All You Need To Know About Migo Loan Application

Migo loan formerly known as Mines.io is a cloud-based platform that works in tandem with big firms, banks, telecommunication companies, and others. Migo loan enables these companies to offer credit to their customers, augmenting traditional bank and payment card infrastructure.

With over 1 million customers, Migo loan is the leading provider of consumer credit in Nigeria, counting mobile operators 9mobile and Airtel, payment processors Interswitch and NIBSS, plus several banks, amongst its partners.

Migo loan was founded by Kunle Olukotun and Ekechi Nwokah in 2014. The company is based in Ikoyi (Lagos State) and has its headquarters in San Francisco, California.

Also Read: Get a Loan without BVN

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How Does Migo Loan Work?

Migo provides a Credit-as-a-Service digital platform that enables institutions in emerging markets to offer credit products to their customers, with no smartphones required.

Migo loan is a company dedicated to providing everyone with the possibility of prosperity. To re-invent the way we access and use credit and to also provide full customer satisfaction

These companies achieve these by incorporating Migo into the company’s app. With these, Migo provides customers with a digital account and credit line. Also, customers get to use these credit lines to make easy and direct financial transactions.

What Is The Interest Rate Of Migo Loan?

Migo Loan do not have a fixed interest rate. The interest rate range from 5% to 25% depending on the repayment history and the amount being loaned.

If the customer has a good repayment history, the interest rate could be reduced while the loan amount increases but if the customer has a bad repayment history, then the interest rate will increase.

If a customer refers another customer to Migo loans, the customer is rewarded with a reduced interest rate for any loan he or she applies for.

Also Read: Auto Loans In Nigeria

How To Apply For Migo Loan

To Get A loan from Migo Follow These steps:

Using your mobile phone just dial *561#. The same way you dial a code
to check your credit balance.
Click on Select loans
On the next screen, select Request loan from the options
You will get a loan offer, and proceed to accept it.
Provide your account details to get your loan.

Alternatively, you can request a loan on their website: https://www.migo.ng/ if you do not want to use the mobile USSD code.

Here are the steps to follow if you are using the website to apply for a loan with Migo loan:

Visit the Migo website loan portal: https://www.migo.ng/
Input your phone number (You may be required to verify that you are human by completing a captcha).
A code will be sent to your phone, type the code into the website to verify that you own the phone number.
Complete the verification process
Select check loan offer and proceed to see the offers available to you
Provide your account number and details
Get your loan!

Your loan should arrive within minutes from the time of application.

Requirements For Migo Loan

For potential customers to qualify for Migo loan, he/she will be rated based on the personal information provided. The more information they obtain, the easier it is to qualify for their loans.

Migo loans do not require any collateral or documentation for their loan requests.

Below is the requirement to get a loan from Migo:

Bank account
Bank Verification Number (BVN)
A working 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 in active use for the last 90 days
You must have an account in of the following banks: First Bank, Access Bank, Diamond Bank, First City Monument Bank (FCMB), United Bank For Africa (UBA), Stanbic Bank, Wema Bank, Zenith Bank, Guaranty Trust Bank (GTB), Polaris Bank, Fidelity Bank, Heritage Bank, Union Bank, Unity Bank.

Also Read: Paylater Loan In Nigeria

How much loan can I get from Migo?

If you fail to pay back your loan, Migo loan will reduce your loan offers. If you fail to pay a loan of N5000 on time, for instance, your loan offers will not be increased. You will either be offered a loan of N5000 again or less than that.

If you pay on time and within the agreed time, your loan offers will be increased to a higher amount. For Migo to keep increasing your loan offers and offering loans to more people, you ask that you repay your loans when due.

In the unfortunate event that you do not repay your loan on the due date, you will incur additional fees for defaulting.

Terms and Conditions of Migo loan

You must agree to the following terms and conditions to qualify for Migo loan:

To pay loan balances on or before the due date
To allow the use of personal data to determine loan offers
To be subject to fees and penalties for late payment
To allow messages to your contacts if you do not pay Visit migo.money/en-ng/get for full T&Cs

Migo Loan Disclaimer

This loan is offered through Fidelity Bank by our partner
Your eligibility for a loan shall be determined by our partner after a credit check is conducted
Our partner may get in touch with you from time to time
Our partner may adopt any form of loan recovery process deemed necessary, and we have no control over those processes
Please read the terms and conditions carefully before applying for the loan
By proceeding with the loan request, you hereby agree that Fidelity bank is absolved from any form of liability, responsibility, or claim relating to the loan