How to Apply for Migo Loan (USSD Code, Interest Rate, More)

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How to Apply for Migo Loan

Want to borrow money from Migo but don’t know how? Today, I will show you how to get a quick loan without hassle. You’ll also find details such as migo loan code, interest rate, ways to make repayment, and more.

In this post, I’ll provide all the information you need. If this is what you need now, please read on.

Migo loan code

The migo loan ussd code is *561#. You can access small loans on any type of phones with this ussd even without the use of internet data. Note that this code works  for MTN, Glo, Airtel and 9mobile.

Now how to get migo loan using ussd code? The process is simple. Just dial *561# and select “Request Loan” from the popup command. You will see the list of available loans to you.

Get Migo Loan online

Follow the steps below to access Migo loans from its website

  1. Visit Migo Website
  2. Enter your phone number in the box provided
  3. Select your desired loan amount
  4. Input your personal bank account number. Make sure this is correct, as your loan will be deposited here
  5. Your loan limit will be calculated and displayed for you
  6. Agree to terms and conditions
  7. Wait for loan approval. This usually doesn’t last more than 2 minutes

Repayment methods

You can make migo loan repayment by following these steps:

Pay online

  1. Visit Migo website
  2. Enter your phone number in the box provided and enter the OTP sent to your number.
  3. Your current loan will be displayed to your screen
  4. Select ‘Pay Loan’
  5. Choose option to pay with credit card from the list of payment methods
  6. Enter your credit card details or follow the instructions available on the page to register a new card
  7. Confirm your repayment
  8. Once completed, you should receive a confirmation sms for successful Migo repayment.

Pay with USSD code

  1. Dial loan code *561# from the phone number you used in collecting the loan
  2. Select ‘Loans’ and choose “pay loan”
  3. Choose option ‘pay with phone’
  4. Select ‘add card’ to add your ATM card.
  5. Confirm your repayment
  6. You will receive sms notification to confirm successful repayment

Maximum loan amount

Migo offers loan amounts starting from N500 to 500,000 naira and above. Your first loan tends to be small amount. However, your credit offers increases over time as trust is built between you and migo.

The company provides each client with a loan value within his or her available credit limit. It does not currently fulfill requests for certain loan amounts.

Migo Loan Interest rates

Migo loan Interest rates is between 2% to 15%. The actual amount depends on some factors like your credit history , personal information, etc.

A good repayment history can get you a much lower interest rate and increase your loan principal amount.

Loan extension

Migo loan comes with extension so that you can extend your loan duration instead of becoming a defaulter.

To extend your loan duration, simply go to my.migo.money and enter the phone number associated with your Migo loan account.

Once logged in, you will see your available loan and a button underneath to make loan repayment extension.

Click on extension and follow the instructions correctly.

Faq

Here are sine frequently asked questions about Migo that could answer some of your questions:

Is Migo loan legit?

Migo is a legit company. It is fully compliant with all regulations including: Central Bank of Nigeria (CBN) National Information Technology Development Authority (NITDA) Nigerian Communications Commission (NCC)

It is indirectly regulated by several authorities, including CBN, as it must ensure full compliance with its regulated platform partners.

All technologies are tested in microfinance banks owned by the parent company to ensure functionality and compliance.

How can I increase or improve my migo loan credit limit?

To increase your credit limit, make sure you repay your loan on time. You will earn the company’s trust over time as you make early repayment.

Does Migo have account number?

Your unique account number is the only bank account associated with your Migo. Do not transfer money to an other account. They will not ask you to fund an account that is different from the unique account number assigned to you by them.

Can I make a partial payment?

You can pay part of your borrowed money. Follow the steps below to do so

  1. Log in at my.migo.money
  2. Select your preferred repayment method.
  3. Click on the payment box and change the amount.
  4. Double check the repayment amount ND click ok
  5. You can also make use of Migo loan code

Can Migo auto debit my bank account?

You have to initiate your loan repayment by yourself. You need to visit their website in order to make repayment

What if I lost my phone number?

If you don’t have access to your phone number anymore, you can make use of bank repayment by bank transfer

More details on Migo.ng

You can find more details about migo loan on Migo.ng. Always find out the interest rate and read terms and condition before taking any loan. Also make sure to pay back as an when due.

If you have any question regarding this post, please let us know via the comment. Thank you.

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