₦500 - ₦500,000
Loan Amount
5-24%
Monthly Interest
14-90 days
Repayment Term
Instant
Approval Time
Pros & Cons
Pros
- ✓No smartphone required (USSD access)
- ✓Very fast disbursement
- ✓Low minimum loan amount (₦500)
- ✓Simple application process
- ✓Works with basic feature phones
Cons
- ✗Higher interest rates than competitors
- ✗Limited customer support
- ✗Lower maximum amounts
- ✗Some reports of aggressive debt collection
How to Apply for Migo Loan
- 1
Dial *561*6# on your phone
- 2
Follow prompts to register with BVN
- 3
Select loan amount and duration
- 4
Confirm bank account details
- 5
Receive funds in your account instantly
User Reviews
Yusuf M.Verified
Kano
January 2025
Very convenient. I use basic phone and can still get loans. Interest is a bit high but no other option for me.
Grace A.Verified
Ibadan
December 2024
Good for emergencies. The USSD is easy to use. Rates are higher than app-based lenders.
Obinna C.Verified
Enugu
November 2024
Started with ₦2000 and now my limit is ₦50,000. Takes time to build but works.
Frequently Asked Questions
How do I check my Migo loan balance?
Dial *561*6# and select the option to view your loan balance and due date. You can also check in the Migo app if you have a smartphone.
What happens if I don't repay Migo loan?
Late payments incur penalties, your credit score is affected, and you may face debt collection. Repeated defaults can lead to legal action.
Can I use Migo without BVN?
No. BVN is required for all Migo loans. It's used to verify your identity and link to your credit profile.
Is Migo the same as Kwikmoney?
Yes. Kwikmoney rebranded to Migo but offers the same services. Existing Kwikmoney users automatically became Migo users.
Quick Info
- Founded
- 2017
- Headquarters
- Lagos, Nigeria
- CBN Licensed
- No
- Disbursement
- Instant (within 5 minutes)
- Last Updated
- 2025-01-18
Requirements
- •Valid BVN
- •Nigerian phone number
- •Active bank account
- •Age 18-65 years
- •No smartphone required (USSD works)