Business & Students Loans

Migo Loan App: How to Borrow Money from Migo Using USSD

Migo Loan offers quick and simple loans to meet your immediate needs.

The Migo is a platform that enables companies to extend credit to consumers and small businesses using a personalized loan app.

Migo’s headquarters is in San Francisco with branches in Nigeria and Brazil.

About Migo Loan Application

A cloud-based loan platform called Migo Loan works with businesses like banks, telecom providers, and retailers.

It enables these businesses to extend credit to their customers, enhancing conventional banking and card payment processes.

This is accomplished by including Migo in the app for such a business. The clients are then convinced by Migo, who gives them a credit line and a digital account. Customers can use this credit line to conduct simple and straightforward financial activities as a result.

This company’s top priority is to make wealth accessible to everyone. to completely satisfy customers while reinventing how we access and use credit.

How to Get a Migo Loan

Getting a Migo loan isn’t a difficult thing to do, simply follow these procedural steps.

  1. Visit their website
  2. Enter your phone number.
  3. Select your desired loan amount
  4. Provide your bank account details upon request. This is where the loan would be deposited. 
  5. After this, Migo would register your debit card details for easy repayment. 

There was no Migo loan application available when this article was published. But, you can get a loan using the Migo loan USSD shortcode, which is *561#.

All of its agreements are guaranteed to be legal by Migo Loan. As a result, these agreements are governed by and interpreted in accordance with Nigerian law.

It additionally gives the required terms and conditions to its customers. This is to make sure that all parties have full comprehension of the agreement and its rights and obligations.

What is the Maximum or Minimum Amount You Can Borrow from Migo?

Loan amounts offered by Migo range from N500 to N500,000.

However, new customers typically begin with small loans. As mutual trust develops, the loan offers increase over time.

Additionally, the client’s personal information plays a role in determining the specific loan offers he receives. In other words, Migo offers a range to each customer within his credit limit. Please be aware that Migo does not presently honour requests for specific loan amounts.

What are the Migo Loan Interest rates?

Interest rates on Migo vary. They provide interest rates between 5% and 25%.

The relevant rate is determined by the loan’s length and repayment history.

Where there has been a good track record of repayment, interest rates may drop while loan amounts rise, and vice versa.

For customers that receive referrals, Migo additionally offers discounted interest rates.

Requirements for Taking a Migo Loan?

Based on the personal information given, Migo Loans determines whether or not a potential client qualifies for a loan. It is simpler for them to meet the requirements for their loans the more information they gather.

In addition, Migo loans don’t demand any security or paperwork in exchange for the loans they offer.

How fast are funds released from Migo loans?

Migo Loans often disburses loans following each application.

In other words, loans from Migo Loans are disbursed immediately after you’ve satisfied all the prerequisites.

Migo Loan Repayment

For the convenience of their customers, Migo Loans offers a variety of options for loan repayment, including:

  1. Transfer payments
  2. Online payments
  3.  USSD payments
  4. Cash/Bank payments
  5. ATM payments

Migo Loan Repayment: Ways to repay your loan

Migo builds proprietary Machine Learning algorithms that assess credit risk using the company’s data and then automates credit facilities via cutting-edge cloud infrastructure.

Using this technology, the platform simplifies the complexity in the world of lending.

Migo helps in providing life-changing opportunities to lower-income customers. 

Migo Loan Repayment Methods

Migo Loan Repayment Using Transfer

  1. Enter your phone number above
  2. Select “Pay Loan”
  3. Select the “Bank Transfer” option from the list of payment methods
  4. Select your bank
  5. Click the button to continue the payment
  6. A code will appear on your phone to dial
  7. Select the bank name that you’re transferring to

Migo Loan Repayment Online Method

  1. Enter your phone number above
  2. Select ‘Pay Loan’
  3. Select the ‘Pay with 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.

Check: FairMoney Loan App Login: Sign Up, Easily Borrow Between ₦1,500 & ₦1,000,000

Migo Loan Repayment With USSD Code

  1. Dial *561# from any mobile phone.
  2. Select ‘Loans’
  3. Navigate to ‘Pay Loan’
  4. Select the pay with phone option from the list of payment methods
  5. Select ‘add card’ and follow the instructions on how to register a card
  6. Confirm payment and you will receive a confirmation message for your payment.

Migo Loan Repayment With Cash

Migo loan repayment through any of these banks:

  1. Access Bank
  2. Fidelity Bank
  3. GT Bank
  4. Keystone Bank
  5. Sterling Bank
  6. UBA
  7. Wema Bank

Visit any of the banks mentioned above and tell them you want to make a Migo payment using PAYDIRECT. You do not need an account number for the Migo loan repayment if you are using the PAYDIRECT bank method. The phone number that you used for your Migo loan request is your Customer Reference Number for Paydirect.

Read: Payday Loans Apps That Work With Chime.

Migo Loan Repayment With ATM

First, visit an ATM where Quickteller is available.

Before you continue with using an ATM as your payment option, make sure the phone you receive bank alerts with is right there with you because you might receive a token to complete the transaction.

Now follow these simple steps:

  1. Insert your ATM card and select the “Quickteller” option
  2. Select “Pay Bills”
  3. Select “Others”
  4. Enter “04354101” as the Biller Code
  5. Enter the phone number being used with Migo for “Customer Reference Number”
  6. Confirm payment
  7. You will see a confirmation message for your payment

Kindly note that there is an N100 processing fee.

Customer Support

Use our live chat feature at the bottom of your screen

+234(0)17002274

+2349087792933

[email protected]

Download Migo Loan App here.

Visit the official website of Migo loan here.

Check Other Loan Apps

Oladoyin Falana

Oladoyin Falana, a graduate of OAU, is an SEO Specialist, and IT business developer. He is the owner and content editor of ngjobalerts.com, a platform that focuses on providing information on career, recruitment updates, exams, and admission updates, including general (How-to) information.
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