Since 2017 with the launch of the very first Mobile lending platforms by Chinese companies, there has been a surge in mobile app lending services in Nigeria. Many of these loan companies have expanded to establish operations in another part of Africa.
At different times we all go through tough times that require emergency funds to upset these challenges. It was difficult before if you didn’t have anyone on your friend list to ask for a loan.
Ever since then, the advent of mobile loan apps has continued to increase drastically and it’s difficult to tell which one is real these days.
In today’s post, I will share with you my unbiased Migo loan review which has proven to be a very reliable source for a fast and easiest loan in Nigeria.
All About Migo Loan
As a cloud-based lending company, Migo loan provides a two ways lending opportunity for businesses and for individuals. Migo is a San Francisco-based fintech company with offices in Nigeria and Brazil.
For businesses, Migo provides seamless integration with companies like banks, fintech, merchants, and telecommunication companies and serves as an intermediary between the end customer and the financial company.
What that means is that any financial business can build their own mobile or web app using Migo’s API to provide financial assistance to their end users while Migo service the funding instantly. It does this using a cloud-based solution that builds proprietary ML algorithms to assess credit risk using the company’s data to provide credit facilities to the end customers.
For individuals, Migo provides a first-hand loan facility in minutes using your mobile phone to prequalify you.
Who Owns Migo Loan?
In 2014, Kunle Olukotun and Ekechi Nwokah founded Migo as a company that is currently headquartered in San Francisco, California.
Kunle Olukotun is a Cadence Design Systems Professor at Stanford School of Engineering, he is also a Professor of Electrical Engineering, and Computer Science at Stanford University and the director of the Stanford Pervasive Parallelism Lab. He is the co-founder of Migo. He’s been with Stanford University since 1991 according to his Wikipedia page and has been celebrated as the “father of the multi-core processor”, and the leader of the Stanford Hydra Chip Multiprocessor research project.
Ekechi Nwokah is also a Nigerian who is the current CEO and co-founder of Migo. He’s been into tech for a long period of time with over 20+ years of working experience in building distributed systems and data center infrastructures for businesses.
The two of them are the cofounders of Migo Loan which is currently dominating the industry in Nigeria.
How to Get a Migo Loan
Getting a Migo loan is very easy. All you need is a registered mobile number in the Nigeria mobile database. Migo uses different algorithms to prequalify you for how much you can borrow on their platform. Follow these steps to get a Migo loan fast today.
1. Visit Migo’s website (https://www.migo.ng)
The first step is to go to the Migo official website as everything is done on the cloud which means there’s no official mobile app like other Nigeria loan sharks.
2. Enter your most active mobile number to qualify for higher offers
Migo uses different algorithms to prequalify you for a loan. Your mobile phone frequently recharge uses and airtime loans, etc. Since Migo does not use BVN, it does not depend on Credit Bureau Registries to qualify for your loan like other loan apps.
3. Enter the amount of loan you want based on your qualified offers
The amount can come pre-filled for you and you just have to reduce it but cannot increase it more than what is pre-approved for you. But as you pay and reapply, you stand better chances for higher loan offers.
4. Provide your bank account to be imbursed immediately after approval
Your bank account needs to be a Nigerian Bank if you are applying from Nigeria.
5. Enter your repayment credit card information
Your credit/debit card information would be used to automatically debit you on the day of repayment. So you will need an active ATM card to do so, so you don’t become a defaulter.
6. Boiler, your money is in your account
Now after successfully completing every other step, Migo would credit your account immediately. The company’s technologies are integrated with most Nigerian banks and fintech to make it easy and stress-free for loan applications.
What Is Migo Loan Repayment?
Migo loan repayment is a way by which you return the money you borrowed from the company with all the interest it accrued.
When you apply for a Migo loan with just your phone number, you were required to provide your credit card information. However, if for any reason you were not debited, it is important that you look for other options to avoid being denied a loan the next time.
What is Migo Loan Interest Rate?
