Money Talk

How to Get A Quick Loan Without Collateral in Nigeria

Reading Time: 6 minutes

Thanks to developments in financial technology, it is now possible for individuals and small businesses to obtain a quick loan without collateral through the online lending portals and loan apps that are coming up.

You no longer need to deal with the frustrations that come with continued rejection of your loan applications by your bank due to lack of collateral or your inability to meet other stringent requirements the banks usually put on the way of borrowers.

In this post, we highlight some of the popular loan apps in Nigeria or online portals where you can get a quick loan without collateral.

But first, let us look at How it works.

Basically these websites and loan apps are products of financial technology companies (fintech) that are either operating as stand alone or in collaboration with your regular commercial banks and other financial institutions.

Built around artificial intelligence, the portals or apps use algorithms to assess the credit standing of applicants and decide whether an applicant is qualified for a loan or not,  based on set parameters.

If approved,  an applicant’s bank account is credited with the loan amount and repayment is automatically deducted from the beneficiary’s debit card linked at the time of application.

As banks continue to make access to credit to the average borrower, loans apps and operators of quick loan without collateral platforms will continue to witness high patronage.

What you need to access loans on these platforms are:

#Smartphone or any Android device

#Data subscription

#Bank account

#Bank Verification Number

#Debit Card (ATM)

Procedure for applying and obtaining loans from mobile lenders.

  • Research online lending platforms available and decide on the one to use
  • Download the mobile application from the Google Play Store
  • Register and create a PIN
  • Login and fill out their forms
  • Supply all the information required.
  • Link your ATM card.

You will receive a communication as to whether you are qualified for their loans and how much you can get. The information you supplied will be used by the machine algorithm to determine your suitability so it is important that you are as honest as possible in filling the forms.

Once you are prequalified, you can then apply for the loans. Some platforms will disburse instantly, others will disburse within 24 hours.

On most platforms you can access minimum of N10,000 and up to N2,000,000.

Enough of the tutorial, now let’s identify some of the websites/apps that Nigeria that give quick loan without collateral.

1. Branch –  On the branch mobile app, you can access loan of between N1,000 to N200,000 with up to 64 weeks repayment period. Interests charged ranges from 14 per cent to 28 percent per annum but are generally determined by the applicant’s credit records.

Branch is a popular choice for entrepreneurs in Nigeria and Kenya for mking it possible for them to get a quick loan without collateral.

2. Palm Credit – Once you know your credit limit using the palm credit app, you can take as many instant loan as you need. Palm Credit is a virtual credit card that makes it easy for you to access loan of up to N100,000 using your mobile phone from any location. 

As you repay, your credit score improves and you are able to take more loans. You must be 18 years and above, have a valid phone number and a bank account to be able access palm credit loans.  

Two types of loans are available on the platform – airtime loan (up to NGN10,000) for airtime purchases and installment loan (up to NGN100,000) which if approved is credited directly to your bank account.

3. KiakiaKiakia means quick quick in Nigeria street language and I guess it is used by the promoters of this platform to describe how fast one can access loans on their platform.

It is a digital financial market place, kiakia Uses big data, machine learning algorithms to provide both direct and peer to peer business as well as personal consumer loans its users.

What this means that as an individual you can obtain loans from the platform as well as invest your money by lending to other users of the platform.

The interest you pay on loans depends on your credit score and can range from 0.4 percent to 0.8 percent per day.  Kiakia appeals to the ordinary Nigeria who is looking to where to get a quick loan without collateral to meet urgent personal needs.

4. Snap Credit –  Snap Credit focusses on salary earners. It provides people in paid employment with the opportunity to access cheap credit against their pay cheques and this is done completely online with little or no documentation. 

Employees apply for loans online using their mobile phone devices.  Verification is done real time and once completed, approved loan amounts are credited to applicant’s account.  Repayments are tied to employees’ salaries payments.

5. Credit Ville – Credit Ville will give you loan as long as you are between the ages of 25 and above, maintains a bank account and have a verifiable source of income.  Though everything is done online from loan application to disbursement, creditville requires that applicants for their loan reside within the states where they have offices.  Information available on their website shows that creditville operates in Lagos, Port Harcourt, Abuja, Onitsha and Benin City.

