Get Instant Online Loan in Nigeria without Collateral

instant online loan in nigeria

last Updated on October 23, 2023

Financial emergencies can strike when you least expect it. Thankfully, in today’s internet and mobile-driven world, getting an instant online loan in Nigeria is easier than ever.

Fintechs in Nigeria are revolutionizing the lending landscape in Nigeria, providing individuals with quick and convenient access to funds. Without the need for paperwork or banking hall visits.

This comprehensive guide will show you how to get instant online loans in Nigeria. Youll learn the requirements, benefits, and potential pitfalls associated with these loans, and you can make informed decisions and take advantage of the growing opportunities in the digital lending space in Nigeria.

Instant Online Loan in Nigeria without Collateral (Loan Apps)

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.

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

Below is a list of loan apps for you to get an instant online loan in Nigeria:

1. Carbon

Best App for Instant Online Loan Without Collateral

 instant online loan in Nigeria
  • 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.

Also, you can’t request 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

 instant online loan 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.

3. Aella Credit

 instant online loan in Nigeria by 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.


 instant online loan in Nigeria fint peer to peer loan
  • 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), in which you’ll have to pay N3,000. 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.

5. QuickCheck

 instant online loan in Nigeria 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.

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

6. Renmoney Loan

 instant online loan in Nigeria renmoney
  • 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 channels: 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.

7. ZedAvance

 instant online loan in Nigeria zedvance
  • 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 them back in up to 18 months.

Related: How to get GTBank Loan for Non Salary Earners

8. Kiakia

 instant online loan in Nigeria 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

 instant online loan in Nigeria fairmoney
  • 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 loan.

10. Pettycash Loan

instant online loan in Nigeria pettycash
  • 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 loans 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

instant online loans in nigeria by 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 credits 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.

Understanding Instant Online Loans

Instant online loans have become a popular financial solution in Nigeria, providing quick and convenient access to funds. These loans differ from traditional lending methods in several ways. With instant online loans, you can apply and receive funds entirely online, eliminating the need for in-person visits to banks or financial institutions.

Financial technology (fintech) companies play a crucial role in providing these loans, leveraging technology to streamline the borrowing process.

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).

The advantages of instant online loans include their accessibility, speed, and convenience. They are available to individuals with varying credit histories, and the approval process is usually faster compared to traditional loans.

Also Read: The Top Financial Opportunities in Nigeria You Should Consider

Moreover, the digital infrastructure supporting these loans, such as online platforms and mobile apps, ensures a seamless and user-friendly experience.

The Benefits of Instant Online Loans

Obtaining an instant online loan in Nigeria offers numerous benefits. Firstly, the quick approval process is a major advantage. Upon submitting your loan application, you can receive funds within hours or even minutes, depending on the lender. This speed is particularly advantageous when dealing with financial emergencies.

Additionally, instant online loans have minimal documentation requirements, saving you from the hassle of gathering extensive paperwork. The flexibility of loan amounts and repayment options is another advantage.

You can choose loan amounts based on your specific needs, and repayment terms can often be tailored to your financial capabilities. Moreover, the convenience of accessing these loans anytime, anywhere, and the ability to compare multiple loan offers online to make them highly appealing.

Choosing the Right Lender

Selecting a reputable lender is essential to ensure a positive borrowing experience. When choosing an online loan provider, consider various factors. Start by examining the interest rates offered, as they directly affect the total cost of borrowing. Look for lenders with competitive rates and favourable terms. Furthermore, assess loan terms, including the repayment period and any associated fees.

Ensure that the lender provides clear and transparent information about their terms and conditions. Customer reviews and ratings can provide valuable insights into the lender’s reputation and customer service quality. Take the time to read reviews and assess the overall satisfaction level of previous borrowers. This will help you make an informed decision and choose a lender that best suits your needs.

See: Fake Loan Apps in Nigeria You Should Avoid

Eligibility Criteria for Instant Online Loans

To secure an instant online loan, you must meet specific eligibility criteria. These criteria may include being of legal age, typically 18 years or older, and having a stable source of income.

