In the midst of the global recession and Nigeria’s economic downturn, quick credit platforms have emerged as a phenomenon, providing essential support to individuals and small and medium business owners. Among these platforms is Migo, formerly known as “Kwikmoney,” stepping up to help keep people afloat during these challenging times through the Migo loan offerings.
As a digital lending company, Migo offers collateral-free single-payment loans, as well as instalment loans and payroll loans, catering to those in urgent need of financial assistance.
Migo understands the dynamic nature of the Nigerian market and strives to bring ease of use to its customers. With their innovative approach, cash transactions can now be conducted without the need for ATM cards, point of sale (POS) terminals, or even smartphones.
You may wonder how they manage their financial activities. The answer lies in their smart utilization of Unstructured Supplementary Service Data (USSD) codes, seamlessly connected to their system. Through this efficient technology, Migo ensures that accessing financial help is simple and accessible to those who need it most.
How to borrow money from Migo
You can borrow a Migo loan through:
- Their online platform
- Registered point-of-sale platforms
- Designated pharmacies and stores around you or
- Using their USSD code from the convenience of your mobile device
Recommended: USSD Codes For Loans In Nigeria
How can you access a Migo loan online?
You can access a Migo loan online in just 4 easy steps:
- Log on to the Migi website at http://my.migo.money/ and enter your phone number.
- Go on to select the loan amount you want to borrow.
- Fill in the details of your bank account through which you would like to get the loan.
- Your debit card information will now be registered with Migo to make the repayment of the loan a walk in the park for you.
There are other avenues you can use to access Migo loans on selected Point-of-sale platforms like Nairabox, Flutterwave and Buypower.
You could also walk into some partner pharmacies around like Medplus in Awolowo and Ogudu areas of Lagos, Chemart in Ikoyi, Lagos; Albany Pharmacy in Abuja and Tehilah Pharmacy in Amuwo Odofin axis of Lagos.
How to borrow a Migo loan using USSD code
To get a Migo loan using the USSD code MTN, Glo and 9mobile customers should dial *561#. For Airtel users, dial *554*561#. These codes also allow customers to repay Migo loans and access other Migo services.
How long does it take for Migo to approve a loan?
It takes between 15 seconds of using the platform to get approval for a Migo loan and 5n minutes to have approved funds disbursed to your bank account.
Who are those eligible to access the Migos loan?
Anyone ranging from students, civil servants, Private Companies, salary earners, self-employed individuals and professional public and private companies are all eligible to access a Migo loan.
Read Also: How To Be Eligible For First Bank Loan in 5 Steps
What is the most amount Migo loan can offer?
Migo offers their customers a minimum loan of N500 and a maximum of N500,000. But at the beginning of your journey with Migo, you’d only be allowed to borrow minimal funds. Your loan limit will increase with consistent repayments over time.
What are the interest rates Migo offers on their loans?
With the analysis of a customer’s borrowing behaviour, Migo’s interest rates differ, but they usually range from 5% to 25% as the rates are not fixed.
The plus side is that the more you repay your loans early, the lower the interest rates.
What are the requirements you need to meet for a Migo loan?
To get a loan from Migo, you only need one thing -the personal information you provide. Migo”s system is built to ensure that you qualify easily for their loans by the more personal information you provide.
Do you need collateral or documentation to access Migo loans?
Not at all! Migo gives loans to customers without putting them through the hassle of presenting collaterals or getting any cumbersome documentation done. It is all easy and convenient.
What are the various ways to repay a Migo loan?
There are a number of ways you can repay a Migo loan they include:
- By ATM cash transfers.
- By USSD Code.
- By Online transfers.
- In Cash at designated agents.
Note: repayments are the best way to ensure that your credit history is in great shape with Migo while avoiding a reduction in the amount of your next loan.
Bottom Line
Migo is one of the best microloan lenders and with the way their loans are structured, one is bound to have a great relationship with them as far as one continues to meet up with their terms and conditions.