Migo loan interest rate is one of the sweetest ones actually. The interest rate starts from as low as 5%-25% subject to other factors such as your repayment history and the loan tenure you are applying for. The shorter your loan tenure, the lower your interest rate, and the sooner you pay back your loan, the lesser the interest rate you’d be getting the next time you apply for a loan.
So to get the cheapest interest rate on Migo Loan, kindly endeavor to pay back your loan on time and always use the shortest time possible when applying.
Migo Loan Repayment Options and How to Repay your Loan
Migo has both online, transfer, USSD code, bank branch, and Automated Teller Machine options using quickteller. Follow these steps to complete your Migo loan repayment
Step 1: Go to the website and click on “Repay Loan”.
Step 2: Enter your phone number and click pay my loan
Step 3: Select your repayment option and Pay
Step 4: Follow instructions on the payment option you choose
Is Migo Loan Legit?
Migo loan is the most trusted loan provider in Nigeria today. It provides its services through banks, Telecommunications, Fintech companies, and other business merchants. A scamming business would not have the opportunity to partner with credible companies like banks in Nigeria.
You can trust Migo to provide you with a loan without accessing your contacts and messages nor sending harassing messages to your contacts insanely.
Migo Loan Defaulters and Consequences
Migo loan defaulters would face the consequence of not getting a loan the next time they are in need of one. And even though Migo does not work with Credit Bureau Registries, if you default to repay your loan, the company has the right to use any means to retrieve their money in any way possible.
So, when you borrow with Migo Loan, endeavor to pay back your loan as soon as possible to avoid being a defaulter who would not be offered a loan opportunity next time when you need a loan urgently.
Migo Customer Care Number and Office Address
In Nigeria, Migo Customer care numbers are +23417002274 and +234987792933. However, you can reach Migo customer care again via this email address: firstname.lastname@example.org or via it live support chat widget on their official website.
Migo Login for computer and mobile
You can log in to Migo via computer or smartphone. To log in to your account, you need to visit their official website by following these steps.
- Visit https://my.migo.money/login
- Enter your phone number
- Solve the ReCaptcha challenge
- You would be redirected to your account after successful login
How to Apply For Migo Loan Extension
As a leading loan inclusion company providing loan opportunities to both the served and the underserved areas in Nigeria, Migo understands the challenges of life and offers opportunities for customers to seek loan extensions.
To apply for a Migo loan extension, pick up your phone with the SIM you used in applying for Migo’s loan and dial *561*1*4# and follow the further command prompts and you can extend your loan again to when you can repay.
This would give you the opportunity not to be tagged as a Migo loan defaulter.
Read Also: All Migo Loan USSD Codes with Data
Is Migo registered with CBN?
Migo is a financial tech company registered in Nigeria to support Microfinance banks and therefore is registered with CBN hence why it can operate to its capacity. As a registered company in Nigeria with CAC, it has the right to operate within its scopes as provided by the law regulating the registration of companies in Nigeria known as the Companies and Allied Matters Act (CAMA).
How much can I get from Migo?
Migo can give you a loan from as low as N500 to as high as N1,000,000. However, the highest amount does not come for the first time. For starters, you might be qualified for a maximum of N5,000-N30,000 and you would continue to qualify for higher loan opportunities when you repay back your loan.
What happens if you don’t pay Migo loan?
Unlike the other loan sharks who send defamatory messages to your contacts for loan default, Migo offers you an opportunity to extend your loan or pay it back immediately. But if you don’t pay back your Migo loan within the loan tenure, you’ll incur additional fees and charges to your total loan repayment amount as a punishment for defaulting on the Migo loan services.
Additionally, you’ll not be able to borrow any loan again with Migo until you pay back the money that you owe.
Migo Loan App Review
Does Migo have an app? The simple answer is that there’s no Migo app. Migo only operates on a cloud-based web application in which you can apply for a loan using its USSD code and via its website with just your phone number without BVN.