15 Best Bank Loans In Nigeria Without Collateral In 2023

Business loans and personal loans are both financial instruments used to meet financial obligations.


Most lenders, however, require that the loan be secured in some way prior to giving out the loan to ensure that payments are made.

Fortunately today, Nigerians can apply for quick loans without pledging collateral, since not everyone has the assets they can use as collateral. This is why collateral-free loans are very important.

Getting capital to do business in Nigeria has always been challenging.


With the easy and quick online funding options available, lenders are assessing creditworthiness and the ability to pay back within a stipulated period and may approve a loan amount according to those assessments.

In this guide, we discussed the best bank in Nigeria that offer quick loans without collateral to individuals and small business owners in Nigeria.

What Are Loans?

The term loan refers to a type of credit vehicle in which a sum of money is lent to another party in exchange for future repayment of the value or principal amount.


In many cases, the lender also adds interest and/or finance charges to the principal value which the borrower must repay in addition to the principal balance.

Loans may be for a specific, one-time amount, or they may be available as an open-ended line of credit up to a specified limit.

Loans come in many different forms including secured, unsecured, commercial, and personal loans.

What Are Collateral?

The term collateral refers to an asset that a lender accepts as security for a loan. Collateral may take the form of real estate or other kinds of assets, depending on the purpose of the loan.

The collateral acts as a form of protection for the lender. That is, if the borrower defaults on their loan payments, the lender can seize the collateral and sell it to recoup some or all of its losses.

Before a lender issues you a loan, it wants to know that you have the ability to repay it. That’s why many of them require some form of security.

This security is called collateral which minimizes the risk for lenders. It helps to ensure that the borrower keeps up with their financial obligation.

In the event that the borrower does default, the lender can seize the collateral and sell it, applying the money it gets to the unpaid portion of the loan.

The lender can choose to pursue legal action against the borrower to recoup any balance remaining.

Helpful Content: 20 Best Financial Investment Opportunities in Nigeria

Can You Get Loan In Nigeria Without Collateral

Several financial institutions in Nigeria provide small business loans and other forms of credits without any collateral.

But, you have to remember that collateral-free loans serve best as short term loans that you intend to repay at the earliest.

15 Best Bank Loans In Nigeria Without Collateral

1. ALAT Loan

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

2. First City Monument Bank [FCMB]

First City Monument Bank (FCMB) Sort Code in Nigeria

Regarded as one of the leading financial institutions in Nigeria, FCMB continues to deliver exceptional services to its customers. FCMB provides the following loans without collateral:

  • Auto Loan
  • Salary Top-Up Loan
  • Fastcash Loan
  • Premium Salary Loan

The FCMB FastCash Loan is an instant loan that can be accessed without collateral using the USSD code *329#. You can check out this post for other USSD code for loans in Nigeria.

3. Stanbic IBTC

The subsidiary of the Standard Bank Group is yet another Nigerian bank offering business and personal loans.

This is one of the banks that will grant you a loan in Nigeria without a salary account.

The terms are based on repayment between one to five years. Within this period, payment is made in monthly installments.

4. Zenith Bank

The Zenith bank loan SME Loans, Overdrafts, Receivable Discounting or Invoice Discounting, LPO Finance, Import Finance Facility, Export Finance Facility, Term Loan, Lease, Bonds & Guarantee and Retail Loans for Schemes.

For instance, the Local Purchase Order [LPO] is available to borrowing customers to finance the supply of materials.

Overdrafts, on the other hand, grant the borrower a certain amount over the credit balance in their current account.

This is set within a specified tenor, usually not exceeding twelve months. You have access to all these without the bank needing collateral.


5. Fidelity Bank

The SME-friendly bank has bagged several awards and recognitions to earn a spot in the retail banking sector.

Fidelity Bank operates a Fidelity Easy Asset Leasing Scheme [FEALS] offering business and personal loans without collateral.

FEALS is designated for the acquisition of household appliances, brand-new vehicles, generators, inverters, laptops, and the like by customers. Its minimum contribution is as low as 20% with a 48-hour approval time.

6. First Bank

Nigeria’s premier commercial bank is acknowledged with over 10 million active customer accounts.

It provides a comprehensive range of retail and corporate financial services to customers and investors across Africa.

FirstBank operates a FirstEdu loan available to private school owners who require additional funds for effectiveness.

It offers a N10M maximum loan amount with an account relationship of 9 months.

Additionally, FirstEdu is only available to private schools registered with the Corporate Affairs Commission [CAC]. There’s also the 100 student-population it takes into account

7. GT Bank

The GTBank Quick Credit is one loan option from GTBank that is very easy and super fast to get.

You get your funds to your bank account within two hours of approval. The more exciting part of this loan is that you only get to dial a shortcode to apply.

Like others, you do not require paperwork or documentation for the application. You can borrow up to N5 Million with ease using the GTBank Quick credit loan.

8. United Bank for Africa [UBA]

United Bank for Africa [UBA]UBA is associated with the popular “No Wahala Loan”, as well as Personal Overdraft.

With the former, borrowers have the jurisdiction to spend a little more on what they want.

You may need some extra cash to fix your car, pay medical bills or take care of other emergencies. How you chose to use your loan is up to you.

9. Access Bank

Access Bank Quick Bucks is a mobile app that allows you to access multiple quick and low-interest loan options from Access Bank.

All you have to do is install the Access Bank quick bucks app and commence with the process.

10. WEMA Bank

Operating a Salary Current or Savings Account makes it easier to obtain a loan without collateral from WEMA Bank.

The maximum loan amount is seven multiples of net monthly salary, subject to a maximum of N2 million.

The Wema loan operates a 48-hour loan disbursement and is only available to confirmed employees.

11. Union Bank

Union Bank offers a wide range of loans to make your vision a reality. From salary earners to entrepreneurs to pensioners, we’ve got a loan for you.

With Union Bank, you can get a loan of up to ₦15 million naira with your Union Bank salary account and pay back in a month’s time without hassles nor collaterals. Apply today.


12. 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.

ALSO READ: Paystack vs Flutterwave – Which Is Best In 2022

13. 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.

14. 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.

15. Kuda Microfinance Bank

With Kuda Bank’s overdraft, it’s possible to take quick short-term loans online without doing any paperwork. Also, you can decide to pay back at any time with just 0.3% daily interest.



You can get apply for a quick loan without any Collateral or Paperwork, be rest assured that all the Banks listed are secured and trustworthy.


Leave a Comment