How to Get Quick Online loans without collateral in Nigeria

How to Get Quick Online loans without collateral in Nigeria

Quick Online loans without collateral in Nigeria: Every entrepreneur has a major problem of access to start-up fund or funds for expanding business venture.

Most entrepreneurs have resorted to online platforms however; most of these platforms have a condition which is the requirement for collateral before access. Some years back, it was impossible to get a quick online loan in Nigeria without collateral.

Today, technology in the field of finance has brought about a change and entrepreneurs and ambitious students seeking to school abroad can obtain quick loans in Nigeria, without the need for collateral.

This article is aimed to serve as a catalogue for the various available funding options to get quick online loans in Nigeria.

Quick Online Loans in Nigeria.

As at the time of compiling this list, there existed several avenues to obtain quick online loans in Nigeria with reasonable interest rates and without demanding for physical collateral.

It gets even better, there is now a 24 hours loan in Nigeria for those in need of an emergency loan. Below are some online loan sites as well as their USSD codes where it applies.

  1. Access Bank PayDay Loan.

Payday Loan is a short term mobile loan platform in Nigeria for individuals in ‘’a paid employment’’. To apply you can visit any branch close to you and request for a PayDay loan application package. This would include a guarantor’s form that must be filled and signed by your employer or someone that holds a managerial position in an established organization.


  • Access Bank PayDay Loan requirements are;
  • A bank account statement showing consistent salary entry for 3 months;
  • A valid government-issued ID card;
  • A valid employee ID card;
  • A post-dated cheque from you and your guarantor.


To get Access Bank PayDay Loan via USSD code is dial

*901*11# or *426*11#

  1. Aella Credit.

Aella Credit is a quick online loan option for salary earners. They can issue a loan of NGN1,500 to NGN700,000. Paperwork is not required to get a quick online loan from them. Even so, it is affiliated with credit bureau agencies in Nigeria and seeks to empower Africans with loans. It is available in Ghana, Nigeria and the Philippines.

Aella Credit determines the creditworthiness of an applicant before approving a loan request. This is done using a credit scoring computer process to examine the applicant’s debt to income ratio and other social and demographic variables. It took them several years to develop this algorithm. This is one of the many loan organizations in Nigeria.


Aella Credit Loan requirements are;

Your BVN and Aella Credit Mobile App

  1. ALAT by Wema Bank.

ALAT by Wema is the first fully operative digital bank in Nigeria. ALAT by Wema has proved to be a fascinating platform for individuals seeking to save their funds with good yields as well as entrepreneurs looking for loans. With ALAT, you can apply for a loan without paperwork or being physically present at a bank. You can also do all your banking transactions in the app. Moreover, after running a quick credit check on you, you’ll receive a notification as soon as your application is approved.


To get a quick online loan in Nigeria from ALAT by Wema you need the following;

Have a standard savings ALAT account.

Upgrade your account before you make a request.

There must be frequent credit and debit transactions on the account.

Interest Rate

ALAT by Wema Loan Interest rate is between 20% to 30% per annum.


To get ALAT by Wema Loan via USSD code simply dial*945*100#

  1. Branch

Branch is a credit facility designed to help you grow financially. They engage in delivering world-class financial services to the mobile generation. The higher your credit with Branch, the larger the loan amounts you can receive. It is one of the best loan organizations in Nigeria.

Although, it seems like a lending platform built for the middle class. However, you do not need paperwork to obtain a loan. You can contact branch customer care by sending an email to [email protected]. What you need to get this quick online loan in Nigeria is stated below.


Branch Loan requirements are


At least a year old phone number.

Access to your phone contacts

Your personal details.

A good credit score.

Repayment Channels

Branch loan repayment channels are Direct debit, Branch App and a Unique USSD Code for GT Bank users.

  1. Creditville

Creditville Limited is an asset management company that base its services and operations on global best practice. It is a private lending platform registered in Nigeria, with their focus on Real Estate, Consumer Finance, and Capital Markets.

They prefer to give out loans to employed individuals or small and medium scale enterprises.

  1. Easy Loan

Easy loan is a quick online loan facility in Nigeria. However, it usually renders its services within 24 hours of fulfilling all requirements.

Easyloan offers between NGN 50,000 and NGN 1 million depending on your salary rating. Re-payment schedule is between 3 to 12 months. They offer a relatively low and flat interest rate at 5% per month. If you repay on time throughout your loan period, you could also get a Bonus up to 1% per month.

