The instant automated loan business known as Migo Loan was formerly known as Kwikmoney or Kwikcash and was introduced in Nigeria by means of cooperation between various interbank financial institutions. mobile network and telecommunications providers to assist Nigerians in gaining access to private banking and financial institutions.
A loan of any amount between N500 and N500,000 is available to you.
The collaboration, in its most basic form, makes loans available to Nigerians that do not require any sort of qualification or guarantor.
You can acquire a loan in as little as sixty seconds or even less with Migo Loan Service. This is a speedy and uncomplicated procedure. To apply for a loan using your phone, you will need to dial a specific code. The same way that you would dial a code to check the remaining balance on your airtime. Also visit Best Loan Apps to get more loan offers.
About Migo Loans
Migo Loans in Nigeria is a cloud-based lending platform that provides instant loans to individuals and small businesses. It is a relatively new company, having been founded in 2020, but it has quickly become one of the most popular lenders in Nigeria.
Migo Loans offers a variety of loan products, including:
- Instant loans: These loans can be approved and disbursed in as little as 5 minutes, with no paperwork or collateral required.
- Payday loans: These loans are designed to help people bridge the gap between paychecks.
- Business loans: These loans are designed to help small businesses grow and expand.
Migo Loans is a popular choice for borrowers in Nigeria because it offers a number of advantages, including:
- Convenience: Migo Loans can be accessed through the company’s mobile app, making it easy to apply for a loan from anywhere.
- Speed: Migo Loans are approved and disbursed quickly, so borrowers can get the money they need when they need it most.
- Flexibility: Migo Loans offers a variety of loan products to meet the needs of different borrowers.
- Affordability: Migo Loans charges competitive interest rates and fees.
Migo loan requirement
Migo is a popular online loan service in Nigeria. It gives quick loans to people and small businesses. If you want a loan from Migo, here’s what you need to know:
- Be a Nigerian citizen: You must be a Nigerian citizen with a valid Nigerian government-issued ID, such as a National Identity Number (NIN) or a Permanent Voter’s Card (PVC).
- Be of legal age: You must be at least 18 years old.
- Have a valid mobile number: You must have a valid and active mobile number registered under your name.
- Have a source of income: You must have a steady source of income to be able to repay your loan.
- Have a good credit history: Migo may check your credit history to assess your creditworthiness.
- Be able to provide valid proof of residency: You may be asked to provide proof of residency, such as a utility bill or rental agreement.
- Be able to provide valid proof of income: You may be asked to provide proof of income, such as your pay slip or bank statement.
- Have a valid bank account: You may be asked to provide a valid bank account for your loan disbursement and repayments.
Once you have met these basic requirements, you can apply for a Migo loan through their mobile app or website.
Migo Loan terms and conditions
Before applying for an instant loan at one of the Best Mobile Loan Apps In Nigeria, it is important to be familiar with some of the important terms and condition of the loan. Here they are:
- You should have enough money in your account to pay off the debt before it’s due. If you can’t pay them back for some reason, you should let them know.If you are late in making payments on your loan, you will be assessed late payment fines and penalties.
- If you are unable to make payments on your loan, you grant the lender permission to communicate with everybody and everyone in your phone’s address book.
- You are giving them permission to use your personal data to calculate the amount that they owe you.
- The phone, your bank, bill payments, credit bureaus, and other institutions may all contribute to your personal data.
- Visit www.migo.money if you are solely interested in the details.
How to get a loan from Migo
Acquiring a Migo loan is a seamless process. Follow these simple steps:
- Visit their website.
- Input your phone number.
- Choose your preferred loan amount.
- Supply your bank account details upon request. This account will receive the loan.
- Finally, Migo will record your debit card details to facilitate easy repayment.
At present, Migo does not have a loan app. However, you can obtain a loan using the Migo loan USSD code – *561#.
Migo loan safeguards the legality of all its agreements. Consequently, these agreements follow and are interpreted according to the laws of the Federal Republic of Nigeria. Additionally, Migo provides necessary terms and conditions to ensure clients fully understand the agreement and their obligations.
Migo Loan Amounts: What is the Maximum or Minimum You Can Borrow from Migo?