Lenders often require proof of income, such as bank statements or pay stubs, to verify your ability to repay the loan. Some lenders may also consider your credit history, while others are more lenient towards borrowers with low credit scores.

Understanding the eligibility requirements helps you determine if you qualify for an instant online loan. If certain criteria are not met, you can take steps to improve your eligibility, such as building a positive credit history or increasing your income stability.

The Application Process Simplified

Applying for an instant online loan in Nigeria is a straightforward process. Start by creating an account on the lender’s platform or a reliable loan app. Provide the necessary personal information, such as your full name, contact details, and identification documents.

The documentation requirements for instant online loans are usually minimal compared to traditional loans. Once your account is set up, complete the loan application form, including details about the loan amount you require and your preferred repayment terms.

Be accurate and thorough in providing the required information. After submitting your application, the lender will verify your details and assess your eligibility.

Some lenders may require additional documentation or information for verification purposes. It’s important to respond promptly to any requests to expedite the approval process.

Factors Affecting Instant Loan Approval in Nigeria

Several factors can influence the approval of your instant online loan application. One crucial factor is your credit score, which reflects your creditworthiness based on past credit behaviour.

A higher credit score increases your chances of loan approval and may lead to more favourable terms. Income stability is also essential. Lenders want assurance that you have a steady income to repay the loan.

They may consider your employment status, job history, and monthly income. Additionally, lenders assess your debt-to-income ratio, which compares your monthly debt obligations to your income. A lower ratio demonstrates better financial stability.

It’s important to note that different lenders have varying approval criteria, so even if one lender rejects your application, you may still be eligible for a loan from another lender.

See: Best Loan Apps in Nigeria with Low-Interest Rate

Responsible Borrowing and Repayment Strategies

Responsible borrowing and effective repayment strategies are crucial for maintaining healthy financial habits. Before taking out an instant online loan, evaluate your financial situation. Create a budget to understand your income, expenses, and repayment capabilities. Only borrow what you genuinely need and can comfortably repay.

Carefully read and understand the loan terms and conditions, including interest rates, fees, and penalties. Make sure you are aware of all the obligations and responsibilities associated with the loan.

Establish a repayment plan and stick to it diligently. Set reminders for repayment due dates to avoid missing payments.

If possible, consider making early repayments to reduce the overall interest paid. Should you encounter difficulties in repaying the loan, contact your lender and discuss possible options such as refinancing or restructuring the loan.

Potential Loan Risks and How to Mitigate Them

While instant online loans offer convenience, borrowers must be aware of potential risks such as high-interest rates, hidden fees, and predatory lending practices. By understanding these risks and learning how to identify reputable lenders, readers can mitigate potential hazards.

Alternatives to Instant Online Loan in Nigeria

Instant online loans may not be suitable for everyone. So you can explore alternative sources of financial assistance, which include traditional banks, microfinance institutions, and crowdfunding platforms. By exploring a range of options, borrowers can make informed decisions based on their unique circumstances.

How Can I Get a Quick Loan in Nigeria?

You can get a Quick loan in Nigeria from loan apps like Carbon, Fairmoney, PalmCredit, Aella Credit, KiaKia and Renmoney.

In conclusion, obtaining an instant online loan in Nigeria can provide quick and convenient access to funds during financial emergencies. By understanding the process, benefits, and potential risks associated with these loans, you can make informed decisions and choose reputable lenders.

Remember to assess your eligibility, compare loan offers, and read and understand the terms and conditions before accepting any loan. Responsible borrowing and effective repayment strategies are crucial for maintaining a healthy financial outlook.

Finally, consider alternative sources of funding to ensure you choose the option that best suits your needs. With these insights and knowledge, you can confidently navigate the world of instant online loans in Nigeria and unlock financial ease when you need it most.

2 responses to “Get Instant Online Loan in Nigeria without Collateral”

  1. Sleezybee avatar

    You forgot to include Page Financials which is a leading loan lender in Nigeria.

  2. GuQin avatar

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