September 9, 2025
In today’s fast-paced yet unstable economy, financial needs such as school fees, rent, emergencies, or even starting a small business, can come up at any time. If you’re searching for a reliable way to meet those needs, a personal loan in Nigeria might be your best option.
But, before you hit “Apply,” it is important to understand how personal loans work, what lenders are looking for, and how you can improve your chances of approval especially with digital-first platforms like Migo, which offers fast, secure, and collateral-free loans to millions of Nigerians.
In this post, we’ll walk you through:
What is a personal loan and how does it work in Nigeria?
Personal loan vs. Salary Advance vs. Buy Now Pay Later (BNPL)
Benefits of digital personal loans
Requirements for approval of personal Loans
How to apply for a personal loan with Migo
Tips to improve your approval chances
FAQs about getting a personal loan in Nigeria
A personal loan is a lump sum of money you borrow from a lender, like a bank, Fintech, or Telco, and pay back over time with interest. These loans are unsecured, which means you don’t need collateral like property or a car.
With Migo, you can get a personal loan in Nigeria in minutes. No paperwork, no collateral, no queues. Loan amounts are based on your financial history and credit profile. Repayments can be weekly or monthly, depending on what works for you.
Migo provides all three options, depending on how and where you're applying—through mobile apps, USSD, ATMs, or even via WhatsApp.
Digital lending platforms like Migo are growing in popularity, and for the following reasons:
Traditional banks often demand too many documents or take days to process applications. Migo changes that with embedded credit that works with your digital life.
Unlike many traditional lenders in Nigeria, Migo requires minimal documentation. Here's what you need to get started:
A mobile phone number that’s active on a telco network
A transaction history (e.g., airtime usage, bank transfers, or wallet activity)
A linked bank account or wallet to receive the funds
A good repayment history (if you’ve used Migo or similar services before)
With Migo, no payslips, no guarantors, no uploads!
Applying for a personal loan with Migo is incredibly simple:
You’ll get notified instantly. Repayments are deducted automatically from your wallet or bank account when due.
To increase your chances of getting approved for a personal loan in Nigeria, and position yourself or business for larger loan amounts in the future, follow these tips:
Maintain a creditworthy transaction history (no bounced transfers or blocked lines)
Repay loans on time to build trust and improve your loan limit
Use the same phone number consistently for airtime, transfers, or data usage
Avoid applying for loans across multiple platforms at once
Choose realistic repayment terms you can manage
Consistency is key. Migo rewards responsible borrowers with higher limits and better terms.
Q: Can I get a personal loan in Nigeria without collateral?
Yes. With Migo, all loans are collateral-free and based on your phone or transaction history.
Q: How long does it take to receive a personal loan when it is approved?
In most cases, funds are disbursed within minutes of approval.
Q: Is Migo a bank?
No, Migo is a banking-as-a-service platform that works with banks, fintechs, telcos, and merchants to provide embedded lending services.
Q: Can I get a loan even if I don’t have a salary job?
Yes. As long as you have an active line and financial activity (e.g., wallet use, airtime purchase) to assess your credit profile, you can qualify.
Q: Are there any hidden charges?
No. Migo is 100% transparent. You’ll see your repayment amount clearly before accepting any loan.
Ready to Apply for a Personal Loan in Nigeria?
Whether you’re covering a sudden bill, growing your side hustle, or just need breathing room till payday, Migo is here for you.
Check your eligibility for a Migo loan now. Join millions of Nigerians who trust Migo to deliver fast, secure, and low-interest personal loans with flexible repayment terms.
Need a personal loan in Nigeria? Learn how to apply, what to expect, and why Migo offers the best no-collateral loan with instant approval and no hidden fees.
If you threw a rock in a room full of African startup founders today, you would likely hit one offering to give users loans “in just 10 minutes!”
Need fast cash? Migo offers instant loans in Nigeria with no collateral or hidden fees. Get personal loans online in minutes. Safe, secure & stress-free.