Interest Rate

Easyloan offers a flat interest rate of 5% per month.

Customer Care Contact

You can contact Easyloan customer care at +234 809 666 5661 or send an email to [email protected]

  1. Fast Credit

Fast Credit provides quick loans in Nigeria for businesses such as SMEs to stimulate growth in these firms. They also offer a multipurpose cash loan to salary earners in telecommunications industry, Aviation, government MDAs, banks, Insurance companies and much more. Once an applicant meets the criteria and is approved, the loan backed by guarantors is then given for a maximum tenor of 6 months.

  1. First City Monument Bank (FCMB) FastCash)

FCMB FastCash provides quick online loan without collateral in Nigeria. If you have an urgent need for cash, here is an instant loan you can apply for. You can get up to NGN100,000 without any paperwork.

How to Qualify for FCMB Fast Cash Loan

You must have an account with FCMB.


FCMB FastCash USSD code is*329#

  1. First City Monument Bank (FCMB) Business Loans

FCMB Business Loans provide personal loans based on your monthly salary. You can borrow from N180, 000 up to 10 million Naira based on your needs and employer ratings. These loans have a very flexible repayment plan, ranging from 12 to 60 months.

This loan is an added insurance for loan users. Customers can apply for this loan in any branch of FCMB and apply for a top-up 6 months after the initial loan disbursement.


Requirements for FCMB Business Loans include;

You must be a confirmed employee of FCMB rated companies (the list of rated companies is available in any FCMB branches or on their website);

You must have an FCMB account and there must be a commitment to receive your salary via that account;

A Minimum net monthly income of N18,000;

Must have received at least one salary payment in your FCMB account prior to the loan disbursement.

  1. FINT Loan

FINT is the first peer-to-peer online loan platform in Nigeria. It assists lenders looking for competitive returns with creditworthy borrowers for a reasonable interest rate. FINT uses a fully automated process which makes it transparent and user friendly. It uses a numerical expression based on a level analysis of a person’s information to generate unique interest rates base on the individual’s risk score.Even so, It is a lending platform that ensures that the borrowing needs of individuals are met quickly and efficiently.

FINT Loan Requirements

In order to use FINT you need to pay two fees that are both one-time charges.

A verification fee of ₦ 3000; and

A closing fee of 8%.

Interest Rates

Depending on your risk score, FINT loan interest rates range from 3% to 5% per month.

  1. GroFin Loan

If you seek to expand your business, GroFin is a good choice. They issue loans to rapidly growing businesses across Africa and the Middle East. Provided you have a good credit score. GroFin provide business loans from US$100,000 to US$1.5 million.

Interest Rate

GroFin Loan interest rate varies from 5% to 12% per annum.

  1. GTBank Quick Credit

GTBank Quick Credit is a loan option for business owners. Here is another option for those seeking to get a quick loan in Nigeria. You can know your eligibility status by simply dialling *737*51*51# on the line attached to your GTBank account. You would get a pop up message stating the amount you are eligible for.

Also, you are given an option to take the amount on your eligibility status or input an amount of your choice. After entering the desired amount you’d be asked to input your PIN, then wait for an SMS prompt. Within 24hrs or less, your loan would be sitting pretty in your account.

If you didn’t receive any SMS alert after 24 hours, launch your GTBank App to confirm. Almost all categories of customers can benefit from this credit option.


GTBank Quick Credit Loan requirements are;

You must be within the ages of 18 to 59.

In the event of restructuring, a facility restructuring fee of 0.5% of the outstanding.

Make a commitment of having your salary account with GTBank.

Interest Rate

GTBank Quick Credit Loan has a competitive interest rate of 1.33% per month that can be spread across 6 to 12 months.


You can also get GTBank Quick Credit loan by dialing the USSD code *737*51*51#

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  1. KiaKia Loan

KiaKia is a mobile loan platform in Nigeria. Like some in this list, KiaKia uses advanced computer processes to assign credit score and credit risk assessment to users before a direct and peered personal or business loan is given. Its loans are available to millions of creditworthy people and micro, small and medium scale enterprises without collateral nor credit information. It offers an extremely fast or quick online loan in Nigeria. KiaKia is more or less an instant loan, because credible borrowers can receive funds within 1 hour of completing an online loan application.

