Migo loan is one of the loan company that give quick loan in Nigeria, they are quick to disburse loan with a click on their website or the use of ussd code your loan will be disbursed within minute of applying.
Migo loan is for every body in Nigeria from artisan to salary earner to business man.
They give loan to every body unlike other loan app and you know what it is legit, safe and hassle free you don’t need collateral or paper work before you obtain loan from Migo as long as your bank is in pertner with them you will get migo loan with the USSD code *561# and if that did not work you can get it on their website.
Migo loan is from a partnership between banks and teleconination companies which means they are safe and legit.
Enough of essay let head straight to why you are here; to get the migo loan USSD code, of course the code you can use to get the loan on your phone has been writing above but other code which you can use to extend the loan, pay back and others will be writing in the next two or three paragraph and you can even also use their website stay tune.
Migo loan ussd codes
Since migo loan do not have an app you can only use code or login to their website to request for loan or perform other functions.
The migo loan ussd code for deferent functions are
To request for loan on migo dial *561# on mtn, glo, 9mobie and aitel. Sometime the code might not work on airtel dial *554*561# instead
To pay back your loan dial *561*1*2#
To check your loan balance dial *561*1*3#
To extend your loan dial *561*1*4#
To check their terms and conditions dial *561*1*5#
Note: you can also perform this function if you use their website
Migo loan requirements
Before you can get loan from migo their are some requirement you need to meet and they are
- You need to have a bank account
- Bank verification number
- You must be above 18 years of age
- Phone number link to bank account
- Your account number should be active
How to get a loan from migo
There are two ways to get loan from migo either you dial the USSD code or login to their website both of these will be explain below
Get loan through USD code
Dial the USD code *561# on your phone
Select loan
Select request for loan
An offer will be given to you base on the transaction volume you make per month. I know that may not be clear, remember I stated that migo loan work with bank, the amount of transactions you make per month will tell the amount of loan you will get.
Get a loan through their website
Alternative way is to go to their website, login and request for loan
Login to migo loan website
Fill in your phone number
A code will be sent to that number
Copy and enter it the next promt
You have been verify like that
Request for loan and submit your bank account details
If you are in good standing with your bank your account will be credited immediately but if your trasction volume is low, your application will be rejected.
How much loan can you get from migo
You can get up to #500,000 loan from migo but as a first timer you are getting lower amount according to your transaction volume. As you take loan and pay back regularly the amount you can get will increase.
What is migo loan interest rate and payback period.
It depend on the amount of loan you are taken and the payback period but usually it is btwen 5% to 25%. The pay back period is small between 15 days to 30 days
Migo loan repayment
You can pay back your loan with USSD code, through their website or go to any bank supported by Migo (the list of supported bank will be written before the end of this article).
The ussd code to use to payback you migo loan is *561*1*2#.
If you miss your loan payment you will be penalised with 2 to 5% late fee
Migo loan extension
Once you see that you can pay back your loan as at due quickly apply for loan extension with this code 561*1*4# your loan will be extend by a month.
Banks in partnership with Migo loan
As stated above , migo loan was formed from pwrtneship between banks and telecommunication companies.
it is only the banks that are in this partnership you can get a migo loan from and these banks are
First Bank, Access Bank, Diamond Bank, First City Monument Bank (FCMB), United Bank For Africa (UBA), Stanbic Bank, Wema Bank, Zenith Bank, Guaranty Trust Bank (GTB), Polaris Bank, Fidelity Bank, Heritage Bank, Union Bank and Unity Bank
Migo loan terms and conditions
If you dial the code 561*1*5# you will see their terms and conditions but their major term are
They have the right to use your data to determine the amount of loan to give you
If you miss a repayment day on a loan their will be penalty inform of increase in loan but don’t worry it is not much
They have the right to send message to your contacts if you default on a loan. Now this is what you should worry about, if you know you don’t have the mean to pay back their loan do not even try to take it.
Migo loan contacts
Phone number: +23417002274
Email: [email protected]
Website: migo loan
Physical address
3B Adekunle Lawal Road, Ikoyi, Lagos, Nigerifee
Overview of migo loan company
Migo loan was founded by Ekechi Nwokah (Co-Founder and CEO) and Kunle Olukotun (Chief Scientist and Co-founder) to solve financial problems people face in Nigeria.
It is incorporated in USA and have presence in Nigeria and Brazil so far the company have raised more than 30m dollar in investment.
Conclusion
Migo loan is quick and hassle free but I will advice you to take loan that you can pay back to avoid embarrassment.
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