Migo Loan: Everything You Need to Know

A loan generally encompasses money, properties and other valuables which are given to an individual, or cooperation, the recipient, by another individual, financial institutions, or cooperative society.

In the world of finance, the act of granting, and taking loans play vital roles, and its importance can never be denied. This particular practice has been in existence for a very long time. It always involves two parties, the loan recipient, who can also be called the borrower, and the lender.

What is Migo loan?

Migo loan is a programmed online platform. The aim is to lend money to different individuals, who in turn pay back with little or more interest rate, within a specified period.

Migo loan works hand in hand with financial institutes (eg. the banks), network service providers, and merchants. The aim is to aid their clients to overcome the stress that comes with traditional banking.

The quest to subvert customers’ stress of running traditional banking, and assist them with monetary services for short durations was what brought about the Migo loan company.

One of the biggest priorities of Migo company is ensuring that their customers don’t have to travel far distances in order to get loans, or make transactions.

How Does Migo Loan Work?

One of the things you will enjoy about Migo loan is, the fact that it’s very accessible, online.

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Migo loan operates as a programmed automated site. All you have to do is, visit the Migo loan site, sign-up with the necessary information, submit the required bank details, make your loan request, which will be assessed within a very short period.

If your loan request sits well with the system, then you will have your money within a few minutes. The loan will be deposited into the bank account you provided on the site while signing up.

Is Migo Loan legit?

It might interest you to know that the Migo meets the stipulated qualities of the Nigerian legal system, and that of the federal government, as concerns the issuing of loans and other financial operations.

How Much Can You Get?

It is believed that one of the factors, if not the most important factor, that influences the amount of money disbursed by Migo to its customers, is trust. For a new applicant, Migo can lend you as little as ₦500. As you pay back previous loans, you will be offered higher loans.

Migo loan interest rates are not constant. The interest rate ranges from 5%-25%, depending on the amount borrowed and the customer’s repayment history.

Migo Loan Eligibility and Requirements

First of all, you must be 18years or above, for you to be able to request a Migo loan.

Apart from the age factor, there are requirements, which the customers are obliged to meet up to. They include:

  • An active bank account
  • Your bank verification number (BVN)
  • The banks must be Migo recognized, banks like; Zenith bank PLC, First city monument bank, Wema bank, Polaris Bank, Union Bank, Stannic bank, United Bank of Africa (UBA), Guaranty Trust Bank (GTB), Heritage Bank, Unity Bank, Access Bank, Diamond bank
  • Your phone number must be active in the last 90 days.
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How to Apply for Migo loan

Applying for a Migo loan doesn’t really take so much time, and energy, all you need to do is just abide by these steps listed below;

  • Go to https://my.migo.money/
  • Enter your phone number to log in
  • Provide the verification digits sent to your phone number
  • Verify the details you uploaded.
  • Make your loan request, from the available Migo loan offers
  • Input your preferred bank account details for receiving the loan payments.

If these following steps meet up with the Migo loan requirements, then your account will be credited a few minutes after the processes are completed.

How to Repay Migo loan

Migo provides different means to repay loans. You can repay through:

  1. USSD
  2. ATM Card
  3. Bank transfer
  4. ATM

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