Migo Loan: How to apply for up to N500,000 with no Collateral

Need a loan? Get one with migo up to N500,000. No collateral needed, everything is paperless. available to all telecommunication networks in Nigeria (MTN, Airtel, 9mobile, glo).

Migo Loan

Migo loan is available for all individuals, salary earners or small scale business owners who are in urgently need of a loan either to help bolster their business, or for other personal issues such as; medical issues, traveling, wedding, family issues and so on. Here's a total review of this loan company in Nigeria

Table of Contents
  • Migo Loan
  • Requirements
  • How it works
  • Pros and Cons
  • How to Apply
  • Interest Rate
  • Loan limit
  • Repayment method
  • Customer Service Number
  • How to Extend Migo Loan
  • Migo loan code
  • How we reviewed Migo Loan
  • Conclusion

Migo(Kwikmoney) Nigeria

Migo formerly kwikmoney or kwikcash is a cloud based platform that enables companies to offer loans to their customers, augmenting traditional bank and payment card infrastructure.


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Companies like banks, telecommunications operators and merchants integrate Migo in their apps and migo underwrites customers to provide them with a digital account and credit line.

The customers can use this credit line to make purchases from a merchants or withdraw cash without the need for point-of-sale hardware or plastic cards. With migo, you can safely apply for a loan Worth up to N500,000 without providing any collateral or documents.


Migo Loan Requirements

When applying for a loan on migo, you are expected to provide these following requirements:
  1. Bank account
  2. BVN
  3. Phone number linked to your account
  4. Mobile phone
  5. Valid means of Identification (optional)
  6. You must have an account in any of these following banks; UBAGtbank, First Bank, Access Bank, Fidelity Bank, FCMB, Heritage Bank, Skye Bank, Union Bank, Stanbic Bank, Zenith Bank, Wema Bank and Unity Bank.

How Migo Loan Works in Nigeria

Migo loans works in the following ways:
  1. Visit migo official website
  2. Begin your loan application by entering your phone number linked to your bank account
  3. Enter the OTP password sent to your phone number to verify your identity
  4. View and select your loan offers and repayment term
  5. Add your bank details
  6. Enter your debit card details to make your repayment easier for you
  7. Receive your loans within 5 minutes.

Pros and Cons of Migo Loan

Migo loan may not be the best choice for everyone. But make sure to weigh the pros and cons before accepting a loan offer.

The Pros

  • No hidden charges
  • No collateral needed
  • Fast loan approval
  • Good customer support
  • Accept loan top-up.

The Cons

  • Not all banks in Nigeria are accepted by Migo
  • You can't borrow up to N100,000 as a first timers.

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How to Get a Loan from Migo (Kwikmoney)



There are 2 ways you can get a loan from Migo namely: via telecommunications operators or through migo website.

1. Through telecommunication operators

Here's how to get a loan with Migo Nigeria as an MTN, 9Mobile and Glo user:
  1. With your mobile phone, dial *561# and send
  2. Select "Request Loan" to see a list of your customized loan offers
  3. Select your loan amount and it's repayment tenor
  4. Now, follow the on-screen command to finalize your loan
  5. Once done, your money will be disbursed into your bank account within 5 minutes.

As an Airtel Users, follow this steps:

  1. With your mobile phone, dial *554*561# and send
  2. Select "Request Loan" to see a list of your customized loan offers
  3. Select your loan amount and it's repayment tenor
  4. Now, follow the on-screen command to finalize your loan
  5. Once done, your money will be disbursed into your bank account within 5 minutes.

2. Through Online

To apply for a migo loan online you have to visit migo website at My.migo.money


1: Complete Authentication

To begin your loan journey, you will be required to enter your phone number. A 6-digit one time password (OTP) will be sent to you for verification. Enter the OTP to proceed. Note: Enter the phone number that is linked to your bank account.


2: View and Choose Loan Offers

Once you verify your identity, your personalised loan offers will be displayed on your phone screen. Choose any amount that is okay by you and select it's repayment tenor.


3: Add your Bank Details

Add the bank account you would like to receive your loans.


4: Add your Debit Card Details

Now, you are advised to add your debit card details in other to make your loan repayment as easy as ABC. Please note: Your Debit card details is secured and can never be disclose to any third parties.


5: Receive your Loans

Once every loan process is done successfully, your money will be disbursed into your bank account within 5 minutes.


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Migo Loan Interest Rate

Migo loan interest rates range from 5% - 25% depending on your trust score, repayment history and the loan term.

Interest rates are not fixed and can be reduced in 2 ways such as; by repaying your loans at it's due date(s); and also when when you refer a friend to migo and he/she takes a loan and repay on time.


Lending Terms

Migo loan limit ranges from N5,000 - N500,000 with a 30 days repayment tenor.


How to Pay a Migo Loan

To successfully repay your loan, follow these steps:
  1. With your mobile phone, dial *561*1*2# and send
  2. Now, follow the on-screen commands to repay your loan
  3. Once done, a notification message will be sent to you informing you that your loan balance have been repaid.
You can also repay your loan by visiting www.migo.money/repay and select the option that works best for you from the list provided.

Migo Loan Customer Service Number



For more informations, please contact migo on +234(0)17002274 or you can send a mail at support@migo.money


How to Extend Your Loan Offers on Migo

To successfully extend your loan on migo, follow these steps:
  • Dial *561*1*3# and follow the on-screen command
  • You can also extend your loan by visiting my.migo.money and select <Loans><Extend Loan>
  • Pay the 20% initial payment and your loan will be extended for 30-days.

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Migo Loan Code

Migo Loan code is *561# which can be used to access for a loan without the use of data connection.


How Loansnigeria.com Review Migo Loan

  • Overall Score - 4.7
  • Availability - 4.9
  • Affordability - 4.5
  • Customer Experience - 5.0


Please note: All reviews are prepared by loansnigeria.com, opinion expressed therein are solely based Loansnigeria.com and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review.

Conclusion on Migo Loan Nigeria
Migo loan is one of the best, if not the best loan lending company in Nigeria. They offer loan from N5,000 - N500,000 to individuals with a repayment tenor of 30 days. Please note: all your bank and card details are safe with migo and can never be revealed to any third party.