayment.
At the time this post was published, there’s no Migo loan app. However, you can get a loan using the Migo loan USSD code – *561#.
Migo loan secures the legality of all its agreements. Thus, such agreements are governed by and interpreted by the laws of the Federal Republic of Nigeria.
It equally provides its clients with the necessary terms and conditions. This is to ensure due knowledge of the agreement, the rights and obligations therein.
What is the Maximum or Minimum Amount You Can Borrow from Migo?
Migo provides loan amounts that range from N500 to over N500,000.
However, first-time clients usually start with small loans. The loan offers grow over time as trust builds between both parties.
Furthermore, the personal information of the client functions as a determining factor for the unique loan offers he gets. In other words, Migo provides each client with a range within his available credit limit. It is important to note that Migo currently does not honor requests for specific loan amounts.
What are the Migo Loan Interest rates?
Migo interest rates are not fixed. They provide Interest rates that range from 5%-25%.
The applicable rate depends on the repayment history and loan term in question.
Where the repayment history is good, interest rates could reduce while loan amounts increases and vice versa.
Migo also provides reduced interest rates for clients who obtain referrals.
Requirements for Taking A Migo Loan?
Migo loans qualify its potential clients for a loan based on the personal information provided. The more information they obtain, the easier it is to qualify for their loans.
Moreover, Migo loans do not require any collateral or documentation for their loan requests.
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How fast are funds released from Migo loans?
Migo loans are usually making their loan disbursements after every application.
In other words, once you meet all the requirements, loans from Migo loans are released with immediate effect.
Migo loan Repayment
Migo loans, for convenience, have provided several ways for their clients to repay their loans, they include:
- Transfer payments
- Online payments
- USSD payments
- Cash/Bank payments
- ATM payments
How to: Apply for loan from Migo; USSD Code; Requirements needed to request for migo loan; all you need to know
Requirements Needed to Apply for Migo Loan
Applying for a Migo loan is probably the easiest thing to do with a mobile phone. However, before you get to that point, some things must be in place. Here are the basic things you need to have before Migo can grant you access to request/apply for a loan in their company:
An active bank account
You must have a standard bank account in any of the following banks: First Bank, Access Bank, Diamond Bank, First City Monument Bank (FCMB), United Bank For Africa (UBA), Stanbic Bank, Wema Bank, Zenith Bank, Guaranty Trust Bank (GTB), Polaris Bank, Fidelity Bank, Heritage Bank, Union Bank, Unity Bank.
The bank account must be one you use frequently and must have been active for at least 3 months.
BVN
You must have enrolled for BVN in any of the accredited places. Your BVN must carry the exact phone number you intend to use to dial Migo’s ussd loan code.
An active phone line
You must have a phone line that you use frequently and has been active for 3-months or more. You will also be requested to grant Migo full access to your phone contacts.
Must be up to 18+
Only adults are allowed to borrow on Migo’s platform. You must be 18 or more to use the Migo ussd code or mobile app to borrow.
How to get a loan from Migo (Kwikmoney)
Okay. This entire process should not take you more than 2 minutes from start to finish. This segment focuses on the step-by-step procedures on how to apply for a quick online Migo loan.
You can request for Migo loan via their USSd code *561# or the Migo website
Via the USSD code
- Dial *561#
- Select loans
- Choose Request Loan
- Enter your request details
- Once you receive your loan offer, accept the offer
- Supply account details so Migo can pay you.
- Your loan will be credited into your bank account almost immediately.
Via the Website
- Visit Migo Web and got to Login to Migo
- Enter your phone number
- You will receive a 6-digit OTP on the phone number. Respond with the OTP.
- Once you are in, add bank accounts and payment cards.
- Choose your preferred loan offer
- Input your bank account number, debit card details, and other requested details so that Migo can pay you
- Submit
Your credit will arrive within few minutes .
How to Pay Back a Migo Loan
Have you been asking yourself “how do I pay back Migo loan?” You can repay your Migo loan using a few methods. I will list them here:
1.You can make direct deposit into the following supported banks
Your Migo loan can be deposited into any of the following banks:
- Access Bank
- Fidelity Bank
- First Bank
- First City Monument Bank (FCMB)
- Guaranty Trust Bank (GTB)
- Heritage Bank
- Polaris Bank
- Stanbic IBTC Bank
- Union Bank
- United Bank For Africa (UBA)
- Unity Bank
- Wema Bank
- Zenith Bank
2.Simply fund the account that is mapped to your Migo profile. The account can be debited directly via the debit card submitted.
3. You can do an instant transfer from your bank account straight into your Migos loan wallet.
Go to https://www.migo.ng/repay, select Pay Loan, select Bank Transfer. Select your bank and click continue. You will be given a code to dial. Select Suntrust bank and complete your transfer.
FAQs on Migo Loan
What is the code to request for loan on Migo?
*561#
What is Migo website?
What is the minimum or maximum loan I can get on Migo?
N500 – N500,000
If I don’t repay Migo loan, what will happen?
Repayment of a loan is as important as taking it in the first place. If you don’t pay your loan as at when due, you will be given an automatic extension (also called an auto-rollover) at an additional 100% on your initial interest rate plus a 5% late fee.
That is, for instance if your normal interest rate is 10% and you default on repayment, the interest will become 20% plus 5%. That’s 25%.
If you have financial challenges and are unable to repay your Migo loan as at when due, just dial *561# and select Extend Loan. Migo will understand.
What are the interest rates for Migo loans?
Ranges between 5% – 25%
What do I do if I cannot pay but do not want my offers affected?
To ensure your offers are not affected, you can make a partial payment of 20% of the total outstanding amount and get a 30-day extension.
What is the maximum loan tenor?
14 – 30 days
Where is Migo’s office?
The head office of Migo is located at 3B Adekunle Lawal Road, Ikoyi, Lagos, Nigeria.
How do I contact Migo if I have challenges?
You can call Migo on +23417002274. You can also shoot them an email on support@migo.com
Alternatively, you can text “HELP” to 561 (9mobile customers only).
