Are you interested in Migo loan online application, USSD code, app download, requirements, repayment account number, and customer care number?
If YES, then this article is only what you need to read today.
Getting started…
What is Migo Loan?
Migo, headquartered in San Francisco and currently operates in Nigeria and Brazil, is a micro-loan service that provides instant access to loans disbursed directly to a customer’s account with no documentation required.
Migo builds proprietary ML algorithms to assess credit risk using the company’s data, then automates credit facilities via innovative cloud infrastructure, simplifying the complex world of lending with a simple API.
Migo also expands economic access by enabling credit for populations ignored by traditional credit bureaus, most times providing life-changing opportunities to lower-income customers.
Migo Loan Requirements
Here are the eligibility requirements to get a loan from Migo:
- Bank account.
- Bank verification number.
- A working phone number.
- You must be up to 18 years and above.
- You must have been using your phone number actively for the last 90 days.
- Your account number must have been in active use for the last 90 days.
- You must have an account in of the following banks: First Bank, Access Bank, Diamond Bank, First City Monument Bank (FCMB), United Bank for Africa (UBA), Stanbic Bank, Wema Bank, Zenith Bank, Guaranty Trust Bank (GTB), Polaris Bank, Fidelity Bank, Heritage Bank, Union Bank, Unity Bank.
How much can you get?
You can get a Migo loan from ₦500 to ₦500,000.
But note that at your first request, you will get a low offer that will depend on your credit score calculation.
After the first offer and you pay back your loan on time and so on, you will access bigger funds.
Migo interest rate is usually from 10% and 25% of the amount of money you are getting.
Interest rates and loan amounts vary based on your personal information and loan repayment history.
Interest rates can decrease, and loan amounts can increase, with good repayment history.
The loan term ranges from 14 to 30 days.
Migo Loan Sign Up
Apply for a Migo loan online in 4 easy steps:
- Visit the online website.
- Enter and verify your phone number.
- Choose the best fitting loan offer.
- Add your banking information.
You do not need any collateral or documentation to request a Migo loan.
You can conveniently apply for a loan from your mobile phone.
All you need is a bank account linked to a valid BVN.
You can access Migo from your mobile phone any time by logging into the web portal with your mobile number at Get a Loan. Or, by dialing *561#.
Your loan enters your account, or the account of the merchant that you are paying, immediately after you complete your application session.
Migo Loan USSD Code
To avoid multiple screen selections, use these USSD menu shortcuts by placing your menu selections in the code you dial.
- *561*1*1*1# Take out a loan
- *561*1*2# Repay a loan
- *561*1*3# Check loan balance
- *561*1*4# Extend your loan
- *561*1*5# Terms and conditions
How to Extend Migo Loan
Extending a Migo loan is easy!
- Dial *561# or log into your account with your mobile number at Repay a Loan.
- Select “Loans”.
- Go to “Extend Loan”
Migo Loan Repayment
Here are the best ways to repay the Migo loan fast.
1. Pay with Transfer
- Enter your phone number above.
- Select “Pay Loan”.
- Select the “Bank Transfer” option from the list of payment methods.
- Select your bank.
- Click the button to continue the payment.
- A code will appear on your phone to dial.
- Select the bank name that you’re transferring to.
2. Pay Online
- Enter your phone number above.
- 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 instructions to register a new card.
- Confirm payment and you will receive a confirmation message for your payment.
3. Pay with USSD
- Dial *561# from any mobile phone.
- Select ‘Loans’.
- Navigate to ‘Pay Loan’.
- Select the ‘pay with phone’ option from the list of payment methods.
- Select ‘add card’ and follow the instructions on how to register a card.
- Confirm payment and you will receive a confirmation message for your payment.
4. Pay with Cash
Visit any of these banks:
- Access Bank
- Fidelity Bank
- GT Bank
- Keystone Bank
- Sterling Bank
- UBA
- Wema Bank
Inform them you would like to make a Migo payment using PAYDIRECT.
There is no account number to pay into, but the phone number used for your Migo loan request should be used as the Customer Reference Number for Paydirect.
Visit the bank early to avoid queues.
5. Pay With ATM
Please visit an ATM where Quickteller is available.
Ensure you have the phone that receives bank alerts with you in case you need to receive a token, then do these:
- Insert your ATM card and select the “Quickteller” option.
- Select “Pay Bills.”
- Select “Others”.
- Enter “04354101” as the Biller Code.
- Enter the phone number being used with Migo for “Customer Reference Number.”
- Confirm payment.
- You will see a confirmation message for your payment.
Kindly note that there is a ₦100 processing fee.
Loan Defaulters and Consequences
Migo loan defaulters would face the consequence of not getting a loan the next time they need one.
Although Migo does not work with Credit Bureau Registries, if you default on repaying your loan, the company may use any means to retrieve their money in any way possible.
So, when you borrow with Migo Loan, endeavor to pay back your loan as soon as possible to avoid being a defaulter who would not be offered a loan opportunity next time when you need a loan urgently.
Customer Care Support
- +2349087792933
- support@migo.money
Terms and Conditions
- Pay loan balance by the due date: This term means you understand you are taking a loan that must be paid back by the due date to continue enjoying the service.
- Allow use of your personal data to determine loan offers: This term means that you have given consent to Migo to analyze your personal information to provide you with the best loan offers. Your personal information comes from many sources, including your phone, your bank, bill payments, credit bureaus, and other sources.
- Fees and penalties for late payments: To lend to more customers and increase your loan offers, the company must recover loans granted. When you do not repay your loan on the due date, additional fees and interest will be charged. This term means you have given your consent to be subject to these charges if your loan repayment is late.
- Allow messages to your contacts if you do not pay: This term means you consent to Migo sending text messages to anyone you have called, or sent an SMS to, if you cannot be reached. Migo will only send these messages after multiple unsuccessful attempts to contact you after your loan repayment date has passed.
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