Easy Steps to Get Migo Loan, Repay Migo Loan, Extend Migo Loan

Migo Loan is rated among the Top 5 Instant Loan Platforms in Nigeria. Through Migo Loan, an Individual can assess Personal or Business Loan of up to N500,000 without documentation or collateral at as low as 5% Interest Rate.

Discussed in this Article are:

• Which Bank owns Migo Loan
• Migo Loan Interest Rate
• Migo Loan Requirements
• How to get Migo Loan
• Migo Loan Code, Migo Loan USSD
• Migo Loan Repayment
• Migo Loan Extention
• Migo Loan App

Migo on its own is not a lending agency or institution. Migo is not owned by any Commercial Bank or Microfinance Bank in Nigeria but leverages on existing platforms, mainly Banks, to offer loan services to customers.

Migo stands in between lending agencies such as banks and numerous customers seeking for Instant loans; being able to evaluate their credit worthiness using complex technology which executes data evaluation in seconds.

This is why you can find Migo Loan in your Banking Apps such as First Bank, UBA, Fidelity Bank Apps etc.

"Migo is an embedded lending platform that enables companies to extend credit to consumers and small businesses in their own apps.

"Migo builds proprietary ML algorithms to assess credit risk using the company’s data then automates credit facilities via cutting-edge cloud infrastructure, simplifying the complex world of lending with a simple API.

"Migo also expands economic access by enabling credit for populations ignored by traditional credit bureaus, in many cases providing life-changing opportunities to lower-income customers.

"Migo is headquartered in San Francisco and currently operates in Nigeria and Brazil," according to Migo official Website.

Migo extended it's partnership to Network Service Providers, utilising Customers BVN (Bank Verification Number) as a way to access a loan seeker's credit worthiness.

The Migo Loan Code is *561#. Just by dialling the Migo Loan Code through MTN, Airtel, 9Mobile or Glo Line, loan seekers can get loans of over N50,000 into their Bank Accounts.

Migo Loan General  Requirement

Below are the requirements which a loan seeker must meet before getting a loan from Migo:

1. A loan Seeker must possess a valid Bank Verification Number (BVN)

2. Must possess a working phone number

3. The phone number must have been actively in use within the past 90 days

4. Must possess Bank Account which must have been actively in use within the past 90 days

5. Must possess a Bank Account in any of the following banks: First Bank, Access Bank, 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, Diamond Bank, First City Monument Bank (FCMB).

Read Also: NMFB may forfeit COVID-19 TCF Loan to Beneficiaries

How to get Migo Loan

Getting Migo Loan is fast and simple. Migo credits your Bank Account instantly in less than 3 minutes.

There are 3 simple ways of getting Migo Loan. They are:

1. Mobile Banking Apps

2. Migo Loan USSD

3. Migo Loan Website

Mobile Banking APPS

Just as earlier clarified, Migo utilizes existing platforms such as Mobile Banking Apps to grant Loan to Customers. To get Migo Loan through Mobile Banking Apps,

1. Log into Moble Bank App. UBA, First Bank, Fidelity etc

2. Click on Loan/Apply for Loan

3. Click on Request for Loan

4. Choose Migo Loan

5. Enter Amount

6. Enter Account Number, Account Name and Choose Bank(Where you want the Loan Amount to be sent)

7. Submit Loan Application.

8. Migo Loan will be credited in less than 3 minutes.

Note that as a first timer, Migo may offer loan below intended amount. However, with constant loan request and repayment, loan amount increases to the highest limit.

Migo Loan USSD

The Migo USSD is *561#. To get Migo Loan using the Migo Loan USSD;

1. Dial the Migo Loan USSD *561# with MTN, Airtel, Glo or 9mobile line

2. Select 1 for Migo Loan Menu option

3. Select 1 for cash loan

4. Choose from the available options, select desired amount loan 

5. Fill in Bank Account

6.  Bank Account will be credited with loan amount in less than 3 minutes.

Migo Loan Website

1. Visit the Migo Loan website https://www.migo.ng

2. Click on the "Get a Loan" button, top right of your screen 

3. Enter your phone number and tick the reCaptcha box to verify you are a human

4. Click on "log in" 

5. Enter the 6 digit verification code sent to your phone as an SMS

6. Click on "Verify"

7. Choose from the available loan offers

8. Enter the bank account number you would like to recieve your Migo loan

9. Expect your requested loan amount in the bank account you provided in less than 5 minutes.

How To Repay Migo Loan

Just like taking Migo Loan, repaying it is quite easy and simply. Here, we will discuss 6 easy ways of repaying Migo Laon. They are:

