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Getting Instant Loans without Collateral in Nigeria

Instant Loans without Collateral in Nigeria, If you were told that you could walk to a bank in Nigeria and obtain a loan without collateral, would you have believed it? You see, knowledge is power. Several banks in Nigeria are ready to borrow your money without asking you for collateral. In the past, getting a loan required some form of pledge/collateral to guarantee that the person borrowing would repay the loan. However, due to the high demand for loans and how these new faces (money lenders) help individuals and businesses survive with an unsecured loan, many Nigerian banks are now taking up the challenge. Now almost all banks in Nigeria can borrow or loan you money up to 5,000,000 without collateral.

There are different platforms to borrow money in this 21st century, and more lenders are rising. In fact, borrowing money has become so easy these days because you can actually get a loan without any form of human contact with the lenders.

Instant Loans without Collateral

Getting Instant Loans without Collateral

The providers of these loans can be broadly divided into banking and non-banking institutions and will be discussed under 5 categories:


We all know that it was difficult to get loans without collateral from commercial banks in Nigeria before now. This may be due to a banking monopoly or getting correct and adequate information from individuals requesting loans. Sincere the introduction of BVN, banks had to consider offering the unsecured loan. Banks’ non collateral loans were designed to stimulate growth in Nigeria.

Some of the loans offered by banks in Nigeria without collateral are;

  1. Asset Financing
  2. Educational loan for private school owners.
  3. Personal Loan
  4. Salary advance
  5. Auto loan
  6. SMEs loan

If you want a loan without collateral, you will have to look at the banks’ loan packages and choose the one that best suits your need. Some banks in Nigeria offering such loans include Sterling Bank, Wema Bank, Guaranty Trust Bank, and Zenith Bank, to mention a few.


These are banks Backed by the Central Bank of Nigeria. Banks like the Bank of Agriculture, Development Bank of Nigeria, Nirsal Bank, and the Bank of Industry offer loans without collateral in some cases. Nirsal bankrolled out Household and SMEs loan April 2020 were Nigeria citizens can apply for loans with just their Bvn number, no collateral required.


Many individuals and business owners might need some extra-cash in handling some financial issues around them. In a situation where all means of getting money has been exhausted, the best alternative is to consider getting a quick and easily affordable loan online. The process of accessing quick loans in Nigerian banks before now was quite lengthy and tedious for any individual that is only looking to access a small amount of loan for a short period of time.

Thanks to the Fintech revolution in Nigeria, online lending firms make it easy for businesses and individuals to have access to quick loans when needs. This became the game-changer in the Nigerian financial market—their services of unsecured loans made commercial banks to relax their demand for collateral.

Below is a list of the top 7 mobile apps for online business and personal loans in Nigeria.

  1. Branch
  2. Palm credit
  3. Paylater
  4. Quick check
  5. Renmoney
  6. Fairmoney
  7. Opay


Here, it appears the most reliable ones are Quickteller for the web. But if you are looking for a loan exceeding ₦10,000, they might not be the right place for you. Also, repayment is within 14 days. Network operators in Nigeria have also provided means in which their subscribers can request quick loans to recharge their lines or buy data and payback on their next recharge

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 Instant Loans without Collateral
Instant Loans without Collateral

Standard Chartered Bank, GTB, and Access Bank have been said to issue credit cards, but it is not so pronounced. In Nigeria, it has been said that O3 Capital ( operates the best credit card facility offering loans without collateral to users at a 4-5% interest rate. Being a credit card, the money is withdrawn or used to make a purchase will have to be repaid later while interest is charged.

The Bottom Line

Before you obtain any loan from one of the categories listed above, we recommend doing your homework. Besides the information we have provided, you want to keep tabs on these banks/firms to ascertain which of their loan services suits you the best.

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