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Migo Loan: Is Migo loan a Scam Or Legit? Migo loan code explained

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Migo loan is a money lender company in Nigeria that provides automated instant loan services. Formally kwikmoney or kwikcash which transformed to Migo is well known for its instant loan approval, easy loan repayment, active customer care service, good interest rates, and reliability.

Their service is in partnership with banks, telecommunication companies, and different mobile networks to make available personal banking and ensure Nigerians have easy access to instant loans without guarantors or collateral.

With migo, you can receive a loan in less than 60 seconds or more using their code “*561#”. Their loans range from 500 naira which is the minimum amount and a maximum of 50,000 nairas for new customers, you can later get up to 500,000 nairas as a good customer. This loan is without guarantors or collateral to access.

So today I will be sharing with you how to get migo instant loans in Nigeria without any grantor or collateral.

Migo Loan
Photocredit: Voice of nigeria

Migo Loan requirements for a loan?

To get a loan from Migo there are some requirements to meet, and all the requirements are mandatory. The following are the requirements to get Migo instant loan

Bank Account Number

You must have a bank where of use. You must have a bank account number where the loan with be deposited. Without a bank account, you can’t apply for a loan. The account number must have been active for 90 days before application. You Account Number can be from any of the following banks: Unity Bank, First Bank, Guaranty Trust Bank (GTB), Access Bank, Union Bank, Diamond Bank, First City Monument Bank (FCMB), Stanbic Bank, Wema Bank, Zenith Bank, Polaris Bank, Fidelity Bank, Heritage Bank, United Bank For Africa (UBA).

Bank Verification Number (BVN)

Your bank verification number is another requirement necessary to access your loan. The BVN contains all needed information about you and gives them assurance of your identity.

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Qualification Age

you have attained the age of 18 years at the time of application for the loan.

Phone Number

you must have a functioning phone number that will be used at the point of Application and the phone number must be the same one on your Bank Verification Number (BVN). The number must have been in use for at least 90 days before the loan application.

Migo Loan terms and conditions

To get a loan from Migo, there are terms and conditions to adhere to strictly before, during, and after the loan has been granted for your own good and comfortability. So, before making the decision to apply, it is highly imperative to get yourself familiar with their terms and conditions.

You must mean paying back before the agreed date of repayment

If because of any difficulty or challenges you’re unable to pay back, make sure you inform them through their customer care contact.

There are penalties for late payment

If for any reason your repayment is beyond the due date, it attracts penalties. This means you will have to pay more than the agreed amount.

Access to all your contact numbers

When you apply for a Migo loan you give them permission to send messages to phone contacts if you default on your repayment.

Access to your Personal data is granted

They gain access to your Personal information like phone number, contacts on your phone, bank details, credit bureau, BVN, and many more.

Right to take actions against you in case of default in repayment.

Steps to get a loan from Migo loan

To get Migo instant loans in Nigeria, you must follow the following steps:

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Use The Code “*561#

Dial *561# from your phone and follow all the instructions.

Select Loans From Options Provided

You will be provided with many options to choose from, the opinions are

  • Loans
  • Info
  • Help
  • press 1 to select loans and proceed to the next stage.

Select cash loan

From the five options provided to you, select 1 which is a cash loan, and proceed to the next stage

Select Your Choice Of Loan

Check loan offers and select one of your choices to proceed.

Input Your Phone Number

At this point, you need to input your phone number and proceed to the next stage. You will receive a code on your phone for verification.

Input Your Account Number

Fill in your bank account details and proceed to get your loan.

Receive Your Loan

This is the final stage, receive your loan in a few minutes, possibly within a minute.

Noteworthy: You can also visit Migo website loan portal if you wish to apply through their website. The process is equally simple and fast.

How much can I borrow from Migo loan?

Migo can borrow you from the range of 500 nairas to 500,000 naira. Note that first-time customers get started with a smaller amount depending on credit score calculation is the analysis of your financial ability. Repayment without default with giving access to higher loans. If you continue to be a good customer, you can get up to 500,000 over time as you build trust with them.

Migo Loan interest rate

The interest rate on Migo ranges from 10% to 25% of the loan amount you are borrowing. The rate is not fixed but varies, it depends on personal data calculation result in analysis and repayment term. Personal data may be a big determinant in the interest rate charge. If you have a good result from the calculation, there is the possibility of a low-interest rate and a high rate if the result is beyond average. The penalty for default in repayment is 5% from any extension or rollover.

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Migo loan repayment

Migo repayment term ranges from 14 to 30 days of the loan received. All loans are expected to be paid on or before the aforementioned range.

The repayment is very easy and stress-free if you follow the laid down procedures. You can initiate repayment on your phone, just dial *561# and follow the instructions provided for repayment. Their website at is also another easy way to pay back. Visit the repayment portal and follow all instructions.

Migo loan customer care phone number

The customer care phone number is +23417002274. Migo customer care service is very active and friendly with well-trained staff. The customer support email is [email protected]. Also from 9mobile, you can text help to 561 to get customer support

Migo loan official website

The website address is

Migo loan head office

The head office of Migo instant loans in Nigeria financial institution is dedicated at 3B Adekunle Lawal Road, Ikoyi, Lagos, Nigeria.

Migo loan code

Migo code is *561#. The code is for loan requests, repayment, and many more service that can be carried out with the code.

Wrapping up on Migo loan

Migo loan is a money lender company in Nigeria that provides automated instant loan services with moderate interest rates. So, if you’re looking for a loan lender for your business or private use, go through our Review again and make the best decision.


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