Top 17 Quick Loan Websites/Apps That Give Loans Without Collateral in Nigeria


There are tons of online quick loan websites/apps that provide loans without collateral in Nigeria. At some point in time, you must have been turned down by your bank account manager for not having collateral to back up your loan request. This is often the case in Nigeria and almost every part of the world. However, with the advent of fintech companies in Nigeria, it has become much easier getting a loan without having to provide a collateral. Interesting still is the fact that you do not need to visit any physical address to get your loan approved and disbursed to your bank account.

You might also be interested in TraderMoni, Nigeria’s interest-free loan scheme that grants loans to young entrepreneurs and petty traders.

In this post, we have highlighted 17 Quick Loan Websites/Apps That Give Loans Without Collateral in Nigeria.

What is a Loan?

A loan is an operation whereby a financial institution – be it a bank or another financial institution – makes a certain amount of money available to the applicant. With the loan, acquired facilitated capital also assumes the obligation to repay the capital in a period of time set plus commissions and interest agreed with the financial institution. The capital and interest will be returned in a number of installments that can be monthly, quarterly, semi-annual or annual, as determined in the said contract signed before a notary.

What is Quick Loan?

Quick loans are a type of consumer credit that is contracted for relatively moderate amounts of money in exchange for more unfavorable payment conditions, that is, in exchange for higher interest rates. Quick loans are a type of loan that does not usually involve the payment of opening fees but the interest that is applied ranges between 20 and 25% Annual Percentage Rate (APR). Its repayment period is usually around two years.

Online Quick Loan Websites/Apps Without Collateral in Nigeria

Below is a list of quick loan providers that offer loans without collateral in Nigeria:

  • Branch

Branch is one of the most popular quick loan providers in Nigeria. Branch offers loans from ₦1,000 to ₦200,000. Loan terms range from 4 – 40 weeks. Interest ranges from 15% – 34% with an equivalent monthly interest of 3% – 21% and APR of 33% – 261%, depending on your loan option. With Branch, there are no late or rollover charges and does not in any way require collateral. Interest rates are determined by a number of factors, including your repayment history and the cost of lending for Branch. You can get a loan within seconds on Branch. To do that, CLICK HERE.

  • Paylater (Carbon)

Paylater is no doubt the most popular quick loan platforms that provide short term loans in Nigeria. Paylater offer loans that help in covering unexpected, urgent expenses, as well as urgent cash, needs to individuals. Paylater, now referred to as Carbon offer individuals fast and quick loans without collaterals and guarantors. Carbon, or Paylater off loans ranging from N10,000 – N1,000,000! To get an instant loan on Paylater, CLICK HERE to download the app.

  • QuickCheck

QuickCheck is a Fintech startup organization that provides soft, quick loans to individuals without the wherewithal to adequately borrow from the bank. Individuals can access loans up to N30,000 or more, depending on their credit rating. Loan approval with QuickCheck takes within 24 hours, does not require paperwork and guarantors. To use QuickCheck, CLICK HERE to its app to your phone.

  • Palmcredit

Palmcredit is one of Nigeria’s quick loan providers with loans ranging from N2,000-N100,000 within minutes on your mobile device. Similar to others, Palmcredit does not require either collateral or guarantors. It offers business and individual loans. Palmcredit is available on the Google Playstore. You can as well CLICK HERE to download.

  • Aella Credit

Aella Credit is quite popular and known in the quick, soft loan industry in Nigeria. Aella offers loan services to both individuals and employees in their network at fairly competitive rates. For employees seeking to access Aella Credit loan facilities, they must provide their name and employee ID number. Approvals take less than 5 minutes. Employers can also sign up their companies to be part of the Aella network. Individuals do not need to provide employee ID when applying for loans. Aella is available on Google Playstore. To download Aella, CLICK HERE.

  • KiaKia

Kiakia loan platform is unique for many reasons; it is a digital, web-based money lender that offers personal and small business loans in real-time with the help of a virtual agent! Registration is free and easy and guided by a virtual, intuitive agent known as “Mr. K”. Kiakia utilizes big data, machine, psychometry among a host of other things to determine credit scoring of prospective borrowers. Users can build their credit score with Kiakia based on their activity on the website, as well as their financial behaviour as determined by ‘Mr K’. To get started with Kiakia, CLICK HERE.

  • KwikMoney

KwikMoney is a fully automated loan service platform that allows individuals and businesses to borrow without collateral or documentation. With KwikMoney, anyone can access loans ranging from N500-N500,000 instantly. However, most first time users with KwikMoney access smaller loans at first and allow individuals to access higher loans as they build their trust and make repayments before due dates. Kwik interest rates range from 5-15% while loan tenors range from 14-30 days. To get started with KwikMoney, CLICK HERE and follow the instruction or dial *561# from your mobile phone and choose ‘request loan’.

  • Sokoloan

Sokoloan is an online, app-based money-lending platform that grants short-term loans to businesses and individuals so as to fund or take care of their urgent financial needs. Using Sokoloan is pretty much straightforward; prospective borrowers are required to download the app and have their loans right in their bank account within minutes. To download the Sokoloan app, CLICK HERE to get started.

  • FairMoney

FairMoney is an app-based loan platform for Nigerians to access loans anywhere in Nigeria. FairMoney loans vary, depending on your credit score and range from ₦2,500 to ₦150,000 with loan term durations of about 4 – 26 weeks and equivalent monthly interest which ranges from 5% – 28%. Monthly installments of 1, 2, or 3 months are allowed, depending on the amount while returning customers can access as much as N150,000. Using FairMoney is simple, start by downloading the APP HERE and have your loan hit your account within 10 minutes!

