Last Updated on February 11, 2021 by Ope Quadri
Formerly as kwikmoney, migo is an automated online moneylender which provides single payment loans through the use of Unstructured Supplementary Service Data (USSD).
- Interest rate: 15%
- Hours of work: 24/7
Migo instant loan is granted in less than 120 seconds if you are a first time. If you are a returning customer, in less than 30 seconds you request a loan, your bank account could be credited if the network is okay.
One thing that makes migo loan a step ahead of others is the fact that you don’t have to own an android phone. With any kind of phone, you are good to go.
Highlight
Advantages:
- One of the quickest approval loan
- No collateral
- No guarantor
Disadvantage
- High-interest rate ((one of the highest)
- Low maximum loan amount
How To Get Migo Loan
On its official portal, you can follow the process below to get your loan approved
Step 1: Head to migo loan portal
Step 2: Enter your phone number in full and then enter the OTP sent to your mobile phone to verify your identity
Step 3: Once you verify your identity your personalised loan offers will be displayed.
Step 4: Select a loan offer and tenure.
Step 5: Enter the account and bank details you would like to receive your loan into.
Step 6: Enter your card details to make your repayments as swift and easy as your loan request.
Get loan deposited into your bank account
How to get loan with USSD Code on Migo
First register on the platform (Fast and effective)
Ste 1: Dial *561#
Step 2: Press 1 to take loan (Press 2 to get more information, Press 3 for help)
And follow the instruction
That’s all!
Final thought:
Migo has one of the highest interest rates of a loan in Nigeria. You must be ready to pay as much as 15% interest rate within 15 days.
I don’t think Migo loan is designed for small businesses, rather for those who want to make a quick and urgent financial obligation.
However, Migo has the fastest means of depositing your loan into your bank account less than two minutes of submitting your application. It’s technology-driven even with a USSD code, you can take loan.
If you think this isn’t for you, check out our list of mobile loans apps in Nigeria to pick the one that is suitable for your need.
Have you taken Migo loan before? Share your thoughts with us.