1. Bank transfer

2. Mobile Banking Apps

3. Card

4. USSD code

5. Cash

6. ATM

Migo Loan Repayment via Bank Transfer

To make Migo Loan repayment using Bank Transfer method, follow the steps below:

1. Visit the Migo Loan Repayment website https://www.migo.ng/consumer/repay-a-loan

2. Enter your phone number

3. Click on "Pay my loan"

4. Tick the reCaptcha box to confirm that you are a human

5. Then click on "Log in"

6. Enter the verification code sent to your phone number 

7. Click on "Verify"

8. Click on "Pay loan"

9. Choose "Bank Transfer" from the Repayment option

10. Select your bank account name

11. Tap the button below your bank account name

12. A code will appear on your phone to dial

13. Select the bank name that you’re transferring to

14. Complete transfer.

Migo Loan Repayment using Mobile Banking Apps

To effect Migo Loan Repayment using Mobile Banking App, follow the Method below:

1. Log into Moble Bank App. UBA, First Bank, Fidelity etc

2. Click on "Loan"

3. Choose "Migo Loan"

5. Click on "Repay Loan"

6. The loan amount with interest will be deducted from your Bank Account linked to the Mobile Banking App.

Migo Loan via Card

To make Migo Loan Repayment using ATM Card, follow the steps below:

1. Visit the Migo Loan Repayment website https://www.migo.ng/consumer/repay-a-loan

2. Enter your Phone number

3. Click on "Pay my loan"

4. Tick the reCaptcha box to confirm that you are a human

5. Then click on "Log in"

6. Enter the verification code sent to your phone number 

7. Click on "Verify"

8. Click on "Pay loan"

9. Choose "Pay with Card" from the Repayment option

10. Choose from your preferred saved payment card (if saved before) or click on "Add Card" to add a new card

11. Confirm your payment with your card pin

Migo Loan Repayment via USSD code

To complete Migo Loan Repayment using Migo Loan USSD,

1. Dial Migo Loan USSD *561# from any mobile phone.

2. Select "Loans"

3. Navigate to "Pay Loan"

4. Select the "pay with phone" option from the list of payment methods

5. Select "add card" and follow the instructions on how to register a card

6. Confirm payment and you will receive a confirmation message for your payment.

Migo Loan Repayment with Cash

To effect Migo Loan Repayment through cash deposit in the Banking hall,

1. Visit any of the following banks:

Access Bank

Fidelity BankGT Bank

Keystone Bank

Sterling Bank

UBA

Wema Bank

2. Inform them that you would like to make a Migo payment using PAYDIRECT. 

Note: There is no account number to pay into but the phone number used for your Migo loan request should be used as the Customer Reference Number for Paydirect.

For your convenience, it is advise that you visit the bank early to avoid queues.

Migo Loan Repayment with ATM (Automated Teller Machine)

To make Migo Loan Repayment using ATM, Please visit an ATM where Quickteller is available.

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Ensure you have the phone that receives bank alerts with you in case you need to receive a token, then do the following:

1. Insert your ATM card and select the “Quickteller” option

2. Select "Pay Bills"

3. Select "Others"

4. Enter "04354101" as the Biller Code

5. Enter the phone number being used with Migo for "Customer Reference Number"

6. Confirm payment

7. You will see a confirmation message for your payment

Kindly note that there is a N100 processing fee.

How to Extend Migo Loan Repayment

Due to one reason or the other, a Migo Loan customer may wish to extend the Repayment date for a Migo loan that is due. To extend Migo Loan Repayment date,

1. Dial the Migo Loan USSD *561# or log into your account with your mobile number at Repay a Loan.
2. Select “Loans”.
3. Go to “Extend Loan”

Migo Loan App

Migo has no App downloadable in PlayStore or anywhere.

A loan seekers can access Migo Loan from their mobile phones any time by logging into the Migo web portal with their mobile numbers at Get a Loan. Or, by dialing the Migo Loan USSD *561#.