How to Borrow Money from Migo in Nigeria: If you need a quick personal loan in Nigeria without visiting a bank, filling forms, or even downloading an app, Migo is one of the fastest and most convenient options available. With loan amounts ranging from ₦500 to ₦500,000 and interest rates between 2% and 15%, Migo allows users to borrow money directly through a USSD code or online platform.
Migo operates as a cloud-based lending platform that enables users to request short-term personal loans using either a USSD code or its online platform. With no need for collateral, paperwork, or human interaction, Migo makes access to funds fast, easy, and fully digital.
This guide walks you through the full Migo loan process — from application to repayment, including how the loan code works, interest charges, credit limits, and even how to extend your repayment period.
Table of Contents
What is Migo or Migo Loan?
Migo (formerly KwikMoney) is a digital lending platform in Nigeria that provides short-term loans to individuals based on their mobile usage, payment history, and behavioral data. It partners with major banks, mobile network operators, and fintech companies to offer instant loans directly to your bank account or via USSD code.
Unlike many other loan apps, Migo does not require you to download an app. You can access their services using just a mobile phone — either through a browser or a USSD code, making it accessible to users without smartphones or internet access.
How to Get a Migo Loan Using USSD Code
One of Migo’s most impressive features is its offline loan access via USSD. This allows even feature phone users to request loans within seconds.
USSD Code for Migo Loan
To apply for a Migo loan using your mobile phone, dial:
*561#
This code works across all major networks in Nigeria: MTN, Glo, Airtel, and 9mobile.
Steps to Borrow Migo Loan Using the USSD Code:
To borrow money from Migo using just USSD code, follow the steps below:
- Dial
*561#from the phone number registered with your bank. - Choose the option that says “Request Loan.”
- Migo will display the amount you’re eligible to borrow.
- Select the loan amount you want from the available options.
- Confirm your loan request.
- The approved funds will be deposited directly into your bank account within minutes.
Tip: Ensure the phone number you use is linked to your bank account and has a good history of financial transactions to increase your loan chances.
How to Borrow from Migo Online
If you prefer to borrow money from Migo using a smartphone or computer, you can also request a loan directly through Migo’s website.
Online Loan Application Steps:
- Go to: https://www.migo.money
- Enter the phone number linked to your bank account.
- You’ll receive an OTP code. Enter it to proceed.
- View your loan offers and credit limit.
- Choose your preferred loan amount.
- Enter your bank account number for payment.
- Agree to the terms and submit your request.
- Loan is processed and disbursed within 1–2 minutes after approval.
No paperwork or document upload is required.
How to Repay Migo Loan
To repay your Migo loan, you have two main options: online repayment via the Migo website or repayment through the USSD code on your phone. Timely repayment helps you qualify for higher loan limits and better interest rates in the future.
1. Repay Online
You can repay your loan directly from the Migo website using a debit card.
Steps:
- Visit https://my.migo.money
- Enter your phone number and the OTP sent to you.
- Your outstanding loan balance will be displayed.
- Click “Pay Loan”
- Select credit/debit card as your payment option.
- Enter your card details and confirm payment.
- You’ll receive a confirmation message once your loan is repaid.
2. Repay with USSD Code
If you prefer to use your phone without data, you can repay using the same USSD loan code.
Steps:
- Dial
*561#from your registered line. - Select “Loans” from the menu.
- Choose “Repay Loan”
- Pick your preferred repayment method (e.g., using card or bank).
- Enter your ATM card details or add a new one.
- Authorize the payment and wait for confirmation.
How Much Can I Borrow From Migo?
Migo loans are flexible and range from as low as ₦500 to ₦500,000 or more, depending on your credit profile.
Your initial loan might be on the lower side (e.g., ₦2,000–₦10,000), but the system gradually increases your loan limit as you:
- Repay consistently on time
- Maintain a healthy bank transaction history
- Use the same phone number and banking details for multiple transactions
Migo does not allow you to manually select any amount; the platform only displays loan values within your approved credit limit.
