We all have pretty rough moments in our lives and this is mainly due to the issue of being short of cash.
The best way you can bypass that quickly is by getting a quick loan and then repay when the money comes in.
The song “lean on me” says it all, we all need some loan app to lean in the rough times for a better time.
We are going to review one of the loan apps you can lean on in times of money issue for fast money disbursement.
Migo loan formerly known as Kwikcash or Kwikmoney is a loan service that was made to be an automated instant loan type and it works well using bank AI and partners with banks, telecommunication companies, and mobiles network to find information about users’ in order to generate their credit score.
The aim of the Migo loan service is to provide financial aid to users just at the time when they need it.
This means people who use the loan service gets access to loans with any guarantors or even collateral.
The Migo loan calculates loan offers in 60 seconds to 5 minutes depending on users’ information. It works with certain banks using its laid-out requirements to calculate loan offers based on users’ phone usage.
To get access to the Migo loan you can make use of code, by dialing a code on your phone you can apply for a Migo loan. It is as simple as that.
Before we go into how you can apply for the Migo loan, we need to talk about their requirements first.
Migo Loan requirements
Right below are the requirements to meet for loan approval:
- Your mobile phone
- Must be over 18 years and below 60
- Have Bank Verification Number (BVN)
- Have a good to average credit score
- You must have been active on your phone for the past 90 days
- You must have been transacting on your bank for the past 90 days
- Have a bank account in a Nigerian bank (Guaranty Trust Bank (GTB), First Bank, Access Bank, Diamond Bank, United Bank of Africa (UBA), Stanbic Bank, Union Bank, Wema Bank, Zenith Bank, First City Monument Bank (FCMB), Fidelity Bank, Heritage Bank, Unity Bank, Polaris Bank)
Migo Loan terms and conditions
Now you must take note of the terms and conditions attached to taking a loan from Migo service as it is important for you. Below are the terms:
You are required to pay back the loan taken before the due date. If unable to meet up you are to contact them to discuss
Late loan repayments with Migo attract fees and penalties charges (extra charges)
They have access to your contact and can broadcast that you’ve defaulted on your loan to them
You allow them to see and use your personal to screen your loan eligibility. These personal data include bill payments, phone usage, bank usages, and check credit score.
How to apply for a loan from Migo (Kwikmoney)
Below are the steps you take to get a loan from Migo:
1. Dial *561# on your active sim/phone
To get started as I stated earlier, you will dial the code *561# on your phone and then follow up with the next steps.
2. Choose loans
Right after dialing the code, you will be shown a list of options to choose from. All you need to do is choose loans
3. Select request loan
There on the next screen will ask you your aim with loans. You need to choose request loan to proceed
4. Wait to see available loan offers
This is where you will know how much loan amount is available to you to get from Migo.
After the loan available check, you will be able to see how much loan you can get from the Migo loan at the moment.
If you don’t want to request the loan using their USSD code you can try using the Migo loan website as an alternative.
Before you try the online version make sure you haven’t requested a loan using the USSD code as this can cause an error.
5. Visit the Migo loan website
If you prefer the online version of the loan processing method then you are to visit the Migo loan portal
6. Type in your phone number
After visiting the website you will be asked to input your phone number. Make sure to fill in the right details as asked.
7. Complete phone verification
As soon as you input your phone number on the site, you will be sent a code to your registered phone number to verify your identity. Just head over to message, copy and paste the code to the space and click done/verify.
Just as the USSD code option, you need to click the check loan offer button for the loan availability check to start. After this, you will see the loan offers available to you.
9. Input your account number and details
After you have selected a loan offer based on your needs you will need to provide your account number and details to receive the respective loan to your bank account.
10. Receive your loan
By now you should be expecting or should have your loan deposited to your bank account. It takes less than an hour to get credited.
Frequently Asked Questions (F.A.Qs)
How much loan can you receive?
The amount of loan you can receive from Migo ranges from #500 to #500, 000.
This starts from low to high depending on your credit score and the low applies to you when you are trying to get a loan for the first time.
The loan offer typically increases when you repay your previous loans in time, and this goes on and on.
Migo loan interest rates
The rate of the loan from Migo starts from as low as 10% to 25% of the loan. The interest is calculated based on the loan type, loan tenor, and personal data.
Loan term or tenor
The loan tenor ranges from 14 days to 30 days depending on the loan amount.
Migo Loan repayment
The Migo loan service allows you to select from a list of payments methods.
The best way to repay your loan is by making use of the ATM card (Debit card) you used when you registered for the account.
Repaying a loan with Migo is easy as you can use an option to pay back a loan using your bank’s USSD code by dialing *561# to proceed.
Alternatively, you can make use of bank transfers or deposit cash to the account using POS agents.
Do note that there is an automatic extension (a.k.a rollover) that increases your interest rate with an additional late fee until your loan is repaid.
Instead of allowing the rollover fee, you can extend your loan once by dialing the code *561# and select the Extend loan option.
Migo Customer Care
Migo provides support to all their users using mail support, you can reach out to them with your issues with email@example.com and you can also reach out to them using 01 700 2274 for quicker response.
Migo Head Office
Migo head office is located Lagos NG, Ayo Adebanjo Cl, Phase 1 105102, Lekki.
Migo Official website
The loan app website is www.migo.money and you can also make use of the USSD code *561# to request for a loan.