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15 Instant Quick Loans in minutes without collateral in Nigeria

A loan is a sum of money given to a borrower by a lender with stated terms and conditions. The lender is usually an individual, a corporation, a financial institution or government agencies. The stated terms and conditions may include some financial charges, interests, repayment dates, amount to be repaid, collateral and or any other conditions. In most cases, not everyone can afford a collateral to secure loans which makes obtaining it difficult. The good news is that there are Lenders in Nigeria that offer quick loans without collateral and you will know about them all as you read on.

The cost of securing quick loans depends heavily on the loan type. Some loans are gotten in minutes, while some are in hours, days, weeks and some loan applications can last up to a month. All these types of loans, their requirements and application processes are discussed in this post. Before we continue, let us clear the air first.

What are Grants?

Loans should not be confused with Grants. In fact, they are opposite sides of the same coin. When a grant is issued, there’s no plan for repayment. The giver doesn’t ask for money back let alone interest. Grants are mostly issued by NGO’s and government agencies. Grants are mostly given for empowerment purposes, however, the issuer may require some proofs that the given money would be channeled to the right purpose for which it was given. Documents like business address and personal identification may be needed.

What are Interest-Free Loans

This type of loan is usually given by government agencies, NGO’s or trusted close friends. No financial institution gives interest-free loans because it’s their source of income. In this type of loan, the lender gives money to the borrower without asking for interest. The borrower pays exactly the borrowed amount.

Types of Loans issued by Financial Institutions

In Nigeria, US, UK, Germany, Norway etc, there are different types of loans issued by banks and other financial institutions. These loans differ in amount, interest and duration of repayment. The type of loan requested by an individual is heavily dependent on the needs.

Personal Loans

This is a type of loans offered by most banks to their customers whose credit score meets the requirements. It is usually an unsecured loan (loans without collateral). It is mostly used for paying of bills, purchasing of electronics and other household equipment, buying of clothes and other personal wears. In most cases, the lender must see the borrowers statement of account to see if the borrower really worth the amount he’s applying for. The lender will also demand proof of identity and residential address. During application, BVN is required for all Nigerians. In cases where the lender is the bank, you must have and account with them, therefore submitting the above listed documents is needless. You can access up to 15 million naira ($30,000) if your are a salary earner with good credit score. The borrower will first of all apply for the loan, the borrower will get notified within minutes/days of application depending on the financial institution as to whether the application is successful or not. Personal loans  usually have a flexible repayment schedule up to 5 years depending on the lender. This type of loan offers a great help to people but it should be taken with caution.

Pay Day/Pay Roll Loans

Another name for this type is salary loan, it’s required that the borrower be employed before applying for it. The borrowers employment details must be verified before disbursement. Pay day loans are also of the unsecured loans type. The repayment period is usually short and they’re mostly characterized by high interest rate. The borrowers salary, credit profile and age will determine the amount to be approved. Workplace ID and or salary statements are among the required details. If you’re a Nigerian, your BVN would be required.

Salary Advance Loan

This is a loan offered by Union bank of Nigeria where a salary earner whose company pays through union bank receives 50% of his/her salary as an overdraft for a period of 12 months at a very competitive rate. In this type, the minimum monthly salary to be considered is 15,000 naira, while the maximum loan amount is 50% of borrowers salary. The maximum loan tenure is 12 months (1 year) and salary domiciliation is one month.

SME Loans

These are loans given to small or medium business owners. They’re being given to them to help grow their businesses. The borrower must have a verifiable business address. Small business loans aren’t given to business starters, you must have started the business and must have run it for at least 1 year before you can apply for this loan. The loan can be used to pay employees salaries, payment of debts, marketing expenses, opening a new branch which is part of business growth and expansion etc.

As stated earlier, before you can be eligible for this, you must have run your business for at least a year because annual turnover audited by a Chartered Accountant is a major requirement. Other requirements include: income tax returns, age of business, business address etc. The eligibility criteria may vary according to lender.