Creditville can grant between N200,000 to N2,000,000 to loan applicants for up to 12 months repayment period and interests rates charged are usually determined by the credit score. You will be required to provide a guarantor and upload some required documents to enable them assess your eligibility.

6. Paylater – This is a popular completely online lending portal that gives individuals and small businesses up to N500,000 loans without collateral.  Paylater loans are instant and you can receive your cash into your bank account in as little as 5 minutes on approval. By repaying on time, you unlock higher loan amounts at lower interest rates as your credit scores improve on their platform.

Paylater also offers investment programme through a sister app, PayVest which allows users to lock in amount as little as N50,000 for a return of as high as 15.5% per annum for a period of six months.

7. Sokoloan – Powered Soko Lending Company Ltd, a Chinese owned company based in Nigeria, Sokoloan is a simple, easy and wholly online lending platform that provides users with short term loans to help them meet urgent cash needs. Sokoloan’s focus is on helping small time business people, students, employees, and farmers to have access to quick and affordable loans without collateral to help their businesses and meet urgent personal needs as the case may be.

8. Fair Money – This app offers short-term loans to help its users deal with urgent needs, bills, business and much more.  Its loans are accessible anytime, anywhere and disbursement can be done within five minutes of loan approval. Fair Money gives personal loans, education loans and business loans, using technology to make the process instant, affordable and without hassle.

Loan amount offered by fairmoney ranges from ₦2,500 to ₦100,000 with loan term durations of 4 – 26 weeks and equivalent monthly interest which ranges from 5% – 28%. There are no additional fees for processing your loan or hidden costs.

9. ALAT by Wema Bank – This is a digital bank that is powered by Wema Bank through which users can have access to a full compliment of banking services.  Apart from account opening, savings, money transfer and bills payment, users can have access to instant loan of up to N200,000 without the usual paper work of the bank, no visitation to the bank and without collateral. Interest charged on ALAT loans are based on credit score.

10. Aella Credit – Focused on employee lending, Aella Credit uses a credit scoring algorithm to process applicants’ eligibility for a loan by considering social, demographic and debt/income ratios.  Aella can give loans without collateral of up to NGN100,000 at an interest rate of between 4 percent to 29 percent. The more you repay your loan on time, the more you are qualified for a higher loan.

11. FintFint partners with institutions like Vetiva, First Bank, Old Mutual and XDS Credit Bureau to provide market place lending and enhance financial inclusion in Nigeria. On the fint app, you can borrow between NGN20,000 and N1,000,000 for a fixed term of 3 months, 6 months or 12 months and at an interest rate that is as low as 2 percent monthly.  Get the loans without collateral and pay back principal and interest monthly.

12. Quick Check –  Users of Quick Check mobile app can access up to NGN30,000 hassle free loans without collateral for a tenor of between 15 – 30 days.  This platform is a mass consumer loan app designed to reach as many financially excluded people as possible.

Online lending is disrupting the traditional ways lending is done in Nigeria. It is making access to credit easier for individual and small businesses. But with more portals and mobile apps being introduced into market regularly,  it advised that one does a thorough due diligence before patronising some of these programmes. 

Doing business online come with some risk.  

Some people have complained of inefficiency of some of the platforms out there.  There are apps that have been described as fraudulent as they will ask for upfront fees at the application stage. 

To stay safe: conduct due diligence on any platform before you are considering to use, ask questions and get referrals.  If somebody has used a certain platform and is happy,  it is a comfort; read and understand the terms and conditions, and ensure you comply with them.

As a rule, patronize the popular apps/portals. A credible institution will not ask you to part with money in the name of upfront fees. 


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Buchi provides small business owners with strategic, financial, and digital support to help them build strong, successful and profitable enterprises.

He is a Blogger at night and by day, Team Lead at Stalwart Investment Partners Ltd, a research, business and investment advisory firm.

Buchi provides small business owners with strategic, financial, and digital support to help them build strong, successful and profitable enterprises. He is a Blogger at night and by day, Team Lead at Stalwart Investment Partners Ltd, a research, business and investment advisory firm.

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