Is there any bank loan without collateral in Nigeria? Years ago it would have been incredibly ridiculous to use the title “Nigeria Unsecured Bank Loan”. Fast forward to a few years later; We can confidently compile a list of the traditional banks in Nigeria that offer this service. This is an acknowledgment of other credit organizations in Nigeria. In particular, the financial technology companies that dominate the credit sector. Apparently, traditional banks have recognized the need to change the narrative.
Bank Loan Without Collateral In Nigeria
We only focus on the best banks in Nigeria that offer unsecured loans.
1. First City Monument Bank [FCMB] Limited
FCMB is recognized as one of the leading financial institutions in Nigeria and continues to provide exceptional service to its clients. FCMB offers the following unsecured loans:
- Car loan
- Loans to increase salaries
- Fast cash credit
- Premium wage loans
The FCMB FastCash Loan is an instant loan that can be accessed without collateral using the USSD code *329#. For other USSD codes for loans in Nigeria, see this post.
2. WEMA bank
Maintaining a salary account or a salary savings account makes it easier to take out a loan without collateral with WEMA Bank. The maximum loan amount is seven times the net monthly salary, but not more than 2 million N. The Wema loan is a 48-hour loan and is only available to confirmed employees.
The subsidiary of Standard Bank Group is another Nigerian bank that offers business and personal loans. This is one of the banks that will not give you a payroll loan in Nigeria. The terms are based on repayment of one to five years. Within this period, payments are made in monthly installments.
4. Zenith Bank
The Zenith Bank Loan SME Loans, Overdrafts, Discount or Billing, LPO Financing, Import Financing Facility, Export Financing Facility, Term Loans, Leases, Bonds, and Guarantees, and Retail Loan Arrangement.
For example, borrowing customers can use the Local Purchase Order [LPO] to finance the delivery of materials. Overdrafts, on the other hand, grant the borrower a certain amount of credit on his checking account. This is determined within a certain period, which is generally no longer than twelve months. You can access all of this without the bank needing collateral.
5. Fidelity Bank
Another bank loan without collateral in Nigeria is the Fidelity bank loan. The SME-friendly bank has received multiple awards and recognitions to secure a place in the retail customer business. Fidelity Bank operates a Fidelity Easy Asset Leasing Scheme [FEALS], which offers unsecured business and personal loans. FEALS is intended for the purchase of household appliances, brand-new vehicles, generators, inverters, laptops, and the like by customers.
The minimum contribution is only 20% with an approval time of 48 hours.
6. First Bank
Nigeria’s leading commercial bank is known for having over 10 million active customer accounts. It provides clients and investors across Africa with a comprehensive range of financial services for private and corporate clients.
FirstBank operates a FirstEdu loan available to private school owners who need additional funding to be effective. It offers a maximum loan amount of N10M with an account relationship of 9 months. In addition, FirstEdu is only available to private schools registered with the Corporate Affairs Commission [CAC]. There is also the 100 student population that is taken into account.
7. United Bank for Africa [UBA]
The UBA is associated with the popular “No Wahala Loan” and the personal overdraft. In the first case, borrowers have the jurisdiction to spend a little more on what they want. You may need extra money to repair your car, pay medical bills, or deal with other emergencies. How you use your credit is up to you.
The GTBank Quick Credit is a bank loan without collateral in Nigeria from GTBank that is very easy and super fast to get. You will receive your money in your bank account within two hours of approval. The more exciting part about this loan is that you can only call a short number to sign up.
Like others, you do not need any papers or documents for the application. With GTBank Quick Credit Loan you can easily borrow up to N5 million.
9. Bank access
Access Bank Quick Bucks is a mobile app that gives you access to a variety of Access Bank quick credit options with low-interest rates. All you need to do is install Access Bank’s Quick Bucks app and start the process.
Conclusion – Bank Loan Without Collateral In Nigeria
Before taking out a loan from a bank, we recommend that you do your homework first. Aside from the information we provide, you’ll want to keep an eye on these banks to determine which platform is best for you. In addition, you can compare loan offers from different lenders in minutes to help you make the best decisions when applying for a loan. Finally, you can consider other bank loans such as the Access Bank loan and also the GTbank loan.