Thanks to the increasing number of technology-driven financial platforms, obtaining quick online loans in Nigeria without collateral is now feasible. What’s more interesting is that these loans are low-interest, collateral-free, and can be gotten within 24hrs or just a few minutes.
With technology, former financial services institutions are now experiencing disruption with innovative digital services that are making the process of getting loans in Nigeria more simple and convenient.
In no particular order, we shall examine some of these lending companies leading the loan space. We have, however, generated the list below based on dominance and acceptability by the general populace:
Platforms Granting loans in Nigeria without Collateral
1. 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.
To learn more about how you can get a loan from Renmoney – the requirements, repayment, and so on, read this post.
2. Carbon
Formerly (and popularly) known as PayLater, Carbon is a loan app that gives you access to a loan in minutes in Nigeria. The 3-year old lending app prides itself as “a simple digital finances management platform” that provides quick loans to help you cover urgent and unexpected cash needs.
The platform accesses your Bank Verification Number (BVN) to determine your loan worth. Its loan amount is up to N20 million while interest varies.
Carbon is available on web and mobile apps (Android and iOS). Their rates range from 5 – 15%, and this depends on the loan repayment period and the amount of money you wish to borrow.
Apart from being one of the top loan companies in Nigeria, Carbon provides a platform that allow its customers to recharge airtime, transfer funds, and pay bills.
3. Branch
Branch 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 platforms where you can get an online loan because of its mode of operation. Its interest rate rages from 15% to 34%.
As a borrower, you don’t need any collateral 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.
4. Aella Credit
Aella Credit is an app-only platform for getting quick online loans in Nigeria. It is 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.
5. FairMoney
FairMoney is a licensed loan app that offers quick loans to cater for need 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.
6. Migo
Formed out of a partnership between companies, banks, and other technology companies, Migo 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.
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.
7. 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.
8. Kiakia
The Abuja-based loan company offers instant loans to small and medium enterprises in Nigeria. 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.
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. 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.
Early repayment of loans guarantees lower interest rates and higher amounts. Additionally, interests on loans are 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.
11. C24 Loan
C24 Loan is another platform where you can get an urgent loan in Nigeria. Their online loan application 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 payback.
The loan platform claims to have empowered over 150,000 customers with loans of over NGN 5 billion.
12. Fint Loan
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. Specta Loan
Specta loan is your source for an emergency loan in Nigeria. The company offers 3 different loan products which include:
- MySpecta – for quick loans of up to NGN 5m in 5 minutes
- SpectaScore – for checking your credit standing and forecasting your networth
- Specta4Business – for accessing business loans
USSD Codes for Loans in Nigeria
| Loan Platform | USSD Code |
| AB Microfinance Bank Loan | *389*755# |
| Access Bank Payday Loan | *901*11# |
| Accion Microfinance Bank Loan | *572*6# |
| Airtel Quick Cash Loan | *561# |
| ALAT Loan By Wema Bank | *945*100 |
| Aledin Nano Loan | *903# |
| Ecobank Xpress Loan | *326# |
| Etisalat Loan | *561# |
| Fairmoney Loan | *322*2# |
| FCMB Loan | *329# |
| First Bank First Advance Loan | *894*11# or *894# |
| Glo Cash Loan | *322*1*04225701*Amount# |
| GTBank QuickCredit | *737*51*51# |
| Interswitch Loan | *322# |
| Kwikcash | *561# |
| Migo Loan | *561# |
| MTN Cash Loan | *606*4# |
| Paylater (Carbon) Loan | *1303# |
Conclusion
There are several other channels that can be used to access loans without collateral. However, it is clear that fintech businesses are leading when it comes to accessing instant loans and answering the question ‘where to borrow money in Nigeria’ with platforms like Quickteller Loan, Page Financials and Palmcredit Loan. They have continued to improve and update their services in tandem with customer’s needs at a given period of time.
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