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Bank Loans Without Collateral In Nigeria – Top 9


Bank Loans Without Collateral In Nigeria

Before now, to get bank loans without collateral in Nigeria would seem impossible but with the help of technology and evolution, it has become very easy. This is in acknowledgement of other loan organizations in Nigeria. In Particular, financial technology companies dominate the lending industry and traditional banks have identified the need to change this narrative.


Commercial banks have evolved to serve their customers better. They now offer certain kinds of loans without collateral, mostly through their online platforms. These loans are of various categories and specifications.

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This is the kind of bank loan that virtually anybody in Nigeria can get since all that will be required to procure such a loan will be personal details and certain bank information like the Bank Verification Number (BVN). Bank loans without collateral in Nigeria are the best choice to make by everyone who desires a loan without putting anything at stake. 


The reason for your loan can be for personal or business purposes since not every individual in Nigeria has what they can offer as collateral to access a loan. This is why bank loans without collateral in Nigeria are important. Fortunately today, business owners and individuals can apply for quick bank loans without putting up their assets as collateral. The amount you qualify for and the loan term are dependent on your credit limit and the documents, and the purpose you present.


List Of Banks That Offer  Loans Without Collateral in Nigeria

In this article, we will explore a list of the top 9 banks that offer instant Loans without collateral in Nigeria.

  1. United Bank for Africa (UBA)
  2. WEMA Bank
  3. Access Bank
  4. First City Monument Bank (FCMB) Limited
  5. Stanbic IBTC
  6. Zenith Bank
  7. First Bank
  8. Fidelity Bank
  9. GT Bank


1. United Bank For Africa (UBA)

United Bank for Africa (UBA) is a bank that offers loans without collateral in Nigeria and it is associated with the popular “No Wahala Loan”, as well as Personal Overdraft. 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 choose to use your loan is your decision to make.

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2. WEMA Bank

If you operate a Salary Current or Savings Account,  it makes it easier to obtain a bank 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.

3. Access Bank

Access Bank is another bank that offers loans without collateral in Nigeria with their Quick Bucks 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 continue with the application process.

4. First City Monument Bank (FCMB) Limited

Another bank that offers bank loans without collateral is First City Monument Bank. The bank is regarded as one of the leading financial institutions in Nigeria, FCMB continues to deliver exceptional services to its customers. The following are loans without collateral provided by FCMB:

  • 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#.

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5. Stanbic IBTC

The subsidiary of the Standard Bank Group is yet another Nigerian bank that offers business and personal loans without collateral in Nigeria. 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. You are required to make a monthly instalment within the period of repayment.

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6. Zenith Bank

The Zenith bank loans 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.

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.


First Bank operates a FirstEdu loan available to private school owners who require additional funds for effectiveness. It offers an N10 Million 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. 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 likes by customers. Its minimum contribution is as low as 20% with a 48-hour approval time. 

9. GT Bank

QuickCredit is a time loan accessible to Salary and non-salary account holders. The GTBank QuickCredit is one loan option from GTBank that is very easy and super fast to get. You get your funds to your bank account within two hours of approval.


Like others, you do not require paperwork or documentation for the application. You can borrow up to N5 Million for salary earners and N500,000 for non-salary earners with ease using the GTBank Quick credit loan and have a repayment tenor of 6 – 12 months.


What Banks Check Before Giving A Loan

Most banks check your credit rating and history to know your credit score and can determine the best loan rate for you. Depending on the information, they can then decide on your loan application. However, they also consider other factors like your income, place of work, assets, net worth, and more. The exact parameters they consider vary from one bank to another. 

Your creditworthiness is determined by several factors like:

  • Your repayment history for any previous loan
  • If you have another existing loan with another bank or lending company
  • Your income compared to the loan amount and repayment duration
  • Your guarantor’s capability of taking responsibility for your loan

Your creditworthiness is important because it will determine whether you get the loan you applied for. The more creditworthy you are, the better it is for you because your loan application is approved faster compared to a poor creditworthy person.

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It is now possible to get bank loans without collateral in Nigeria without owning big houses, lands, cars, or other valuable possessions. This brings to mind the fact that money lending has evolved and you can have access to thousands or even millions without any physical meeting to negotiate what to give as collateral.


Before obtaining a loan from a bank, it is recommended that you do your research and keep tabs on these banks to determine what platform suits you best. Furthermore, you can compare loan offers from different lenders within minutes to make the best decisions when applying for a loan.

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