Is Migo Loan Legit? [Everything To Know]

In today’s article, we will answer the question; Is Migo loan legit?

With the rise in various online loan apps, it is becoming increasingly more challenging to differentiate good apps from bad ones. They’ve been cases of online loan apps giving ridiculous loan interest rates, while some send defamatory messages to your contact list if you default.

Is Migo loan part of them? Is Migo a legit loan app? Will they steal my data and sell it to criminals?

In this article, we answer all your questions about Migo.


Who is the owner of Migo loan?

First off, let’s know who the Migo loan owners are. This will helps us determine if the business is legit. Remember the story of MMM- how a man wanted in various nations built a Ponzi scheme that defrauded many Nigerians of their hard-earned money.

So, we should know who the faces behind Migo are. 

Shall we?

So, Migo is headquartered in San Francisco, California, and operates in Nigeria and Brazil.

The business is owned by Ekechi Nwokah and Kunle Olukotun.

 Kunle Olukotun, a Stanford University professor of electrical engineering and computer science and the director of the Pervasive Parallelism Laboratory, is credited with creating multi-core computers. 

Ekechi, on the other hand, is a 20-year industry veteran who has built distributed systems and data centre architecture.  

The two men founded Migo in a bid to make available a Credit-as-a-Service digital platform that can allow institutions in emerging markets to offer credit products to their customers without the need for smartphones. Migo loan was founded in 2014 and has been serving customers since then.

“The founders of Migo have no criminal record and are both making massive strides in tech. This is an indicator that Migo is most likely a legitimate business. Let’s find out more about the platform”.

How does the Migo Loan work?

Migo loan homepage

Migo Loan is a lending platform that connects borrowers and lenders. It is not just another peer-to-peer lender but also a platform that makes the entire process more transparent and trustworthy.

Migo provides loans for any business you may be involved in, including small and medium enterprises (SMEs) and large corporations. 

You can apply for a loan with predetermined interest rates and repayment terms. Migo Loan Migo does not charge any fee to you for using its platform. It is entirely free for you to join Migo as well as to take loans of your choice. 

More Readings: Is FairMoney legit?

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How much can I borrow from Migo?

Generally, the amount that is lendable on Migo ranges from five hundred nairas (N500) to five hundred thousand nairas (N500, 000). Usually, Migo starts with a small loan amount and increases your loan offers as you gain confidence with the system. 

However, You can borrow up to ten thousand naira on the minimum and up to fifty thousand naira on the maximum as a new customer. The beautiful thing about this loan is you do not need any collateral or guarantor to get a loan from Migo. 

You can choose between personal and business loans; the amount you can borrow depends on your credit score and other factors. Migo is an excellent place to start if you need startup capital for your business. If you are looking for a personal loan with low-interest rates, Migo is one of the best places to go.

What happens if I don’t pay my Migo loan?

The Migo loan is a low-interest, no-fee loan that allows you to get the desired amount you need. 

If you don’t pay it back on time, however, you will be charged a late fee and your credit score will go down. While different loans have different interest rates and loan amounts, Migo’s interest rate is usually between 5% – 25%. 

Failure to pay back your loan in due time can attract an increased interest rate, just as with a strong repayment record, interest rates can be reduced, and loan amounts can be increased. In addition, the company has the right to take legal action against you. 

You should pay back your loans on time to avoid incurring extra fees for default and facing legal penalties. Ultimately, to encourage Migo to continue growing your loan offers and providing loans to other people, we recommend that you pay your loan as soon as possible. 

You can consider extending your loan as a preferable option rather than defaulting. This will help you keep your Migo credit history intact.

Is Migo loan registered with the CBN?

Yes, they are registered with the Central Bank of Nigeria, which means they can legally lend money to people who need it. 

This is an ideal way for people looking for a loan to get the money they need without worrying about paying interest on their loan. 

While Migo is registered with CBN and is therefore eligible for issuing a loan, there are still some aspects of this product that you should be aware of. First, the government or any other organization will not guarantee the loan. 

If you default on your payment, you are responsible for paying back the amount owed to them alone – and there are no penalties for missed payments. You should also know that no collateral requirements exist for this type of loan.

The fact they are registered with the CBN is proof that they are a legit loan company. So many loan companies aren’t registered with the CBN, so in an attempt to reclaim unpaid loans, send fake defamatory messages to your contact lists and threaten with lawsuits (which usually doesn’t happen).

Does Migo loan have an office?

Yes, they have an office. Although Migo loan is an online lending firm that offers personal, company, and business loans and operates through its website, the company has a physical office where customers can visit when necessary. 

While there are other office outlets across the country, the company’s head office is situated in Ikoyi, Lagos, Nigeria. Migo’s headquarters is at 3B Lawal Road, Ikoyi, Lagos State.

How to get started on Migo

If you are interested in trying Migo but need help figuring out where to start, here is how to get started on their website.

First, visit their website to register an account. Select “get a loan.” You will be required to enter your phone number, after which you will be sent a 6-digit pin. This is to confirm your account has not been hacked.

Next, you will select your chosen loan amount and provide your bank details once requested. This is where you will receive your loan as a deposit. 

Next, you will be required to register your payment cards, also known as debit card details. This is what will enable you to repay your loan quickly.

 Once these steps are completed, you are good to go with your loan application. Sit, relax, and expect your loan to drop into your account. Consider the Migo loan USSD code *561# if you want to avoid going through their website. Ensure the information you provide is accurate.

How do I get a Migo Loan from First Bank?

There is only one way to get a Migo loan from First bank: their mobile app. It’s pretty straightforward; all you need to do is download the First bank app on your smartphone and follow the steps, which include:

  1. Enter/Register your phone number
  2. Select your desired loan amount
  3. Provide your bank details on request, as this is where your loan will be disbursed.
  4. Register your debit card for easy repayment.

Following these steps, you have successfully applied for a Migo loan from First Bank Nigeria.

Final thoughts on “Is Migo loan legit?”

Migo loan is a beautiful tool in your arsenal regarding personal finance. The independent lending platform lets you borrow money, with flexible repayment options and no collateral. 

The only question that can bring fear to you is what has been answered in this article – “Is Migo loan legit?”

 Migo loan is not a scam, as you must have read, but it does have some pros and cons like any other digital platform. To help you better decide whether to apply for a loan from Migo, we’ve discussed a few pros and cons.

So, what are your thoughts? Will you take a loan from Migo?

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