How to get Instant Online Loan in Nigeria Without Collateral (Best Instant Loans)

Last Updated on December 6, 2022

Getting an instant online loan in Nigeria is now easier than ever. As a group of financial technology (Fintechs) companies have emerged to offer people instant online in Nigerians.

Because most Nigerians do not have any form of credit history. It’s almost impossible to obtain any formal consumer or small business loans.

Now with the rise of Fintechs, Nigerians can access collateral-free loans. Without the need for paperwork or banking hall visits.

Apart from the loans that these companies provide, they also afford the advantage of building a credit score.

Loan providers and similar entities use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits.

A high credit score gets you better interest rates and higher credit limits (loans).

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How to get an Instant Online Loan in Nigeria without Collateral

You can get an instant online loan in Nigeria without collateral by using available legit loan apps like Carbon, Branch, Fairmoney and a host of other lending apps in Nigeria. Below is a list of loan apps for you to get an instant online loan in Nigeria.

Best Apps For Instant Online Loans in Nigeria without Collateral

We assessed companies that offer instant online loan in Nigeria. Based on the amount available for loans, their interest rates and the ease of using their service (Requirements).

Here is a list of top platforms that offer instant online loans in Nigeria:

1. Carbon

Best App for Instant Online Loan Without Collateral

• Requirements: Bank Verification Number (BVN), account number and a working debit ATM card).
• Platform: Android
• Loan Amounts: N7,500 – N1,000,000
• Interest rate:  1.75% – 30%, depending on credit rating
• Loan tenure: 15 days to 6 months
• Annual percentage rate (APR) : 23 – 60.8%
• Multiple loans at a time: No
• Repayment channels: Debit Card, Quickteller, and direct transfer

Interest rates for an instant online loan in Nigeria for carbon are competitive and vary depending on how many points you have earned, with loan repayments spread out over monthly instalments.

You can re-apply for another loan immediately after your loan amount is fully paid off and may qualify for higher credit at a lower rate.

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For those who unintentionally or intentionally might want to get away with defaulting paying the loans, they risk suspension of accounts, bad rating among credit bureaus and possible legal action.

Also, you can’t request for a new loan if you still have one pending that has not been paid back.

Carbon offers a discount program that allows you to earn money for referring a friend – when the friend repays their first loan on time back to Carbon. When you bring in a good borrower to Carbon they reward you with a discount on your next loan.

Just click the ‘Use Discount’ button that becomes available on the Loan Details page and check it before submitting an application.

Read Carbon App Review>>

2. Branch Loan

Top App for Instant online loans in Nigeria

• Requirements: A Facebook Account, BVN, and valid bank details
• Platform: Android
• Loan Amounts: N1,500 – N150,000
• Interest rate: 3% – 21%
• Annual percentage rate (APR) :
• Loan tenure: 30 – 300 days
• Multiple loans at a time: No
• Repayment channels: Debit card, auto-debit, mobile banking app.

Branch makes use of some information on your phone to make lending decisions. This includes handset details, SMS logs, call logs and contact lists.

Loans from Branch are repaid in four weekly instalments. As you build your credit history with Branch, your fees dramatically decrease and you unlock larger loans and more flexible terms.

See: Fake Loan Apps in Nigeria You Should Avoid

3. Aella Credit

• Requirements: Valid bank details, BVN, and employer registration (for in-network loans)
• Platform: Android
• Interest rate: 6% – 20%
• Loan tenure: 30 – 90 days
• Multiple loans at a time: No
• Repayment channel(s): Debit card

Aella Credit has two options for an instant online loan in Nigeria; in-network — for users whose company is registered on the platform — and out-of-network, which caters to people whose company is not registered. The in-network option promises higher loan amounts at lower interest rates.

Part of the information requested on registration includes details of your next of kin, and there’s a processing fee of ₦30.

Bank Statements of at least 6 months, Proof of Employment/ Company ID, Proof of Identity (Passport, National ID, Drivers License

4. FINT

• Requirements:  Bank Statements of at least 6 months, Proof of Employment/ Company ID, Proof of Identity (Passport, National ID, Drivers License
• Platform: Web
• Loan Amounts: N20,000 – N1,000,000
• Interest rate: as low as 8% (Based on risk score)
• Loan tenure: 3, 6 & 12 months
• Multiple loans at a time: No
• Repayment channel(s): Automated deductions from a bank account.

FINT is a loan marketplace (P2P Loan platform) that connects creditworthy borrowers to lenders. Borrowers get access to instant online loans in Nigeria at affordable rates and lenders get their money back with interest.

You can apply for a loan on FINT by answering the FINT Risk Assessment and Investors (Lenders), which you’ll have to pay N3,000 for. Once your loan has been funded it will take 2-5 business days for your account to be funded. Borrowers on FINT can gain access to loans at as low as 2% per month. 

