Is Migo Loan Legit; Should You Use Migo Loan Or Not? Find Out if this is a good loan App or your usage and also know how they recover unpaid loans.
What Is Migo Loan?
Migo loan is a money lender company in Nigeria that provides automated instant loan service.
Formally kwikmoney or kwikcash which transformed to migo is well known for its instant loans approval, easy loan repayment, active customer care service, good interest rates and reliability.
Their service is in partnership with banks, telecommunication companies and deferent mobile networks to make available personal banking and ensure Nigerians have easy access to instant loans without guarantors or collateral.
With migo, you can receive loan in less than 60 second or more using their code “*561#”.
Their loan range from 500 naira which is the minimum amount and maximum of 50,000 naira for new customers, you can later get up to 500,000 naira as a good customer. This loan is without guarantors or collateral to access.
So today I will be sharing with you how to get migo instant loans in Nigeria without any grantor or collateral.
Migo Loan Requirements for Loan (Is Migo Loan Legit)
To get loan from Migo there are some requirements to meet, and all the requirements are mandatory. The following are the requirements to get Migo instant loan
Bank Account Number
you must have a bank where of use. You must have a bank account number where the loan with be deposited. Without bank account, you can’t apply their loan. The account number must have been active for 90 days before application.
You Account Number can be from any of the following banks: Unity Bank, First Bank, Guaranty Trust Bank (GTB), Access Bank, Union Bank, Diamond Bank, First City Monument Bank (FCMB), Stanbic Bank, Wema Bank, Zenith Bank, Polaris Bank, Fidelity Bank, Heritage Bank, United Bank For Africa (UBA).
Bank Verification Number (BVN):
Your bank verification number is another requirement necessary to access their loan. The BVN contains all needed informations about you and give them assurance of your identity.
you have attained the age of 18 year at the time of Application for the loan.
you must have a functioning phone number that will be used at the point of Application and the phone number must be the same one on your Bank Verification Number (BVN). The number must have been in use for at least 90 day to the loan application.
Migo Loan Terms and Conditions for Loans (Is Migo Loan Legit)
To get loan from Migo, there are terms and conditions to adhere to strictly before, during and after the loan has granted for your own good and comfortability. So, before making decision to apply, it is highly imperative to get yourself familiar with their terms and conditions.
A lot of people complain that loan Aps embarrass them when they couldn't pay back their loans in time and this is why you need to read these terms and conditions very very well.
You must means of paying back before the agreed date of repayment
If because of any difficulty or challenges you’re unable to pay back, make sure you inform them through their customers care contact.
There is penalties for late payment
if for any reason your repayment is beyond the due date, it attract penalties. Which means you will have to pay more than the agreed amount.
Access to all your contact numbers
When you apply for migo loan you give them permission to send messages to phone contacts if you default on your repayment.
Access to your Personal data is granted
They gain access to your Personal information's like, phone number, contacts on your phone, bank details, credit bureau, BVN and many more.
Right to take actions against you incase of default in repayment
This is what a lot of people do not know. This loan app reserve the right to take actions against you if you do not fulfill your own end of the bargain and they can use any medium they deem fit to recover their money from you.
This is in their terms and conditions.
How to Get Loans from Migo Loan (Is Migo Loan Legit)
Use The Code “*561#
Dial *561# from your phone and follow all the instructions.
Select Loans From Options Provided
You will be provided with many options to choose from, the opinions are
press 1 to select loans and proceed to the next stage.
Select cash loan
from the five options provided to you, select 1 which is cash loan and proceed to the next stage
Select Your Choice Of Loan
Check loan offers and select the one of your choice to proceed.
Input Your Phone Number
At this point you need to input your phone number and proceed to the next stage. You will receive a code on your phone for verification.
Input Your Account Number
Fill your bank account details and proceed to get your loan.
Receive Your Loan
This is the final stage, receive your loan in few minutes, possibly within a minute.
How much can I borrow with Migo Loan? (Is Migo Loan Legit)
Migo can borrow you from the range of 500 naira to 500,000 naira. Note that first time customers get started with smaller amount depending on credit score calculation is the analysis of your financial ability. Repayment without default with give access to higher loan.
If you continue to be a good customer, you can get upto 500,000 over time as you build trust with them.
Migo Loan Interest Rate on Loans
The interest rate on Migo range from 10% to 25% of the loan amount you are borrowing. The rate is no fixed but varies, it depends on personal data calculation result analysis and repayment term. Personal data may be a big determinant in the interest rate charge. If you have a good result from the calculation, there is possibility of low interest rate and high rate if the result is beyond average. The penalty for default in repayment is 5% from any extension or rollover.
Migo Loan repayment; How to Repay Migo Loan (Is Migo Loan Legit)
Migo repayment term ranges from 14 to 30 days of the loan received. All loans are expected to be paid on or before the aforementioned range.
The repayment is very easy and stress free if you follow the laid down procedures. You can initiate repayment on your phone, just dial *561# and follow instructions provided repayment. Their website at www.us.migo.money is also another easy way to payback. Visit the repayment portal and follow all instructions.
Migo Loan Head Office
The head office Migo instant loans in Nigeria financial institution is dedicated at 3B Adekunle Lawal Road, Ikoyi, Lagos, Nigeria.
Migo Loan USSD Code for Getting a Loan (Is Migo Loan Legit)
Migo code is *561#. The code is for loan request, repayment, and many more service can be carried out with the code.
Migo loan is a money lender company in Nigeria that provides automated instant loan service with moderate interest rates. So, if you’re looking for a loan lender for your business or private use, go through our Review again and make the best decision.