Online Loans with Monthly Payments in Nigeria


Loans are a financial tool that can help individuals and businesses meet their financial needs. However, most lenders require collateral to secure the loan repayment, but not everyone in Nigeria has something valuable to offer as collateral to access a loan. This is where collateral-free loans come in handy. There are now Online Loans with Monthly Payments in Nigeria which implies that Individuals and business owners can now apply for quick online loans without having to put up any of their assets as collateral.

Online Loans with Monthly Payments in Nigeria

Online Loans with Monthly Payments in Nigeria

One of the major challenges of doing business in Nigeria is a lack of capital. But there are now online loans with monthly payments in Nigeria that allow for quick and easy online funding options. Lenders can assess the borrower’s creditworthiness and ability to repay within a specific time frame, and depending on their assessment, they may approve a loan amount for the borrower. However, we have outlined the top 10 Online Loans with Monthly Payments in Nigeria that offer quick loans to small businesses and individuals without requiring any collateral.

10 Online Loans with Monthly Payments in Nigeria


The branch is a top loan app in Nigeria today. They currently have over 10 million downloads, they give quick online loans with a repayment mode of 61 – 180 days. Their cash loans are within the range of ₦2,000 – ₦500,000. Also, their loans are accessible through the Branch app and require no documentation.


FairMoney is a top lending app and one of the most downloaded loan apps in Nigeria with about 10M downloads. They are known as the go-to app for instant loans in over 5 minutes. They cater to businesses with their SME loans. Those intending to borrow loans can access FairMoney affordable loans with no paperwork or collaterals, rather basic smartphone data and credit history are used to determine eligibility. This loan platform also gives out loans of up to ₦1,000,000, while their SME loans run up to N5,000,000.


KiaKia is an online money lender for Nigerian businesses. The name was coined from a Nigerian language that means “Fast Fast”. According to them, the solution is very simple, fast, highly effective, and efficient.

It utilizes psychometry, big data, machine learning, and digital forensics for its proprietary credit scoring and credit risk assessment algorithm to offer direct and peered personal and business loans to individuals and SMEs without credit information. They also offer loans and advances of up to ₦10 million with flexible 6 – 12-month repayment periods.


Kuda is recognized as the bank of the free. They give out short-term loans in the form of overdrafts to their customers. These overdrafts need no paperwork, but they come with a 0.3% interest rate daily. The overdrafts usually last 90 days but repayments are expected to begin 30 days after you have been disbursed.


Zedvance is a consumer finance company dedicated to offering consumer credit to individuals. Customers can borrow up to 3 million Naira in less than 24 hours from this company. Zedvance gives customers flexible loans of up to ₦2 million with about 6 – 12 months repayment tenors. They require only BVN for an instant approval decision. Zedvance offers loans to salary earners, and also salary earners with a side business, can pick up the deal to finance their business.


SMEDAN is a government-backed initiative that offers quick and easy business loans to Nigerian SME businesses in need of financing. The core mission of the organization is to promote entrepreneurship among Nigerians and also offer capital to those who want to start a business. Aside from funding, SMEDAN also offers business owners hands-on training and support to help them run their businesses.


QuickCheck is a modern lending platform that provides financial credit to individuals and small businesses via mobile technology. They use smartphone data and credit scores to grant instant loans. These urgent loans help their customers take care of their necessities until their next payday. Quickcheck offers quick and hassle-free loans of up to 30,000 Naira without any collateral for either 15 or 30 days.

Palm credit

Palm Credit is a loan service provided by Transnet Financial Nigeria Ltd. They offer collateral-free loans to clients, with a maximum cap of ₦100,000 and interest rates ranging from 14% to 24%. According to their loan repayment policy, loans must be repaid within 14 to 180 days after disbursement.


Specta is an online loan platform that offers loans of up to 5 million in one transaction all within 5 minutes. it offers startup loans and working capital of over ₦5 million to clients with 6 – 12-month repayment periods. No collateral, paperwork, or visit to any office is required to get the loan. With Specta, you can take care of personal and business needs anywhere, anytime. They have 2 loan products, MySpecta which offers individual loan services, and Specta4Business which offers quick and accessible loans for corporates and business owners.


Carbon is a loan financing app that operates in Nigeria. The app allows customers to purchase necessary commodities and pay back the loan instalmentally or at a later date. The repayment period for the loan is between 3 to 6 months. However, before the purchase can go through, an initial deposit of 25% of the product price is required. This makes Carbon a great option during the ember months, enabling customers to buy what they need and pay back slowly over the next 3 to 6 months.

Frequently Asked Questions

What Is the Minimum Credit Score Required for Online Loans?

Online lenders do not require a credit score and use alternative credit scoring models instead. However, having a score above 500 can increase your chances of getting approved.

How Long Does It Take to Receive Approval and Receive Funds?

Most lenders usually offer instant loan disbursement within 24 hours.

Do Lenders Charge Prepayment Penalties for Early Repayment?

No, most online lenders do not charge early repayment fees, which means you can repay your loan early without incurring any penalties. However, it is best to confirm this before applying.

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