  1. Kwikmoney (now migo)

Migo Loan

Do you need money to start a small business or just for personal reasons but you do not have any property to use as a collateral? Kwikmoney might just be the one of the loan organizations in Nigeria best suited for you.

To make personal banking services convenient for you, kwikmoney has partnered with mobile network carriers, banks and tech companies in Nigeria. This has made it possible for you to obtain a loan via USSD code or a mobile phone.

You can conveniently get a loan from a range of ₦10,000 to ₦200,000 direct to your bank account. Also, you can take advantage of their 10% annual interest rate on your savings by opening an instant mobile account in a regular bank or microfinance bank.


Kwikmoney loan requirements are;

Your BVN, and their Mobile App

Interest rate

Kwikmoney loan interest rate is 15% per 14 to 30 days.


To get kwikmoney loan via USSD code dial*561#

  1. Lidya

Lidya have a lending system that assign risk score to applicants using algorithms before a user is given a loan based on this assessment. It provides businesses access to quick loan in Nigeria. The platform offers small and medium-sized businesses with unsecured loan between NGN 180,000 to NGN 5.4 million.

  1. LMoney Loan

LMoney is also a credit facility that issues instant loans in Nigeria. It focuses on salary advances and consumer credit which as a matter of fact is unique. It is owned and operated by Lubeck Capital Ltd, a registered Micro Finance Institution in Nigeria. More so, they provide a range of credit options to corporate individuals in Nigeria.

  1. Page Financials

Page Financials is an innovative retail financial institution offering various quick personal and salary advance loans to meet the financial request of customers.

One of the six steps it takes to request for a loan is to input your BVN details. For its loan, Page Financials offers a daily rate of 0.5% which accrues on its Debit card issuance also known as Pledge Finance.

Depending on your net monthly income, Pledge Finance debit card is preloaded with an amount up to N500, 000.


Page Financials Loan requirements are;

Your BVN, Salary account, Employment letter, a Valid ID, and a Utility bill.

Interest Rates

Depending on your risk level, interest rates on Page Financials loan is between 15% per 3 to 12 months

Other fee(s)

A one-off fee of N1,500 for the card valid for a period of 3 years.

Repayment Channels

Page Financials repayment channels are by Cheque and Direct debit

  1. Carbon (formerly Paylater)

If you have a pressing financial issue you need to attend to, Carbon (Paylater) is an avenue to obtain quick or short term loan. This is possible even if your reasons for a loan are not business-related. Carbon is one of the popular loan organizations in Nigeria. You can obtain a loan with a range of N500,000 to N1 million at different interest rates between 5 to 12.6%. This depends on your unique risk level, cash activities, and the creditworthiness associated with your BVN. Within 72 hours after one request is approved; the amount would be sent to your bank account.

To get access to a higher credit you need to make repayments as and when due.

Carbon (Paylater) Loan Requirements

You passport photograph, address, BVN and their Mobile App

Carbon (Paylater) Loan Interest Rates

Depending on your risk level, Paylater interest rates range from 12 to 15% per 3 to 12 months

Carbon (Paylater) Loan USSD code

Dial *322*1*04359701*Amount#

  1. Pettycash

Petty Cash Loan

Pettycash is focused on giving out petty loans. Hence, they do not provide loans of colossal amount, but only issue loans of little amounts. Pettycash is not a microfinance bank but an online lending platform.

They have employees dedicated to help its users get funds, even though they have no physical office. They have made this list because of the quick online loan they provide.

  1. QuickCheck

QuickCheck Loan

QuickCheck, as the name implies, is a fast mobile loan platform for personal finance and SMEs. It uses mobile technology to issue short term unsecured financial credit to individuals and petty traders.

Approved applicants can have access to a convenient quick online loan up to NGN 30,000 without demanding for collateral within the duration of either 15 or 30 days.

QuickCheck Loan Requirements

Your BVN.

Bank account details.

A Good credit score.

You must be of legal age.

Employment Details.

Personal Information.


We shared these Quick Online loans without collateral in Nigeria, but we also share caution. The smiling facing and beautiful terms used in giving may not be applicable to a man with an overdue credit.

Aside from damaging credit history, they can go as far as calling those that matter to you. Loans are for businesses with clear feasibilities, and not for anyone that needs money. The reason is that payment has never been the best experience for developed and developing businesses.