Migi Loan is an instant loan platform that operated in Nigeria and became popular quickly, but not for good reasons. The app was only available in APK format, not on the Play Store or Apple Store, and was eventually delisted by the Central Bank of Nigeria (CBN) due to serious issues.
Many users complained that the app used threats and blackmail to force repayments, even going as far as accessing personal contacts and messaging them without consent.
Migi Loan did not have a physical office, and customers could not trace the company’s location. Those who borrowed money and missed payments reported being harassed and embarrassed by the app’s operators.
It became known for using aggressive loan recovery methods that violated user privacy and caused mental distress. Interest rates were extremely high, leading many Nigerians into more financial problems after borrowing.
Because of these unethical practices, CBN took legal action and shut down the app. It was officially listed as a dangerous app, and warnings were issued to the public.
Migi Loan is now considered one of the digital loan sharks in Nigeria — companies that use digital platforms to exploit people with unfair conditions and intimidation.
Company Profile
The company behind Migi Loan reportedly started operations in 2003, under the name Scangled Finance. However, very little is known about the company’s structure.
The CEO is unknown, and no official address or office location has ever been confirmed. This made it difficult for regulators and users to hold them accountable.
In 2024, after hundreds of complaints from users across Nigeria, the app was delisted from official platforms and marked as a financial risk.
Customers reported that Migi had full access to private accounts and could leak information when loans weren’t paid back. Victims shared warnings like “Don’t leave your phone open”, highlighting how dangerous the app’s permissions were.
To this day, it is not found on the Play Store or Apple Store. It remains banned and is remembered as an example of how unregulated digital lending can harm users.
Anyone looking for loans is strongly advised to avoid apps like Migi and instead use registered, CBN-approved platforms with fair interest rates and clear, legal practices.
User Experiences
Several users have come forward to share their disturbing experiences with the Migi Loan App, painting a troubling picture of harassment, data abuse, and unethical loan practices.
One user said, “They have access to our contacts and called my dad and mom.” This highlights the app’s invasive behavior — using borrowers’ personal contact lists to pressure them into repaying. Another user shared, “We registered and requested ₦10,000, but they gave us ₦30,000 and threatened us,” indicating that users were forced into accepting higher loan amounts than requested and then intimidated over repayment.
A major concern across many reports is the interest rate, which appears to increase unpredictably. “Their interest rate goes up daily,” one borrower stated, showing the financial stress caused by the app’s unjust lending structure.
One of the most alarming experiences came from a user who said, “They posted my picture, saying I was a kidnapper.” This form of public shaming and defamation is not only unethical but also dangerous and illegal. Another user added, “They have been sending dangerous messages,” further emphasizing the app’s threatening tactics to recover debts.
The consistent theme in these stories is fear, humiliation, and exploitation. Migi Loan’s practices go far beyond financial transactions — they have crossed the line into privacy violations, defamation, and emotional abuse. Users were not just pressured but publicly shamed, sometimes falsely accused of crimes.
These experiences serve as a warning to other potential users: Migi Loan is not just a risky app — it is a dangerous one. Until stricter regulations and consumer protections are enforced, apps like this will continue to harm unsuspecting borrowers in desperate need.
Good and Bad Sides
Good Sides (Pros):
1. Fast Loans: Migi gives loans very quickly. You don’t need to wait long.
2. No Collateral Needed: You don’t need to bring land, house, or a person to get the loan.
3. Easy to Use: You can register with your phone and get the loan easily.
Bad Sides (Cons):
1. Threats and Harassment: Many people said the app sent them scary messages. Some even said their families were called and threatened.
2. Privacy Problem: The app enters your phone and takes your contacts without asking. Then they call or message your friends and family to shame you.
3. High Interest: People said the interest is too high. Some said it increases every day, which makes it hard to pay back.
4. Wrong Loan Amounts: Some users asked for ₦10,000 but got ₦30,000 instead, and were forced to pay more than they wanted.
5. No Office, No Help: Migi has no real office or customer care. If there is a problem, you can’t find them.
6. Banned by CBN: The Central Bank of Nigeria (CBN) removed the app from their approved list. This means it is not safe.
Final Review
Migi Loan may look helpful, but it is not safe. Many people have suffered from using it. The app threatens users, invades privacy, and charges too much. It has no office and no one to help you. Since CBN has banned the app, it is best to stay away from it. Do not use Migi Loan. Look for safer loan apps that are approved by CBN.