Bank Loans in Nigeria: Which Bank gives Instant Loans In Nigeria?

bank loans in Nigeria

Last Updated on January 21, 2023

A loan is a sum of money that is given to someone or a business entity, to be repaid at a stipulated time. Depending on the situation the loan might be with interest or without interest. Other assets like real estate, hardware, and with the dawn of DeFi these days, even crypto-assets can be given out as loans too. Bank loans in Nigeria without collateral on the other hand are great for growing businesses and sustaining the economy in the country.

When taking out any sort of loan it is important to note a few things like The principal (money loaned), interest rate and repayment date.

Usually, bank loans in Nigeria required the borrower to provide some sort of protection/guarantee for the money it is, so in case the browser cannot pay back the loan, the bank has an asset it can use to settle the loan – this asset is called a Collateral.

However, in this era of digital lending, there are now bank loans in Nigeria without collateral.

So we have a situation where banks in Nigeria are now willing to offer individuals and businesses unsecured loans.

Assessing a bank loan in Nigeria does not necessarily mean that the borrower, whether as a person or business, is in a financial crisis.

Loans are a great way to raise capital, especially if you want to scale a business.

People take loans for different purposes to be paid with interest.

People use loans to pay bills, people take loans to cover unplanned emergency expenses, people take loans to cover moving costs, make large repairs, finance funeral expenses, start up their own business and many more that cannot be mentioned in this given article.

Due to an incessant and continuous rise In the need for loans in the country today for established financial security and marketplace leverage, more banks have now created diverse loan options with flexible repayment plans and much more.

Below, is a detailed list of some banks in NIGERIA that offer loans and the details of what these offerings possibly entail.

These loans can be obtained by going directly to the bank or by engaging online tools like USSD Codes.

Best Bank Loans in Nigeria With Low Interest Rates

Find the best bank loans in Nigeria with a low-interest rate below:

1. Access Bank Loans

Tpes of Access bank Loans

Access bank Loans include:

  • Access Bank Personal loan
  • Access Bank Creative Sector Loan
  • Access bank Lending Against Turnover (LATO)
  • Access Salary Advance Loan (SADV)
  • Access Bank Small Ticket Personal Loans (STPL)
  • Access bank W Power Loan
  • Access Bank’s Advance for School Fees
  • Access Bank Device Finance
  • Access Bank Maternal Health Service Support (MHSS)
  • Access Bank PayDay Loan, AutoClub by Access – Vehicle Financing

Most of these Access bank loans are given without collateral needed. You can get an Access bank loan by using the Access bank code*901*11*1#. After you dial this access bank code for a loan, follow the instructions.

2. GTBank Loans

gtbank business loan code - How to apply for business loan from gtb

To access a GTbank loan, it will either have to be a personal loan or a business loan. GTbank personal and business loans come in different packages. For personal loans, GTbank offers GT Salary Advance, GTbank School fees Advance and Quick credit; which is GTbank personal loan service.

There’s also the GTbank Max advance loan, and GTbank premium advanced bank mortgage loan.

GTbank Business loans include; Build or Buy Loans for Schools, Fashion Industry Credit, GTbank Food Industry Credit, SME Invoice Discounting Finance (SME IDF), Overdraft and QuickCredit for Small Business.

GTbank Quick Credit is the bank’s personal loan product that is available to both salary earners and self-employed people. With the Quick Credit app, you can now get instantly get the cash you need. You can get up to N5million at an interest rate of 1.33% monthly.  This GTbank loan tenor is between 6 – 12 months. 

The GTB loan code for the GTbank salary loan is *737*8*2#. While for GTbank Quick credit loan, the USSD code is  *737*51*51#.

Also See: How to Get GTB POS Machine & Start POS Business with GTBank

3. UBA Loans

UBA offers all types of loans that come with flexible payment plans and low-interest rates.

