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How to get loan without collateral in Nigeria for 2022

How to get loan without collateral in Nigeria

Are you in need of having money now for urgently solving one problem? Do you want to get loan in Nigeria? Regardless the amount of loan you may want or your budget, here, we will discuss with you how to get loan without collateral in Nigeria at the comfort of your home. Anytime you are stuck with financial difficulty, getting a loan is the best alternative to save out yourself if you don’t have any other means.

Loan is the process of lending money from an organization or firm with an agreement to pay back with an interest in percentage. In Nigeria presently, the interest rate of a loan ranges from 4% to 10% depending on the amount you want to get and the period which you like to pay up. Sometimes, loans are paid monthly or weekly. You can get a ten or more year loan in Nigeria without collateral if you are a business man/woman or a potential businessman/woman without having financial hope.

Before one can get a loan, in some cases, they must provide a collateral (a person who will bear the loan repayment) either from your family member, husband, wife, business partner, religious/traditional ruler, etc. In the event that you want to get a quick loan here in Nigeria without spending time to provide a collateral, here, is the best place for you. Now, let’s start to discuss how to get loan without collateral in Nigeria.

Getting someone to serve as a collateral for you nowadays is very difficult, even your family member may refuse to help you with that because things are not the way they were before, situations have changed, hence, the question came to mind, ”how can I get this loan to solve my financial problem without a collateral?”. If you have ever searched that, then don’t worry as we have shared every important thing to do that safely right here.

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With the use of technology, you can get a loan even on your bedroom conoting your alert SIM card is active by dialing a USSD code or logging in to the mobile application of your bank which can be downloaded from play store or app store.

Now, here is how to get loan in Nigeria without providing collateral and other form of documents.

How to get loan in Nigeria without collateral

To get loan without providing a collateral or a guarantor in Nigeria, there are companies and almost all banks that are majorly deliver loan disbursement services, some organizations, firms and banks which you can get loan from without collateral and how to get are listed and explained below one. If you follow the instructions and guides here, your loan will be disbursed to your bank account after the successful application.

Companies or banks for getting loan without collateral are:

  1. AxAmansard.
  2. Avant.
  3. GTCO.
  4. LendingClub.
  5. RenMoney.
  6. Specta.
  7. LendingPoint.
  8. BAOBAB.
  9. OneMainFinancial.
  10. Lendigo.
  11. Commercial bank.

1. AXA Mansard

AXA Mansard is an Insurance company incorporated in 1989 as a private limited liability company and is registered as a composite company with the National Insurance Commission of Nigeria (NAICOM). Our products range from Life to Property and Casualty for individuals, commercial solutions for SMEs and corporate organizations.

It is rated B+ by A.M. Best (2016) for Financial Strength. The Company is also certified ISO 9001:2008 compliant by the Standard Organization of Nigeria (SON) for quality management systems.

In the event that you are having an issue to get a loan, AXA Mansard Insurance has a 24 hours dedicated Customer Interface team which is responsible for resolution of customer enquiries and complaints. Their main goal is to be accessible whenever and wherever their customers need them and they are happy to serve them satisfactorily.

  • Must have an existing bank account.
  • You must have an identification document such as driver’s license, voter’s card, passport, etc.
  • Must have a business plan or existing business that needs financial introduction.
How to apply?
  • Via a USSD code: *987#
  • Through their mobile app: (available on iOS & Android)
  • Visit their website:
  • Phone number: 0700AXAMANSARD
  • Email address: [email protected]

2. Avant

Avant is another insurance company that helps people get loan at the comfort of their home without providing a collateral. If you are interested to get a loan here in Nigeria buy don’t want or unable to provide a collateral, then continue reading for every important updates.

The origin of Avant is not Nigeria. Avant is a private financial technology industry based in Chicago, USA established in 2012. It has since streamlined the online borrowing process and helped over 1,500,000 people get the funding they deserve. Avant is backed by some of the most well-regarded investors in the fintech space.

The helps you pay for what you need while building your credit. Comes with a $300-$1000 credit limit, no hidden fees, and benefits like MasterCard ID Theft Protection. They partner with WebBank to offer access to personal loans for middle-income borrowers that need help with things like high-interest debt, home improvement, or unexpected expenses.

  • Fast funding.
  • Fixed payments.
  • The personal touch.
  • Convenient options.
How to apply?

For more information on how to get/apply Avant loan, please click here to visit their website.


GTCO is another way of getting loan without collateral in Nigeria which is licensed by the Nigerian Pensions Commission (PenCom). It was established to operate as a Pension Fund Administrator in Nigeria. It is also licensed by the Securities and Exchange Commission (SEC) to undertake fund management and investment services on behalf of clients and manage collective investments schemes as a corporate investment adviser.

