Loans

How to Get Migo Loan (Updated 2023)

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Migo is an automated instant loan service that has its solid root in partnerships between banks, telecommunication companies, and mobile networks in Nigeria. The main aim is to make access to finance easy for every interested Nigerian. It was formerly known as Kwikmoney or Kwikcash.

Using a USSD code introduced by Migo you can get a loan within 60 seconds. It is really that fast so far everything is working in tandem. So lets get started on how to get Migo loan

How to Get Migo Loan

The process can be quite simple and direct, just follow the mapped-out guide. The required processes are:

1. Dial *561#

Just the same way you dial a USSD code to check your Airtime balance, dial *561# using your mobile phone.

2. Select Loans

You would see an option for you to select loans; click on it.

3. Select Request Loans

In the next step, select request loans from the listed options. Then patiently wait for loan offers. You would get a loan offer, then fill in your account details and other required procedures to get a loan.

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If you do not want to use the USSD code, you can log into their website. If you have already applied using the mobile code, you don’t have to log into their website. The website is Migo

4. Input Your Phone Number

To continue the process, you would have to include your phone number. You would also have to complete a captcha to be sure you are a human.

You will get a code, and input the number on the website to verify you are the owner of the number.

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5. Select Check Loan Offer

The next step is to select check loan offer, you will be presented with the offers made available for you. Select proceed, then input your phone number and other required details.

6. Get the Loan

Once you are through with the registration process, sit back, your loan would arrive anytime soon. In a few minutes at most.

How Much Can You Get?

In your first loan, the loan amount would get an offer that depends on your credit score estimation. After the first loan, subsequently, you will start getting access to bigger offers. You can get a loan from N500 to N500,000.

Note: The loan term is specifically from 14 days to 30 days

Migo Interest Rate

This is heavily dependent on your personal data. However, the general estimation is from 10% to 25%  of the amount you are receiving.

How to Repay Loan

The rule directing Migo states that all loans should be paid within 14 to 30 days. The process that involves repaying the loan is an easy one. You can simply dial *561# and follow the on-screen prompt or visit the website.

The loan can be paid back using your ATM card or in cash via an approved bank or agent.

If you are not able to pay your loan after the date expires you would get an automatic extension (rollover) that spikes up your interest by 5 percent. Hence, if you are not able to pay your loan before the agreed time, dial *561# and navigate to “Extend Loan”

Related Post: NMFB Household Loan 2022, Portal & How To Apply

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