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Nigerian Banks with the Quickest Loan Approval

Banking in Nigeria started in the colonial era, though in the pre-colonial period different tribes had ways they stored their wealth. The apex bank started operations on July 1, 1959, however banking in Nigeria started in 1883 with the establishment of the African Banking Corporation, followed by the British Bank of West Africa in 1884. The British Bank of West Africa has evolved into the oldest bank in Nigeria today, the First Bank of Nigeria. Banking in Nigeria is regulated by the Central Bank of Nigeria. Loans financially are the lending of money between individuals or corporations or between both, where the receipt incurs a debt on their part and is liable to interest on payment. There are different reasons people borrow money, an individual might be to start up your business or invest with a potential gain, governments also take loans to finance projects and repay later. Loans are an essential part of the financial world, they provide the means when one is limited in cash to carry out a project they have at hand. In this article, I will provide you with the details of banks you can get easy loan approvals from, urgent loans without documentation

Banks with the easiest loan approval

There are currently 106 banks in Nigeria according to the Central bank of Nigeria. They fall under commercial banks, mortgage banks, micro-finance banks, Non- interest banks, Merchant Banks, and development banks. The following banks give loans in Nigeria without collateral:

1. First Bank

The first commercial bank in Nigeria, which was previously known as the British Bank of West Africa from 1894 till 1979 changed to its present name owing to the handover by the British. The bank currently has its headquarters in Lagos and offers the following loans:

  • FIRSTEDU loan
  • First Credit


This loan is available to private school owners who need funds for the smooth running of their schools.
Documents required

  • Evidence of Government Approval of school.
  • School Memorandum and Articles of Association (MEMART) where applicable.
  • Documents showing how long school has been in the business.
  • Documents showing the number of students in the school.
  • Any other documents that may be required by the bank.

To Apply for a FirstEdu Loan

  1. Download the Retail Loan Application Form from the bank web page.
  2. Complete the form and submit it to the Retail Team at the nearest First Bank branch

To get more information on how to get the loan visit the nearest First bank branch near you or their official website.

First Credit

This loan is designed to provide you with quick and easy money without any documentation or collateral. To benefit from this loan customers must have a first bank account that has been active for about six months, the account must have been linked to your BVN.

The bank is offering a minimum of one thousand Naira to a maximum of three hundred thousand Naira worth of loan.
How to apply

  1. Dial *894#
  2. Select Loans
  3. Select FirstCredit
  4. Select get new loan
  5. Select the account number with which you want to apply for the loan
  6. Grant data usage consent and accept terms and conditions
  7. You are presented with 4 loan amount options
  8. Choose your desired loan amount
  9. The loan is disbursed into your account
    The bank also offers Personal home loans, Salary Loans, Automobile loans for a specific purpose as seen in their names, to get more information visit the Bank web page.

2. GT Bank

Founded in 1990, the bank has various branches running in different countries. The bank offers the following loan

  • Credit Loan
  • Computer Acquisition Scheme

Credit Loan

This loan is available to you within hours of approval and the loan is as high as five million Naira. Repayment is between 6 to 12 months. To benefit from the loan you must have an account with the Bank, must not have any unpaid obligation, and have a history with dud Cheques.
How to apply

  • You can request Quick Credit instantly by dialing *737*51*51#
  • Quick Credit is also available on all GTBank online and mobile banking platforms (Internet Banking, GTWorld, and GTBank Mobile App).

Computer Acquisition Scheme

The loan is available to currently serving Corps members to acquire gadgets(phones, laptops) and repayable over their service year. The loan maximum amount is sixty thousand Naira. Corps members must have a domiciled allowance account with the bank. To apply for the loan, Corp members must have completed the application form during their orientation activities, Corp members interested must take an employer undertaking form.

The bank also offers Salary Loans, School fees loans, Mortgage loans, Travel advances, Vehicle insurance Salary loans. For the following loans to get more information visit the Bank for more information.

3. Access Bank

Recently acquired Diamond bank under its wings in 2018, Access bank is one of the most successful banks in Nigeria and the biggest in Africa. The bank was founded in 1989. The bank’s loans can be accessed by downloading the Quick buck mobile app that allows you to access loans from its platform. You can also dial *901*11*1# to access the loan, the loan requires no collateral, no documentation. Some of the loans offered by the bank include:

Personal loans

This Loan is tailored toward salary earners, loan is up to 75% of the total annual salary and 50% annual salary for applicants with terminal benefits and without respectively. To qualify for the loan applicants should have a valid ID card with the company or firm they are employed, an account with Access bank linked with their BVN.
Documents required

  • Loan Application Form
  • Confirmation Letter or Promotion Letter
  • Letter of Authority or Irrevocable letter of Domiciliation
  • Offer letter
  • Executed Term sheet
  • Letter of Lien/Set-off
  • Credit Checks
  • Means of Identification
  • Document Attestation
  • Salary bank statement/Payslips (New to bank customers)
  • Standing instruction for renewal of Credit life insurance

To apply for the loan visit the bank webpage download the application form and submit with required documents to the nearest access bank near you. To get more information about more loans like the Advance school fees, maternal health service, creative sector loan, vehicle insurance, visit the Banks webpage to start your application or the nearest Access bank near you.

