| On 1 year ago

Banks Offering Instant Loans Without Collateral in Nigeria

Years before now, putting up the title “bank loan without collateral in Nigeria” would have seemed unbelievably ridiculous. Fast forward to a few years later; we can confidently compile a list of traditional banks in Nigeria providing this service.

This is in acknowledgment of other loan organizations in Nigeria. Particularly, financial technology companies dominate the lending industry. Apparently, traditional banks have identified the need to change the narrative.

Banks Offering Instant Loans Without Collateral in Nigeria

We have other posts on platforms like Renmoney loan, Migo, Specta Loan, Branch Loan, Fint Loan, C24 Loan, Fairmoney, and Quickteller Loan where you can get an instant online loan in Nigeria. But for now, we’ll just focus on the top banks in Nigeria offering loans without collateral.

List of Banks Offering Instant Loans Without Collateral in Nigeria

Here are some of the top banks that offer loans without collateral in Nigeria:

1. First City Monument Bank [FCMB] Limited

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. You can read about FCMB here.

2. WEMA Bank

Operating a Salary Current account 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.

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.

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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. You can see how to get a loan from Zenith bank here.

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. 

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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. 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.

8. 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.

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. 

Frequently Asked Questions

The most frequently asked questions include:

1. What do banks check before giving a loan?

Most banks start by checking your credit rating and history. Depending on how shinny or poor it is, they then make a decision on your loan application. However, they also consider other factors like your income, place of work, assets, net worth, and more. The exact parameters they consider varies from one bank to another. 

If you’re in need of a platform to get loans without difficult checks, then loanspotafrica is your go-to spot. They offer legit loans with one of the most minimal background checks and qualifications. 

2. How do I convince a bank to get a loan?

You cannot exactly convince a bank to give you a loan. This is because each loan product usually has minimum requirements that you must meet in order to be successful in your application. Most times, except you’re of high net worth or have valuable collaterals to lay down as part of the bargaining chip, you can’t exactly convince a bank to give you loans. 

On the bright side, you do not need to do any convincing at all with loanspotafrica as they offer one of the easiest loans to access. 

3. How do I know if I qualify for a loan?

This information is usually found on the lenders’ website or loan qualification. All you need to do is visit their platform and check the requirements. Some advance lenders allow you to set up a profile or provide your BVN and know right away if you’re eligible for a loan or not. 

Other lending platforms like loanspotafrica have loan offers for all kinds of individuals, including those that didn’t qualify for loans from regular banks. 


Just before you obtain a loan from a bank, we recommend that you do your homework. Other than the information we have provided, you want to keep tabs on these banks to ascertain what platform suits you the best. Furthermore, you can compare loan offers from different lenders within minutes to make the best-informed decisions when applying for loan. Finally, you can check out other bank loans like the Union Bank loan and also Jaiz bank loan.

Need a loan? Kindly check out this platform that allows you to compare loans from several lenders in minutes. This would help you make the best decision for you.