21 Quick Loans without Collateral in Nigeria

Are you looking for a loan but you don’t have collateral if yes, this post is for you. In this post, I will show you the List of Quick Loans without Collateral in Nigeria.

Many loans in Nigeria require collateral before being given. These come in the form of landed properties or other valuable properties.  Loan collateral simply means that, before you borrow money from banks, you have to provide the banks with your valuable possessions as something to secure your agreement with the bank.

List of Quick Loans without Collateral in Nigeria
Loan desk – Photo Source:

Nevertheless, the financial institutions usually need this, because not every person who takes a loan from a bank, can actually pay back. Having this collateral, the bank may return part of the borrowed money.

However, the feeling that the bank can take something else apart from the money is not something pleasant. This is the reason why people are in search of loans without collateral in Nigeria.

Where To Find A Loan Without Collateral In Nigeria:

There are other institutions, that are not banks, but have been in the service of providing loan facilities to the members of the public, who need them, and in this article, I will give you at least a few of such institutions, where you can access loans either online or offline as you wish, and they are;

1. Sharp Sharp by Credit Direct

Requirements And What You Need To Know:

– No guarantor, and  physical documents, and  personal bank details

-Platform: is Web

-Interest rate is about 3.4% monthly

-Loan tenure is one month and above

-Multiple loans at a time are acceptable

-Repayment channel is Direct debit

Sharp Sharp provides loans to the salary earners and the entrepreneurs. Loan tenure can actually be extended to 12 months. It provides loans to young salaried employees also, I mean those in the private sector, even those youths, who are on their national youth service year.

See Also: 10 Best Quick Loans in Nigeria for Civil Servants

2. QuickCheck

Requirements and What You Need To Know:

-Facebook account, and valid/active phone number, and bank details, including a source of income

-Platform is Android

-Interest Rate is only 1% daily

-Loan tenure is about 5 to 30 days

-Multiple loans at a time are not possible

-Repayment channel include Debit Card and Direct Deposit

To apply for a loan on QuickCheck you have to get a source of income, irrespective of your employment status option, whether you are a student, or an unemployed or a retired individual as your employment status.

3. Aella Credit

Requirements And What You Need To Know:

-Valid bank details, and BVN, including employer registration, that is, for in-network loans

-Platform: in this case must be Android

Interest rate: is between 20%  to 27% for out of network loan

-Loan tenure is about one month

-Multiple loans at a time are not accepted

-Repayment channel(s) is Debit card

In Aella Credit, there are two options, one is in-network, and it is for users whose organization is registered on the platform, whereas, the second one is out-of-network, and it caters for individuals whose organization is not registered.

See Also: Loan in Nigeria; Top 20 Providers, Requirements And Conditions

4. SnapCredit

Requirements And What You Need To Know:

-Employer registration, and valid bank details

-Platform: must be Web

-Interest rate is the function of how much credit loan and its tenure.

-Loan tenure here is between 1 to 12 months

-Multiple loans at a time are possible

-Repayment channel is that loan repayments are deducted from salary monthly

SnapCredit serves as an avenue for those employers who do not desire to give direct loans to the members of their employees,  as employees are provided with instant access to money with no paperwork.

5. KiaKia

Requirements And What You Need To Know:

-Work ID card, and valid bank details

-Platform: must be Web

-Interest rate between 5.6% to  24%

-Loan tenure is about 7 to 30 days

-Multiple loans at a time are not possible

-Repayment channel remained Debit card and direct deposit

KiaKia will necessarily make use of a chatbot that will tell you through all the processes of registration and also other activities that gear towards getting your loans.

See Also: Steps To Get NERFUND Loans in Nigeria


Requirements And What You Need To Know:

-Valid bank details, and valid ID card, as well as,  bank statements

-The platform must be Web

-Interest rate is between 9% to 39%

-Loan tenure is about 2 to 12 months

-Multiple loans at a time is not accepted

-Repayment channel include Debit card, and direct deposit

FINT is more or less a marketplace, such that synchronizes lenders with creditworthy borrowers. The minimum credit loans given out is about ₦60,000 , while the interest rate is actually based on borrower’s risk score.

7. C24

Requirements And What You Need To know:

-Physical documents, and valid bank details

-Platform is Web

-Interest rate is between 4% and above

-Loan tenure is about 1 to 9 months

-Multiple loans at a time are not permitted

-Repayment channel are Debit card, and direct deposit

C24’s application requires that you submit some documents at their office or have them pick it up from your house. Documents include means of national identity,  and proof of employment, and direct debit mandate, and post-dated cheques, and bank statement as well as, a passport photograph.

See Also: Mortgage Loans in Nigeria; Requirements and How to Get Home Finance

8. Zedvance

Requirements And What You Need To Know:

-Valid bank details

-Platform: is Web

-Interest rate is between 7.5% to 58%

-Loan Tenure is about 1 to 12 months

-Multiple loans at a time is not allowed

-Repayment channel are Cheques, and direct debit/deposit

To apply for a loan online on Zedvance, you have to upload some supporting documents.

9. Branch

-Requirements And What You Need To Know:

-A Facebook Account, and  BVN and also valid bank details

-Platform is Android

-Interest rate is about 20%

-Loan tenure is only one month

-Multiple loans at a time are not allowed

-Repayment channels are Debit card, and auto-debit, and mobile banking app.

Branch will make use of some of the information available on your phone in order to make lending decisions. For instance, handset details, and SMS logs, and call logs as well as, contact list. Loan on Branch is repaid in 4 weekly installments.

Banks that give Loans without Collateral in Nigeria

If you are actually interested in any reliable financial facilities that can borrow you some money,  I can give you at least five banks that you can access loans without collateral, and here are they;

10. First Bank Nigeria

11. Stanbic IBTC Bank

12. Diamond Bank

13. Heritage Bank

14. Wema Bank. 

See: List of 28 Banks in Nigeria and their Websites

Microfinance Banks that give Loans without Collateral in Nigeria

Besides from these banks, there are some other financial institutions that offer loans without collateral, at least three microfinance banks in Nigeria also offer loans without collateral, they are;

16. LAPO Microfinance Bank

17. Mainstreet Microfinance Bank

18. AB Microfinance Bank

20. Bank of Agriculture 

21. Bank of Industry 

See Also: List of 882 CBN Licensed Microfinance Banks in Nigeria and Addresses


Places to get loans in Nigeria without collateral are abound and supposed you are currently in need or you are in a search for free-collateral loans in Nigeria, I have given you some of those, you can access loans in Nigeria without collateral.

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Joseph Athanasius

Joseph Athanasius is a Content Developer at InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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