Migo Loan is one of the most popular quick loan providers in Nigeria. There are tens of loan apps in Nigeria and a lot have been banned and sanctioned by the Federal Government.
Is Migo Money worth borrowing from? What are the disadvantages or advantages of taking a loan from them? We will be seeing a few things about it below.
Migo Loan: Introduction
Migo Loan is a Nigerian based instant loan provider. Their domain name used to be migo.money, but it is currently redirecting to migo.ng.
I couldn’t find any physical addresses on their website, but you can reach out to them via email or phone calls if you want to locate them. Aside from loans, Migo also provides other finance-related services to brands like banks, telcos, fintech and individual merchants.
How To Get A Loan From Migo Money
Getting a loan from Migo Money is very easy.
All you need to do is:
- Visit their official website
- Enter your phone number
- Select the amount of money you want to request
- Provide the account where you would want to receive the money
- Enter your credit card details for easy repayment
They do not have a mobile app currently, but you can use their USSD code – *561#.
What Is The Maximum Amount You Can Get From Migo Money?
As with almost every Nigerian loan provider, you have to begin with a smaller amount and it will improve with time. You can access loans from anything from ₦5,000 to even up to ₦50,000 on Migo Loan.
You need to work on improving your credit score. One of the major ways of doing this is by repaying former loans on time. You can check other ways of increasing your credit score for loans in Nigeria.
What is the interest rate for Migo Loans?
This is not very specific and depends on factors, especially how long the debt has been. It can be anything from 5% to even up to 25% and it is very advisable you pay up on time to avoid the accumulation of interests.
If you have a history of good repayment of loans, it can cause a more favourable interest rate.
Requirements for accessing a loan on Migo Money
There are not many requirements:
- Valid phone number
- Account number for withdrawing the funds
- Means of identification
- Credit card
The means of identification need to be valid for you to be able to access the loans.
You also do not need any collateral or documentation.
The loans are released immediately and you can get them in minutes if you are able to provide the documents.
Loan Repayment Methods
There are a few ways through which you can repay your loans to ensure convenience like:
- ATM payments
- Transfer payments
- USSD payments
- Online payments
- Cash/Bank payments
You can choose any one that is very convenient for you and continue with it.
Defaulting on loans can be a very huge temptation, but it is the worst advice you can give to yourself.
Loan service providers can go to the extreme to get back at defaulters and the effects can get legal or even psychological, as they defame the users.
Apart from that, it will affect your credit limit and your ability to access future loans even on other apps.
Migo Loans might be different, but they also have a way of getting back at defaulters. Pay back when you can to enable them continue giving quality services, and you’ll never have a reason to open forum threads online.