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20 Loan Apps that Offer Instant Online Loans in Nigeria Without Collateral
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Top 20 Loan Apps that Offer Instant Online Loans in Nigeria Without Collateral

In today’s financial world, digital loan apps provide a useful function. Read below to learn more about 20 Loan Apps that Offer Instant Online Loans in Nigeria Without Collateral.

They provide instant loans which are regarded as an important financial inclusion service.  

In addition, it is naturally expected that you’ll bring collateral to the table when you find yourself in need of urgent funds, meet that pressing need, or keep your business on solid footing. For the lender, collaterals act as security in the event that the borrower defaults on the loan.  

However, finding a collateral-free business loan may not be as difficult as it used to be. 

Access collateral-free online loans 

nairaCompare has taken the time to curate 20 popular loan apps that will offer you an instant loan without collateral.  

 1. Branch 

One of the most popular loan apps in Nigeria, Branch designed its loan process to fit the needs of borrowers and help them grow. With Branch, as you build credit with Branch, you unlock larger loan amounts. 

It has also simplified its lending process by doing away with paperwork. All borrowers have to do is download the app, register, apply for a loan and wait for the approval.  

 2. Carbon 

Carbon provides instant loans to borrowers whenever they need them. It helps borrowers grow their small businesses or fix personal emergencies with affordable, collateral-free loans. 

Through the app, borrowers can access up to a million naira without collateral, guarantors, and tedious paperwork. It also offers cashback on interest paid once repaid on time. 

3. FairMoney 

FairMoney is a digital bank that gives instant loans to borrowers. With FairMoney, no collateral is needed and borrowers can access loans of up to ₦1 million. As an added service, FairMoney offers a bank account with free transfers, a debit card for spending, and more. 

4. Aella Credit 

Also on the list is Aella Credit. This loan app offers instant loans to borrowers in no time, whether their needs are personal or business. 

Aella Credit positions itself with its quick, and simple application process to access funds. Borrowers who apply from the app are promised their funds in less than five minutes. 

With the Aella loan app, no paperwork is required and borrowers can access up to ₦1,000,000 of non-collateralized loans.  It also promises no rollover or late fees, making access to loans affordable for borrowers.  

In addition, Aella rewards borrowers for repaying their loans on time, every time by receiving cash back on the interest paid. 

5. Umba 

A relatively new entrant into the Nigerian finance space, Umba does more than just provide loans. It also offers full banking services.  With an Umba account, borrowers can spend, pay bills, get loans, and cash back all from their phones. The app offers smart and affordable loans with low-interest rates to borrowers.  It also makes paying back easy.  


Lendigo is a financial technology firm that is gunning to become one of Nigeria’s leading financial institutions. Its services are dedicated to SMEs through technology and innovative practices. Lendigo offers easy and fast access to collateral-free working capital to Nigerian SMEs according to their individual requirements. Its loans are suited to their business and finance needs.  

On its platform, business owners can simply apply for short-term loans and finish their applications online. 

7. iCredit 

Although not so popular, iCredit Loan App offers secure and flexible loans to borrowers in Nigeria 

Its loan offer ranges from ₦1,000 to ₦50,000 with no long queues, no long wait times, and no collateral or guarantors needed.  

Borrowers can run the whole process from start to finish just on their smartphones, and get a loan disbursed to their bank accounts in less than five minutes. 

All they have to do is download and install the iCredit mobile loan app from the Google play store or Apple store, fill out the relevant information including your employment, ID card, and BVN number, verify the information for you and then wait for the approval.  

Once the approval is granted, the funds get disbursed into the borrower’s bank account. The whole process is said to be under 10 minutes. 

 8. Migo 

As a loan platform, Migo operates with a somewhat different model. Migo is an embedded lending platform that enables companies to extend credit to consumers and small businesses in their own apps.  

It operates by building proprietary algorithms to assess credit risk using the company’s data and then automates credit facilities via cloud infrastructure. 

Migo also expands economic access by enabling credit for populations ignored by traditional credit platforms, ie lower-income customers.  

It also offers low-interest rates and long repayment terms. 

9. Specta Loan 

A product of Sterling Bank, Specta is an online lending platform that gives loans of up to five Million in one transaction all within five minutes. 

Specta offers loans without collateral, paperwork, or visit to any office. With Specta, borrowers can take care of urgent personal and business needs anywhere, anytime. 

