Migo, formerly KwikMoney, is a partnership between banks and technology companies to make quick loan services accessible to all Nigerians, making it absolutely easy for anyone to apply for loan without the need for paper works or collateral, using only the mobile phone number.
Migo automated instant loan service gives loan of up to N500,000, with the tenor between 14-30 days and interest rate as low as 5% to 15%; while the system is programmed to trust you more as you take loans and repay at the stipulated time, offering higher amounts with each successful remittance.
How to Apply for Migo Money Loan?
To apply for a Migo loan, dial *561# (applicable for all networks, including 9Mobile, Glo, MTN and Airtel) and navigate to "Request Loan" or visit https://www.migo.money/get-a-loan/ and enter your phone number to be assessed for eligibility for the loan.
The good news is that almost everyone is eligible, and the loan amount could be up to N500,000. Though, Migo usually start with a small loan and grow the amounts over time as you repay the loans, it builds trust with the system.
How to Pay Back Migo Money Loan
To repay Migo loan, you'll have to also dial *561# (applicable to all networks) and navigate to "Pay Loan" or visit https://www.migo.money/repay/ with the options of paying online via Quickteller, or walk into the following banks: Fidelity Bank, Access Bank, UBA, GTBank, Keystone Bank and Sterling Bank, inform them you want to make a Migo Money payment on PAYDIRECT.
How long does it take to get the Migo Money loan?
Migo promises a time frame of 60 seconds within which you will receive your loan, but most borrowers receive the money in their bank account some few minutes of completing the application.
The quick and easy online assessment, means that evaluation of creditworthiness and ability to pay back within a stipulated time frame may apply as to the amount of loan that can be given to a particular applicant at a time.