If you’re wondering how to repay your Migo loan, there are several convenient methods available to you.
How to pay back migo loan
How to pay back migo loan? You can choose to make your payment online through platforms like Quickteller, where you’ll enter your phone number, loan amount, and card details for a smooth transaction. Another option is using an ATM by selecting the Quickteller option, entering the provided payment code and your loan phone number as the customer reference number. Alternatively, you can visit specific banks such as Fidelity, Access, UBA, Keystone, Sterling, or GT Bank and inform them that you’d like to make a Migo payment using PAYDIRECT, using your loan phone number as the customer reference number.
These options provide flexibility and ease in paying back your Migo loan.
What will happen if I don’t pay my MIGO loan?
What if I fail to repay my Migo loan on time? It’s important to honor your loan obligations and repay them promptly so that Migo can continue providing loan offers and extending financial assistance to more individuals. However, if you happen to miss the due date for repayment, there will be additional fees imposed as a consequence of defaulting on the loan. It’s crucial to be aware of these potential charges and strive to meet your repayment commitments to avoid any further financial implications.
How is the MIGO loan paid back to bank?
To pay with your ATM card, you can visit an ATM where Quickteller is available. Make sure you have the phone that receives bank alerts with you in case you need to receive a token. Here’s what you should do:
- Insert your ATM card and choose the “Quickteller” option.
- Select “Pay Bills” from the menu.
- Choose “Others” as the biller category.
- Enter “04354101” as the Biller Code.
- Provide the phone number associated with your Migo loan as the Customer Reference Number.
- Confirm the payment.
- You will receive a confirmation message indicating the successful payment.
- Please keep in mind that there is a processing fee of N100.
By following these steps, you can conveniently pay using your ATM card through Quickteller.
Can I pay part payment on MIGO loan?
If you’re looking to make a partial payment towards your loan, you have the option to pay 30% of the total outstanding amount. This can help reduce your immediate financial burden. However, it’s important to note that the extension of your loan will depend on the original tenure of the loan.
By making this partial payment, you’ll be able to extend the repayment period, giving you more time to settle the remaining balance. The specific duration of the extension will be determined based on the initial agreement you had with the lender regarding the loan tenure.
Remember, it’s crucial to reach out to your lender and discuss your intention to make a partial payment and extend the loan. They will provide you with the necessary information and guide you through the process. Keep in mind that each lender may have their own policies and terms regarding loan extensions, so it’s important to clarify any doubts or concerns you may have.
Always ensure that you carefully review and understand the terms and conditions associated with extending your loan. This will help you make an informed decision and assess if it aligns with your financial goals and capabilities.
What is the limit for MIGO loan?
Migo offers a wide range of loan amounts, starting from as low as N500 and going up to over N500,000. When you initially apply for a loan with Migo, they typically start you off with a smaller loan amount. However, as you continue to borrow from Migo and establish a trustworthy repayment history, they gradually increase the loan offers available to you over time. It’s a way for Migo to build trust with their customers and ensure that they can comfortably manage and repay the loans they provide. So, the more reliable you are in repaying your loans, the higher the loan amounts you can expect from Migo in the future.
Conclusion
Repaying your Migo loan is a straightforward process with various convenient options available. You can choose from online methods, such as using Quickteller or making a bank transfer, or opt for alternative methods like USSD codes or visiting specific banks. To repay online, you can visit the Migo website or Quickteller, select the loan provider (Migo), enter your phone number, and follow the prompts to complete the payment using either a card or a bank transfer. Alternatively, you can use USSD codes by dialing *322# and following the instructions to make a payment. Another option is to visit one of the listed banks, including Fidelity, Access, UBA, Keystone, Sterling, or GT Bank, and inform them that you want to pay your Migo loan through PAYDirect. Provide your loan phone number as the customer reference number. Additionally, you can visit an ATM with Quickteller functionality, select “Pay Bills,” enter the Migo loan payment code (04354101), provide the loan phone number as the customer reference number, and confirm the payment. Remember that specific instructions and fees may apply, so it’s essential to consult the official Migo loan resources for the most up-to-date and accurate information.
