Have you heard about the Migo Loan? Do you know that with the loan application with Migo, you can do away with the issue of struggling to pay bills and other financial challenges? From the comfort of your home, you can borrow money from Migo.
Migos an automated online moneylender that provides single payment loans, installment loans and payroll loans for borrowers.
The amount borrowed is then deducted from your account. Their minimum loan amount is N10,000 and the upper limit for a new customer is N50,000 with no collateral or guarantor required
From this article, you will get to know the terms and conditions involved in applying for the instant Migo Loan, the eligiblity of applying, the loan term for Migo loan and how to apply for the Loan.
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Requirements for the Migo Loan
If you wish to apply for the Migo instant Loan, the following will be required of you:
- A Bank account.
- A Bank Verification Number (BVN)
- A working phone number.
- Applicants must be up to 18 years and above.
- Applicants must have been using your phone number actively for the last 90 days.
- Applicants account number must have been in active use for the last 90 days.
- Applicants must be banking with 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.
Terms and conditions for Migo Loan Application
The following are some of the terms and condition of applying for Migo loan. They include:
- Applicants must be able to pay back loan before due date.
- Applicants are subject to fees and penalties for late payment
- The Loan Application has the right to send messages to everyone on Applicant’s phone contact if they do not repay their loan.
- The Loan Application has the right to use Applicant’s personal data to determine how much loan to give them. Personal data include: phone, Applicant’s bank, bill payments, the credit bureaus and others.
How to apply for a loan from Migo Loan
Follow these steps to apply for the Migo Loan:
- Dial *561#: With your mobile phone, dial *561#
- Select Loan
- Select request loan
- Proceed to select request loan from the options
- Wait for loan offer
- You will get a loan offer, accept, supply account details and all to get your loan.
How much can you get?
With the Migo loan application, you can get a loan from ₦500 to ₦500, 000. You should note that at your first request, you will get a low offer that will depend on your credit score calculation.
After the first offer and you pay back your loan on time and so on, you will be able to access bigger funds.
Migo interest rate
For Migo, the interest rate is usually from 10% and 25% of the amount of money you are getting. It is also possible for your rate to be higher or lower depending on your personal data.
Duration for the Migo Loan
The loan term ranges from 14 to 30 days
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