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Migo Loan: 7 Things To Know Before Taking A Loan From MigoLoan

Sometimes getting a loan might be the only option left when there is a serious urgent need to sort out. But before considering getting a loan from any of these loan apps in Nigeria, have you actually sat down to analyze some of the things involved in getting a loan from the loan institution? So as to understand what you are actually getting yourself involved in?

Well, Migo loan is one of the highly rated loan apps in Nigeria. They provide loans to interested persons who apply for it. And in case you have any interest in getting a loan from the Migo loan company, well, then I guess you will find this article helpful.

But before then, please don’t get me wrong. There are many other loan apps in Nigeria and Migo loan is highly rated and mostly recommended by a lot of people, and most people even get loans from them without even knowing what they are getting themselves in.

If you have chosen to get a loan from Migo Loan, it is advisable to know some important things about the company, so you won’t get pissed off, or feel disappointed. 

Not just because of Migo Loan, while trying to use any loan platform in Nigeria, it is very important you first make research to understand important things about the loan platform, so you would know how to flow with the platform.

This is why we decided to prepare this article,  to share with you 7 things that you should know about Migo loan, before taking a loan from them. We will also be sharing with you some brief facts about the Migo loan. This will include the Migo loan repayments procedure, how to get a Migo loan and lot of others. So without further ado, let us proceed.

What Is  Migo Loan And How Does It Work?

Formerly known as Kwikmoney or Kwikcash, Migo Loan is an automated online money lending institution that provides all sorts of loans ranging from payroll loans, installment loans and a lot of other loans.

They have a mobile app which clients can make use for their financial transactions. The Migo loan mobile app was designed to provide clients with a good card payment system which can be used during the payment of the loan. It works similar to other loan apps such as 

7 Things To Note Before Taking A Loan From Migo Loan

Migo Loan review

1. Migo Loan Interest Rate

Before proceeding to get a loan from Migo loan, one of the few things that you should take into consideration is the Migo loan interest rate. This is the rate or percentage of fee that you will pay apart from the main loan. However, the Migo loan interest rate is not fixed and they depend on the amount that you will be collecting as the loan. Most times, the Migo loan interest rate ranges from 5% to 25% depending on the loan amount and loan duration. The higher the interest rate, the higher the total amount that you will pay.

2. Amount Of Loan That Migo Loan Can Give

The loan amount that Migo loan is one of the things that you should take into consideration before trying to get a loan from Migo loan. For new customers, the company offers a minimum of N500 and a maximum of about N50,000. However, this is not the same for old Migo loan users who have built a good credit record. Old Migo loan users are allowed to take loans from about N10,000 to a maximum of about N500,000.

3.  Duration Of Migo Loan

Also, another factor that you should consider before opting to get a loan from the Migo loan app is their duration for these loans. The company offers loans ranging from N500 to N500,000 with each of these loans having a different duration. Migo Loan duration may rage from 14 days and above; the 14 days loan duration is usually at 15% interest rate.

4.  Physical Office Of Migo Loan

Although this might be really important, but depending on the amount of loan you are applying for, you might want yo know the physical office of Migo loan. If they have a physical office at all before taking it into consideration. Later in this article, I will be revealing the physical office of Migo loan. Just keep reading!

5. How Migo Loan Tackles Loan Defaulters

Most people would not want to owe a loan company, but sometimes, things may go sour and be totally beyond control. And this is why knowing how Migo loan tackle its defaulters is very important before getting a loan from them. 

Just like most other loan apps in Nigeria, Migo is definitely going to give you distress phone calls when you fail to pay your loan at the due date.

Most of the online loan apps in Nigeria punish their defaulters by sending messages to the contact of the lender via WhatsApp. But who knows whether Migo does that as well.

6. Certification And Recognition

Recognition or certification is another thing that one should consider before getting a loan from Migo loan. Migo Loan is certified by the Central Bank of Nigeria and it also has some partnership with Fidelity Bank.

7. Security

Migo Loan security

No one would want to enter their card details on a fraudulent app or an app that would end up selling their information. And this is why it is important to check the security of Migo loan before signing up on it or using it to get a loan. However, Migo Loan is a very secure loan platform, there has not been any record of lapses in their security.

How To Get A Loan From Migo Loan?

There are two popular ways to get a loan from Migo Loan, they are:

  • Via USSD
  • Via Migo Loan Mobile App

1. How To Get A Loan From Migo Loan Via USSD

To get a loan from the Migo loan company via the USSD code, below are the steps you will have to take.

  • Dial *561# on your mobile phone.
  • Select “Loan”.
  • Choose “Request Loan”.
  • Enter the amount that you wish to get.
  • Enter your account details.

2. How To Get A Loan From Migo Loan Via The Migo Loan Mobile App

Below are steps on how to get a loan from Migo loan via their mobile app

  • Open the Migo loan app. 
  • Sign up or log in to the Migo loan app.
  • Complete your verification
  • Click on “Loan offers”.
  • Select the loan you want.
  • Enter your account details.
  • Click on confirm.

How Do I Payback My Migo Loan?

There are a lot of methods available on how to pay back a Migo loan. However, we will be addressing a few of them.

1. How To Repay Migo Loan Via USSD Code.

  • Dial *561# from your mobile phone.
  • Select ‘Loans’.
  • Select ‘Pay Loan’.
  • Select the ‘pay with phone’ option from the list of payment methods on your screen.
  • Select ‘add card’ and follow the instructions on how to register a card.
  • Confirm payment and you will receive a confirmation message for your Migo loan payment.

2. How To Repay Migo Loan Via Bank Transfer

  • Go to https://www.migo.ng/repay.
  • 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.

Migo Loan Review

As I had said earlier, Migo loan is one of the highly rated loan apps in Nigeria. One of its features that makes it outstanding is that it actually provides good loan services. They are highly recommendable as they are also backed by the Central Bank of Nigeria, and have partnership with Fidelity Bank.

Is Migo Loan Legit?

Yes, Migo Loan is very legit, many people have been using it, and there has not been any record of fraud on the platform.

Frequently Asked Questions

Is Migo Loan Real?

Yes, Migo loan is a real loan company. They offer loans to their customers who in return, pay back the loan along with some interest.

Is There A Migo App?

Yes, there is a Migo loan app. It is available on the Google Play store for Android devices and the Apple App store for iOS devices.

What Is Migo Loan USSD Code

The Migo Loan USSD code is *561#. Just dial the code on your phone and follow the prompts to get your loans.

What Will Happen If I Don’t Pay My Migo Loan?

If you do not pay a Migo loan, you will damage your credit score, and will actually ruin your chances of getting a loan next time, even from other loan platforms. 

That is, some offers which might have been given to you will not be handed to you and while you are yet to payback the loan, some charges are also being incurred.

Who Is The Owner Of Migo Loan?

Migo loan was founded by Kunle Olukotun and Ekechi Nwokah in the year 2014.

Which Bank Is Migo Loan?

Migo loan is a partner of Fidelity bank.

Conclusion

Before taking a loan, there are certain factors that you need to take into consideration. And in this article, we have highlighted 7 things that you should consider before getting a Migo loan.  And alongside that, share with you some other information that you might want to know about Migo loan.

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