Credit Card Loans

Borrowing of this loan involves the use of a credit card. Credit card loans come with very fantastic rewards if they are paid on time. The high rate of interest on this type of loan isn’t encouraging at all, therefore do not apply if you can’t afford to pay the high rate of interest. You can get your credit card online and use it anywhere in the world to make transactions. Credit cards are widely accepted all over the world. Timely payment of credit card loans is key to successful future borrowing. If you don’t pay on time, the borrowed amount with the interest will keep accumulating there and it may be too difficult for you to clear the debt.

Cash Advances

This loan is mostly issued by credit card issuers. Credit card users are allowed to withdraw money from the ATM using the credit cards issued to them. Every credit card has a credit limit, therefore the amount to be withdrawn is heavily dependent on the available credit limit. This loan is also associated with interest, ATM and bank charges. Cash advances are mostly used for home renovation or payment of services of contractors or purchasing of household equipment.

Car Loans

All car loans are secured loans. You must present a collateral before purchasing your dream car from the acquired loan. Credit score is a great requirement as you must have a very good financial history before any financial institution can grant your request for a car loan. In Nigeria, your must provide your BVN irrespective of the type of loan your’re applying for, therefore car loan isn’t an exception. Most vehicles purchased with it usually have a tracking device. The lender tracks the movement of the vehicle until the loan is paid off. If the borrower fails to pay up before the payment duration elapses, the car would seized by the lender. Most cars purchased through this loans are insured with auto insurance companies.

Two-Wheeler Loans

This is an easy to apply and get loan. The loan is strictly used to purchase a two-wheeler. Failure to pay your installments on time, the lender will take the two-wheeler to recover the loan amount or the balance left.

Agricultural Loan

This Agric loan are mostly given to farmers for farming purposes. Banks and other financial institutions, government agencies, NGO’s and some individuals are usually behind its funding. The loan can be short term or long term.

Loan Against Credit/Debit Card

This  is usually given against your credit/debit card. During application, you’ll be required to input your credit/debit card details. When this is done, no additional document is needed. The disadvantage in this one is that when you fail to repay on time, the lender will and without prior notice, withdraw the loan amount from your account. This type of loan is usually done online and you can get quick loans in just minutes. Curently, Loan against debit/credit card is the quickest and fastest way to secure a loan in Nigeria.

Caution: make sure the financial institution is a verified one before exposing your BVN and card details.

Cash Backed Loans

This type can be backed by fixed deposit or your investment. It’s strictly a non-salary loan. The loan amount is determined by either the fixed deposit or your investment. It’s usually 80% of either your fixed deposit or your investment. The interest rate is 15% while the maximum loan tenure is 12 months.

Loan Against Fixed Deposit

Here, your fixed deposit is the collateral, and it’s secured with same the bank where you have your fixed deposit. The loan amount is usually high. It’s up to 80% of your fixed deposit. They also come as non-salary loans.

Loan Against Investment

This is another type of non-salary loan in Nigeria. It has the investment as the collateral. 80% of your investment is given to you as the loan sum. The interest is higher than your investment when added to the loan amount.

Loan Against Insurance Schemes

This is applicable only if your insurance scheme is eligible for loan. The loan amount can be availed from the insurer, and the investment as the collateral. However, this can only be done after 3 years of commencement of insurance policy.

Non Salary SME Loans without Collateral in Nigeria

There are a couple of loans for non salary earners without collateral in Nigeria, Phillipines, France, US etc. These loans are for small business owners. You can get these SME loans without collateral in most financial institutions. Stanbicibtc bank gives SME loans without collateral in Nigeria. Other financial institutions that give loans without collateral include: Renmony, Union Bank, Access Bank, FCMB etc. To get a startup business loan without collateral, you must go to your bank where you have a very good credit history and apply. Your credit score must be high enough in order to get such SME loans. The above listed financial institutions offer business loans in Nigeria without Collateral.

