Top Ways to Get Loan in Nigeria without Collateral

Top Ways to Get Loan in Nigeria without Collateral

Are you currently in a tight corner and need money urgently? Do you have a pressing need and need a loan to sort yourself out? Do you need a loan without collateral? Here are the Top Ways to Get Loan in Nigeria without Collateral.

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Simple Reasons Why you may need a Loan

Running out of money or being broke on a particular day is no news but not being able to sort yourself out when such need raises might make the news which is why I will be showing you some very simple and easy ways to get a loan to safe the day when pressing needs arises and the boss or debtor is yet to pay. Meanwhile, here are some reasons why you may consider the loans.

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  • Your goods have just arrived but you are short of money to pay the driver. A soft loan can save the day
  • Your kids are sent home from school and its  just in the middle of the month
  • Your money for feeding is finished and your parents are yet to send you money
  • You can’t submit assignment because you haven’t paid for that textbook and your account balance is on zero
  • Your car just broke down and no money to repair it.

The list is endless because we all need money for one reason or the other and no matter what the reasons are, it is very important to sort it out and here are some loan options to help you out.

Top Ways to Get Loan in Nigeria without Collateral

The loan options listed here starts with the easiest option the semi easy option.

  • Carbon(Paylater)

Carbon popularly known as Paylater is an instant loan option you can explore to get Loan in Nigeria without Collateral. This requires just installing their mobile application and filling out a very short form and finally add your account number to request a loan. The app will usually require you to turn on your location indicator on your phone and also take a selfie before requesting for a loan.

Carbon usually gives its first timers between three thousand Naira(N3,000) to ten thousand Naira(N10,000) and a repayment period of 1 month or weekly option payment is given for the customer to choose from with 30% interest. You can get up to a hundred thousand if you can upload your statement of account.

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  • Branch – Personal Loan App

Branch is another easy to use loan app which allows you to get a loan instantly without Collateral. This app follows the same principle as carbon above but offer very low amount to new users. Usually from one thousand Naira(N1,000) to two thousand Naira(N2,000) and you are usually credited instantly with weekly payment option or monthly.

Top Ways to Get Loan in Nigeria without Collateral

  • FairMoney

Just like the name, this app is not too different from the two above because they work with the same requirements and you can get a loan instantly with their minimum amount starting with One thousand five hundred(N1,500) to fifteen thousand Naira (N15,000). I can’t say if higher amount is available but you can sure give them a try.

  • KwikCash by Etisalat, Mtn and Glo

This loan option is only available to Etisalat, mtn and glo customers and it can be accessed from any phone with the above network lines inserted just by dialing *561#, then follow the instructions. The amount you can request using this option largely depends on how active your etisalat line is and how often you recharge. The loan amount can go from one thousand Naira(N1,00) to one hundred and fifty thousand Naira(N150,000) and you are required to payback within fourteen days(14 days) with an interest of five percent to fifteen percent (5% to 15%)

  • Quickteller Loan

Quickteller is a popular name in the Nigeria banking industry but am sure not many people know they offer short term loan. Quickteller offers soft loans ranging from one thousand (N1,000) to ten thousand(N10,000) Naira to registered members. To request for this loan, you are required to visit quickteller website and complete a very short registration form and also add your account details and then click on the request a loan form. After filling out the form, you will be required to wait for few minutes for eligibility check and then the amount you are qualified for will be displayed for you to proceed. The loan is offered at 14% interest rate and 14 days repayment period apply. You can also dial *322*6# from your airtel line to access this loan.

Other Ways to Get Loan in Nigeria without Collateral

Apart from the 5 options listed above, most banks now offer loans without collateral and some of the banks includes;

  • FCMB Quick Loans

This loan can be accessed from any mobile phone by dialing *329# provided you have an FCMB account. You can request up to a hundred thousand Naira using this option.

  • GTBank Quick Loan and Salary Advance Loan

Guarantee Trust bank popularly known as GTB also offers soft loans to its customers at different levels with quick loan or salary advance loan options. While the quick loan is available to almost all customers, the salary advance loan is only available to customers who operate salary accounts. To be eligible for quick loan at gtb, you are required to maintain a minimum balance of fifty thousand Naira(N50,000) for a period of six(6) months before you can be granted the loan. Applying for any of the loan can be done from the comfort of your mobile phone by dialing *737# or using *737*51*51#. The payback period varies from a month to many months depending on amount. You also have the option of paying back before time by dialing *737*51*52#. 1.75% interest rate applies per month for this loan.

While there are other loan options available to Nigerians, I have taken to outline this few and will continue to update you as more flexible options energies.

Have you used any of these loan options? What was your experience with them? Please do share with us using the comment box below so that others can learn from your experience.

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About Charbens Benedict

Thank you for following my blog; I am Charles Benedict Anosike, I hold an ND in Computer Engineering and HND in Telecommunication Engineering. Updatefly is a blog dedicated to sharing all forms of educational and interesting topics and its purpose is to make sure you get the best and nothing less.

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