Migo loan was formerly known as Kwik Money. With their headquarters in San Francisco, they are present in Nigeria offering quick loans to the business and people who are mostly denied loans by popular credit institutions like banks. The good thing is that their loan processing is fast, and you can easily secure loan through Migo loan app.
The company itself, the Migo Loan company, is “an embedded lending platform” that makes it possible for individuals, SMEs, MSMEs, companies, organizations, and other bodies to take loan, to repay this loan at the appropriate time. The application for this loan is mostly done without a physical contact with the office. Thus, making application of loan from this credit institution a good and fast decision for the loan applicants.
Migo has built an effective and efficient algorithm that can assess the credit risk of the applicant in a very fast way. Thus, when you apply and key in the relevant informations, the algorithm of the company assess your details, weighs your credit risk, and moves towards approval of your loan request. They give loans to smaller forms and individuals.
What this means is that as an individual, SME, or smaller organizations, you don’t have to exhaust most of your energy seeking loans from bigger organizations that would deny you that loan. You can try Migo loan. In addition, the fastest way you can secure loan through Migo is through the Migo loan app.
Migo Loan App
Migo loan does not have a loan app yet.
You can apply for loan from Migo by dialing *561# on your mobile phone. You would have to dial this loan code only if you are registered and verified by the company. You have to meet all the requirement for the loan and loan application before you can qualify to use this loan code for application.
Nevertheless, if you’re qualified and you dial this loan code, you loan can be processed and approved before 24 hours elapses.
Read the requirements for the loan below:
- Migo Loan Requirement
- Bank account
- An existing and functional phone number
- BVN (Bank Verification Number)
- Your bank account should have been active three months before your application date. There should be good cash flow in your account compared to the amount you are requesting.
- Your phone number should be active for three months before your application date
- You should be above 18 or 18 at least.
- There are banks you should be banking with to be accepted by Migo loan.
Which Banks are accepted by Migo Loan?
Guaranty Trust Bank (GT Bank)
Terms and Conditions for Migo Loan Application
You should have good cash flow or bank statement three months before your application.
You should have good credit risk.
You agree to pay back the loan at the scheduled time.
Failure to pay the loan at the scheduled time, you pay penalty fees.
You agree to be scrutinized to ascertain your credit risk by checking your bank statement, cash flow, income , former loans, and others.
What is Migo Interest Rate?
Migo interest rate ranges from 10% to 25%, depending on the type and amount of loan you intend to collect. It also depends on your data presented.
How much can Migo offer you?
You can get from 1000 naira to 500,000 naira from Migo loan using the loan code application process. However, on your first application and approval, you will get a low loan amount. Then, depending on your frequent use of the platform and credit risk, the loan amount can be increased.
What is the Loan term and Repayment term and plan?
The loan term is from 14 to 30 days. It is a short term loan.
To repay this loan you dial *561# again and follow the other instructions. You should do well to repay the loan at the appropriate time to avoid getting penalized or your credit risk getting damaged by your defaulting.
Migo Loan Contact Details
Nigerian Address: 38, Adekunle Lawal Road, Ikoyi, Lagos, Nigeria.
Website: Migo Loan
Customer Care: +23417002274
Customer Care Email: email@example.com
Migo loan app through the code is one of the fastest and best loan routes. Your loan request gets approved at the appropriate time. There is no wastage of time. In addition to that, you can get the right amount of money for your needs.