As a core part of Guaranty Trust Holding, our pension management division has a strong connection with one of Africa’s best performing financial institutions. And as a trusted investment partner, we are committed to making our clients financially secure for when they retire. Our team of astute pension managers provides transparent and profit-yielding pension management services, ensuring the best returns on investment.

GTCO is meant for people who are on pension for getting loan anytime and pay back later any time their loan payment is paid to their account.

How to apply?

For you to get loan from GTCO as a pensioner or civilian, you must first of all create an account on their website at By visiting their website, you will also know all the requirements needed.

4. LendingClub

Are you in need of getting loan while you can’t find someone to serve as a collateral for you for your request to get approved? Henceforth, do not worry about collateral since LendingClub is available. Since 2007, more than 3 million members have joined the lendingClub to help reach their financial goals.

At LendingClub, you can Pay down high-interest debt, consolidate credit card balances—and save more than $1,000.* With single monthly payments, lower fixed interest rates, and no prepayment penalties, a personal loan from LendingClub Bank can help you simplify your finances and take control of your debt.

  • Apply in Minutes: Get customized loan options based on what you tell us.
  • Choose a Loan Offer: Select the rate, term, and payment options you like best.
  • Get Funded : Once your loan is funded, they’ll send the money straight to your bank account or pay your creditors directly.
How to apply?

To get a loan in Nigeria without collateral using LendingClub and know other requirements, please visit their website at Please note that LendingClub is not a Nigerian insurance company, in fact, it is headquartered in San Francisco, California but they give out loan to a person in any part in the world including Nigeria.

5. RenMoney

Whether you’re employed or run your own business, RenMoney is here to give you loans of up to ₦6,000,000 which can help you meet your needs conveniently. Since the inception of RenMoney, over 10,000 small businesses have been empowered by its loan disbursement.

How to apply?
  1. To apply for RenMoney loan, visit their website at
  2. Their office: 23, Awolowo Road Ikoyi, Lagos.
  3. Email address: [email protected].
  4. Phone number: 0700 5000 500.

After visiting their website, choose your loan amount & tenure then share some information about yourself, verify the information that you’ve provided and finally the money will be credited to your bank account within 24 hours if it is approved.

  • Be between 22 – 59 years old.
  • Have a verifiable source of income.
  • Live and /or work in cities where we operate.   
  • Have a savings or current bank account with any commercial bank.
  • You need your bank statement, a government issued ID card and utility bill  (optional).

6. Specta

Specta is an online insurance platform that gives loans of up to N5,000,000 in 5 Minutes to already profiled salaried workers. With Specta, you do not need collaterals, paperwork or a visit to any office to get your loan approved and funds disbursed to your bank account if you are profiled.

With Specta, you can take care of urgent personal and business needs anywhere, anytime. Email Document or send document to [email protected]. Click here to get document. Please note that if your salary account is a savings account, you will be required to open a Corporate Customer Salary Account. For more information, please call 017004271 for assistance.

7. LendingPoint

LendingPoint believes you are so much more than numbers on papers or filled-in form fields. That’s why we’ve spent years perfecting a proprietary smart technology that, in seconds, can paint a more complete picture of you. A picture that unlocks your perfect loan solution and all the possibilities that come with it.

Steps involved in getting loan from LendingPoint:

  • CHECK YOUR OPTIONS : Get started with a simple application to see your payment options with no impact to your credit score.2
  • FINISH APPLICATION: Select the best loan terms and monthly payment for you and provide some additional information to complete your application.
  • RECEIVE FUNDS: Once approved, the funds could be in your account as soon as the next business day.

After the loan which you apply for successfully disbursed to your bank account, now you can use it for whatever legal personal expense or purchase you choose. Consider it a debt consolidation loan, a wedding loan, an unexpected medical expense loan, a fix-my-car loan, an I-need-a-vacation loan, or a kitchen remodel loan. It’s up to you.

Visit their website at for more information.


BAOBAB was founded in 2005 as Baobab Group aimed at providing financial services including microcredit, loans and savings products to almost 425,000 financially underserved entrepreneurs and individuals in eight countries on the African continent and in China. Over 4,000 employees work together to simplify banking and meet the needs of their customers.

With BAOBAB, you can get loan any where in Nigeria without providing collateral. Visit their website at for more information.

9. Lendigo

Lendigo offfers business Loans from ₦300,000 and above for SMEs without collateral in Nigeria. At Lendigo, they have different types of loans for different customers. They have loan for:

  • Distributors.
  • E-Commerce Merchants.
  • POS Agents or Merchants.
  • SMEs.
Their office address
  • Lagos address: Workbay, 1st Floor, Lagos City Mall, Onikan, Lagos Island.
  • Abuja address: Venture Park, 5 Kwaji Close, Wuse 2.
  • Phone number: 0812 289 1078.
  • Email: [email protected].
How to apply?

