Top 20 Websites That Gives Quick Loans Without Collateral In Nigeria

In Nigeria, there are several ways to get an urgent or quick loan. With the increase in digital services financial platforms that offer quick loans, you can now get a loan in less than 24 hours or even less than five minutes on loan apps.


Fintech companies in Nigeria have emerged to offer people instant online loans in Nigeria, making it easier than ever to obtain an instant online loan.

It is nearly impossible for most Nigerians to obtain formal consumer or small business loans from the big banks since they do not have any credit history.

Thanks to Fintechs, Nigerians now have access to loans without collateral – free quick loans in Nigeria without having to go to a bank or fill out paperwork.


Credit scores are used by lenders and other financial institutions to determine which consumers qualify for loans, at what interest rate, and up to what credit limit.

We have compiled a list of the top 20 Websites that provide fast cash/quick loans without collateral in Nigeria.

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Types Of Loans

1. 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.

2. 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.

3. Student Loans

Student loans are meant to pay for tuition, fees and living expenses at accredited schools.

This means that you generally can’t use student loans to pay for specific types of education, such as coding bootcamps or informal classes.

4. Mortgage Loans

Mortgages help you finance the purchase of a home, and there are many types of mortgages available.

Banks and credit unions are common mortgage lenders; however, they may sell their loans to a federally-sponsored group like Fannie Mae or Freddie Mac if it’s a qualified mortgage.

Quick Loans

20 Websites That Gives Quick Loans Without Collateral In Nigeria

1. Carbon/Paylater

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.

2. Branch

Branch Loan is another platform that offers quick online loans in Nigeria. You can get access to loans from ₦1,000 to ₦200,000 within 24hrs, with a period of 4 to 40 weeks to pay back.

It is arguably regarded as one of the most reliable loan apps in Nigeria because of its mode of operation. Its interest rate rages from 15% to 34%.

As a borrower, you don’t need any collateral or income-generating assets to get a loan.

Interest rates are determined by a number of factors, including the lender’s repayment history and the cost of lending for Branch.

Branch has made it easy for Nigerians to access loans from anywhere in the country without physical engagement or collateral.

3. Loanspot

Loanspot is one of the leading loan apps in Nigeria that provides users with instant loans.

The goal of this platform is to make it easier for businesses, entrepreneurs, and everyday individuals to have access to credit that would enhance the quality of their livelihoods.

On this note, they design this platform to connect you with several lenders across Nigeria by giving you the power to compare loans from different lenders in minutes.

The amazing thing about this platform is that you will always get a lender to meet your needs.

They prototype this platform using the marketplace model. Just like Uber, which helps you get access to cost-effective transportation with a button click, Loanspot exists to help you get access to credit options at a cheaper rate.

In fact, at the time of this article, Loanspot has helped over 180,000 individuals get access to information on credit products.

4. Renmoney

Renmoney is one of the loan companies in Nigeria that provides micro-business loans up to N4 million.

To get a Renmoney SME loan, your business must have a good income statement history and can boast of regular monthly earnings for repayments.

The minimum loan amount is N100,000 while the interest rate is 2.8% per month.

For capital-intensive businesses like in the case of a real estate company in Nigeria, the platform also makes their process of getting access to funds quick and easy.

5. Aella Credit

Aella Credit is a loan app in Nigeria designed to help employees access more funds between 1,500 to 700,000 and an interest rate between 4% – 29% monthly.

Aella Credit is available in Ghana, Nigeria, and the Philippines. Like other platforms, the Bank Verification Number is one of its requirements. Its loan tenure spans between 1 to 2 months.

6. Fairmoney

FairMoney is a licensed loan app that offers quick loans to cater for needs like bill payments.

It requires your Bank Verification Number and your debit card to obtain a loan (from ₦2,500 to ₦150,000).

Loan interests on FairMoney start at 5% and can grow up to 28% depending on how much you are borrowing. Also, it runs a loan term duration of 4 – 26 weeks.

If you pay back your loan before the due date on FairMoney, you’d repay at a reduced interest rate.

7. Migo, formerly Kwikmoney

Formed out of a partnership between companies, banks, and other technology companies, Migo loan is a platform where you can get a quick loan in Nigeria. With your Bank Verification Number (BVN) and your account number, you can access up to N500,000 instant collateral-free loans.

You can access Migo’s lending services their web interface, or the loan app. If you don’t own an internet-enabled device, you can use the Migo USSD code.

You can check out this post to see the USSD code for loans in Nigeria.

Depending on how much money you borrow, Migo charges 5 – 15% on loans and you have to repay between 14 – 30 days.

It provides innovative financial services to the financially underserved mass retail segment. It’s a simple, digital-finance-management platform that provides fast cash loans to help cover unexpected expenses or urgent cash needs.

