Loans In Nigeria: Get Easy Loan Without Collateral

There are different money lending services that gives loans in Nigeria. Some of the money lenders requires collateral and some did not. Here in this post, you will be shown money lenders in Nigeria that gives out loan without any document.

Loan is the money or any valuable that one or more individual or other entities borrow from another individual, group or organization. The amount borrowed is attached with a condition to pay interest until the loan is repaid.

Why collect online loans in Nigeria

Collecting loans can be beneficial to both individual, group and organization as it helps to have what is required to set up their business. Unfortunately, most money lenders require collateral form to protect their interest. The form serves as security for the loan to ensure its repayment.

We all know that one of the major problems facing Nigeria to starting a business is lack of capital. But, most people did not have what to tender has collateral to secure a loan. But now, businesses of all type are opportune to apply for online loans in Nigeria without collateral.

Loans in Nigeria without collateral have helped individuals and organization to begin their business journey.

So, in this post, whether you need a capital to start your business or you need to get loans for emergency situation, we have gathered some special systems that offer soft and quick online loans in Nigeria without collateral. All you need to get the loan is a smart phone and a credit card.

Money Lenders That Gives Loans in Nigeria without Collateral

Some of the money lenders that gives quick and instant loans in Nigeria without collateral and how they work are discussed below

1. Branch

Branch loans in Nigeria

Branch is a money lending services which makes it easy for people to access loans in Nigeria anytime, anywhere.

Application process is usually completed within 48 hours. It’s easy to apply for a Branch loan; you just have to download the Branch app, and then fill in your personal detail such as phone number, bank account number, etc.

You can then click on “My Loan” to view the loan offers available. And finally, click on “Request Loan” to submit your request.

With Branch, the minimum amount you can access is #1000 to maximum of #200,000 which you can increase if you are repaying the loans as scheduled. Apply for Branch loan here.

2. Paylater loan in Nigeria

Paylater is a fast and quick money lending platform that gives short term online loans in Nigeria without collateral. It is a convenient and reliable platform which was created in 2016.

Minimum and maximum loan request on paylater

The minimum you can borrow is #1000 and maximum of #100,000 and repayment period is within 30 – 90 days.

Paylater Interest Rate

Paylater interest rate is within 4% – 10% depending of your loyalty level. For instance, you will have to pay an interest rate of 5% for #50,000.
You only need a smartphone and credit card to collect the loan. However, loans starting from #50,000 require your ID card.

The platform also allows to its customers to invest money which will yield around 15% interest annually.

3. Zedvance loan in Nigeria

Zedvance is a customer finance company that provides cash loans in Nigeria to individual or group without collateral.

With Zedvance, you can get personal loan and business loan up to #3,000,000. You must have a job to get Zedvance loan, it’s for salary earners and applicants must possess an active salary account.

Zedvance Interest Rate

Zedvance Interest rate depends on some factor such as the amount borrowed, loan time duration, credit risk of the borrower, etc

To apply for Zedvance loan, visit their website, and then provide email, phone number, BVN, ID card and account statement form.

4. Kiakia

Kiakia is financial marketplace that gives access to personal and small business loans. They offer fast and quick loans in Nigeria without collateral.

Loan starts from #10,000 to #200,000 for minimum of 7 days and maximum of 6 months. The loan time duration depends on the amount borrowed.

However, you can increase the maximum amount if you earn financial responsibility trust points over a period of time (i.e. your loyalty level).

Kiakia is partnered with sterling bank. So, to apply for this loan, you will need a sterling bank account since loans can only be deposited in a sterling bank account if approved.

Kiakia Interest Rates

The interest rate Kiakia offer varies from person to person because they consider some criteria. For instance, the client credit score. Typically, it is usually between 8 to 24 percent.

Currently, Kiakia does not have a loan app. To get the loan, you’ll have to visit their website and use the live chat bot. you only need a valid ID card, an email address and a bank account and you will get the loan directly into your bank account within few minutes.

5. FairMoney

Fairmoney loan

FairMoney provides loan in Nigeria to individual and small businesses in need of urgent cash without collateral.

You need only a Smartphone, facebook account and a bank account to get fair money loan.

The minimum amount you can get is #1,500 up to maximum of #150,000. However, if you are borrowing for the first time, you only have access to maximum of #40,000.

FairMoney Interest Rate

FairMoney interest rate varies because it depends on several factors such as credit risks, duration of time you want the loan, etc.
Typically, fair money interest rate ranges between 10% – 30% based on your profile.

To apply for fair money loan in Nigeria, you need to download FairMoney app and install.

Then open the app and fill all the needed information which may include your name, BVN, debit card etc. You may also need to answer some questions.

Finally, choose the amount you want to borrow and wait for fair money to approve your loan.

6. Quickcheck loans in Nigeria

Quickcheck is a modern online platform for individuals and small businesses to get loans in Nigeria without collateral. They are money lenders that gives everyone the ability to gain access to financial credit without any hassle. They aim to provide convenient banking services to users.

With quickcheck loan app, you can also recharge airtime anytime, anywhere easily.

You can get up to #10,000 at first application for the period of 30 days. And, as your level of loyalty increases (i.e. if you are paying your loan on time), then the amount you can borrow also increases.

Quickcheck Interest Rate

Quickcheck offer instant loan at a low interest rate of 1 percent per day. Platform is available not only in Lagos but all over Nigeria.

To get the loan, you have to download and install the app, then open the app and sign in with your facebook email and password. Then fill in all the information they need.

Finally, select the amount you want to borrow, then submit and wait for quickcheck to approve your loan. This is usually within 24 hour.

You can always repay your loan by using debit card, bank transfer, cash deposit or USSD code.