Instant Online Loans without Collateral and How to Apply

In Nigeria, you can apply online and get an urgent loan in minutes through these Lenders websites. Not all online loan applications involve the use of BVN, you can get from some financial institutions loans without BVN. KwickCash offers loans without BVN. Instant online loans are very quick credit loans anyone can get. If you pay back on time and have a very good credit history with any of the financial institutions that offer quick credit loans, your loan limit will keep increasing and growing on daily basis. The fastest way to get an urgent quick loan is through financial institutions that offer instant online loans. Banks and other financial institutions that offer urgent loans in Nigeria include:

1. KiaKia Loan

Kiakia Instant Quick Loans in minutes without collateral in Nigeria
Mr KiaKia is an online financial marketplace to access and lend out personal and business capital. The platform utilizes psychometric bio-data machine and digital forensics to access individual borrowers thereby obtaining their credit scores and credit risk assessment  to provide instant direct personal and business loans to millions of individuals and SMEs without collateral within 24hrs.

2. GroFin Loan

Grofin 24hrs Instant Quick Loans in minutes without collateral in Nigeria

Grofin helps entrepreneurs succeed by providing them with business loans and business support to grow their businesses. They also provide expert advice and continuous guidance. Grofin funds loans between $100,000 to $1.5 million US dollar. If you’re seeking for loan to establish a business, Grofin loan criteria requires you to have an already established business before you can apply. You must complete an online assessment before you can apply. Click Here to fill the Online Application Form for Grofin instant online loan and receive your loans within 24hrs.

3. Fast Credit Loan

fastcredit Quick Loans in minutes without collateral for non salary earners

Fast credit offers a very quick Online Application Form, low interest rates, up to 15 months flexible repayment tenor. They were offering a maximum of 6 months but now have updated it to 15 months. They offer loans to small and medium business owners. Besides busness loans to SME’s, Fast Credit offers quick instant cash loans to employees of corporate companies.

4. Specta Loan

specta Quick Loans in minutes without collateral in Nigeria

With Specta, you can access up to 5 million naira in just 5 minutes without any collateral. Specta provides credit for all your needs. You can equally access up to 2 million naira to start your business. Specta gives loans to non-business owners and non salary earners. You can equally check your Specta Credit Score before you apply.

5. QuickCheck Loan

Instant quickcheck Loans in minutes without collateral in Nigeria

With QuickCheck you’ll never go broke again. There’s no long queues. There’s no too much documents required.
All you need is just your smartphone and the QuickCheck App. QuickCheck uses machine learning to predict borrower’s behaviour and instantly evaluate loan applications.

6. C24 Loan

C24 Instant Quick Loans in minutes without collateral in Nigeria

C24 has empowered 180,000+ customers. They offer personal and business loans. They also offer instant online cash loans to people that’re urgently in need. C24 online loan application can be completed within 5 minutes and a loan application feedback is sent back almost immediately. They have a very flexible repayment plan. C24 has a very competitive interest rate.

7. ONEFi Loan

onefi Instant Quick Loans in minutes without collateral in Nigeria

OneFi offers small credit amount to credit worthy individuals. They also have a very flexible repayment plan. Repayment schedule is between 3 – 6 months and an individual can access up to 200,000 naira.

8. Carbon/PayLater Loan

carbon Instant Quick Loans in minutes without collateral in Nigeria
Formerly known as Paylater, before it was acquired by carbon and the name was changed to carbon. With carbon, no collateral, no guarantor, no long and tedious forms required. It’s very easy to secure a loan with carbon in minutes. Their online services is available 24/7 and you will be automatically given a carbon account number where you’ll repay your loans and your disbursement will land in less than 3 minutes. When you repay on time, you’ll unluck higher amounts. Depending on your credit score, you’ll receive from 15,000 naira upwards. You can receive up to 2 million naira if you maintain a good credit history with them.

9. Aella Credit Loan

Aella quick loans in minutes
With Aella credit, you can borrow to invest, pay bills, and get health insurance. Aella supports small and medium business owners. With Aella, you can access up to 1 million naira. Aella also have a very flexible repayment schedule. They offer quick and instant loans in minutes. Whether you’ll get a loan with Aella or not depends heavily on the proprietary credit scoring algorithm that determines the creditworthiness of its users.