To apply for Lendigo loan, first of all, you have to register on their website. Click here to visit their and follow the prompts to register and apply.

10. Commercial bank

Another way to get loan without collateral is partnering with Nigerian commercial bank. Commercial banks always start by checking the credit alert and transaction history of their customers when it comes to a point of requesting loan from them. Hence, depending on the status of your transaction history, they then make a decision on whether they should you disburse you loan or not

In some cases, commercial banks in Nigeria also do consider other factors like your job, place of work, assets, net worth, and more. In fact, the factors which every bank consider before disbursing loan differ from one to one.

You cannot convince bank to give you a loan unless they do at their own will because each loan product usually has minimum requirements that you must meet in order to be successful in your application.

To know if you are qualified to get loan from any bank in Nigeria, the thing that can help you know that is usually found on their website or loan qualification page, hence, just simply visit their website and check the requirements. Many banks nowadays don’t require collateral before they issue loan but you must set up a profile or provide your BVN.

Now, top best commercial banks in Nigeria for getting loan without collateral are listed and explain below one by one.

1. GT Bank

The Guaranteed Trust Bank (GTBank) is a Quick Credit loan commercial bank. It is very easy and super fast to get. You get your funds to your bank account within two hours of approval. Without GTB, you can at any anytime get loan without collateral.

The more exciting part of GTB loan is that you only get to dial a USSD short code to apply. Most importantly, you do not require to provide documents to their branch for the application. You can borrow up to N5 Million with ease using the GTBank Quick credit loan.

2. FCMB Limited

Regarded as one of the leading financial institutions in Nigeria, First City Monument Bank, FCMB continues to deliver exceptional services to its customers. FCMB provides the following loans without collateral:

  • Auto Loan
  • Salary Top-Up Loan
  • Fastcash Loan
  • Premium Salary Loan

The FCMB FastCash Loan is an instant loan that can be accessed without collateral using the USSD code *329#. You can check out this post for other USSD code for loans in Nigeria.

3. WEMA Bank

Operating a Salary Current or Savings Account makes it easier to obtain a loan without collateral from WEMA Bank. The maximum loan amount is seven multiples of net monthly salary, subject to a maximum of N2 million. The Wema loan operates a 48-hour loan disbursement and is only available to confirmed employees.

4. Stanbic IBTC

The subsidiary of the Standard Bank Group is yet another Nigerian bank offering business and personal loans. This is one of the banks that will grant you a loan in Nigeria without a salary account. The terms are based on repayment between one to five years. Within this period, payment is made in monthly installments.

5. Zenith Bank

The Zenith bank loan SME Loans, Overdrafts, Receivable Discounting or Invoice Discounting, LPO Finance, Import Finance Facility, Export Finance Facility, Term Loan, Lease, Bonds & Guarantee and Retail Loans for Schemes.

For instance, the Local Purchase Order [LPO] is available to borrowing customers to finance the supply of materials. Overdrafts, on the other hand, grant the borrower a certain amount over the credit balance in their current account. This is set within a specified tenor, usually not exceeding twelve months. You have access to all these without the bank needing collateral.

6. Fidelity Bank

The SME-friendly bank has bagged several awards and recognitions to earn a spot in the retail banking sector. Fidelity Bank operates a Fidelity Easy Asset Leasing Scheme [FEALS] offering business and personal loans without collateral. FEALS is designated for the acquisition of household appliances, brand-new vehicles, generators, inverters, laptops, and the like by customers. Its minimum contribution is as low as 20% with a 48-hour approval time. 

7. First Bank

Nigeria’s premier commercial bank is acknowledged with over 10 million active customer accounts. It provides a comprehensive range of retail and corporate financial services to customers and investors across Africa.

FirstBank operates a FirstEdu loan available to private school owners who require additional funds for effectiveness. It offers a N10M maximum loan amount with an account relationship of 9 months. Additionally, FirstEdu is only available to private schools registered with the Corporate Affairs Commission [CAC]. There’s also the 100 student-population it takes into account.

8. UBA

The United Bank for Africa (UBA) is associated with the popular “No Wahala Loan”, as well as Personal Overdraft. With the former, borrowers have the jurisdiction to spend a little more on what they want. You may need some extra cash to fix your car, pay medical bills or take care of other emergencies. How you chose to use your loan is up to you.

9. Access Bank

Access Bank is one of the best commercial banks in Nigeria that can help you get a loan without collateral. If you are intersted to know how to apply and know their requirements, please click here.

A loan of Access bank can be gotten using your mobile phone through their Quick Bucks, Access bank mobile app that allows you to access multiple quick and low-interest loan options from Access Bank. All you have to do is install the Access Bank quick bucks app and commence with the process.


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