About Migo loan
Migo loan is a loan from Migo, an embedded lending platform that enables companies to extend credit to consumers and small businesses in their own apps.
They build proprietary ML algorithms to assess credit risk using the company’s data then automates credit facilities via cutting-edge cloud infrastructure, simplifying the complex world of lending with a simple API.
More-so, they expands economic access by enabling credit for populations ignored by traditional credit bureaus, in many cases providing life-changing opportunities to lower-income customers.
They are headquartered in San Francisco and currently operates in Nigeria and Brazil.
Migo formerly known as Kwikmoney or Kwikcash is an automated instant loan service that originated from a partnership between banks, mobile networks and telecommunication companies in Nigeria to make personal banking and access to finance easy for Nigerians. At the core of the partnership is giving easily accessible loans to Nigerians without collateral or guarantors.
With Migo, you can get loans in 60 seconds or more. That is how easy and fast the process can be at its best. You can simply dial just a code on your phone to get a loan, the same way you dial a code to check your airtime balance.
Migo loan requirement
Below are the requirement to get a loan from Migo:
- Bank account
- Bank Verification Number (BVN)
- A working phone number
- You must be up to 18 years and above
- You must have been using your phone number actively for the last 90 days
- Your account number must have been in active use for the last 90 days
- You must have an account in of the following banks: First Bank, Access Bank, Diamond Bank, First City Monument Bank (FCMB), United Bank For Africa (UBA), Stanbic Bank, Wema Bank, Zenith Bank, Guaranty Trust Bank (GTB), Polaris Bank, Fidelity Bank, Heritage Bank, Union Bank, Unity Bank.
Migo loan terms and conditions
Before applying for a loan, it is important to be familiar with some of the important terms and condition of the loan. Here they are:
- You must be able to pay back loan before due date. If for any reason you are unable to pay back, contact them.
- If you pay back your loan late, you are subject to fees and penalties for late payment
- You give them the right to send messages to everyone on your phone contact if you do not repay your loan.
- You give them the right to use your personal data to determine how much loan to give you. Personal data include: phone, your bank, bill payments, the credit bureaus and others.
How to get a loan from Migo (Kwikmoney)
Follow these steps to get a loan from Migo:
1. Dial the Migo loan code *561#
Using your mobile phone just dial *561#. The same way you dial a code to check your credit balance.
2. Select loans
You will see many options. Select loans.
3. Select request loan
On the next screen, select request loan from the options
4. Wait for loan offer
You will get a loan offer, accept, supply account details and all to get your loan.
Alternatively, if you do not wish to use the mobile code, you can do it on their website. Note, if you have used the code already, you will get the loan, do not continue with the following steps. These steps are for people who prefer to do it online instead of with phone.
5. Visit the migo website loan portal
This step is for those who do not want to use the code but website.
Just visit the loan portal
6. Input your phone number
Input your phone number to continue. You may be required to verify that you are human by completing a captcha.
7. Complete verification
A code will be sent to your phone. type the code into the website to verify that you own the phone number.
8. Select check loan offer
Select check loan offer and proceed to see the offers available to you
9. Provide your account number and details
Click proceed then provide your account number and all details required.
10. Get your loan!
Your loan should be arriving anytime soon. Usually within few minutes
How much can you get?
You can get a loan from ₦500 to ₦500, 000. But note that at your first request, you will get a low offer that will depend on your credit score calculation. After the first offer and you pay back your loan on time and so on, you will be able to access bigger funds.
Migo interest rate
The interest rate is usually from 10% and 25% of the amount of money you are getting. It is also possible for your rate to be higher or lower depending on your personal data.
Migo Loan term
The loan term ranges from 14 to 30 days
Migo loan Repayment
All loans should be paid back from 14 to 30 days after it was given.
To repay loan is easy. There are many options. You can dial *561# and follow the appropriate instructions to pay back.
Or visit the Kwik Money repayment portal.
Again, you can pay back the loan with any ATM card or in cash at any supported bank or agent.
Kindly note that if you do not pay your loan by the due date, you are given an automatic extension (called a “rollover”) that doubles your interest with an additional 5% late fee.
If you are having financial problems and cannot pay your loan, please dial *561# and navigate to “Extend Loan”.
Migo Head office
The head office of Migo is located at 3B Adekunle Lawal Road, Ikoyi, Lagos, Nigeria.
Migo customer care number and email
The customer care phone number is +23417002274
Customer support email is [email protected]
You can also text help to 561 from 9mobile line only.
Migo loan code
The Migo loan code is *561#. With this code you can request loan, repay loan and access all the services.
The website is located at www.migo.money
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Frequently Asked Questions
How do I get a Migo loan?
- Enter and verify your phone number here: Get a Loan.
- Choose the best fitting loan offer.
- Lastly, add your banking information so Migo can pay you.
How do I qualify for a Migo Loan?
The best way to see if you qualify for a Migo loan is to apply! Visit Get a Loan to apply now.
How long does it take to get a Migo Loan?
We work hard to ensure that your loan enters your account, or the account of the merchant that you are paying, immediately after you complete your application session.
Do I need to provide collateral or documentation to request a Migo loan?
No, you do not need any collateral or documentation to request a Migo loan.
Do I need to visit a bank to request a Migo loan?
No. You can conveniently apply for the loan from your mobile phone. All you need is a bank account linked to a valid BVN.
Visit Get a Loan to apply now.
Where else can I get a Migo loan?
You can get a Migo loan by:
- Dialing *561#
- Visiting Get a Loan
Do you have a mobile app?
No. You can access Migo from your mobile phone any time by logging into our web portal with your mobile number at Get a Loan. Or, by dialing *561#.
Can I access Migo if I port my number to another network?
Yes, as long as your SIM registration details match your bank account details. We operate our USSD service across all networks.
our USSD service across all networks.
Can I use USSD shortcuts to request a Migo loan?
Yes, to avoid multiple screen selections, you can use USSD menu shortcuts by placing your menu selections in the code you dial. Here are some examples:
- *561*1*1*1# Take out a loan
- *561*1*2# Repay a loan
- *561*1*3# Check loan balance
- *561*1*4# Extend your loan
- *561*1*5# Terms and conditions
Can I access Migo with another person’s phone number?
No, your loan offers are specific to you.
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