10. Zedvance Loan

zedvance quick loans in minutes

Zedvance offers unsecured loans up to 5 million naira in less than 24 hrs depending your credit score. no collateral required, no paper work and theirs no single hidden charges involved. Zedvance is located in Lagos and have their headquarters address in Lagos. To apply for Zedvance quick credit loan, all you need to do is

  • Create an online account
  • Select the loan package that suits your needs
  • Answer few questions
  • Receive the loan directly in your account.

Zedvance has loan packages for all purposes.

11. Lidya Loan

Lidya quick online loans in 24hrs

Lidya is a US based loan company, it offers you the opportunity to expand your business through personal and business loans. With Lidya, you can access a quick loan within minutes and get your account credited without any collateral or paper work. Lidya loans give you the opportunity to expand your business and generate more income. Lidya provides loan financing based on the cashflow in your bank account and without collateral. You can apply for Lidya loan in three easy steps:

  • Open an account
  • Select Loan type
  • receive your loan in minutes

12. ALAT Loan

alat quick loans in minutes

ALAT by WEMA offers instant and very quick loans without collateral, no documentation required and at a very low interest rates. There is no physical visitation to any place, everything is being done online and within a few minutes, you’ll receive your loan right in your account. You can borrow as much as 2 million naira with no collateral, although it all depends on your credit score. AlAT offers loans to salary earners and you’ll be able to receive a minimum of #50,000 and up to #4,000,000 within hours and will have between 3 to 24 months to pay back with only a 2% interest rate per month on a reducing balance basis

13. FairMoney Loan

fairmoney online quick loans in 24hrs

FairMoney can give you up to 500,000 naira within 5 minutes. Their repayment schedule is very flexible and no collateral is required. All you need to do is to download the FairMoney App on Google Play store, apply and get your loan within 5 minutes.

14. Lendigo Loan

Lendigo urgent quick loans in Nigeria

Depending on your financial needs, Lendigo is your go to for urgent funding for all SMEs. Not only that, if you are starting out and you are in need of Capital, the company can give you fast and flexible access to money needed to begin your dream business. The loans they offer is best suited for Traders and Marchants dealing on Fashion & Apparel, Electronics, Computing, Phones, Household items etc. If you are one, you can apply here.

15. Branch Loan

Branch urgent loans in minutes in nigeria

Branch is one of the world’s leading personal online financial institution that offers quick loans without collateral in minutes, no physical documentation is needed is required to get branch loans. Branch offers loans to bad credits i.e people with bad credit records. With branch, you can get up to 500,000 naira at an interest rate of 20% per annum. All you need to do is to visit the website and download their App.

Federal Government Small Business Loans for the Unemployed in Nigeria

Federal goverment of Nigeria offers loans through some accredited agencies. The government offers loan through Bank of Industry (BOI), Nirsal Microfinance Bank, Central Bank of Nigeria and some other agencies such as Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) All the above listed agencies and banks offer small business loans to Nigerian citizens.


SMEDAN is simply Small and Medium Enterprises Development Agency of Nigeria. It’s backed by the Federal government to provide quick and easy loans to Nigerian SME’s. The agency has a mandate of helping Nigerians who intend starting small businesses. They also provide expert advise and training to business owners that’ll help them run their business. All you need to do is login/register and fill the Online Application Form


This is a federal government Covid19 loan, to help youths. This loan is a loan given by CBN through Nirsal Microfinance bank. It is an initiative of the federal Ministry of youths and Sports backed by the federal government. It’s an online loan application that involves no collateral or paper work. It’s is initiated by the Federal government to help Nigerian youths get funding for their businesses both startup and already running business. They offer loans of between 250,000 thousand to 3 million naira, with a very low interest rate. Their repayment schedule is very flexible and the always give a moratorium of 1 year. The interest rate is just 5% for a minimum of two years. This is the best loan anyone would like to receive because it’s almost like interest-free loans. To apply for NYIF loans all you need are:

