Want to learn how to apply for Migo Loan in Nigeria? This is the right article for you. Keep reading!
Migo formerly called Kwikmoney is an automatic online loaner that render single cost loans, instalment loans and paysheet loans for borrowers to settle their urgent and emergency financial needs.
The loan organization sprang up from a partnership between banks, mobile communication system and telecommunication companies and merchants in Nigeria to make individual banking and access to money comfortably easy for Nigerians.
At the center of the relationship with partnering companies, is giving easily reachable loans to Nigerians without collateral or guarantors.
The main reference point of Migo is to extend financial freedom to all.
What You Should Know About MIGO Loans
Migo is governed and stand firm by their agreement policies which they have set aside.
Migo additionally has terms and conditions for his or her purchasers to confirm a transparent information of the agreement and also the client’s rights and responsibilities.
Migo loans ranges from N10,000 to over N500,000. However, it is ordinary that first time client starts with a little amount of N10,000 and the offers modifies with time as the reliance between Migo and the costumer builds up.
In addition, a customer’s private information comes as a determinant factor for the specific loan offers he or she stands to get.
How To Apply For Migo Loan
Migo loan is one of the easiest to go for as it can be applied for using MIGO USSD code or through their mobile application.
How to apply for Migo Loan using USSD code
- Dial *561# on your mobile phone the same way you dial a code to check your airtime or data balance.
- Select loans from the various options
- Select request loan from the options
- Wait for loan offer
You will get a loan offer, accept, and provide account information and all to get your loan.
How to apply for Migo loan from mobile App
- Download Migo app or visit their website
- Put in your mobile number to proceed registeration
- Select your loan amount
- Provide your bank account information upon request as this is where the loan will be received
- Migo will then register your debit card information for easy re-payment.
Requirements for Migo Loans
Although requirements go with information provided by the costumer, Migo requires the following details also from individuals wanting access to loans.
- A functional Bank account active for the past 90 days
- Bank Verification Number (BVN)
- Reachable phone number used for at least 90 days
- Must be 18 years of age or more
- Costumers must have an account with the following banks: First Bank, Access Bank, Diamond Bank, First City Monument Bank (FCMB), United Bank For Africa (UBA), Unity Bank, Wema Bank, Guaranty Trust Bank (GTB), Polaris Bank, Fidelity Bank, Heritage Bank, Stanbic Bank, Union Bank and Zenith Bank before they can have a chance of getting a loan from Migo.
What is Migo Loans Interest Rate?
Migo does not have a stabilized interest rate but they give interest ranges from 5% to 25% depending on repayment history. Encouraging repayment history may reduce interest rate and increase loan amount.
Migo credits your account automatically once they are contented with the data provided during your request.
In addition, all loans are due to be paid back 14 to 30 days as stated in the agreement form and if in case you can’t repay at the specified time, you will be given an automated time lag known as “rollover” which doubles your interest rate with an extra 5% for late payment.