SOURCE: Amala

About Migo (Kwikmoney)

Migo, formerly known as Kwikmoney, is a fully cloud-based money lending platform. The platform provides loans to make purchases from merchants and withdraw money without point-of-sale hardware or ATM cards.

Migo came into existence as a result of a partnership between telecommunication companies banks and commercial banks. The aim was to allow Nigerians to have quicker and more convenient access to cash. It is one of the popular loan products around now. The reason is that it straight forward to use.

Migo (kwikmoney) does not require collateral, and all you need is a bank account linked to a BVN and valid phone number. A borrower can only access their loan services through a web browser because it currently has no mobile app. The minimum amount you can borrow is N500 and the maximum N500,000 for 14 to 30 days. However, your loan offer grows over time, depending on your borrowing behaviour. Interest rates are not fixed but range from 5%-25%, which could reduce based on recommendation and repayment history.

How To Get A Loan With Migo (Kwikmoney)

Method 1: Using the Migo Website

1. Open your browser and search for Migo money.
2. Input your phone number, and a verification code will be sent to your phone.
3. After verification, personalized loan offers will be displayed. Choose a loan offer and duration.
4. Fill in the bank account and BVN of the account you would like to be credited the loan.
5. Enter your credit card details to make repayments at the end of the chosen tenor and your account will be credited with the money.

Method 2: Using the Migo USSD Platform

1. With your mobile phone, dial *561#. 

2. Select the option “loans”

3. Select the option “request loan”

4. Next, you will get the offer which you are to accept and provide your account details afterwards.

Here are the following USSD codes to simplify the process.

• To take a loan: *561*1*1*1#
• Repay a loan: *561*1*2#
• To check loan balance: *561*1*3#
• Extend loan: *561*1*4#
• To recommend a friend: *561*1*6#
• For terms and conditions: *561*1*5#

Requirements For Getting A Loan From Migo (Kwikmoney)

Here are the requirements you need to meet before you can get a loan from Migo:

• You must have a bank account
• Provide your Bank Verification Number (BVN)
• Must be 18 years and above
• You must have a mobile number that is working
• Your phone number must have been active for at least the last 90 days
• Your account number must have been active for at least the last 90 days
• You must have an active account with one of these commercial banks: First City Monument Bank (FCMB), Access Bank, First BankDiamond Bank, Stanbic Bank, Wema Bank, Zenith Bank, Heritage Bank, Guaranty Trust Bank (GTB), Polaris Bank, Fidelity Bank, Union Bank, United Bank For Africa (UBA), Unity Bank.

Repaying Your Migo (KwikMoney) Loan

You are to repay your loan between 14 to 30 days after you received it. Repaying the loan is equally as straightforward as receiving it. There are several ways to do so. You can dial *561*1*2# and follow the instructions to pay back. You can also visit the Migo repayment portal to make payment. Lastly, You use your ATM card or pay cash at any of the supported commercial banks or agents.

Do note that failure to pay back as at when due gets you an automatic extension or rollover. This rollover comes with an additional 5% late fee.

The post Migo (Kwikmoney): Easy Guide on How to Get a Loan in Nigeria without Collateral appeared first on Amala.