Migo Loan Repayment: How to Easily Repay Migo Loan

Repaying a loan not only gives you peace of mind, but it also helps you build a good credit score and financial reputation. Hence, it is important to repay your Migo loan on or before the due date.

If you want to repay your Migo loan, there are a variety of methods that you can use to do that, ranging from using the ATM, debit card, bank transfer, or USSD code to repaying with cash, depending on the method you prefer. So, paying for your Migo laon is quite simple and easy since there are many methods that you can choose from.

However, if you don’t know how to repay your loan using any of the methods mentioned above, then there’s no need to worry because we have enumerated detailed procedures that you can follow to pay off your loan, irrespective of the method that you consider convenient. 

Why it is Important to Repay Your Loan

Migo Loan Repayment

The importance of repaying the Migo loan cannot be overemphasized. Some of the reasons why you need to repay your loan on time include, but are not limited to:

  • It will help build your credit score
  • Repaying your loan on time will increase your credit limit should you need it in the future.
  • You won’t be harassed by financial institution 
  • Your creditworthiness and reputation will also be increased
  • It will help you manage your funds judiciously.

How to Repay Migo Loan

There are numerous ways that can be used to repay the Migo loan, such as via bank transfer, debit card, ATM, cash, or USSD code. Let’s take the methods one after the other.

1. Via ATM

  1. Go to any ATM nearest to you
  2. Put your ATM card in the machine
  3. Select the option ‘’Quickteller’’
  4. Select ‘’Pay bill’’
  5. Select the ‘’Others’’ option
  6. Enter   “04354101” in the biller code space
  7. Enter your phone number to get the ‘’Customer Reference Number’’
  8. Enter your transaction PIN to confirm the transaction.
  9. Finally, you will receive a message indicating a successful loan repayment.  

Meanwhile, it is important to know that you will be charged a N100 processing fee when you use an ATM to repay your Migo loan.

2. Cash

To repay your Migo loan with cash, kindly visit any of these commercial banks, which include GT Bank, Keystone Bank, Sterling Bank, Access Bank, UBA, Wema Bank, and Fidelity Bank.

Once in the bank, kindly inform their staff that you want to pay the Migo loan with ‘’Paydirect’’. When making payment via this method, there is no special account number needed. However, the phone number you used when applying for the loan should serve as your Paydirect reference number. 

3. Via USSD code

You can also repay the Migo loan with their USSD code. Follow the steps below to do that:

  1. Dial  *554*561# on your Airtel line or better yet, dial *561# on any other network.
  2. Select ‘’Loan’’ 
  3. Select ‘’Pay Loan’’ option
  4. Choose pay with ‘’Phone’’ option
  5. Enter your card details in the space provided
  6. Select ‘’Add card’’ option
  7. Confirm the transaction by entering your ATM PIN.

4. Via Bank transfer

  1. Log in to Migo website
  2. Enter your phone number
  3. Click on ‘’Pay my loan’’
  4. Input the code sent to you in the space provided  to verify your phone number.
  5. Click on ‘Pay loan’’
  6. Select ‘’Bank transfer’’ as your repayment method
  7. Choose your bank
  8. Click on the ‘’Continue button’’ to progress to the next stage.
  9. Receive a code to your phone
  10. In the final stage, select ‘’Providus Bank’’ as the destination bank and authenticate the transaction by entering your PIN.

5. Card

  1. Log in to Migo website
  2. Enter your phone number
  3. Input the code sent to you to verify your phone number
  4. Click on the ‘’Pay loan’’
  5. Select the ‘’Pay with card’’ option
  6. Select the card you want to pay with 
  7. Input the card details, such as card number, name, and CVV, in the space provided.
  8. Authenticate the transaction by entering your PIN and that’s all.

Migo Loan Extension

If you want to extend your Migo loan on or before the due date, you can do that by following the steps below;

  • Sign in to your Migo account with your phone number or dial *561# on your device
  • Choose ‘’Loans’’ from the available options
  • Look for the ‘’Extend loan’’ option 
  • Click on it and your loan will be extended. As simple as that.

Conclusion

Repaying the Migo loan is not difficult since there are numerous repayment options available for the user to choose from. So, if you want to repay your loan, you can choose from their array of repayment methods, ranging from the use of a debit card, ATM, USSD code, cash, or bank transfer, depending on the method that is most suitable for you.

Also, there is provision for borrowers to extend their loan if they are unable to repay it on the due date. They can extend it by visiting the Migo website or by dialling the special code that is dedicated for that.

Author

  • Nwibo Calistus

    My name is Calistus. I am a seasoned financial expert with over four years of experience in the financial sector. With a background in accounting and financial management. Throughout my career, I have demonstrated a commitment to empowering individuals and businesses to make informed financial decisions. I am passionate about simplifying complex financial concepts. Which is evident in my published articles that are characterized by clarity, depth, and practicality. In addition to writing, I am also a financial adviser and a consultant. I have been invited to different industry conferences and events where I shared expertise and guidance on financial management and how to scale up businesses. So, if you need writing, speaking engagements, or consulting work, I remain committed to empowering individuals and businesses to achieve financial success and security.

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