Top 10 Banks That Offers Instant Loans Without Collateral In Nigeria

Are you a business owner or salary earner that wants to take a loan from a bank but don’t have collateral? Do you know that there are banks that offer unsecured loans? Well! If you don’t know, no worries! You’ve landed on the right article, we’ll put you through shortly.

Due to the increasing economic hardship in Nigeria many small scale business owners are always looking forward to taking a loan from the bank to boost their businesses. But the major challenge they normally face is lack of collateral to secure the loan because most banks require a borrower to present collateral before they can take a loan.

In light of the above, many business owners & salary earners have suffered setbacks because they don’t know that there are banks that offer loans without collateral and that’s why we’ve designed this write up to keep you updated on the list of banks that offer loans without collateral and the maximum amount you can borrow.

Let’s go through it together.

Overview Of Collateral Free Loans

Collateral free loans which are also called unsecured loans are loans that are offered by financial institutions without the need to present any property as a collateral.

Interestingly, many traditional banks and fintech companies offer unsecured loans unlike in the previous decades where it was impossible to secure a loan without collateral.

However, before you’ll be able to get a secured loan from a bank, you’re expected to meet certain eligibility criteria but this is not fixed because it normally varies depending on the bank you’re operating. 

Additionally, before you opt for a loan from your bank, you need to understand their terms like repayment plan and interest rate to know if it is okay by you or not.

Requirements To Secure Collateral-Free Loan

Before you will be able to get an unsecured loan, there are eligibility criteria that you’re expected to meet. 

However, these requirements are not fixed because different banks have their own requirements but some of the requirements that are common among the banks include:

• The intended applicant must have a good credit score.
• Your debt-to-income ratio must be minimal.
• You must have a steady and regular source of income.

List Of Banks In Nigeria That Gives Loan Without Collateral

There are many traditional banks in Nigeria that offer loans without collateral, they include:

1. GTBank

The GTBank instant loan without collateral is called ‘’Quick Credit’’.

GTBank is one of the leading commercial banks in Nigeria that offer unsecured loans to their customers through their Quick Credit scheme. The loan is designed to help their customers to meet their urgent financial needs.

• Maximum loan amount: Up to N5 million.
• Interest rate: 1.66%(monthly).
• Repayment plan: 12 months.
• QuickCredit code:  *737*51*51#.

2. First City Monument Bank [FCMB]

The FCMB instant loan is called ‘’FastCash’’.

The bank is widely known for offering convenient financial services to their esteemed customers in Nigeria hence standing them out among their contemporaries. It is popular for offering collateral free loans to those banking with them both salary and un-salaried customers.

Types Of Loans Offered By FCMB

FCMB is know to offer different kinds of loans, they include:

• Premium salary loan
• Auto loan
• Salary top-up loan
• Fastcash loan.

Maximum loan amount: Up to N200,000.

Interest rate: 8% for salaried customers & 15% for non-salaried customers.

Fastcash code: *329*11#.

Repayment plan: Varies.

3. Wema Bank

The Wema bank instant loan is called ‘’Personal loan’’.

Wema is one of the fastest growing commercial banks in Nigeria. It has good customer relationships which has enabled them to increase their customer’s base over the years. They also offer unsecured loans to their customers.

Maximum loan amount: Up to N2 million.

Disbursement duration: About 48 hours.

Repayment plan: Not fixed

Interest rate: Varies.

4. First Bank

The first bank instant loan is called ‘’FirstCredit’’.

Unarguably, First bank is one of the most popular commercial banks in Nigeria with more than 10 million active customer base. They offer different financial services to their teeming customers including instant loans.

Maximum loan amount: Up to N300,000.

Repayment Plan: 30 days.

Interest rate: 10%.

FirstCredit code: *894#.

N/B:

First Bank also offers FirstEdu loans to private schools that have a Corporate Affairs Commision(CAC) certificate. 

5. Fidelity Bank

Another popular commercial bank that offers instant loans in Nigeria is Fidelity bank. One good thing about Fidelity bank is that they offer loans to both their customers and non-customers which can’t be seen in another traditional bank.

