How to borrow money from Migo loan
October 28, 2022
Migo loan – We all fall short of requisite funds at some points, in time like this one would resort to an easy way out, and one of such means involves taking out a loan.
In this guide I will show you how to get a facility with Migo laon in swift and seamless way.
About Migo loan
Migo is a lending platform that makes it easy for companies to extend credit to consumers and small businesses in their own apps.
Migo builds proprietary ML algorithms to assess credit risk using the company’s data to automate credit facilities through cutting-edge cloud infrastructure, simplifying the complex world of lending with a simple API.
Migo as well as expands economic access by enabling credit for population ignored by traditional credit companies, in several ways providing life-changing opportunities to lower-income customers.
Migo is headquartered in San Francisco and currently operates in Nigeria.
Requirements for taking a Migo loan
Migo provides facility with recourse to the information provided, the more information they were able to get about the borrower the easier it becomes to qualify for a loan.
Migo loan interest rate
Migo provides interest rates within a range of 5% – 25%, however, the applicable rate is subject to payment history and loan terms.
In this case the interest rate is reduced subsequently where the borrower has a good repayment history, so to have a better deal going forward, ensure to be faithful with your repayment in loans offered.
For clients who obtain referral, Migo provides a reducing balance interest rate, in this case your interest rate goes down progressively as you pay down your loan.
How Migo works with companies
Migo enables companies to provide their clients with credit to improve traditional banking and card payment systems.
In practice, Migo integrates its app in the affiliate company’s app, Migo then subverts the clients by providing them a digital account and a credit line, clients’ in turn use the credit line to make easy and direct financial transactions.
Minimum and maximum amount I can borrow from Migo?
Migo provides each client with a loan range within his available credit limit, however, personal information of the borrower acts a determinant factor for the loan offer, the more personal information Migo has about you the more chances you have to access loans.
Essentially, first-time clients will start with a small loan, as the relationship gets better the loan offer grows subsequently.
Given, you will need to build a good credit with Migo for each loan received to boost your chances to access higher loan.
Migo will offer amount as little as N500 to over N500,000 significantly.
How to access Migo loan
Kindly follow the below guideline to get yourself a Migo loan
1. Visit its website
2. Input your phone number
3. Select a preferred loan amount
4. Kindly provide your bank account details when asked
5. The next thing Migo will do is register your payment card details from where your loan repayment will be carried out.
Migo provides you requisite terms and conditions for the facility.
How fast are Migo loans released?
Migo will disburse its loan after every successful application, having met all the requirements loans are disbursed immediately.
Migo loan repayment/code
Having received a loan, the next question you may want to ask is how do I repay my loan?
You can repay your loan in any of the following arrangements;
- Online payments
- USSD payments
- Cash/bank payments
- Payment through the ATM
- Transfer payments
To repay your loan online follow the below guide
1. Enter your phone number at the repayment page
2. Select “Pay loan”
3. Select the “Pay with credit card option” from the list of payment methods
4. select your saved payment card or select “add card” and follow the instructions to register a new card.
5. Confirm payment and you will receive a confirmation message for your payment.
Pay with USSD
1. From any mobile phone number dial *561#
2. Select “Loans”
3. Navigate to pay loan and select the “Pay with phone” option from the list of payment methods
4. Select “Add card” and follow the instructions to register a card
5.Confirm your payment and you will receive a confirmation message for your payment.
Pay with cash
You will have to visit any of the below banks
- Access bank
- Fidelity bank
- Keystone bank
- Sterling bank
- Wema bank
Kindly inform a teller that you want to make a Migo payment using PAYDIRECT, use your phone number registered during loan request as the “Customer Reference Number” for Paydirect. There’s no account number for this payment, just use your phone number.
Pay at the ATM
Visit any Quickteller enabled ATM, ensure you have the phone that receives bank alert in case you need to receive a token.
- Enter your ATM card in the machine and select ”Quickteller” option
- Select “Pay bills” then select “Others”
- Enter “04354101” as the biller code
- Enter the phone number being used with Migo for the “Customer Reference Number”
- Confirm your payment, you will receive a confirmation message for your payment. This service attracts a N100 processing fee.
- Enter your phone number
- Select “Pay loan”
- Select the “Pay with card option” from the list of payment methods
- Select your saved payment card or select “Add card” and follow the instruction to register a new card.
- Confirm payment and you will receive a confirmation message for your payment.
Migo loan phone number
The customer support is always available, kindly reach out via; 0908 779 2933.
Who is the owner of Migo loan?
Migo was founded in 2014 by Kunle Olukotun, Ekechi Nwokah. The company is based in Ikoyi Lagos with headquarters based in San Francisco, California.
Migo loan USSD code
The USSD code is denoted by *561#
Is Migo loan legit?
Migo has created a track record by offering loans to people who ordinarily cannot access loans from the mainstream financial institutions.
So long you have enough information to rely on, Migo will give consideration to your application. By far, Migo is legit and stands the pole spot ahead of other loan companies currently in Nigeria.
Migo is a lending platform that makes it easy for companies to extend credit to consumers and small businesses in their own apps. Accessing loan is stress free, you can increase your loan amount by maintaining a good credit and repayment relationship going forward.
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