Where To Get Loan In Nigeria Without Collateral

Where To Get Loan In Nigeria Without Collateral?

Where to get loan in Nigeria without collateral? Years earlier, it would have seemed incredibly ludicrous to call the title “Nigeria unsecured bank loan”. Fast forward to a few years later; we can confidently compile a list of traditional banks in Nigeria that provide this service.

This is an acknowledgment of other lending organizations in Nigeria. Fintech companies in particular dominate the lending sector. Traditional banks have seen the need to change the narrative.

Where To Get Loan In Nigeria Without Collateral

We have other posts on platforms like Migo, 9Credit, Branch Loan, Fint Loan, C24 Loan, Fairmoney, and Quickteller Loan where you can get a loan directly online in Nigeria. But for now, we will only focus on the top banks in Nigeria that offer unsecured loans.

Where to get loan in Nigeria without collateral? The post below will list the banks offering instant unsecured Loans in Nigeria. You can also check our list of banks offering loan without collateral in Nigeria here.

Here are some of the best banks offering unsecured loans in Nigeria:

1. First City Monument Bank [FCMB] Limited

FCMB is regarded as one of the leading financial institutions in Nigeria and continues to provide exceptional services to its clients. FCMB offers the following unsecured loans:

  • Car loan
  • Wage supplementary loan
  • Quick money loan
  • Salary premium loan

The FCMB FastCash Loan is an instant loan that can be accessed without collateral using the USSD code *329#. You can refer to this post to see other USSD loan codes in Nigeria.

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2. WEMA Bank

Managing a Payroll or Savings account makes it easier to obtain an unsecured loan from WEMA bank. The maximum loan amount is seven multiples of the net monthly salary, with a maximum of N2 million. The Wema Loan has a 48-hour loan and is only available to confirmed employees.

3. Stanbic IBTC

The subsidiary of Standard Bank Group is another Nigerian bank that offers business and personal loans. This is one of the banks that will give you a loan in Nigeria without payroll. The terms are based on repayment in one to five years. Within this period, payment is made in monthly installments. Learn how to get loan from Stanbic IBTC loan here.

4. Zenith Bank

The Zenith Bank Loan SME Loans, Overdrafts, Accounts Receivable or Invoice Discount, LPO Financing, Import Financing Facility, Export Financing Facility, Term Loan, Lease, Bonds and Guarantees, and Retail Loan Arrangement.

For example, the Local Purchase Order [LPO] is available to borrowing customers to finance the supply of materials. Current account credits, on the other hand, grant the borrower a certain amount on the balance of his current account. This is done within a certain period, usually no longer than twelve months. You can access all this without the bank needing guarantees.

5. Fidelity Bank

The SME-friendly bank has received several awards and recognitions to earn a place in the retail banking industry. Fidelity Bank has a Fidelity Easy Asset Leasing Scheme [FEALS] that offers unsecured business and personal loans. FEALS is intended for the purchase of household appliances, new vehicles, generators, inverters, laptops, and the like by customers. Your minimum contribution is only 20% with a 48-hour approval time. Learn how to get quick loan from Fidelity bank here.

6. First Bank

Nigeria’s leading commercial bank is known for having over 10 million active customer accounts. It provides a wide range of financial services for individuals and businesses to clients and investors across Africa.

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FirstBank operates a FirstEdu loan available to private school owners who need extra funds 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]. In addition, there is a student population of 100 that you have to take into account.

7. United Bank for Africa [UBA]

UBA is associated with the popular “No Wahala Loan” and with a personal overdraft. With the former, borrowers have the power to spend a little more on what they want. You may need a little extra cash to fix your car, pay medical bills, or handle other emergencies. How you choose to use your loan is up to you.

8. GT Bank

GTBank quick credit is a GTBank loan option that is very easy and super fast to get. You will receive your money in your bank account within two hours of approval. The most exciting part about this loan is that you can just call a shortcode to apply.

Like others, it does not require any paperwork or documentation for the application. You can easily borrow up to N5 million with GTBank Fast Credit Loan.

9. Access Bank

Access Bank Quick Bucks is a mobile app that gives you access to multiply fast, low-cost loan options from Access Bank. All you need to do is install the Access Bank Quick Bucks app and you’re good to go.


Paylater is a simple, fully online lending platform that offers short-term loans to individuals and small businesses in Nigeria to cover unexpected expenses or urgent cash needs.

With Paylater, you can access loans up to 500,000 Naira without collateral. Once your application has been approved, funds are usually received within 1-3 business days. Paying on time can give you access to higher credit limits on your next loan.


KiaKia is a digital lender for Nigerian businesses. KiaKia uses psychometrics, big data, machine learning, and digital forensics for its proprietary credit scoring and credit risk assessment algorithm to provide direct and peer-to-peer personal and business loans to millions of credit deficits and SMEs.

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The name KiaKia is derived from a Nigerian language meaning “Fast, fast”. According to them, the solution is very simple and fast, but very effective and efficient.


Last on the list is SMEDAN, a government-backed initiative to provide quick and easy business loans to Nigerian SMEs in need of financing. The core mission of the organization is to promote entrepreneurship among Nigerians and also provide capital to start a business.

In addition to financing, SMEDAN also provides entrepreneurs with practical training and support to help them run their businesses. If you would like to apply, click here to access their online application portal.

Frequently Asked Questions – Where To Get Loan In Nigeria Without Collateral

Frequently asked questions about where to get loan in Nigeria without collateral include:

1. What do banks check before granting a loan?

Most banks start by checking your credit history and rating. Depending on how smart or poor you are, they then decide on your loan application. However, they also take into account other factors such as your income, location, assets, assets, and more. The exact parameters they consider vary from bank to bank.

2. How do I convince a bank to get a loan?

You can’t convince a bank to give you a loan. This is because each loan product usually has minimum requirements that you must meet to be successful in your application. Usually, you can’t convince a bank to lend you unless you have a high net worth or valuable collateral to establish as part of the bargaining chip.

3. How do I know if I am eligible for a loan?

This information can usually be found on lender websites or in loan scores. All you need to do is visit their platform and check the requirements. With some potential lenders, you can create a profile or provide your BVN and know immediately whether or not you qualify for a loan.

Conclusion – Where To Get Loan In Nigeria Without Collateral

Just before you get a loan from a bank, we recommend that you do your homework. In addition to the information we’ve provided, you’ll want to know these banks to determine which platform best suits your needs. In addition, you can compare loan offers from different lenders in minutes to make the most informed decisions when applying for a loan. Finally, you can check out other bank loans like Union Bank Loan and also Jaiz Bank Loan.

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