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Migo loan: How to borrow money from migo loan

 

https://www.reladex.com.ng/2022/01/migo-loan-how-to-borrow-money-from-migo.html

 

  Migo loan app is one of the lending loan app in Nigeria that gives loans to people both SME “small medium Enterprise” or individuals including salary earners. Without collateral for loans neither documentation involved.
To be part of migo loan customer today, all required is to input your mobile details here
https://www.migo.money/get-a-loan/

  How can I borrow money from migo loan.

  All it required is for you to follow the steps below and get instant disbursed.


  • Visit this migo loan URL; https://www.migo.money/get-a-loan/

  • Input your mobile number

  • Choose the amount you’re willing to put in for

  • Provide the account details you want the money to be disbursed to.

  • Provide them your Valid identification “ID”  card details in view of making the repayment easy
Migo loan

 

  Migo loan Ussd Code

  Migo loan has made both loans disbursed and the repayment easy for their customers by providing some useful Ussd Code available for all telecommunication in Nigeria.



Below are the migo loan Ussd Code base on network

Ussd Code.        Network
*561#                  MTN
*561#                  9mobile
*561#                   Glo
*561#                  Airtel

Below are the breaking down of the Ussd Code for MTN, 9mobile and Glo user
Useful.                                                   Ussd Code

To apply for a New loan                      *561*1*1*1#
For Loan repayment                            *561*1*2#
To know your balance                         *561*1*3#
Terms and conditions                         *561*1*5#
To refer someone                                *561*1*6#

  What do I need to qualify for a Migo loan?

  Migo loan is available for every Nigerians with a valid details. This means the more personal details you provide during application, the more chance of getting loan from Migo company. Provided you have a good credit history from your past loans.

Read also: How to borrow money from Okash Loan App

Below are some list of commercial banks that Migo loan can disburse into:

Wema bank
UBA (United bank for Africa)
Skye bank
Fidelity bank
Zenith bank
Diamond bank
Heritage bank
Access bank
First bank
Union bank
FCMB (First city Monument Bank)
Stanbic bank

  How much can I borrow from Migo loan

  Provided you don’t have a default credit history from your past loans, you’re entitled to as little as N500 up to N500,000.

 

Read also: How to register for paga account

  How do I increase my quick migo loan offers?

  There’s no magic in increasing your chance of getting bigger loans on quick Migo loan. However, the only way is by make your loan repayment before or due date this would help you to build a strong credit history with them.

 

https://www.reladex.com.ng/2022/01/migo-loan-how-to-borrow-money-from-migo.html

 How to recommend a friend to Migo loan

  Before you can be able to recommend anybody, you must have made your loan repayment before or on due date. This will guarantee Migo loan that the person you’re about to refer would not default by the time the person took loan from them. Below are the steps:


  • Kindly visit there URL (https://www.migo.money)

  • Click Loans

  • Choose “Recommend a friend” from the options

  • Input the friend’s mobile phone number.

  How can i make a partial repayment

  This is an opportunity for Migo loan customer who want to maintain a good credit history and build her Credit trust with Migo loan, can make 30% of the total outstanding loan and Migo loan will give you another moratorium base on the number of days to balance the outstanding.

For instance
: you applied for N100,000 and the repayment is 30 days moratorium and you want to pay 30% of the loan. Meaning you’ll pay N30,000 and pay the remaining loan in the next 30 days.



To make a partial repayment?

 Hint:  7 days loan will be 7 days moratorium
30 days loan will be 30 days moratorium.
Note: building credit trust would gives you a chance of getting bigger loan.

https://www.reladex.com.ng/2022/01/migo-loan-how-to-borrow-money-from-migo.html


Migo loan repayment

  Migo loan provide many options for customers to pay back their loans and still maintain good credit history.

   How do I pay back via Migo loan code?

 You can also use Migo loan Ussd Code to make your repayment.


  • Dial *561#

  • Follow the options by clicking loan and then pay loan option.


You’ll then receive an SMS where you can transfer  the repayment into.

How can i extend my Migo loan

  You can extend your Migo loan in two different ways either via Ussd Code or URL official platform.
Via Migo loan Ussd Code


  • Dial *561#

  • Choose the loan option

  • Choose extend loan option

  Migo loan will then do moratorium for you base on the original loan. For instance: the original loan was 30 days before the repayment start, meaning moratorium (extension)..

  Migo loan interest rate

  Their interest rate is between 5% to 25%. However, this depends on your loan history. And there’s a possibility of getting 10% interest rate on your loan application instead of 25% provided you recommended a customer to them and the customer’s loan didn’t default.
To stands a chance of getting higher loan amount with less interest rate, you must provide valid information with good credit history.

   What does Migo loan consider before given a loan?


Generally, all lending loan app including other lending banks consider somethings and follow the rules of 7C’s (credit appraisal) before approved any request for a loan to be disbursed.

Below are list of all the 7C’s


  1. Capacity

  2. Capital

  3. Condition

  4. Capability

  5. Cash flow/Credit

  6. Collateral

  7. Character

  At of all, Migo loan only consider;
Credit
Condition
Capacity (this is base on the information provided)

  Migo loan defaulters

  Before loan can enter a defaulting stage, such a loan must have passed through such certain stage.

Below are the stages;


  • Performing

  • Pass and watch

  • Sub-Standard

  • Standard

  • Default

  • Doubtful

  • Loss

 

  Is Migo loan legit?

  Migo loan is a lending loan company in Nigeria disbursed directly to customers’ bank account without any collateral.
But many users have been complaining defaulting fee of 5%, it’s better to pay back before the due date or use the options extension by extend the loan duration date to keep good credit history with them.

  Migo loan customer care number

  You can contact Migo loan customer care via their Email address: [email protected]
Via mobile phone number: +234 (0) 17002274.

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