Table of Contents
Migo loan code – How to Borrow Money Using the Migo App – Migo Loan, Migo App, How to obtain a Migo loan, Migo Loan Repayment Instructions, Migo Loan Requirements: Formerly known as Kwikash, Kwik Cash, and Kwikmoney, Migo is a provider of instant online personal loans. Migo leverages its interconnectedness with telcos and banks to offer unsecured credit to its users quickly and easily.
The Migo Loan
Migo loan is a cloud-based platform that serves businesses such as banks, telecommunications providers, and retailers.
It enables these businesses to extend credit to their customers to enhance traditional banking and card payment systems.
This is achieved by integrating Migo into the app of such a company. In turn, Migo subverts the clients by providing them with a digital account and credit line. Consequently, clients may utilize this credit line for straightforward financial transactions.
This company’s primary objective is to make prosperity accessible to everyone. To reinvent how we access and use credit, as well as to ensure complete customer satisfaction.
Obtaining a Migo Loan
Following these steps will allow you to obtain a Migo loan without difficulty.
- Check out their website.
- Provide your telephone number.
- Choose the desired loan amount.
- Provide your bank account details upon request. This would be where the loan is deposited.
- Migo would then store your debit card information for easy payment.
- As of the publication date of this article, there is no Migo loan app. However, you can obtain a loan by dialing *561#.
Migo loan ensures the legitimacy of all of its contracts. Therefore, such contracts are governed by and interpreted following the laws of the Federal Republic of Nigeria.
It provides the necessary terms and conditions to its customers. This ensures an adequate understanding of the agreement’s rights and obligations.
What are Migo’s maximum and minimum loan amounts?
Migo offers loan amounts ranging from N500 to more than N500,000.
However, first-time borrowers typically begin with smaller loans. The loan offers increase over time as confidence grows.
In addition, the client’s personal information plays a role in determining the unique loan offers he receives. In other words, Migo provides every customer with a credit limit range. Notably, Migo does not currently accommodate requests for specific loan amounts.
What are the interest rates for Migo Loans?
The Migo interest rates are variable. They offer interest rates between 5 percent and 25 percent.
The applicable rate depends on the loan’s repayment history and term.
When repayment history is favorable, interest rates may decline while loan amounts rise, and vice versa.
Additionally, Migo offers reduced interest rates to clients who provide referrals.
Conditions for Obtaining a Migo Loan?
Migo loans qualify prospective borrowers for a loan based on the provided personal information. The more information they acquire, the simpler it is for them to qualify for loans.
In addition, Migo loans do not require collateral or paperwork for loan requests.
Borrow up to N100,000 at the most reasonable rates in Nigeria.
Using our loan simulator, you can now compare interest rates from various lenders and find the best deal. Before committing, it is necessary to compare different loan offers to make an informed loan decision. Through our simulator, you can view loan offers from multiple lenders in less than 5 minutes, allowing you to make an informed decision about your financing. Try it now!
How fast are Migo loan funds disbursed?
Migo loans typically make loan disbursements following each application.
In other words, once all requirements are met, loans from Migo are made available immediately.
Migo loan Repayment
Migo loans, for the convenience of their clients, offer the following options for loan repayment:
- Transfer payments
- Online payments
- USSD payments
- Cash/Bank transactions
- ATM payments
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How to: Request a loan from Migo using the USSD Code Migo loan request requirements; everything you need to know.
Requirements Needed for Migo Loan Application
Migo loan applications are likely the simplest to submit via mobile device. However, before reaching that point, certain conditions must be met. Before Migo can grant you request access/apply for a loan in their company, you must have the following:
An operational bank account
You must maintain a standard bank account at one of the following institutions: United Bank For Africa (UBA), Stanbic Bank, Wema Bank, Zenith Bank, Guaranty Trust Bank (GTB), and Polaris Bank, Fidelity Bank, Heritage Bank, Union Bank, and Unity Bank.
The bank account must have been active for at least three months and be one that you frequently use.
BVN
You must have registered for a BVN at one of the authorized locations. Your BVN must include the phone number you intend to dial to access Migo’s USSD loan code.
An active phone line
You must have a frequently used phone line active for at least three months. In addition, Migo will request full access to your phone contacts.
Must be 18 or older
Only adults are permitted to borrow from Migo. To borrow using the Migo used code or mobile app, you must be at least 18 years old.
How to obtain a loan through Migo (Kwikmoney)
Okay. This entire procedure should not take more than two minutes to complete. This section describes the step-by-step application process for a quick online Migo loan.
Migo loan code
You can request a Migo loan by dialing *561# or visiting the Migo website. through the USSD code
- Dial *561# Select loans
- Choose Request Loan
- Enter your request details
- Accept your loan offer once you receive it.
- Provide account information so that Migo can pay you, Your loan will be deposited almost immediately into your bank account.
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Via the Internet
- Go to Migo Web and visit login to Migo
- Input your telephone number.
- Migo will send a 6-digit OTP to the phone number. Please provide the OTP.
- Add bank accounts and payment cards once logged in.
- Select your desired loan offer
- Migo will pay you if you provide your bank account number, debit card number, and other requested information and Submit.
Your credit will be available in a few minutes.
The Ways to Repay a Migo Loan
Have you wondered, “How do I repay my Migo loan?” You can repay your Migo loan through a variety of options. I will detail them below:
1. Customers can make direct deposits to the following supported banks:
Your Migo loan may be deposited at any of the following financial institutions:
The Access Bank
Fidelity Bank
First Bank
Bank First City Monument (FCMB)
Guaranty Trust Bank (GTB)
Heritage Bank
Polaris Bank Stanbic IBTC Bank
The Union Bank
Bank United For Africa (UBA)
The Unity Bank
Wema Bank
Zenith Bank 2.
Add funds to the account associated with your Migo profile. The account can be directly debited using the submitted debit card.
You can immediately transfer funds from your bank account to your Migos loan wallet.
Visit https://www.migo.ng/repay, click Pay Loan, and then click Bank Transfer. Select your financial institution and click continue. You will be given a dialing code. Choose Suntrust and complete the transfer.
FAQs Regarding Migo Loan
What is the Migo code for requesting a loan?
*561#
What website is Migo?
What are the minimum and maximum loan amounts available on Migo?
N500 – N500,000
What happens if I fail to repay my Migo loan?
Equally as important as obtaining a loan is paying it back. Suppose you fail to repay your loan by the due date. In that case, you will be granted an automatic extension (also known as an auto-rollover) at an additional 100 percent on your initial interest rate plus a 5 percent late payment fee.
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Thus, if your average interest rate is 10 percent and you fail to make payments, the interest rate will increase to 20 percent plus 5 percent. That is equivalent to 25%.
Suppose you are experiencing financial difficulties and cannot repay your Migo loan by the due date, dial *561# and select Extend Loan. Migo will understand.
What are the rates of interest on Migo’s loans?
Ranges between 5 percent – 25 percent
What should I do if I cannot pay but do not want my offers canceled?
To avoid revoking your offers, you can make a partial payment of 20% of the total amount due and receive a 30-day extension.
What is the maximum term of a loan?
14 – 30 days
Where is the office of Migo?
Intending Customers can find Migo’s headquarters at 3B Adekunle Lawal Road, Ikoyi, Lagos, Nigeria.
How do I contact Migo if I encounter difficulties?
The phone number for Migo is +23417002274. You may also e-mail them at support@migo.com.
You can also text “HELP” to 561 (9mobile customers only).