8. Kiakia

KiaKia Loan is a platform where you can get a loan in Nigeria as an individual or a business.

Backed by Sterling Bank Plc, the lending platform also allows savers to lend out funds at negotiated interests through intuitive conversations.

Its minimum loan amount starts at N50,000 with an interest rate of 3.5% per month.

RELATED: 15 Best Bank Loans In Nigeria Without Collateral

9. Social Lender

Social Lender is a lending solution based on social reputation on mobile, online, and social media.

It bridges the gap of immediate fund access for people with limited access to formal credit.

With its own proprietary algorithm to perform a social audit of the user on social media, online and other related platforms, Social Lender gives social reputation score to each user.

10. Lidya

Lidya is one of the leading loan companies in Nigeria. It launched in November 2016 with a mission to close the credit gap, both in Nigeria and across emerging markets.

Businesses seeking a loan at Lidya can do so online or via their mobile phone and get a decision within a few hours pending all requirements are satisfied.

The loan amount at Lidya ranges from N150,000 and above with an interest rate of 3.5% per month.

11. QuickCheck

QuickCheck provides up to NGN 500,000 instant loan online in minutes in Nigeria. As a first time user, however, you can only access up to N10,000 for a period of 30 days.

Their repayment terms state that early repayment of loans guarantees lower interest rates and higher amounts. Additionally, interest on loans is only paid for the number of days you use the loan.

Like other loan platforms, QuickCheck requires your BVN for security and verification purposes; and bank account number for disbursal of your approved loan.

Quick Loans

12. Fint

Fint Loan grants you access to affordable loans. This is one of the loan companies in Nigeria that gives you the opportunity to borrow at as low as 2% monthly for your rent, medical bills utilities, school fees for yourself and your co-workers once you register your company on the FINT employment model.

13. Jumia

This is a quick cash loan platform created by Jumia to provide users with instant loans. Jumia loan can be accessed from the JumiaPay Android app on Google Play Store.

All you have to do is to download the app, go through the ‘financial services’ section, and provide your details. Once your request is approved, you’ll get your loan without collateral. The next time you’re wondering how to get a loan, you might want to consider Jumia loan.

14. Opay

Mainly known as the Okash loan, this is a lending platform owned by the tech giants – Opera. They have positioned themselves as one of the reputable loan companies in Nigeria today.

To get an instant loan, all you have to do is to download the Okash mobile app, open an account, provide you details, and wait for the approval. You’ll get your loan within 24hrs.

15. GroFin

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.

16. Specta

Specta is an online lending platform that gives you loans of up to 5 Million in one transaction all within 5 minutes! No collateral, no paperwork and no visit to any office. With Specta, you can take care of urgent personal and business needs anywhere, anytime.

Specta has 2 loan products, MySpecta which offers individual loan services and Specta4Business which provides quick and accessible loan for corporates and business owners.

17. FastCredit

FastCredit offers business loans to micro, small and medium enterprises to support business growth. The loans are backed by guarantors and are for a maximum tenor of 6 months for business owners that meet the criteria.

Aside from business loans, they also offer simple and fast ‘all-purpose’ cash loans to employees of corporates such as the banks, TELCOs, Insurance/other financial institutions, FMCGs, Pharmaceuticals, Aviation, Oil and Gas employees etc to enable them urgently meet their consumer needs.

18. C24

C24 Loan is another platform where you can get an urgent loan in Nigeria. Their application form can be completed within 5 minutes after which application feedback is sent to you almost immediately.

They have a flexible repayment structure which means you don’t have to break the bank to pay back.

The loan platform claims to have empowered over 150,000 customers with credit facilities of over NGN 5 billion.

19. Zedvance

Zedvance is a consumer finance company that provide instant online loans to individuals in Nigeria.

They also give credit to groups and offer Point of sale finance for consumer goods and appliances in partnership with retailers across Lagos.

Zedvance offers two primary loan products. Moneypal and salary loans.

Salary earners can access loans of up to N5million and payback in up to 18 months.

20. PettyCash

Pettycash provides customers access to instant online loan in Nigeria anytime and anywhere in Nigeria.

This company offers a fully digital experience by providing instant online loan in Nigeria to salary earners.

Either through their employer or individually. Their loan products include Federal staff loan, personal loan, pettycash+, bankers loan, NYSC loan and market women loan.

Quick Loans


It’s usually the lender who specifies the criteria for a loan. To find out what the criteria are, visit their website and read the terms and conditions of the loan you’re interested in. Borrowers are typically required to meet the lender’s requirements based on income, credit history, assets, and collateral.

Yes, you can get a loan in Nigeria without providing any collateral, just go through the list and choose a preferred lender.


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