Want to know how to borrow money from Migo? You’ve come to the right place. This article reveals a complete guide on how you can easily borrow money using Migo Loan Code on your mobile phone. Keep reading!
At a point in time we may need an emergency fund, people no longer borrow people money because of the hardship in the country. Do not panic! With Migo loan, you can borrow money at your own convenience and pay it back at a given time.
What Is Migo Quick Loan?
Migo Quick Loan is a digital automated online moneylender that provides financial aid for both salary earners and business people. The amount borrowed is then removed from your account.
What Type Of Loan Does Migo Offer?
Migo offers different varieties of loans as listed below;
- Payday Loans: Migo payday loan is designed to provide financial aid for salary earners before payday.
- Education Loan: This is a personal loan designed for salary earners, self-employed or professional Public and Private companies, Students, and Government sector employees including Public Sector.
- Business Loan: This loan is strictly for Business people to cover cash flow payments when due
How Does Migo Loan Work?
Migo operates in partnership with banks, network providers, and merchants. This makes borrowing very easy and flexible. You can borrow money by just dialing a code on your mobile phone. The main target of Migo loan is to provide financial freedom to all.
Migo Quick Loan Code
The official Migo quick loan code is *561#. You can request for the loan, pay back your loan, make inquiries, and access all their services using this code.
You can also request for loan via the company’s official website. But the ussd code is the fastest method.
What Are The Requirements To Access Migo Quick Loan?
The requirements for Migo quick loan are listed below;
- Your bank account number
- Your Bank Verification Number
- Your Phone number
- You must be over 18 year
- Your phone number must have been active for the past 3 months
- Your account number must have been active for the past 3 months
How To Borrow Money With Migo Loan Code
Follow the steps below to borrow money using Migo Loan Code:
Step 1: Dial *561# on your mobile phone
Step 2: Navigate to Loan by pressing 1
Step 3: Press 1 for Cash Loan
Step 4: You’ll be asked to input your account details, then proceed
Step 5: Input the amount you wish to borrow
Step 6: Upon successful application, you’ll receive your loan alert in the account number provided shortly
What Is The Minimum And Maximum Loan Amount?
The minimum amount you can borrow from Migo is N5,000 while the maximum amount is N500,000. However, new customers can borrow a maximum amount of N5,000. The borrowable amount increases over time when you keep using the services of the financial company.
Additionally, when you’re eligible to borrow bigger amount of money, you’ll be asked to input some of your personal information.
What Is The Interest Rate Of Migo Quick Loan?
Migo does not have a fixed interest rate but the interest rate ranges from 5% to 25%. Each rate depends on your repayment history and module of the loan term. If your repayment history is encouraging, your interest rate will decrease and the chances of borrowing bigger money increases.
What Is The Maximum Tenor For Migo Quick Loan?
All loans are due for repayment in 14 to 30 days after taking the loan as stated in the agreement form. However, you can request for extension known as “rollover” which doubles your interest rate with an additional 5% for late repayment.
How To Repay Migo Quick Loan With Code
Follow the steps below to repay your quick loan with code:
Step 1: Dial *561# on your mobile phone
Step 2: Click on “Loans”
Step 3: Select “Pay loans”
Step 4: Select the “pay with phone” option and proceed
Step 5: Select “Add to card” then follow the instructions on how to register the card with migo
Step 6: Submit and confirm payment, you will receive a notification for your payment shortly
Migo Loans are designed to be short term loans to tide you over to the next payday. Borrowing money from Migo is very simple. Just dial the code *561# to get started.
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