Description
Migo
Migo is an automated online moneylender that provides single payment loans, installment loans and payroll loans for borrowers. The amount borrowed is then deducted from your account.
Their minimum loan amount is N10,000 and the upper limit for a new customer is N50,000 with no collateral or guarantor required. Interest rates are determined by a number of factors, including your repayment history and the cost of lending. Loan decisions are provided within 15 seconds and if approved, the applicant receives funds within 5 minutes. 24 hours a day, 7 days a week. Loans are delivered via an Android mobile app, with lending decisions provided almost instantly.
Loans from moneylenders are designed to be short term loans that are designed to tide you over to the next payday. It is best for anyone looking for an unsecured personal consumer loan, students and individual’s ineligible for typical bank loans due to thin credit files.
Products
- Payday loans – Migo payday loan is designed to provide monthly overdraft to staff of companies, ministries, Parastatals and other establishments.
- Education – Any salary earner, self-employed or professional Public and Private companies, Students, Government sector employees including Public Sector is eligible for a personal loan.
- Business – The loans help business to cover cash flow payments when due.
Pros
- Fast loan approval process within minutes
- Convenient repayment plan
- No collateral
- No guarantor
Cons
- Low maximum loan amount
ELIGIBILITY CRITERIA
- Valid bank details
- Payment card details
- Android Phone
- Complete application