How to Borrow from Migo Loans in Nigeria: Eligibility, Application Process, Responsible Borrowing Tips
Migo is a fintech platform that provides quick, convenient access to collateral-free loans through mobile phones to working professionals in Nigeria. If you have an urgent financial need, borrowing from Migo can provide funds quickly via a streamlined application process.
This comprehensive guide covers eligibility criteria, step-by-step application instructions, loan amount offerings, repayment period options, responsible borrowing tips, and other key details to equip you with information on taking a Migo loan.
Introduction to Migo Loans
Founded in 2014, Migo offers unsecured loans ranging from ₦1,500 up to ₦500,000 to eligible borrowers in Nigeria. Applicants undergo automated credit risk assessment using alternative data like mobile phone usage rather than pay slips or assets.
Once approved, the funds are immediately disbursed into the borrower’s bank account. Loans must be repaid in 1 to 6 months through flexible channels like bank transfers, debit card payments, cash deposits and more.
Checking Your Eligibility
Before applying, ensure you meet the following eligibility criteria to qualify for a Migo loan:
- Are at least 18 years old
- Have a valid personal bank account with a Nigerian bank
- Your BVN is linked to the bank account
- Own a smartphone and have an active internet connection
- Have a steady source of income
- Provide accurate personal details like ID, employer name, guarantor contacts etc.
- Pass credit, identity, income, risk modeling checks
- Have no current defaults on your credit report
Meeting these parameters makes approval likelihood higher. Candidates with limited financial history can also qualify.
Step-By-Step Process for Applying and Getting Approved
Follow these steps to apply for and get approved for a Migo loan:
1. Select Application Method
You can apply via the Migo website, mobile app, or USSD by dialing *561#
2. Provide Personal Information
Submit your basic personal and contact details during application.
3. Choose Loan Amount
Select your desired loan amount based on your needs and repayment capacity. Minimum is ₦10,000. Maximum varies.
4. Answer Eligibility Questions
Respond to the risk assessment questions presented to you. Answer honestly.
5. Give Consent for Verification
Agree to any disclaimers and consent to credit checks, identity verification, bank account access etc.
6. Await Loan Decision
You will receive an instant decision on your loan approval or denial based on automated review of your application.
The entire process takes just a few minutes with no physical document submission required.
Loan Amounts and Repayment Period Options
Based on your credit profile, Migo offers approved loans from ₦1,500 up to ₦500,000 with flexible repayment durations:
Single Payment Loan
- Loan amount: ₦1,500 – ₦500,000
- Repayment: Full lump sum repayment on next pay date
- Loan amount: ₦10,000 – ₦500,000
- Repayment: Equal installments over 3-6 months
- Loan amount: Up to 50% of monthly net income
- Repayment: 1-12 month salary deductions
The repayment structure tailored to your cash flow. Late fees apply for missed installments.
Responsible Borrowing Tips
If approved for a Migo loan, borrow responsibly:
- Borrow only what you can reliably repay on time based on your income without affecting other financial obligations.
- Be prudent and avoid accepting the maximum loan amount permissible if realistically unable to service the debt.
- Have a clear justification for the loan rather than frivolous spending.
- Read your loan agreement thoroughly and be agreeable to the terms before accepting.
- Be cautious of borrowing from multiple lenders simultaneously.
- Make repayments on time to build a healthy credit score.
- Contact Migo support if repayment difficulties seem likely for assistance.
Responsible borrowing from Migo can help build your credit profile and provide easy access to financing for productive needs. But judicious use of loans is key.
READ MORE HERE.
In summary, Migo offers an easy way for eligible Nigerian professionals to access collateral-free loans by applying online, providing personal details, choosing a loan amount and repayment tenure, and getting instant approval decisions.
Responsible borrowing coupled with timely repayments can make Migo loans a financial tool for managing urgent needs and building creditworthiness.
Reach out for any questions.
Frequently Asked Questions
What documents do I need to apply?
Migo does automated verification so no documents need to be submitted. Just provide accurate personal details.
How quickly can I get the loan amount?
Once approved, the loan is instantly disbursed to your registered bank account within minutes.
What if I miss my repayment deadline?
Contact Migo immediately if you missed your due date. Late fees apply but timely communication helps avoid further penalties.
Can I take multiple loans together?
This is generally discouraged unless you demonstrate adequate repayment capacity. Discuss with Migo first before taking parallel loans.
How can I check my loan status?
Login to your Migo account online or via the app to check your repayment schedule, the amount due, total interest payable, and other loan details.
Let me know if you need any other information on borrowing responsibly from Migo!