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5 Steps to Get Loans in Nigeria without Collateral

get loans in nigeria without collateral

Do you know it's possible to get quick online loans in Nigeria even without collateral?

Sounds like something you can't give a second thought. But, in this post, you will see just that!

So let's go...

Why do you need loans in the first instance?

There are so many reasons which necessitate a loan application - depending a lot on the individuals' preferences.

Here are some of the reasons why people resort to loans in Nigeria:

1. To start up a business:

You need money to set up a business. But, if you can't raise the money, what are the likely possibilities?

  • Loan
  • Angel investment

If you're not willing to share a part of your business in a legal partnership, then you should get an instant loan to start up your business.

Personally, I think the best loan anyone can get, since the money is being spent on an investment which with proper planning has the potential to yield revenue to offset the loan.

2. To buy a car

If you have heard of "car loan", then that's it. It means you are borrowing the money to buy yourself or someone a means of mobility.

The money is not meant for investment.

Now, if the car is meant for you, you should also think of the recurrent liabilities that come with it before applying for the loan.

Read: 6 Most profitable handworks you can learn in Nigeria now

3. To buy or build a house

You can also get a quick loan in Nigeria to buy or build a house.

Knowing that the aggregate recurrent cost of renting a house can be costly - especially in places like Lagos and Abuja, many people resort to acquiring loans to build their own house.

It can be a wise decision for two main reasons...

  • You 'll be saving on rents
  • The house is an asset which has the potential to bring in returns

Offset a Medical Bill

The fourth reason people get loans in Nigeria is to offset medical bills that outstrips that financial strength - most importantly when they don't have health insurance.

Read: How to Get a British Passport in Nigeria

Why do banks request for collateral?

Have you ever asked why it seems a bit difficult to get a quick loan in Nigeria without a collateral?

The reason is simple:

The financial institutions lending out the money are also in for business. They want to make their own gains.

Most importantly, they want to safeguard their own business prevent bearing the ristk - in case the borrower is not able to offset the loan.

The demand for collateral by banks is like a buffer to keep the bank afloat.

Why do people quick loans without collateral?

For many people who want to borrow money online in Nigeria, there are two major reasons why they resort to quick loans without collateral.

  • The collateral can be expensive such that it outweighs the money you want to burrow.
  • They do not have the collateral
  • They can't take the risk

5 Conditions for accessing loans in Nigeria

Most of the companies above are more than ready to lend loans to individuals or small business - but only on condition of creditworthiness.

But, what does it mean to be credit worth?

  • You must have been employed with a stable source of income.
  • Valid means of identification
  • At least 18 years of age
  • Functional current or savings account in any Nigerian bank
  • Non-tax defaulter

Now, enough said...

Read: How to check if a company is registered in Nigeria

How can you can get fast cash loans in Nigeria?


Kiakia is another website which makes it possible for you to get a loan fast loans in Nigeria without having a collateral.

Kiakia request to review your credit score. So, to be granted a loan, you are most likely going to present your tax identification number and some other financial details.

That's to ensure that they only grant loans - only if when the applicant is creditworthy and to minimize their risks.

2. Paylater

Another website that burrows you money online in Nigerian without having a collateral is Paylater.

For every first loan you get on Paylater, you'll be required to pay an interest rate of %1 within the first 15 days of loan acquisition.

1. Kwick Cash from 9mobile

9mobile is telecom network in Nigeria. But aside from that, the company also makes it possible for any of its users to borrow money to the value of N100,000

But don't forget: Loans from 9mobile come with the interest rate of %10 to %20. That means, if you burrow N100,000, you will have to pay the recurrent interest of N10,000 until you can offset the loan.

to apply for a loan on 9monile, you don't have to go through a hassle. You are only requested to dial *561#


Fint is another website where you can borrow money online without a collateral.

Nevertheless, to be granted a loan on Fint, you need a valid tax identification number. That's basically to reduce the chances of granting loans to tax defaulters.

That's basically to ensure that loans are not granted to tax defaulters who would likely have a difficult time off-setting the loan.


C24 is one of the leading online microfinance institutions that make it easy for small businesses and individuals to acquire loans.

It's easy to get fast cash loans on C24 such that you only need to register on their site and you are qualified to access a loan far more quickly than you think.

And yes, neither a paper hassle nor a collateral is needed.


QuickCheck is another online money lender you should consider if you need a quick loan without a collateral standing.

QuickCheck is mostly targeted at small businesses and individuals and you can borrow up to N30,000.

For QuickCheck, the loan duration is 15 to 30 days

What are the steps to online loan application in Nigeria

To access a loan in Nigeria through any of the companies already stated, all you need to do is get registered on their website, provide your means of identification and your financial details.

If the company finds your loan application creditworthy, you will receive an email telling you that your loan application has been processed and is successful.

Have you accessed a loan in Nigeria through any of these companies?

Do you know other ways to obtain a loan in Nigeria without a collateral?

Please share your experience

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