What Migo loan has to offer
Migo, formerly known as KwikMoney, is a cloud-based loan lender that gives online loans to borrowers without good creditworthiness. These loans are usually accessible to anyone with a smartphone.
The Migo loan has a friendly interest rate of 5% with no additional fees depending on the loan tenure and the amount borrowed. You can receive between ₦500 and ₦500,000, and you can repay within 12 months. The processing time is immediate, taking up to 24 hours to get the loan.
Based on the personal information given, Migo Loans determines whether or not a potential client qualifies for a loan. Therefore, it is simpler for them to meet the requirements for their loans the more information they gather. In addition, Migo loans don't demand any security or paperwork in exchange for the loans they offer. Here are some requirements you need to consider:
- You have to be at least 18 years old
- You must have a bank account with BVN
- You must live in Nigeria
- You must have a means of identification
- You must have the mobile app
Migo loan review conclusion
Despite being unique, Migo Loans also have a way of punishing defaulters. You won't need to start online forum discussions because you would have paid them back whenever you can to allow them to keep providing outstanding services.
Although it can be a strong temptation, defaulting on loans is the worst advice you can give yourself.
When loan service providers want revenge on defaulters, they will often go to extreme lengths, which might have negative legal or psychological repercussions.
In addition, it will impact your credit limit and your ability to access loans in the future, even through other apps.