Migo offers loan amounts that range from N500 to over N500,000. Nonetheless, first-time clients typically begin with smaller loans. The loan amounts increase gradually as trust develops between Migo and the client.
The client’s personal information also plays a critical role in determining the unique loan offers available. In essence, Migo offers each client a range within their available credit limit. Please note that Migo currently does not accept requests for specific loan amounts.
Migo Loans: Interest Rates, Repayment, and Customer Service
Meta Title: All About Migo Loans: Interest Rates, Loan Terms, Repayment Options, and More
- Migo Loans provide quick financial aid with interest rates ranging from 10% to 25%.
- The loan repayment period is typically between 14 to 30 days, with multiple repayment options available.
- Migo Loans utilize your personal data to determine loan offers and assess potential penalties for late payments.
Have you heard of Migo Loans and wondered how they work? Maybe you’re looking for a short-term loan and need to understand their terms and conditions? Don’t worry, you’ve come to the right place! This article will guide you through everything you need to know about Migo Loans, from their interest rates and loan terms to their repayment options, head office location, and customer care details. Let’s jump right in!
Migo Loan Interest Rate
The primary factor to consider when applying for a loan is the interest rate. Migo Loans offer rates generally between 10% and 25% of the borrowed amount. However, the exact rate could be higher or lower based on your personal information. Therefore, it’s crucial to understand your personalized rate before accepting a loan offer.
Migo Loan Term
A loan term refers to the period you’re given to pay back the borrowed money. The loan term for Migo Loans can vary between 14 and 30 days. This short-term model is perfect for those looking to cover an immediate expense and pay it back quickly.
Repaying Your Migo Loan
Repayment is a critical part of the loan process, and Migo makes it easy for you. You are required to repay your loan between 14 to 30 days after the loan was granted, as dictated by Migo’s policy. Several convenient methods are available for repayment:
- USSD Code: Dial *561# and follow the provided instructions.
- Online Portal: Visit the Kwik Money repayment portal.
- ATM Card: Use any ATM card to repay the loan.
- Cash: Pay in cash at any supported bank or agent.
If you fail to repay your loan by the due date, an automatic extension, or “rollover,” is applied. This doubles your interest and adds a 5% late fee. However, if you’re experiencing financial issues and cannot repay the loan, dial *561# and navigate to “Extend Loan” for assistance.
Migo Head Office
The Migo head office can be found at 3B Adekunle Lawal Road, Ikoyi, Lagos, Nigeria.
Migo Customer Care
In case of any questions or issues, you can contact Migo’s customer support through the following channels:
- Phone: +23417002274
- Email: [email protected]
- Text: Send ‘help’ to 561 from a 9mobile line.
The Migo USSD code, *561#, is your one-stop solution for all Migo services. Using this code, you can request a loan, repay your loan, and access all other Migo services.
Migo Loan Website
To learn more about Migo Loans, visit their official website at www.migo.money.
By agreeing to take a Migo Loan, you acknowledge and accept the following terms:
- You will repay loan balances on or before the due date.
- Your personal data may be used to determine loan offers.
- Fees and penalties may apply for late payments.
- Migo may send messages to your contacts if you fail to repay your loan.
Visit migo.money/en-ng/get for full terms and conditions.
In summary, Migo Loans offer a fast and convenient way to access short-term loans, with clear terms and multiple repayment options. Remember to consider all factors, including your ability to repay on time, before applying for a loan.
Always borrow responsibly!
- To pay loan balances on or before the due date
- To allow use of personal data to determine loan offers
- To be subject to fees and penalties for late payment
- To allow messages too your contacts if you do not pay Visit migo.money/en-ng/get for full
MIGO LOAN DISCLAIMER
- This loan is offered by our partner Fidelity Bank
- Your eligibility for the loan will be determined after a credit check by our partner
- Our partner may contact you from time to time
- Our partner may adopt any form of loan recovery process it deems necessary, and we have no control over those processes.
- Please read the terms and conditions carefully before applying for the loan
- By proceeding with a loan request, you agree to release Fidelity Bank from any liability, responsibility or claim related to the loan.
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