Migo, formerly known as Kwikmoney, is a popular digital lending platform in Nigeria that provides fast, collateral-free loans. Whether you need quick funds for emergencies, personal expenses, or business growth, Migo offers a convenient way to access loans. This guide provides step-by-step instructions on how to borrow money from Migo in 2025.
Why Choose Migo for Loans?
Here are some reasons why Migo is a preferred lending option:
- No Collateral Required: Loans are unsecured, making them accessible to everyone.
- Instant Approval and Disbursement: Receive funds within minutes of applying.
- Flexible Loan Amounts: Borrow between ₥10,000 and ₥500,000, depending on your credit score.
- Transparent Interest Rates: Rates range from 5% to 25%, depending on the loan amount and tenure.
- Multiple Access Points: Borrow via USSD, online platform, or partner banks.
Requirements for Borrowing from Migo
To qualify for a loan, you need:
- A valid phone number linked to your BVN.
- A functional bank account.
- A stable income source (optional but increases eligibility).
- A mobile phone or internet-enabled device.
Step-by-Step Guide to Borrow Money from Migo
Follow these simple steps to apply for a loan from Migo:
Step 1: Choose Your Preferred Access Channel
Migo provides multiple ways to access its loan services:
- USSD Code: Dial *561# on your mobile phone.
- Online Platform: Visit www.migo.money to apply.
- Partner Banks: Apply through banks that partner with Migo.
Step 2: Register and Verify Your Account
If you’re a first-time user:
- Provide your phone number and follow the prompts to register.
- Verify your phone number with the OTP sent to you.
- Complete your profile by providing basic personal details, including your BVN.
Step 3: Check Your Loan Offer
- After registration, Migo will display your eligible loan amount.
- You can choose to borrow the full amount or a smaller sum.
- The system will also show the applicable interest rate and repayment terms.
Step 4: Apply for a Loan
- Select the loan amount you wish to borrow.
- Review the repayment terms, including the interest rate and repayment date.
- Confirm your application by following the on-screen instructions.
Step 5: Receive Loan Disbursement
Once your application is approved:
- The loan amount will be credited directly to your bank account or mobile wallet.
- You will receive a confirmation SMS or email with the loan details.
Step 6: Use the Loan Funds
You can use the funds for various needs, such as paying bills, making purchases, or addressing emergency situations.
Repaying Your Loan
Timely repayment is crucial to maintaining a good credit score with Migo. Here’s how to repay your loan:
- Automated Debit: Migo will automatically debit your linked bank account on the repayment date.
- Manual Transfer: You can repay manually via bank transfer or using the Migo platform.
- Early Repayment: Pay off your loan early to reduce interest and improve your credit score.
Tips for a Successful Loan Application
- Provide Accurate Information: Ensure all personal and financial details are correct.
- Maintain a Good Credit History: Timely repayments increase your borrowing limit.
- Borrow Responsibly: Only apply for amounts you can comfortably repay.
Common Issues and Solutions
Here are some challenges users may encounter and how to resolve them:
- Application Rejected: Ensure your phone number is linked to your BVN and that you meet Migo’s eligibility criteria.
- Delayed Disbursement: Contact Migo’s support team if your loan isn’t credited promptly.
- Repayment Challenges: Reach out to Migo for possible loan restructuring or repayment extensions.
Conclusion
Borrowing money from Migo is a fast and reliable way to meet your financial needs. By following this guide, you can access loans easily and manage repayments responsibly. Always ensure timely repayment to maintain a positive credit history and unlock higher loan limits with Migo.