UBA Integrated Credit Express (ICE) is a loan application platform that puts you in charge of UBA loans. Some of the UBA loan offerings include; Click Credit, Personal Loans, Asset Finance Loans, Auto Loans, Insurance premium financing, and FX Backed cash Loan.

You can use the UBA Loan code; *919# to apply for a UBA bank loan in Nigeria without collateral, using the phone number linked to your UBA account.

See: UBA Internet Banking: Do you want to Register for UBA Mobile Banking

4. FCMB Bank Loan

First City Monument Bank is one of the fast-growing banks in Nigeria and has over the years offered swift and flexible banking options. This bank offers one of the best bank loans in Nigeria without collateral.

Some of FCMB’s loan products include Fast Cash, Salary Plus Loan, Premium Salary Loan, and Auto Loan.

You can easily obtain a bank loan from FCMB bank by dialling this Code: *329#.

FCMB also offers Credit Cards in Nigeria if you’re interested in that.

5. Wema Bank Loan

Wema Bank has become one of Nigeria’s most reliable banks. Wema continues to make a name for itself in the banking space.

Wema is on this list of best bank loans in Nigeria without collateral because the bank has a long-standing reputation for offering personal and business loans to its customers at good terms.

Wema bank’s personal and consumer loan products are School Fee Advance, Wema Asset Acquisition scheme and Personal Loan. While Wema Bank’s business loan products include: Working Capital Loan, Asset finance, School Fee Advance, and Health loans.

You can apply for a Wema bank loan using the Wema bank loan code –  *945*65#. You can also assess a loan from Wema bank using its consumer loan portal on the bank’s website.

6. Stanbic IBTC Bank

Stanbic IBTC is one of the most popular banks in the country today. It was recently recognised as Kenya’s best investment bank by Euromoney Awards for excellence 2020.

Stanbic IBTC Bank offers both personal and business loans. Its personal loan products are Salary Advance, Unsecured Personal School Fees Loan, Home Loan, Vehicle and Asset Finance, Smart Loans and Secured Term Loans.

While for its business loan products, we have SME Loans, AgriBusiness Loan, Distributor Finance, Invoice Discounting, Purchase Order Discounting, Trade Finance and Overdraft.

You can access a Stanbic IBTC bank loan by dialling this code *909*44# or via the Stanbic IBTC mobile app or through the Stanbic IBTC Internet banking channel.

7. Zenith Bank Loan

One of Africa’s banking giants, Zenith Bank is arguably amongst the top three most trusted and recognised banks in Nigeria. So it’s natural that it is among this list of best bank loans in Nigeria without collateral.

Zenith bank’s personal loan products include Term Loan and Lease, while its’s business loan products are Z-Woman Business Package (SME Loans), MSME Loans, Retail Loan for Schemes, Education Loan, Creative Industry Financing Initiatives, Overdrafts, Timeless Loans, Receivable Discounting, LPO Finance, Import Finance Facility, Export Finance Facility, Term Loan, Lease, and Bonds & Guarantee.

For you to access a Zenith bank loan in Nigeria, you can use the Zenith bank mobile app, o via Zenith bank’s internet banking channel or by dialling the Zenith bank loan USSD code — *966#. 

8. First Bank Loans

One of Nigeria’s oldest banks, First bank offers one of the best bank loans in Nigeria without Collateral. First bank also offers a loan calculator for customers that want an exact loan term estimate.

First bank loan products include FirstCredit, Personal Home Loans, Joint Morgage, Automobile Loans, Salary Loans, as well as other financing options.

To access a first bank loan in Nigeria by dialling its loan code — *894#.

Which bank is Best for a Loan in Nigeria?

FCMB, GTBank, Zenith Bank, UBA and Wema bank are some of the best banks for getting a Loan in Nigeria.

Which Bank in Nigeria has the lowest Interest Rate on a Loan

GTBAnk currently has the lowest interest rate on any loan with a 1.3 % interest rate on its Salary Advance loans. Polaris bank comes second with a 2.5 % interest rates on its digital loans.

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