  • Quickteller

Quickteller is no doubt popular in Nigeria. Widely known as a financial digital service platform where various transactions such as bill payments, airtime recharge, receiving and sending of money, etc. are done, the robust platform has found reasons to expand its services to granting quick, soft, collateral-free loans. Frequent Quickteller users can now access instant loans to meet their urgent financial needs. Individuals can access up to N50,000 using Quickteller and have their loan request approved and the cash in their account instantly. To use Quickteller loan service, CLICK HERE or dial *322*6# directly from your phone to get started.

  • KwikPay

Kwikpay is an online loan service designed to cater for people who are gainfully employed and individuals with personal businesses that generate regular income. With Kwikpay, one can access a loan ranging from N10,000-N2,000,000! Collateral is not required and loan tenors range between 30-180 days. Credit amount and loan tenor is determined by one’s monthly salary. Kwikpay is presently available to residents of Lagos, Ekiti, Ogun, Oyo, Ondo, and Osun – South Western states in Nigeria. To use Kwikpay, CLICK HERE.

  • Pettycash

Pettycash is a robust lending firm with customers in all 36 states in Nigeria. Pettycash offers a full digital experience, meaning you get an instant loan once your loan is approved. Its robust loan products caters for Federal Government staff, salary earners, and a loan type specially designed for bankers in Nigeria. Pettycash’s maximum loan amount to any business or individual is N50,000, regardless of your earning; which means individuals targetting higher amounts might not find Pettycash convenient. Another thing worthy of note is that Pettycash only offer loans to salary earners. To get a Pettycash loan, CLICK HERE.

  • 9Credit

9Credit is an app-based lending platform that offers swift, short-term loans of up to N100,000 to individuals without any collateral. With 9Credit, individuals can get instant loans without having to go through the stress of documentation. 9Credit is free and super easy to use. Repayment plans range from 7 days – 90 days. To get an instant loan on 9Credit, CLICK HERE.

  • C24

C24 is a web-based microfinance institution aimed at creating avenues for people to grasp and actualize opportunities around, most importantly by accessing funds when it is needed the most. C24’s focus is salary earners and business owners with at least 6 months on the job/in the business. Compared to others, C24 loan application is quite tedious, documentation-wise and loan amounts range from N50,000-N5,000,000 with loan term range of 3-12months. Collateral is not required in accessing loans with C24. To get started with C24, CLICK HERE.

  • Zedvance

Zedvance is a consumer finance organization with its focus on providing consumer credits to salary earners, within the private and public sector. An individual can borrow up to N5 million and get credited within 24 hours. Zedvance applies risk-based pricing to determine repayment on loans of borrowers. Salary earners with side businesses can take advantage of the facility to finance their business. Get loan approval on Zedvance requires having a salary account. Below are products and requirements offered by Zedvance:

Zedvance Loan for Salary Earners

Salary earners within the private and public sector can access up to N5m with a maximum loan term of 18 months on Zedvance. Private sector salary earners can borrow from N50,000-N5m while public sector salary earners can borrow starting from N20,000-N5m.

Zedvance Salary Earners Requirements
  • 1 Passport Photograph
  • A valid means of Identification( International Passport, Driver’s Licence or National ID card)
  • Your 6months up-to-date salary statement of account, to be sent directly from your bank to
  • Employee ID Card
  • Employment Letter
  • NUBAN Cheques or Direct Debit Mandate
  • If you are an outsourced employee or your employment has not been confirmed, you will be required to provide a guarantor who must be a permanent staff of your firm and must have capacity.
  • Oracle or IPPIS number is required for public sector salary earners.

Zedvance MoneyPal

Beyond the salary earners’ loan, Zedvance is brewing a new product called the ‘MoneyPal’ which would allow individuals to access instant loans ranging from N2,500-N10,000. MoneyPal would be available to prospect consumers via the Google Playster when it is ready.

To get a loan for salary earners on Zedvance, CLICK HERE or click here to chat with ‘Zee’ on WhatsApp.

  • FastCredit

FastCredit is a finance company that seeks to support growth in Nigeria by offering various loan types; from personal loans, public sector loans, corporate partnership loans, and SME loans.

FastCredit also offers ‘all-purpose loans’ to employees of corporate organizations such as banks, telecommunications, insurance, FMCGs, aviation, oil and gas, pharmaceuticals, etc. While there is no collateral required for this type of loan, certain documents are requested and funding takes within 24 hours. The maximum loan tenor is usually between 3-12 months. To apply for a loan using FastCredit, CLICK HERE.

  • RenMoney

Renmoney is a fintech lending institution operating under a microfinance banking license in Lagos, Nigeria. Renmoney provides personal and business loans to individuals and business owners to further grow their businesses or cater to their urgent needs. To access Renmoney loan, prospective borrowers must provide a government-issued ID card, proof of address and bank statement. Upon approval, individuals will receive their cash loans within 24 hours. Loans on Renmoney range from N50,000-N4m, with a maximum loan tenor of 18 months. To get a cash loan on Renmoney, CLICK HERE to get started.

PS: There are dangers and drastic side effects to getting loans with online loan providers also known as loan sharks. This article gives 7 reasons why you should avoid loan apps at all cost

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