4. United Bank for Africa

Also known as UBA, the bank started operations in 1949 and has subsidiaries in 20 African countries and offices in London, Paris, and New York. The bank offers the following loans:
Working capital loan of over 50 million Naira to help business owners, also it offers School loans and the Young Entrepreneur Finance Scheme (YEF), each with ease of application.

5. WEMA Bank

The bank was founded on 2nd, May 1945 and is the largest digital banking system in Nigeria. The bank offers the following loans:

  • Personal loan
  • School fees Advance

Personal loan

This loan is for salary earners or if you are self-employed. The process is easy and fast, the loan is up to five million Naira and repayable over 36 months.

Documents required

  • Duly completed loan application form & executed offer section
  • Letter of Introduction signed by an authorized signatory of employer
  • Irrevocable letter of salary domiciliation (duly executed by employer’s authorized signatory). Please note that the signatories must be independently verified by a representative of Wema Bank
  • Proof of income (3 months’ payslip or 3 months account statement)
  • Proof of address (Physical visitation and report by bank representative) supported with a copy of recent utility bill
  • Proof of identity (Staff ID is acceptable but National ID, International Passport or Driver’s License may be required where necessary)

To apply for the loan, visit the bank website to complete your application form and submit it.

School fees Advance

This loan is available to salary customers or self-employed customers who want to finance their child’s education. The loan is a minimum of fifty thousand Naira to ten million Naira.

Documents Required

  • Completed School Fees Advance application form
  • Letter of introduction: This is to determine the employment status of the parent/guardian
  • Irrevocable letter of domiciliation from the employer: This is to ensure that the parent/guardians salary will remain with Wema Bank until the advance is liquidated
  • Invoice of School/tuition fees
  • Proof of identity (Driver’s license, National ID, International Passport or Voters card) Employment ID is not sufficient
  • Proof of address i.e. utility bill
  • Last three month’s payslip
  • Six months’ salary statement of account (for customers whose salary accounts cannot be or are not domiciled with Wema Bank)
  • Admission letter from the school if the school is in the diaspora

To apply for the loan visit the bank web page to apply and submit the following documents required for the loan. The bank also offers the Wema asset acquisition Scheme aimed towards customers looking to acquire homes to get more information visit the bank page to learn more

6. Zenith Bank

The bank was founded in 1990 by Jim Ovia. The bank offers a variety of loans like the:

Z-Woman Business Package (SME Loans)

This loan is available to women with businesses with more than 50% of the shareholders also women. The loan amount is 10 million Naira repayable over 12 to 24 months. To get more information on documentation to require to process the loan visit the nearest Zenith bank close to you or send an email to [email protected].


Another loan offered by the bank is the LPO (Local purchasing Order) – LPO Finance is a loan made available to borrowing customers to finance the supply of materials or execution of specific supply contracts to reputable organizations. The bank also offers Import and export Finance faculty loans, Timeless loans, Education loans amongst others. To get more information on these loans, visit the nearest Zenith Bank branch near you.

7. Standard Chatereed Bank

In 1965, the Standard Bank of South Africa merged with the Bank of West Africa acquiring businesses including a banking operation in Nigeria, which dated back to 1894. The name was then changed to Standard Bank of West Africa. Four years after the merger, Standard Bank Nigeria was incorporated locally to take over the business in Nigeria. Standard Chartered remained a shareholder of First Bank of Nigeria until 1996.
Standard Chartered re-entered Nigeria in 1999 and opened to customers on 15 September 1999 as a wholly-owned subsidiary of Standard Chartered Bank Plc, headquartered in the United Kingdom.

The following are loans offered by the bank:

Personal loan

This loan is available for your desired need be it for financing a project or getting a home. You can be loaned up to 20 million Naira, and repayable over 20 months. Applicants in Nigeria must have a minimum salary of 30,0000.

Documents required

  • Completed application form
  • Bank statements for the last 3 months
  • Payslips for the last 3 months
  • Letter of Awareness from employer to domicile your salary with Standard Chartered Bank

To apply for the loan visit the nearest branch near you with the required documentation, also the bank offers the overdraft loan tailored more towards salary earners whose salaries are above 50,000. You can apply directly on the bank’s webpage and process the loan process.


Similar to banks, some digital financial services offering quick loans with the best loan apps in Nigeria are Jumia loan, OPay loan, Specta loan, Carbon, Branch, Renmoney, there are so many others that will require you have a good credit score. If you are unemployed, there’s a variety of loans you can apply for instance the Quick teller loan, Ren money loan, Fast cash loan there are many others you can check out with good interest rates anyway.

Many of these loan requests are granted within 24 hours, meaning you can apply for and getit immediately. Some of these urgent loans are easier to apply for and be qualified for with little or no documentation, collateral.


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