Where To Get Loans in Nigeria Without Collateral


Where To Get Loans in Nigeria Without CollateralWhen it comes to obtaining a loan without collateral in Nigeria, it can be quite challenging. Traditional banks do require some form of security before granting loans, which makes it difficult for individuals and small businesses without substantial assets to access the funds they need. However, the emergence of fintech companies and alternative lending institutions has significantly transformed this situation, providing new pathways to financial inclusion.


Where To Get Loans in Nigeria Without Collateral

These innovative platforms that offer loans without collateral make use of technology to assess creditworthiness differently, which allows them to offer loans without the strict requirements of traditional collateral. This not only gives more people access to finance but also stimulates economic growth by empowering entrepreneurs and individuals who were previously excluded from the banking system. In this article, we will explore different platforms where you can get loans without collateral in Nigeria.

10 Platforms to Get Loans in Nigeria Without Collateral

There are different platforms to get loans in Nigeria without collateral. Here are some of the online platforms you can check out.


MoneyPal is a consumer finance product that is provided by Zedvance Finance Limited. The app offers users access to loans of up to NGN 5,000,000. They also offer a nano loan that allows borrowers to access as little as NGN 10,000. The team behind MoneyPal guarantees fast loan disbursement, responsive customer support, and transparency throughout the borrowing period.


Kiakia is a known phrase in the Nigerian street language that means “quick quick”. It is a digital financial marketplace that uses big data and machine learning algorithms to provide both direct and peer-to-peer lending services. This implies that you can either obtain loans or lend money through the platform. The interest rate you will be charged on your loans depends on your credit score and it can range from 0.4% to 0.8% per day. Kiakia is a great choice for Nigerians who need quick loans without collateral to meet their urgent personal needs.


Paylater is a well-known online lending platform that offers unsecured loans up to N500,000 to individuals and small businesses. Their loans are disbursed instantly and can be deposited into your bank account within 5 minutes of approval. When you pay back their loans on time, you can unlock higher loan amounts at lower interest rates.

Snap Credit

Snap Credit is a financial platform that is designed for individuals who are employed and receive a salary. The service offers a convenient and better way for employees to access affordable credit by leveraging their paychecks. You can use your mobile phone to apply for this loan and submit your request online. The verification process is carried out in real-time, and once approved, the loan amount is immediately credited to the applicant’s account.

Aella Credit

Aella Credit focuses on providing loans to employees. They use an algorithm that evaluates an applicant’s eligibility through their social, demographic, and debt-to-income ratios. They also provide loans without collecting collateral, which range from up to NGN100,000 with interest rates ranging from 4% to 29%. Note that if you repay your loan on time, you may qualify for a higher loan in the future.


This is a mass consumer loan app that was created to reach as many financially excluded people as possible. QuickCheck mobile app users can access up to NGN30,000 hassle-free loans without providing collateral for a tenor of 15 – 30 days.


The branch is a recognized choice for entrepreneurs in Nigeria. On its mobile app, users can access loans between the range of N1,000 to N200,000 with up to 64 64-week repayment periods. The interest rate charged to loans depends on the applicant’s credit score. However, it may range from 14 percent to 28 percent per annum.

Palm Credit

Palm Credit offers a virtual credit card that allows you to borrow up to NGN100,000 anytime and anywhere using your mobile phone. However, when you repay your loans on time, your credit score improves and you become eligible for larger loans. To access Palm Credit loans, you need to be at least 18 years old and have a valid phone number and bank account. Palm Credit offers two types of loans which are airtime loans for airtime purchases up to NGN10,000 and installment loans up to NGN100,000.

Credit Direct

Credit Direct is a top micro-lending company in Nigeria. They give out a variety of loan products such as car, house rent, school fees, and so on. On the Credit Direct platform, you can access up to NGN5,000,000 loans.

Fair Money

Fair Money offers short-term loans to assist users in taking care of urgent needs like bills and business expenses. Their loans are available 24/7 and can be disbursed within five minutes after approval. Fair Money offers personal, educational, and business loans, making use of technology to hasten the process. Their loan amounts range from ₦2,500 – ₦100,000, with loan terms lasting from 4 to 26 weeks and monthly interest rates ranging from 5% to 28%. There are also no additional fees or hidden costs associated with loan processing.

Requirements Needed to Get Loans from Online Mobile Platforms

Here are some of the requirements needed to obtain loans from the platforms listed above.

  • Tab or smartphone
  • Data subscription
  • Bank account
  • Bank verification number
  • Debit card

Steps for applying and obtaining loans from online mobile platforms

However before you can apply for a loan on an online lending platform, you need to:

  • Research and choose the platform you want to use
  • Once you have made a decision, download the mobile application from the Google Play Store
  • Then, register with the platform by creating a PIN
  • After logging in, you will need to fill out the forms provided and supply all the required information
  • After this, you will need to link your ATM card to the platform

The first step in the loan application process is the pre-qualification stage. Nonetheless, once you have completed the online forms, the system will generate a report stating. This can only happen if you meet the requirements for loans on the platform or not. It is only when you meet the criteria that you can then apply for a loan. Because some of these platforms disburse funds instantly, while others may take up to 24 hours. On some platforms, you can access a minimum of N10,000 and up to N2,000,000.

More Related Content:

Online Loans with Monthly Payments in Nigeria

7 Loans App you can go to for Financial Support

Flexible Loan Duration of Your Loans With EasyCredit

Everything you need to Know About GTBank Loans in Nigeria!

Speedy Choice: Quick Loans Without Collateral

 Motives Why Your Loan Application May Be Rejected