Migo loan app is an online lending platform that provides loans to users in Nigeria. The platform is famous for its easy loan application process and fast loan processing times. In this article, we will examine the Migo loan platform and explore its features, benefits, and potential drawbacks.
Overview Of Migo
Migo is a web-based lending platform that allows users to apply for loans of up to ₦500,000 with flexible repayment terms. The platform is accessible through any internet-enabled device, including smartphones, tablets, and computers.
To apply for a loan through Migo, users must complete a simple application process that includes providing some basic personal and financial information. Migo uses this information to determine the user’s creditworthiness and determine the loan amount and interest rate that they qualify for.
Types Of Migo Loan
Migo offers two types of loans: personal loans and business loans. Personal loans are available to individuals who need funds for personal expenses such as medical bills, school fees, or home repairs. Business loans are available to entrepreneurs who need funds to start or grow their businesses.
Migo determines loan amounts and interest rates based on the user’s creditworthiness, which is determined using a proprietary credit scoring system. The platform uses data from the user’s phone and other sources to assess their creditworthiness and determine the loan terms that they qualify for.
What Are The Features and Benefits of Migo?
Migo offers several features and benefits to its users, including:
Fast loan processing times:
Migo’s loan application process is fast and can be completed in just a few minutes. Users can receive loan approval and disbursement within a few hours of submitting their application.
Flexible repayment options:
Miigo offers flexible repayment terms that allow users to repay their loans for up to 30 days. Users can make repayments in weekly or monthly installments, depending on their preference.
Competitive interest rates:
Migo’s interest rates are competitive compared to other loan providers in Nigeria. The interest rate charged on loan depends on the user’s creditworthiness and the loan amount.
Credit scoring system:
Migo’s proprietary credit scoring system uses data from the user’s phone and other sources to assess their creditworthiness. This allows the platform to determine loan terms tailored to the user’s financial situation.
Customer support:
Migo offers excellent customer support services to its users. Users can contact the Migo support team via phone, email, or social media if they have any questions or issues.
Requirements For A Migo Loan
The requirements for a Migo loan include the following;
- Bank account
- Bank Verification Number (BVN)
- An active phone number
- You must be up to 18 years and above
- You must have been using your phone number actively for the last 90 days
- Your account number must have been active for over three months.
How To Apply For A Migo Loan
Follow the steps below to secure a Migo loan;
- Visit their website and follow the instructions.
- Input your registered and active phone number.
- Select your desired loan amount and choose your repayment term.
- Provide your bank account details upon request. This is where the loan would be disbursed upon approval.
- Migo would then register your debit card details for easy repayment.
Note: Migo had no mobile app when this article was written. But then, you can also apply for a loan using the Migo loan USSD code – *561#.
Migo Interest Rate
Migo interest rate ranges from 5% to 25%. This depends largely on the repayment term and the loan amount.
Migo Repayment Term
The Migo repayment term starts from 14 days to 30 days.
What Are The Migo’s Pros and Cons?
Like any lending platform, Migo has its pros and cons. Here are some of the advantages and disadvantages of using Migo:
Pros
1.Fast loan processing times
- Easy loan application process
- Flexible repayment options
- Competitive interest rates
- Excellent customer support services
Cons:
- High-interest rates for some loan products.
- Limited loan amounts for new users.
User Reviews of Migo
Migo has received mostly positive reviews from its users. Many users have praised the platform for its fast loan processing times, easy application process, and excellent customer support services. Some users have also noted that Migo’s interest rates are competitive compared to other loan providers in Nigeria.
However, some users have expressed concerns about the high-interest rates charged on some of Migo’s loan products. Others have noted that new users may be limited to lower loan amounts until they build up a repayment history with the platform.
Overall, Migo has received positive feedback from its users, with many noting that it has helped them meet their financial needs quickly and easily.
Here are some user reviews of Migo:
I needed funds urgently for a medical emergency and decided to try Migo. The loan application process was quick and easy, and I received the funds within a few hours. I also appreciated the flexible repayment terms that allowed me to repay the loan over a period that suited my financial situation.” – Jane, Lagos.
Migo is a lifesaver. I needed funds to expand my business, and Migo provided me with a loan to do just that. The platform’s customer support team was also very helpful and responsive whenever I had any questions or issues.” – David, Abuja.
While Migo’s interest rates are competitive compared to other loan providers, they are still quite high. I would advise users to carefully consider the interest rates before applying for a loan through the platform.” – Chioma, Port Harcourt.
Migo is a great platform for those who need funds urgently. However, new users may be limited to lower loan amounts until they build up a repayment history with the platform. It’s something to keep in mind when applying for a loan through Migo.” – Chinedu, Enugu.
How To Contact Migo
Customer Care Number: +23417002274
Head office: 3B Adekunle Lawal Road, Ikoyi, Lagos, Nigeria.
Mobile app: No mobile app is available. Web only.
Email support [email protected].
Website: www.migo.money
Frequently Asked Questions
Is the Migo loan legit?
At the time of writing this article, the Migo loan is legit and reliable.
How to get a loan from Migo
- Visit their website and follow the instructions.
- Input your registered and active phone number.
- Select your desired loan amount and choose your repayment term.
- Provide your bank account details upon request. This is where the loan would be disbursed upon approval.
- Migo would then register your debit card details for easy repayment.
You can also use the USSD code– *561#.
How do I access 200,000 worth of loans on Migo?
Generally, you can borrow between N500 and N500,000 from Migo. However, you must be eligible for it, and if you are a first-timer, you have a small credit limit. Follow the steps we outlined in the article to obtain your desired loan.
What is the USSD code of the Migo loan?
The USSD code of the Migo loan is *156#.
How to repay loans on Migo
You can repay your loan through any of the following;
- Bank transfers
- Credit or debit card.
- Quickteller
- USSD code, etc.
Conclusion
Migo is a reliable and convenient online lending platform that offers loans to users in Nigeria. Its fast loan processing times, flexible repayment options, competitive interest rates, and excellent customer support services make it a popular choice among users.
However, it’s important to note that Migo’s interest rates can be high for some loan products, and new users may be limited to lower loan amounts until they build up a repayment history with the platform. Overall, Migo seems to be worth the try.
