Disclaimer – The information on this page is my personal experience taking loans from Kwik Money (Now Migo). It does not in any way represent the standard or quality of services the said lender offers.
Lots of factors contribute to how loans are granted, repayment structure, loan period, interest rates, etc. If you have any doubts or need financial advice, please consult your financial legal advisors.
Loan Apps Review dot com is not a financial legal practitioner. Everything we shared on this website is our personal experience taking loans from many lenders in Nigeria. So our thought, opinion, views are our raw experience taking loans for business and other purposes.
I hope that’s clear?
Let’s proceed to our today’s post…
KwikMoney (Now Migo) is one of the leading money lenders platforms in Nigeria. An automated instant loan service provider. Upon successful loan approval, you get your loan in minutes deposited into your bank account.
Like most money lenders in Nigeria, Kwik money (Migo) offers quick loans to an individual without the need for collateral or any paperwork involved. Migo loan offer starts from #500 and up to #500,000.
Though, you could get a better loan offer than that (#500) at your first loan application. At my first loan application, I was offered #6,000 at 15% interest for 14 days or 25% interest for a 30 day loan period.
As at the time of writing this post, unlike many other lenders, Migo currently does not have a mobile app that you can download to enjoy the service. Migo is a cloud-based platform. You can only access the website from your native web browser.
Though, if you still have the Kwik Money loan app installed on your phone and you click on it, it will open up the Migo website using the in-app web browser.
How to Get a Migo Loan (Kwik Money)
To get a Migo loan, you really don’t need to have a smartphone. Even if you’re using a Nokia 3310 device, you can access Migo loan. You only need to dial *561# for MTN, 9mobile, and Glo or *554*561# for Airtel subscribers. From the on-screen list, select “Request Loan” to see a list of your customized loan offers.
Migo also has USSD shortcuts you can use to avoid multiple screen selections. Here is a list of the available shortcuts from Migo you can use to access your preferred menu:
- To take a loan, dial *561*1*1*1#
- Loan repayment, dial *561*1*2#
- Check your loan balance dial *561*1*3#
- For loan extension, dial *561*1*4#
- For terms and conditions, dial *561*1*5#
- To recommend a friend, dial *561*1*6#
If you’re going to access Migo from your web browser using their online website, here is the link. It will take you to the loan offer page. Enter your mobile number and hit the button “check loan offer”.
For now, Migo only supports loan deposit into any of these banks in Nigeria. If your bank is not listed below, you might consider opening an account with any of the listed banks below if taking a Migo loan is a must for you at the moment.
- Access Bank
- Diamond Bank
- Fidelity Bank
- First Bank
- First City Monument Bank (FCMB)
- Guaranty Trust Bank (GTB)
- Heritage Bank
- Skye Bank
- Stanbic Bank
- Union Bank
- United Bank For Africa (UBA)
- Unity Bank
- Wema Bank
- Zenith Bank
Aside from loans, Migo also offers a variety of other financial services to organizations, merchants, investors, businesses, etc.
Merchants could accept Migo payment on their website by integrating with the Migo API.
Well, that’s enough of Migo. Now, allow me to relate my Migo story…
Case Study – Migo (Formerly Kwik Money) Review
Kwik Money (Now Migo) offers one of the loan system and repayment procedure that in reality, it doesn’t help the common man. Quick loans like this are mostly taking by the middle-class citizen. Low-income earners.
The repayment structure should be flexible and design to help the common man meet his needs and to be able to pay back and not add more to his burden. Kwik Money loan repayment structure isn’t considerate of the common Man.
If you’re taking smaller loans, you might yet experience the hardship imposed on you by these loans. As soon as you started taking bigger loans to pay back in 30 days, you will realize the inconvenience.
Kwik money loan interest rate is one the highest in the industry. A loan of #72,000 attracts an interest fee of #18,200 to pay back in 30 days. A loan of #44,700 to pay back #51,750 in 14 days.
Taking the same loan of #72,000 from Carbon to pay back in six (6) months installment payment. #15,600 per month. If you analyze the two loan offer repayment structure, it’s easier to see that one consider the common man and the other didn’t.
Taking loans from Kwik Money (especially bigger loans) could easily lead to an endless circle of loans. And life becomes an endless circle of servicing debt.
Though defaulting on your payment isn’t a good thing for you. But in life, no one can tell what the next minutes have in store for us. Unexpected financial expenses could happen while you’re still on loan, and you find yourself not been able to pay back on time.
While Kwik Money (Migo) has a feature that enables you to seek an extension, it is not the best option to help defaulters repay the loan.
For whatever reason, if you’re unable to repay your loan as at when due, the only option is to seek an extension. Then you will be required to pay the interest fee on the first loan month, and to pay the full amount including the added interest fee for the next month coming.
What you’re doing, in essence, is paying interest fees twice on a one time loan. For someone who was unable to repay his loan as at when due now made to pay interest fee twice for a one-time loan taking is unfair.
In my humble opinion, it adds more burden on the part of the borrower and a payment system design to put more money into the pocket of the lender.
It is realistic to pay a %40 to %50 interest fee on a loan taking from Migo if you default on your first repayment period. So make sure you pay on time so you don’t acquire an unwanted fine or penalty.
Aside from this, Migo (formerly Kwik Money) is a reliable money lender you can trust to deliver instant cash when you really need it for that emergency purposes. Unlike some lenders in Nigeria, it doesn’t take more than 5 minutes to receive your loan in your bank account once your application is approved.
For some money lenders in Nigeria, it usually takes more than 12 hours for your approved loan application to be disbursed into your bank account. I will be writing on such lenders in my subsequent blog post updates.
If you have ever taken a loan from Migo (formerly Kwik Money) please kindly share your experience with us in the comment section. You might help someone makes a positive decision.