Migo Loan Interest Rates
Migo’s loan interest rates typically fall between 2% to 15%, depending on:
- Your credit history
- Loan duration
- Loan amount
For example, if you’re borrowing ₦10,000 with a 10% interest rate, your total repayment will be ₦11,000. Migo displays your loan interest and repayment schedule before you confirm, so you’re never caught off guard.
Note: Migo doesn’t charge hidden fees, but late repayments can attract additional charges.
How to Extend Your Migo Loan Repayment Deadline
If you are unable to repay your loan on the due date, Migo gives you an option to extend your repayment period instead of defaulting.
How to Extend:
- Visit https://my.migo.money
- Log in with the phone number you used to take the loan.
- Once logged in, your active loan will be shown.
- Click on the “Extend Repayment” button under your loan details.
- Follow the instructions and confirm the extension.
Keep in mind that extension may come with additional fees, depending on how long you’re extending.
What Happens if You Default on a Migo Loan?
Migo has a zero-tolerance policy for defaults. Here’s what can happen if you don’t pay:
- You may be blacklisted on Nigeria’s credit reporting systems (CRC, First Central, etc.)
- You’ll lose access to future loans from Migo and many other platforms
- Your bank account may be flagged
- You may be subjected to persistent reminders and collection efforts
If you run into financial difficulty, it’s best to extend your loan or contact Migo before the due date.
Summary of Migo Loan Features
| Feature | Details |
|---|---|
| Loan Amount | ₦500 – ₦500,000+ |
| USSD Code | *561# |
| Repayment Channels | USSD, Card Payment, Online |
| Loan Duration | Up to 30 Days (with extension) |
| Interest Rate | 2% – 15% |
| No Collateral? | Yes |
| App Needed? | No (Web/USSD only) |
Migo Customer Support
If you need help or have questions about your loan, Migo offers several support channels:
- Customer Email: support@migo.money
- Website: https://www.migo.money
- Phone: 09087792933
Frequently Asked Questions
1. How much can I borrow from Migo?
Migo offers loans ranging from ₦500 to ₦500,000. The amount you’re eligible for depends on your credit profile, repayment history, and how frequently you use your registered bank account.
2. What is the USSD code for Migo loan?
To access a loan through Migo, simply dial *561# using the phone number linked to your bank account. This USSD code works across all major mobile networks in Nigeria.
3. Do I need a smartphone or mobile app to use Migo?
No, Migo does not require an app download. You can access its services via USSD or by visiting their website on any device, including feature phones, smartphones, and PCs.
4. What interest rate does Migo charge?
Migo charges interest rates between 2% and 15%, depending on your creditworthiness, the amount borrowed, and your chosen repayment period.
5. How do I repay a Migo loan?
You can repay your Migo loan either online through their website using a debit card or by dialing *561# and selecting the repayment option. Both channels are fast and secure.
6. Can I extend my loan repayment date?
Yes, Migo allows users to extend their repayment deadline. This can be done through your Migo account online by selecting the “Extend Repayment” option before the due date.
7. What happens if I fail to repay on time?
Late repayment can lead to penalties, suspension of your loan access, and negative reporting to Nigerian credit bureaus. It’s always advisable to repay on time or apply for an extension.
8. How can I contact Migo?
You can reach Migo through their official support email at support@migo.money or call their customer service line at 09087792933. For more details, visit their website at www.migo.money.
Conclusion
Migo is a reliable, fast, and accessible loan service for Nigerians looking for instant credit without the stress of paperwork or in-person verification. Whether you’re using a feature phone or browsing on a smartphone, you can access Migo’s loan services in just a few minutes.
By repaying on time and using your account responsibly, Migo increases your loan limit and rewards your credibility. But like every loan platform, it’s crucial to borrow responsibly—only take what you can comfortably repay.
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