  • Personal details
  • BVN
  • CAC business Reg. cert. (Not compulsory but gives and edge)

To login, register, or check application status of NYIF, visit the NYIF Portal

Bank of Industry (BOI)

bank of industry non salary online loan

This is a Federal government Special Intervention Fund for SME;s. The Fund is a Federal Government of Nigeria initiative to provide subsidized loans to Micro, Small and Medium Enterprises (MSME) at single digit. The interest rate is an all inclusive rate of 9% per annum. The Fund is also to cater for applications received from SMEDAN under the National Enterprise Development Programme (NEDEP) Scheme. To apply, you’ll need to first of all register. Visit the Application Portal to register and apply for loan.

Microfinance Bank Loans in Nigeria

A good number of Microfinance banks offer loans with a very competitive interest rates. The best microfinance bank loan is Nirsal Microfinance loan with an interest rate of 5% per annum. Below are a list of microfinace banks that offer loans to individuals.

Nirsal Microfinance Bank

Nirsal Microfinance Bank is known for investing in innovative ideas, skills and talents of Nigerian youths. They support small and medium business owners. They help SME’s to thrive in their various businesses. They offer expert advise and training to benefactors in order to help them make proper use of their money. CBN issues loans through Nirsal Microfinance Bank. To apply, visit the Application Portal

AB Microfinance Bank

AB microfinance bank loan offers entrepreneurs the opportunity to access very quick loans in a transparent and efficient environment. They issue loans from a minimum 15,000 naira to a maximum of 5 million naira at very competitive interest rates. You must not have an account with AB microfinance bank before you can access their loans. Their loans require you to present a collateral such as household goods, business equipment, goods in stock, vehicles, property etc.

The above listed collateral depends heavily on the loan size. The microfinance bank has a very flexible documentation process and upon completion of the necessary documentation, you’ll receive your loan within 3 working days. To apply, you’ll need to visit the Application Portal

LAPO Microfinance Bank

LAPO means “Lift Against Poverty Organization”. LAPO Microfinance Bank provides a wide array of direct lending solutions, both group and individual, and specialized lending products such as asset-based lending. In LAPO microfinance Bank, you can access up to 15 million naira with an extendable duration of 12 months. LAPO microfinance loan application can be done online. SME’s can visit the Application Portal to apply.

Loan Credit Scores for Different Amounts

A credit score is a number between 300-850 that shows if a borrower is credit worthy or not. Higher credit scores creates room for higher chances of securing a loan. It is based on credit history, number of operational accounts, total debts incurred, repayment history, and other factors.

 Loan Amount Credit Score
$500 300
$1000 300
$2000 400
$3000 500
$5000 600
$10,000 800+
$20,000 800+

USSD Codes for Loans in Nigeria

USSD codes are short codes that can be easily dialed on phones, tablets or laptops in other to access a particular service. These short codes can be dialed at the comfort of your homes. They’re the quickest way for self service.

Financial Institution Loan USSD Code
Kwikcash *561#
First Bank Advance loan *894*11#
FCMB Fast Cash loan *329*11#
GTB loan *737*51*51#
Access Bank Payday loan *901*11#
Zenith bank loan *966#
Fidelity Bank loan *770*08#
Polaris Bank Payday loan *833*12#
Union Bank loan *826#
Unity Bank loan *779#
UBA loan *919#
AB Microfinance Bank loan *389*755#
Accion Microfinance Bank loan *572*6#
Quick teller loan *326#
Inter-switch loan *322#
Airtel Quick Cash *561#
ALAT Quick loan *945*100#
Carbon loan *1303#
Fairmoney loan *322*2#
Trader Moni *540#
Paga loan *242#
Payattitude *569#


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Comments (8)



  2. Chinomso Chibueze

    I need quick loan to start up a business

  3. Maryam Abubakar Omar

    I need to start a business

  4. Shittu ayobami babatunde

    I need quick loan to start up a business

  5. Anthonia Edung

    I need a loan urgently to boost my business

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