Migo Loan: USSD Code, Repayment, Extension & Interest Rate

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Want the right information about Migo loan code, interest rate, ways to make repayment and do they offer extension?

In this post, I’ll provide all the information you need for you.

Quick info about Migo money Loan

Migo is an integrated lending platform that allows businesses and companies to provide loans to their customers and end users in their own various applications.

It allows companies such as banks, network providers, Marchants, fintechs, etc use its integrated API to provide small loans or buy now and pay later to their customers.

Read this: Carbon (Paylater) USSD Code for loan, interest rate and repayment

Migo loan simplifies the complex world of lending with a simple API, building custom machine learning algorithms to assess credit risk from corporate data, and then automating lending operations using a sophisticated cloud infrastructure.

It also expands economic access, allows lending to those who do not have access to traditional credit bureaus, and in many cases provides life-changing opportunities for low-income earners.

Migo money, headquartered is in San Francisco, California and it now fully operates in Nigeria and Brazil.

Migo loan code

The migo loan code is *561#. You can access small loans on any type of phones with this ussd even without the use of internet data.

Note that this code works  for MTN, Glo, Airtel and 9mobile.

Now how to get migo loan using ussd code? The process is simple. Just dial *561# and select “Request Loan” from the popup command. You will see the list of available loans to you.

Read this: How to borrow money from opay, loan ussd code

Get Migo Money online

Follow the steps below to access Migo loans from its website

  1. Visit my.migo.money
  2. Enter your phone number in the box provided
  3. Select your desired loan amount
  4. Input your personal bank account number. Make sure this is correct, as your loan will be deposited here
  5. Your loan limit will be calculated and displayed for you
  6. Agree to terms and conditions
  7. Wait for loan approval. This usually doesn’t last more than 2 minutes
See also  What is Electronic Money Transfer Levy in Nigeria Banks?

Migo Loan Repayment methods

There are several ways to make migo loan repayment. Here they are:

1. Via transfer

  1. Enter your phone number above
  2. Select “Pay Loan”
  3. Select the “Bank Transfer” option from the list of payment methods
  4. Select your bank
  5. Click the button to continue the payment
  6. A code will appear on your phone to dial
  7. Select the bank name that you’re transferring to

2. Approved banks

You can make your Migo repayment by visiting of the following banks:

  1. UBA
  2. Wema Bank
  3. GT Bank
  4. Keystone Bank
  5. Fidelity bank
  6. Access Bank
  7. Sterling Bank

Inform the bank that you’ll like to make a PayDirect for Migo loan. There is no billing account number to pay to, you’ll need to use the phone number provided when applying as the reference number.

Read this: Palmpay USSD Code to transfer, check balance & for airtime purchase

3. Online repayment

  1. Visit Migo website (migo.money)
  2. Enter your phone number in the box provided
  3. Your current loan will be displayed to your screen
  4. Select ‘Pay Loan’
  5. Choose option to pay with credit card from the list of payment methods
  6. Enter your credit card details or follow the instructions available on the page to register a new card
  7. Confirm your repayment
  8. Once completed, you should receive a confirmation sms for successful Migo repayment.

4. At ATM

You will need to input token, hence make sure you have the phone number that receives your bank notification and follow these steps:

  1. Insert your ATM card in the card slot. Then press “Quickteller” option
  2. Select “Pay Bills”, then choose “Others”
  3. In the biller code box, type “04354101”
  4. Enter the phone number being used with Migo for “Customer Reference Number”
  5. Confirm your repayment
  6. A confirmation sms will be sent to your phone number

For this option, you’ll be charged 100 naira for processing your repayment.

5. Migo loan code

  1. Dial loan code *561# from the phone number you used in collecting the loan
  2. Select ‘Loans’ and choose “pay loan”
  3. Choose option ‘pay with phone’
  4. Select ‘add card’ to add your ATM card.
  5. Confirm your repayment
  6. You will receive sms notification to confirm successful repayment

Maximum loan amount

Migo offers loan amounts starting from N500 to 500,000 naira and above. Your first loan tends to be small amount. However, your credit offers increases over time as trust is built between you and migo money.

The company provides each client with a loan value within his or her available credit limit. It does not currently fulfill requests for certain loan amounts.

See also  What is Electronic Money Transfer Levy in Nigeria Banks?

Migo Loan Interest rates

Migo loan Interest rates is between 2% to 15%. The actual amount depends on some factors like your credit history , personal information, etc.

A good repayment history can get you a much lower interest rate and increase your loan principal amount.

Migo loan extension

Migo loan comes with extension so that you can extend your loan duration instead of becoming a defaulter.

To extend your loan duration, simply go to my.migo.money and enter the phone number associated with your Migo money account.

Once logged in, you will see your available loan and a button underneath to make loan repayment extension.

Click on extension and follow the instructions correctly.

Read this: Soft Naira loan code, interest rate and repayment options


Here are sine frequently asked questions about Migo that could answer some of your quarries

Is Migo loan legit?

Migo is a legit company. It is fully compliant with all regulations including: Central Bank of Nigeria (CBN) National Information Technology Development Authority (NITDA) Nigerian Communications Commission (NCC)

It is indirectly regulated by several authorities, including CBN, as it must ensure full compliance with its regulated platform partners.

All technologies are tested in microfinance banks owned by the parent company to ensure functionality and compliance.

How can I increase or improve my migo loan credit limit?

To increase your credit limit, make sure you repay your loan on time. You will earn the company’s trust over time as you make early repayment.

Does Migo have account number?

Your unique account number is the only bank account associated with your Migo. Do not transfer money to an other account. They will not ask you to fund an account that is different from the unique account number assigned to you by them.

Can I make a partial payment?

You can pay part of your borrowed money. Follow the steps below to do so

  1. Log in at my.migo.money
  2. Select your preferred repayment method.
  3. Click on the payment box and change the amount.
  4. Double check the repayment amount ND click ok
  5. You can also make use of migo loan code

Can Migo auto debit my bank account?

You have to initiate your loan repayment by yourself. You need to visit their website in order to make repayment

What if I lost my phone number?

If you don’t have access to your phone number anymore, you can make use of bank repayment by bank transfer

Read this: Easy Credit Loan

Migo Customer Care


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About the Author: Femi Olawole

Femi Olawole is a seasoned blogger with interest on providing helpful Contents on online loan apps, Tech and Business.

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