Apply For A Loan With Migo (Kwikmoney)

Bernard Uche
Migo Loan Nigeria

An automated provider of instant loans, Migo was formerly known as Kwikmoney or Kwikcash.

In 2014, Kunle Olukotun and Ekechi Nwokah founded Migo. It is located in Ikoyi, Lagos, Nigeria

Nigerians are given loans by Migo without any security or guarantors. How simple and quick the process can be at its best is claimed by Migo to be 60 seconds.

To apply for a loan, all you need to do is dial a single code on your phone, much like you would to check your airtime balance.

Features Of Migo Or Kwikmoney Loan

The following characteristics of Migo Loans contribute to the loan’s appeal:

  1. Interest rate: The applicable interest rate is in the 10%–25% range.
  2. Loan term: The maximum repayment period for Migo loans is 14 to 30 days.
  3. Loan amounts: You can take out a loan for between ₦500 and ₦500,000.
  4. Methods of repayment: You can pay back the loan. via website, Quickteller, bank deposit, and USSD code *561#
  5. Collateral: Migo loans are provided without the need for collateral.
  6. Guarantor: A guarantor is not required for Migo loans.
  7. How to apply for a loan: Visit the loan portal at my.migo.money to submit an application or use the USSD code *561#
  8. Customer support: To contact Migo customer service, call +23417002274 or send an email to support@kwikmoney.com.
  9. Mobile app: Migo Loan does not currently offer a mobile app; instead, customers must access the loan through the internet.

Migo Loan Minimum Requirements

You must fulfill the following criteria in order to qualify for a Migo loan:

  1. A bank account is needed
  2. A bank verification number (BVN) is required
  3. Possess a functioning phone number
  4. You must be at least 18 years old.
  5. You have to have actively used your phone number in the past 90 days.
  6. For the past 90 days, your account number must have been used actively.

The following banks are the only ones where bank accounts are permitted: 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, and Unity Bank.

Migo Loans Terms & Conditions

It’s crucial to be aware of some of the key loan terms and conditions before applying for a loan. Although this is not a complete list of the terms of the loans, we will summarize some of the most significant ones below.

  1. Your ability to repay the loan before the due date is a requirement. Contact Migo if you find yourself in any way unable to make a repayment.
  2. Penalties apply for loan payments that are made late. You should check the Migo website for the current prices at the time of application as these penalties fluctuate from time to time.
  3. By accepting the loan, you grant Migo permission to call people on your contact lists from your phone in the event of a default.
  4. You grant Migo permission to use your personal information to decide how much money to lend you. Your phone, bank, bill payments, credit bureaus, and other items are examples of personal data.

Apply For A Loan With Migo (Kwikmoney)

There are two options available to apply for loans with Migo. These are as described below.

Option 1: Through USSD Code

You do not need to go to Migo offices to apply for a loan but you can do so from your home by following the steps outlined below:

  1. Dial the Migo loan USSD code *561#
  2. Select loans from the menu
  3. Select request loan
  4. The system will work to give you a loan offer. You need to accept, and supply account details and all to get your loan.

Option 2: Through The Website

If you do not wish to use the mobile code, you can apply for the loan from Migo website. You need to follow these steps to apply for the loan from the website;

  1. Visit the Migo website loan portal
  2. Input your phone number to login and continue. Complete the captcha given
  3. Complete the verification process. At this point, a code will be sent to your phone.
  4. Enter the verification code sent to the phone number registered.
  5. Select check loan offer. You will see what you are eligible to.
  6. Provide your account number and details as required.
  7. Wait for the loan to be posted to your account. This usually takes a few minutes.

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What Will You Receive In Migo Loan?

Loan amounts on Migo range from 500 to 500,000. Your first request will typically result in a modest offer based on the computation of your credit score. You will be able to access more money once you accept the initial offer and repay your loan on time, among other conditions.

Paying Back Migo Loan

Repaying a loan is simple. There are a lot of choices. You can pay back by dialing *561# and following the relevant steps. Alternatively, go to the Kwik Money payment portal.

You can repay the loan at any bank or representative that accepts them in cash or with any ATM card.

Please be aware that if you do not pay off your loan before the due date, you will automatically receive a rollover with a 5% late fee and a doubling of your interest rate.

Loan Migo Contacts

You can contact Migo through its headquarters, which are in Ikoyi, Lagos, Nigeria, at 3B Adekunle Lawal Road.

You can reach Migo by phone at (234) 1700-2274 or by email at support@migo.com.

Website: www.migo.money SMS: text “help” to 561 from a 9mobile line only