10. Coolbucks 

CoolBucks is an online lending platform that provides unsecured loans, ie loans without collateral, within minutes of completing your application.  

Depending on your profile, the app says it can disburse within five minutes to 24 hours of completing the application.  

Coolbucks offers small ticket loans from ₦15,000 to low-income customers and up to ₦5,000,000 to high-income customers.  

The app platform is integrated with a number of platforms and it uses technology to deliver loans within 30 minutes.  

 Its loan application requirements include a six months bank statement in PDF format, a utility bill, a valid means of identification (Driver’s license, International passport, National ID card, etc.), work ID, and an Employment letter except for bankers who earn ₦140,000 and above. 

11. QuickCredit 

An offering of GT Bank, QuickCredit is open to both salary earners and the self-employed. Its loan tenure could be as long as 12 months. QuickCredit gives funds up to ₦5,000,000 at an interest rate of 1.5% monthly without hidden charges. For salary earners, it provides loans of up to three times their monthly salary. 

QuickCredit can be accessed instantly by dialing *737*51*51#. It is also available on all GTBank online and mobile banking platforms including Internet Banking, GTWorld, and GTBank Mobile App. 

12. Xcrosscash 

Xcrosscash is a Nigerian loan app that allows eligible users to obtain instant loans, up to ₦50,000.  

With Xcrosscash, you don’t need collateral or property documents before you can get loans on the app. It also lets you increase your credit limit. That way, you can obtain high loan amounts at low-interest rates. 

To be eligible for an Xcrosscash loan in Nigeria, you must be a citizen and resident of Nigeria and must be between the age of 20 to 55 years. 

Xcrosscash also requires some details including your account number, the phone number through which you will receive confirmation SMS as well as your Bank Verification Number (BVN). 

13. QuickCheck 

The QuickCheck App provides instant cash to its subscribers while pruning out the long queues, bulky documents, need for collateral, and long wait times traditional banks are known for.  

A product of Arve Nigeria Limited, QuickCheck uses machine learning to predict borrowers’ behaviour and instantly evaluate their loan applications.  

Its aim is to offer digital financial services to help borrowers get closer to their personal and business goals. 

 14. Fair Credit 

Fair Credit is a Nigerian microfinance app that provides collateral-free personal. Other than loans, it also comes with other features including an account number that can be used to send and receive money from anyone in Nigeria, and a bill payment platform. 

Loan amounts on offer range between ₦1,500 to ₦1,000,000 with repayment periods from 95 days to 18 months. 

15. Page Financials 

Page Financials runs an instant loan scheme that is clear, upfront, and based on borrowers’ personal needs.

This app promises a fast turnaround in processing loans as well as same-day access to funds once approved. It also guarantees the disbursement of its collateral-free loans in under three hours.  

16. Naira Loan 

Naira Loan is a personal loan platform that focuses on providing high-quality lending services, responding to user needs quickly, and improving the reliability of loans. 

As borrowers’ credit score grows, the loan amount increases for every loan. You can apply for a loan completely online according to your financial needs every time, everywhere. 

Its loans come without collateral and borrowers can access up to ₦ 500,000 within minutes. 

17. Alat By Wema 

Alat, a mobile application by Wema Bank is granting quick and instant loans without collateral to its users.  

 By downloading the mobile app on Android or IOS, borrowers get access to up to ₦2,000,000 in instant loans without collateral. 

It also has a salary-based loan to help salary earners with emergency funds to meet needs that cannot wait till the next payday or that require additional funding. 

18. Access QuickBucks 

QuickBucks is the Instant Loan Application from Access Bank. The application is available to both customers and non-customers of Access Bank. 

With QuickBucks, both salary and non-salary earners borrowers can access instant loans at a low-interest rate with no documentation or collateral needed.  

Access bank’s collateral-free instant loans can also be accessed by dialing *901*11#, *426*11#, or via Internet Banking, WhatsApp Banking, and Access Mobile App. 

With QuickBucks, no documentation is required, no collateral is required and it provides up to 36 months of tenure. 

19. Moneypal  

A product of financial house, Zedvance, Moneypal offers quick funding that works for its customers. With Moneypal, borrowers can access up to ₦5,000,000 in unsecured loans in minutes without hidden charges. 

20. C24 Capital 

A not-so-popular loan platform, C24 Capital provides money on the go for its customers.  All borrowers have to do is download the app and apply for a quick loan.  




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