7. RenMoney

Renmoney loans in Nigeria

RenMoney users can access loan in Nigeria without collateral up to #4,000,000. The platform was established in 2012 and since then, they have been providing financial services to employed individuals and business owners.

With RenMoney, you can get up to #4,000,000 without a need for collateral and you can pay back within a year.

But, you should be aware that RenMoney loan is for employed individuals. If you are not employed and need to get a loan, I suggest you choose other loan system. You can choose any of the loan systems that suit you within this post.

To be eligible for Renmoney loan, you must be 22 – 55 years old, must be employed and should be working in Lagos state.

RenMoney Interest Rate

Renmoney offers a good interest rate at 4% – 5% per month.

For instance, if you apply for Renmoney loan request of #50,000, you would pay back around #56,000 in 3 months.
The platform requires BVN, valid ID card, Bank statement, employment letter etc.

To apply for RenMoney loan, you have to visit their official website and complete your application.

They will get back to you via your email once they verify the entire documents. This is usually within 24 hours.

You can repay the loan through quick teller, check, cash and online transfer.

8. Aella Credit

Aella credit loan in Nigeria

Aella credit is an online money lending platform that gives out loan to individuals and small businesses. They are money lenders that gives loans to Nigerians and other countries.

You have access to loan starting from 1,500 to 700,000 and repayment period is up to 2 month depending on how much you borrowed.

Aella Credit Loan Interest Rate

Aella credit loan interest rate is between 4% – 29% in each month.

The platform requires your name, BVN, bank details etc. to get the loan.

To apply for Aella Credit loan, youll have to download and install the app from Google play store, then open the app and fill in your details which include your name, phone number, email etc. and submit your application.

If everything went well, Aella credit will approve your application within few minutes.

Some of the good thing about the platform is that they do not charge a late payment fee. And, they have fairly good interest rate for in network customers and application is quick and easy.

You can repay your loan through direct deposit payment or POS payment.

9. Page Financials

Page financials loans in Nigeria

Page Financials is an innovative retail finance institution that offers quick loans in Nigeria without collateral.

The money lending platforms provide loans through internet and mobile app platforms. The minimum loan amount is 100,000 and the maximum is 5,000,000. However, the highest users can borrow depends on some selection criteria like borrower’s capacity to repay based on income level etc.

You must be employed before you can access page financial loan.

Page Financials Loan Interest

Page financial loan interest rate is around 0.5 percent per day which is 15 percent per month and the loan tenure is 3 to 12 month.

Requirements are employment letter, salary account and a valid ID card.

To apply for the loan, visit their website, then fill in all the needed information. You may also need to answer some questions.

You can repay you loan via different channels including check, direct deposit etc.

10. kwikcash loans in Nigeria

Kwikcash is a lending platform that gives loans in Nigeria without collateral. The platform uses internet, app and USSD code to give out loans to customers.

With kwikcash, you can get up to 15,000 for a period of 15 days.

Kwikcash Loan Interest Rate

Kwikcash interest rate is within 5% – 15%. The interest however can be changed depending on the individual.

For instance, you can increase the rate if you have a bad credit history.

Unlike some other loan systems (e.g. Aella credit), kwikcash charge a late payment fee up to 5% with 14 days extention.

The platform requires BVN, USSD code or app to get the loan.

You can repay your loan via direct debit or using the USSD code.

11. Palmcredit

Palmcredit loans offer both business and personal loans in Nigeria without collateral. It is owned by transsnet and everyone can get instant loan without any document.

You can get loans up to 100,000 which you will have to pay back within 14 days.

The company requires your bank account, phone number, bank information and occupation information.

Palmcredit Loan Interst Rate

Palmcredit loan interest rate ranges from 4% – 5%. You can also get an interest free loan if you pay back in 2 days.

To apply for Palmcredit loan, download and install the app on google play store, then open the app and fill all the needed information which includes your name, BVN, gender etc.

After that, provide you bank details and choose the amount you want to borrow and submit.

Finally, wait for Palmcredit to approve your loan. The loan amount will be sent to your bank account once approved.

You can always repay your loan through the Palmcredit app or pay by cash using their account number.

12. Specta loans in Nigeria

Specta is an online money lending platform that gives quick loans in Nigeria without collateral. The platform allows individual and businesses of all types to get loans up to 5 million anytime, anywhere with ease.

With Specta, you can get loans to start running your business or take care of some problems with the type of loans available.

According to Specta, you can get MySpecta and Specta4Business loan types. The latter which offers personal loan for individuals and the former offers quick and instant loans for businesses.

As seen in the picture below

specta loan types

You can get the loan within 5 minutes without collateral or any document.

The company also offers loan depending on the type of loan structure you want, Specta Xtreme, Basic, Prime, Alawee and Quick Cash are all available on the platform.

Specta Loan Interest Rate

Specta interest rate varies depending on the type of loan you choose.

To apply for Specta loan, visit their website, then browse through all the type of loan available and select the one you want.

After that, fill in the forms with the information they need and submit.

If you are approved, then you will be credited within some minutes. Read more about specta loan here.

You may want to ask,

Does this company really gives loans in Nigeria without collateral

Yes, the money lenders listed above gives fast and quick loans in Nigeria online without collateral or any document. But you willneed to fill form online and get the money in your account within some minutes if approved.


The money lending platforms listed and discussed above provide quick, easy and instant loans with good interest rates.

But you should know that the interest rates of the above money lenders is still higher when compared to commercial banks interest rates.

As mentioned in the post, the interest rate for each company varies because it depends on various factors.

You should also note that some of the company listed above requires you to be employed. So, you’ll have to select the one that best fit you.

Need to ask something?

Then leave a comment below.


Know how to make money online in Nigeria

This Post Has One Comment

  1. Tukur Abubakar

    I’m NPOWER volunteer l need a loan to increase my business thanks

Leave a Reply