Migo Loan Code | How to get Migo Loan in 2023
Migo, earlier known as Kwikmoney or Kwikcash, is a quick loan service in Nigeria. Banks, mobile networks, and telecom companies have joined together to offer loans to Nigerians without collateral or guarantors. With Migo, you can get a loan in 60 seconds or more just by dialing a Migo Loan code on your phone.
Migo Loan Requirements
- Bank account
- Bank Verification Number (BVN)
- Active phone number
- Age 18 years or above
- Phone number in use for the last 90 days
- Bank account in active use for last 90 days
- Account in any of these banks: First Bank, Access Bank, Diamond Bank, FCMB, UBA, Stanbic Bank, Wema Bank, Zenith Bank, GTB, Polaris Bank, Fidelity Bank, Heritage Bank, Union Bank, Unity Bank.
Terms and Conditions
- Must be 18 years old or above to apply for loan.
- Interest rate ranges from 5% to 25%.
- Loan repayment period is between 14 to 180 days.
- Borrower must provide a valid Bank Verification Number (BVN).
- Migo loan amount ranges from N500 to N500,000.
- Late payment fee of 1% per day applies after due date.
- Repayment can be done via bank transfer, USSD or debit card.
- Processing fee of up to 25% of the loan amount applies.
- Loan approval and disbursement takes up to 5 minutes.
- Defaulting on payment can lead to blacklisting by credit bureaus.
Steps to Get a Loan from Migo Loan Code
- Dial *561# on your phone
- Select “Loans”
- Select “Request Loan”
- Wait for loan offer and accept
- Provide account details
Or use the website instead of phone:
- Visit Migo loan portal
- Input phone number
- Complete verification with code sent to phone
- Select “Check Loan Offer”
- Provide account number and details
Migo Loan Amount and Interest
- ₦500 to ₦500,000 loan amount
- Interest rate 10% to 25% of loan amount
- Loan term 14 to 30 days
Repayment of Loan
- Repayments can be made via USSD, mobile app, or web portal.
- Repay using *561# or Kwik Money repayment portal.
- Repay using ATM card or cash at supported bank or agent.
- Pay back loan within 14 to 30 days.
- You can repay your loan in installments over a certain period.
- Late repayments incur additional charges.
- You can pay back your loan early without incurring any penalty.
- Failure to repay may result in being blacklisted with credit bureaus.
- Repayment schedules are determined during the loan application process.
- The loan amount, repayment term, and interest rate affect repayment amounts.
- You can check your loan repayment status and history via the app.
- Migo offers flexible repayment options to its customers.
- It’s important to ensure you have enough funds for repayment.
If you face financial problems, call *561# and select “Extend Loan”.
What is Migo Loan Code?
Migo loan code is a special code that allows you to access various loan-related services on the Migo platform. The code is *561# and by dialing this code on your phone, you can easily request loans, repay loans, and access all other services provided by Migo.
Using Migo Loan Code
The Migo loan code is very simple to use. All you need to do is to dial *561# on your phone and you will be taken to a menu where you can choose the services you need. You can choose to request a loan, repay a loan, or access any other service that Migo provides.
Benefits of Using Migo Loan Code
There are many benefits to using the Migo loan code. Firstly, it is very convenient as you can access the services from the comfort of your own home. Secondly, it is very fast and efficient, so you can get the loan you need in no time. Thirdly, it is very secure, so you can be sure that your information is protected.
In conclusion, the Migo loan code is a great tool for anyone who needs to access loan-related services. It is very easy to use, fast, efficient, and secure. So, if you need a loan, why not try Migo today and see the benefits for yourself.
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