They are widely known for offering unsecured loans without any form of documentation. The loan is disbursed under their scheme called Fidelity Easy Asset Leasing Scheme(FEALS).

Loan code: *770*08#

Disbursement duration: About 48 hours.

Maximum loan amount: Not fixed.

Interest rate: Varies.

Repayment plan: Not fixed

6. United Bank of Africa(UBA)

If you’re a salary earner looking forward to taking a loan, UBA is an option to consider because their ‘’No Wahala Loan’’ is designed to support low salary earners with a flexible repayment plan.

With this UBA loan, you take care of your urgent financial needs and offset your bill because it is aimed to give you financial peace because the repayment is really flexible.

Maximum loan amount: No fixed.

Interest rate: Varies.

Repayment plan: About 60 months (very flexible).

Loan code: None.

7. Access Bank

The Access bank instant loan is known as ‘’QuickBucks”.

Access bank is one of the popular and most successful commercial banks in Nigeria. Because of their good financial services, their customer base has continued to grow which has led them to acquiring other financial banks like the defunct Diamond bank among others.

They are known to offer different financial services to their esteemed customers including collateral free loans.

Loan code: *901*11# or *426#.

Maximum loan amount: Not fixed.

Repayment plan: About 36 months(3 years).

Interest rate: Varies.

8. Stanbic IBTC

This is one of the commercial banks that offers collateral free loans to their customers. The loan is primarily designed to help parents to pay their children’s school fees and to help small scale business owners to boost their businesses by scaling it up.

Interestingly, both new and existing customers at Stanbic bank can access this loan without tedious documentation.

9. Sterling Bank

The Sterling bank instant loan is called ‘’Specta’’

Sterling bank is one of the growing commercial banks in Nigeria that is committed to giving their esteemed customers financial peace of mind through their loan scheme.

The loan scheme is designed to help salary earners, business owners to meet their urgent financial needs. The loan can be accessed without collateral or any form of paper documentation. It is pretty easy to get the loan within a few minutes.

Disbursement duration: About 5 minutes.

Maximum loan amount: Not fixed.

Interest rate: Varies.

Repayment plan: Varies

10. Providus Bank

The Providus bank instant loan is called ‘’Salary Advance’’.

Although Providus bank is not  popular like other aforementioned commercial banks, if you want to take a loan without collateral, it is also an option to consider.

One good thing about this bank is that as a salary earner, you can borrow up to 50% of your salary for the maximum of three months. The only restriction is that you must be a salary earner and you must have a functional account with Providus bank.

Maximum loan amount: Up to 50% of your three months salary.

Repayment plan: Not fixed

Interest rate: Not fixed.

Disbursement duration: Varies.

Summary Of Banks That Offer Collateral-Free Loan

The banks that offer unsecured loans are summarized in the table below.

S/N	Banks	Loan Name	Maximum Loan Amount	Repayment Plan	Interest Rate	Loan Code
1.	GT	QuickCredit	N5 million	12 months	1.66%	*737*51*51#
2.	Wema	Personal loan	N2 million	–	–	–
3.	UBA	No wahala loan	–	60 months	–	–
4.	Fidelity	FEALS	–	–	–	*770*08#
5.	Access	QuickBucks	–	36 months	–	*901*11# or *426#
6.	First	FirstCredit	N300,000	30 days	10%	*894#
7.	FCMB	FastCash	N200,000	–	8% & 15%	*329*11#
8.	Sterling	Specta	–	–	–	–
9.	Stanbic IBTC	–	–	–	–	–
10.	Providus	Salary advance	–	–	–	–

Conclusion

There are many commercial banks that offer collateral free loans to their customers. These loans are designed to enable the borrowers to meet their urgent financial needs.

However, each bank has its own terms and conditions like interest rate, repayment etc. Hence it is best to read and understand these terms before opting for the loan. Please remember to borrow and spend responsibly to avoid going into debt.