Collecting loans haven’t been easy over the years, many people have been trying to borrow a loan but are facing difficulties, however, with online loan websites and apps, you can now borrow a loan from the comfort of your home, some of the loan websites don’t even ask for a guarantor before giving you a loan, how cool is that?

There are currently many apps and websites that you can use to collect a loan and repay later, in this post, we will be talking about Migo loan, one of my favourite loan websites where you can borrow a loan anytime and then repay later.

If you want to know more about Migo loan and how you can borrow a loan from Migo, then make sure you read this article from the beginning till the end, because all the information you need will be covered in this post, also, you don’t want to make mistakes or do something wrong.

If you are looking for loan apps that you can borrow loans without using your BVN, read instant loan without BVN in Nigeria.

Migo is a loan website that offers quick loans to individuals, with a few clicks of the button, you can now borrow a loan and repay back later. Migo offers both small and large loans so whether you need a loan for personal use or you need it for a business, a Migo loan will be very useful for you. Migo also deals with different banks to provide a smooth financial system to clients.

Migo has now had many customers across Nigeria, many people have been using the app for different purposes, but one of the main reasons people use Migo is for loans, and that’s what we are going to talk about in this post.

Just like every other loan websites and apps, there are a few requirements you must meet to qualify for a migo loan. Take note that without meeting these requirements, you won’t be given a loan by Migo, so before requesting a loan from the app, make sure you qualify first.

• Applicant must be 18+
• Applicant must have at least 1 active bank account
• Applicant must have a valid BVN (Bank Verification Number)
• Applicant must have an active mobile number

All you need to borrow a loan from Migo is to first create your account on the website, when creating your account, they will ask for your mobile number, email address and full name, fill out all the necessary information about you and click “Create account”. After this, your account will be created.

Now, you will need to login to your account, because without login into your account, you won’t be able to request a loan on the Migo website, to log into your account, go to the website and click “Login” then enter the mobile number or the email address you created your account with followed by your password and then click “Sign in”

After login into your account, now you can request a loan, to do this, just click on “Request a loan”. After that, you will be provided with a form, all you need to do is fill it out including the amount you want to request and click “Submit”

One of the things that you must look out for in a loan provider is their interest rates, because some of them have very high-interest rates, while others’ interest rates are relatively small and fair. Migo loan interest rates range anywhere from 5% to 25%, depending on some factors. If your loan amount is small, say 5000 Naira, then the interest rate will be 10%, but if you fail to pay the loan on time, then the interest rate may increase.

But if your loan is up to 500,000 Naira, then the interest rate will be lower, say 5% and if you fail to pay on time, the interest rate will increase with time, so it is always advisable to repay your loans on time.

Before requesting a loan, make sure you read through the terms and conditions, this will help you decide whether you should take the loan or not because some loan apps have very strict terms and conditions and failure to abide by the terms will face legal issues, that’s why it is always advisable to read terms and conditions, below are the terms and conditions of Migo loan.

You must repay the loan amount with interest

Migo will be granted the right to use your personal data

Migo will be granted the right to all your contacts

Migo reserve the right to send messages to your contacts

Receiving a loan from Migo takes less than 24 hours, as long as your loan request has been approved, the next message you will get from them is that your loan amount has been credited into the bank account you submitted to them.

With almost all the loan providers, when you are requesting a loan for the first time, you will not be granted a large sum, until after your first successful loan of a small amount. It is the same with Migo loan. Migo gives up to a 500,000 Naira loan, but if you are requesting for the first time, it will be from 500 to about 20,000 Naira. And after you have successfully repaid the small amount, then you can proceed to request a bigger amount.

When requesting a loan, make sure you are requesting an amount that you can actually repay, if not, you may face some legal issues. That’s why it is not advisable to request a large loan for personal use, if you are requesting a large sum, it should be for business.

You can easily repay your loan on Migo website, to do this, log in to your Migo account by going to the website, then click on “log in”, enter your mobile number and password and continue, when you are on your dashboard, click on “Repay loan” then choose to either pay externally or pay your linked bank account, if you choose to link with your linked bank account, Migo will automatically deduct the loan amount, and if you want to pay with an external bank, just click “Pay with external bank” and make your payment.

You can also repay the loan using their USSD code, it is even a lot easier to pay with a USSD code than paying on the website.

If you prefer not to use the Migo website for your loan request or repayment, you can request a loan and also repay using the USSD code on your mobile phone, Migo loan USSD code is *516#, after entering this code, press the call button and you will see all the next things to do if you are requesting for a loan or repaying a previous loan, it is very easy.

If you have been wanting to know about Migo loans and how to borrow loans from Migo, then I am sure that on this post you have all the information you need. If you want to request for a loan, follow the instructions given above and you will be on your way to getting a loan.

If you find this post helpful, please share it on your social media page, and if you have any questions about Migo, you can leave them in the comment section, I will take out time and respond to your comments. Thanks for reading, I wish you all the best.