Migo Loan: requirements, ussd code, how to get it www.migo.ng/
Life sometimes plays hard on us and our survival shakes at the expense. Our life thus depends on our financial stability, the best way to rescue the situation is a quick loan.
About Migo Loan
Migo formally known as kwikmoney or kwikcash is a lending company that gives immediate loans to its customers to settle their immediate needs.
It enables companies to extend credits to consumers and small business owners on their apps.
Migo makes life easy by extending credit to customers who are unable to borrow money from the traditional banks thereby providing life-changing opportunities to lower-income customers.
Migo operates in partnership with banks, telecommunications, and merchants. This is made possible by integrating the Migo app in such a company’s app and turn subverts the customers and gives them a digital account and a credit line. The main target of Migo is to spread financial freedom to all.
How to get a Migo loan
Acquiring a Migo loan isn’t something hard, there are stipulated steps that make it easy to get. Simply follow these steps:
- Download their app or visit their website
- Input your mobile number
- Choose your intended loan amount
- Provide your bank account details upon request as this is where the loan will be received
- Migo will then register your debit card details for easy repayment.
Migo loan reserves the right to all their agreements as such, the agreements are governed by the laws of the federal republic of Nigeria.
Migo also has terms and conditions for their clients to ensure a clear knowledge of the agreement and the client’s rights and responsibilities.
What is the maximum or minimum amount you can borrow from Migo?
The amounts you can borrow from Migo ranges from #5000 to over #500,000. It’s however common that first time customer starts with a smaller amount of #5000 and the offers increase with time as the trust between them builds up.
Additionally, a customer’s personal information comes as a determining factor for the special loan offers he get.
What are the Migo loan interest rates?
Migo does not have a stable interest rate but they give interest rates ranging from 5% to 25%. Each rate depends on repayment history and module of the loan term.
If a customer’s repayment history is encouraging, then the interest rate may decrease, and the chance of getting another loan and the loan amount increase.
They also compensate a referral by reducing his interest rates.
Requirements for taking a Migo loan?
Migo loan has no special requirements but operates based on the information provided by the customer so, the amount or genuineness of the personal information they obtained decides the easy qualification of such customer to get the loan. This informations are as follows:
- Your bank account
- Your bank verification number (BVN)
- Your current phone number
- 18 years and above. Note that your age is a major determiner
- Your phone number must have been active for the past 90 days
- Your account number must have been active for the past 90 days as well
You must be a bank customer of the following banks in Nigeria:
- First Bank
- Access Bank
- Diamond Bank
- First City Monument bank
- United Bank for Africa (UBA)
- Stanbic Bank
- Wema Bank
- Zenith Bank
- Guarantee Trust Bank (GTB)
- Polaris Bank
- Fidelity Bank
- Heritage Bank
- Union Bank
- Unity Bank.
Also, Migo’s loan does not request any collateral or special documentation for their loan request. All they need is your bank account details and few things.
How fast are funds released by Migo loan?
Migo loan automatically credits your account with immediate effect once they are satisfied with the information provided during your application.
Migo Loan Repayment
Migo loan makes repayment an easy task for their customers. They have various ways of repayment without stress, they are as follows:
- • ATM payment
- • Transfer payment
- • Cash/ Bank payment
- • USSD payment
- • Dial *561# and follow the instructions
- • Visit the Migo loan repayment portal.
Additionally, all loans are expected to be paid back 14 to 30 days after taking the loan as is stated in the agreement form.
If in case you can not pay back at the stipulated time, you will be given an automatic extension known as “rollover” which doubles your interest with an additional 5% for late repayment.
So it is advisable to dial *561# for a loan payment extension if you are having a financial crisis and can not pay back as at when due.
Migo loan code
The Migo loan code is *561#. You can request a loan, pay back a loan, make inquiries, and access all their services.
Migo USSD code
*561# is still the Migo USSD code. This code works for all Migo outlets across the world be it Brazil, San Francisco, and Nigeria.
Do you want to repay your loan with USSD? Here are the steps:
- Dial *561# with your mobile device
- Click “Loans”
- Select “Pay loans”
- Select the “pay with phone” option from the options shown
- Select “Add to card” then follow the instructions on how to register the card
- Confirm payment then you will receive a notification for your payment, It is as simple as that.
Payment with transfer
- Enter your registered phone number
- Click “pay loan”
- Click the bank transfer option from the listed options
- Choose your bank and click the button to continue payment
- A code will be sent to your phone to dial
- Select provides Bank as the bank name you want to transfer to
- You will receive a notification of a successful transfer.
Payment with ATM
- Visit an ATM that is operated by any of the above-listed banks
- Make sure you are with your registered number that receives alert
- Insert your ATM and click the “Quickteller” option
- Click “pay bills”
- Click “others”
- Enter “04354101” as the biller code
- Enter the number you used with Migo for customer reference number
- Confirm payment
- You will receive a notification that confirms your payment.
Note: #100 will be charged as a processing fee.
Migo Customer Care
Migo customer support is: +234(0)17002274
Or visit their website @ [email protected]
Migo loan is a second to-none loan provider with easy access across the country hence their uniqueness among their competitors. With a Migo loan, your financial stability is guaranteed.
Youwin is a Nigerian focused Educational And Career blog, With the Vision To Inspire & Empower Young Persons; Helping Them Realise & Maximise their Potentials.
this articles was written by a team of bloggers for youwin.org.ng, the writer is a University graduate, he holds a degree in Economics from the University of Nigerian Nsuka (UNN).
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