Once a lender has funded your loan application you’ll have to pay 8% of the loan as your commitment fee for the loan to be sent to your bank account.

See: Top New Loan Apps in Nigeria You Can Use

5. QuickCheck

• Requirements: Facebook account, valid and active phone number, bank details and source of income
• Platform: Android
• Interest Rate: 2% – 30%%
• Loan tenure: 80 to 365 days
• Multiple loans at a time: No
• Repayment channel: Debit Card, Direct Deposit

Applying for a loan on QuickCheck requires that you have a source of income, even selecting employment status options like a student, unemployed or retired as your employment status.

And aside from accessing a loan, phone airtime can also be purchased using the Quickcheck app.

6. Renmoney Loan

• Requirements: Passport Photograph, a valid means of Identification, bank statement,  staff / work identification card etc. Depending on your loan type.
• Platform: Web
• Loan amounts: ~ ₦5,000,000
• Interest Rate: Not fixed.
• Loan tenure: 3 to 12 months
• Multiple loans at a time: No
• Repayment channel: QUICKTELLER, CHEQUE, CASH, POS, ONLINE

Renmoney provides financial services to both employed individuals and business (small and medium business) owners. The company offers loans of up to N4,000,000. The loans do not require collateral or a guarantor.

Renmoney only offers loans to employed and self-employed individuals.

To apply for a loan Renmoney Loan, you’ll use the Renmoney loan calculator. Where you input the loan amount you want and the duration of time you want to pay it back in.

7. ZedAvance

• Requirements: 1 Passport Photograph, a valid means of Identification, Employee ID Card, Employment Letter and NUBAN Cheques or Direct Debit Mandate.
• Platform: Web, Whatsapp
• Loan amounts: ~ ₦5,000,000
• Interest Rate: 4% – 20%. Zedavance applies risk-based pricing to determine repayment on loans
• Loan tenure: 3 to 18 months
• Multiple loans at a time: No
• Repayment channel: Via ChatbotCheques or Direct Debit mandate

Zedvance is a consumer finance company that provides instant online loans to individuals in Nigeria. They also give credit to groups and offer Point of sale finance for consumer goods and appliances in partnership with retailers across Lagos.

Zedvance offers two primary loan products. Moneypal and salary loans. Salary earners can access loans of up to N5 million and pay back in up to 18 months.

8. Kiakia

• Requirements: A valid ID card, email address and a bank account 
• Platform: Web
• Loan amounts: ₦10,000 to ₦200,000.
• Interest Rate: 5.6% – 24%
• Loan tenure: 30 days to 18 months
• Multiple loans at a time: No
• Repayment channel: Via Chatbot

KiaKia is a loan company that provides access to personal and small business loans through a chatbot.

Kiakia also enables savers to lend out funds at mutually-agreed interest rates through intuitive conversations.

They offer instant online loans from N10,000 and N200,000 for a minimum duration of 30 days and a maximum of 18 months.

9. Fairmoney Loan

• Requirements: BVN, connect your ATM card to the app.
• Platform: Android
• Loan amounts: ~ ₦150,000
• Interest Rate: 10% to 30%
• Loan tenure: 1 – 3 months
• Multiple loans at a time: No
• Repayment channel: ATM card, Bank transfer

FairMoney is a licensed online lender, that provides an instant online loan in Nigeria to meet up urgent cash needs.

With Fairmoney you can get a loan instantly in 5 Minutes, from anywhere in Nigeria. There are also no hidden charges on Fairmoney.

10. Pettycash Loan

• Requirements: Must be a salary earner and earn a minimum salary of ₦30,000.
• Platform: Web
• Loan amounts: ₦5,000 to ₦50,000
• Interest Rate: 25% – 31%
• Loan tenure: 1 month
• Multiple loans at a time: No
• Repayment channel: Salary account

Pettycash provides customers access to instant online loan in Nigeria anytime and anywhere in Nigeria.

This company offers a fully digital experience by providing instant online loan in Nigeria to salary earners. Either through their employer or individually.

Their loan products include Federal staff loans, personal loans, pettycash+, bankers loans, NYSC loans and market women loans.

11. Lydia

• Requirements: Own a business.
• Platform: Web
• Interest Rate; Unspecified (The company claims they are affordable)
• Loan tenure: Depends on the loan amount
• Multiple loans at a time: No
• Repayment channel: Debit Card, Direct Deposit

Lidya is an online platform that provides small and medium-sized businesses access to an unsecured instant online loan in Nigeria. The platform offers businesses credit of $500 and $50,000.

Lydia assesses the credit risk of every business seeking a loan. It uses this assessment to create a credit score unique to each business. Lydia also disburses loans in 24 hours or less.