Top 10 Banks that Offer Loans in Nigeria Without Collateral 

Yes, there are  10 banks that offer loans in Nigeria without collateral. Whether it is a need for urgent capital to keep that business afloat or it is just about meeting that personal need, individuals and businesses seek loans and other forms of credit from banks from time to time. 

Financial institutions including banks in Nigeria have developed products to match those growing needs. 

What is a zero collateral loan? 

Also known as an unsecured loan, a zero collateral loan is simply a loan without collateral. This means that the lender advances funds to individuals or businesses without getting any security or asset like property, vehicle, or equipment. 

 What are the types of unsecured loans? 

Unsecured loans mostly include personal loans, student loans, and payday loans, all of which can be revolving or term loans. A revolving loan is a loan that has a credit limit that can be spent, repaid, and spent again.  

 How do unsecured loans work? 

To get an unsecured loan, you’ll need to apply with a bank, credit union, or online lender that offers personal loans. If you’re approved, you’ll receive the money in a lump sum in your account. You’ll then repay the loan in monthly installments spread out over a set repayment term. 

Monthly payments are typically fixed, meaning they won’t change over the life of the loan. 

 How do you qualify for an unsecured loan? 

Different Lenders may have different qualification requirements, but there are some general factors that help you qualify for low rates. 

• Good credit

Having excellent credit is a guarantee that borrowers can access great offers on personal loans. Some lenders cater to fair- and bad-credit borrowers (300-689 FICO), but the best terms and rates are reserved for those with high credit scores. 

You can check your credit score on nairaCompare. 

• Low debt-to-income ratio 

Debt-to-income (DTI) ratio is the percentage of your monthly income that is used to pay your monthly debt. It is used to determine your borrowing risk. 

Many lenders check if your debt-to-income ratio is low enough to support monthly repayments. Some say borrowers need a 40% DTI or lower to qualify, but others have higher limits. 

• Steady Income 

Having a steady income can signal to a lender that you’ll have the funds available to repay your loan. 

How to apply for an unsecured loan 

In applying for an unsecured loan, make sure to shop around for the best offers available. nairaCompare has made this process easy by curating your potential loan amount and rate.

Once you’ve chosen a lender, it’s time to apply for the loan. Many applications are completely online and require you to submit personal details, such as your name, address, contact details, and Social Security number. 

You’ll also need to submit documentation — usually proof of identity, employment, and income. 

Once you’re approved, you will receive the funds in your bank account. Funding time can vary by lender but is mostly done within minutes after approval. 

10 Banks that Offer Loans in Nigeria Without Collateral 

Below are some of the Nigerian banks that offer loans to customers without requiring collateral.  

1.GTBank – Quick Credit 

One of Nigeria’s foremost banks, GTBank offers personal loans to its customers through Quick Credit. A non-collateral loan, Quick Credit provides borrowers with the right financing for their personal needs. 

The loan is available to salary earners as they can access the cash they need instantly and pay it back in up to 12 months. Quick Credit gives funds up to N5million at an interest rate of 1.66% monthly. 

Borrowers can request for QuickCredit instantly by dialing *737*51*51#. It is also available on all GTBank online and mobile banking platforms. 

 2. Sterling Bank – Specta 

Specta is a quick loan from Sterling Bank that does not require any paperwork, collateral, and no visit to any office. It is designed for salary earners, entrepreneurs, or youth corps members.  

The platform leverages a strong credit algorithm that enables customers to access loans without lengthy paper work or collateral once they have been pre-qualified. 

With Specta, scoring is instant and disbursement is done in less than five minutes. It has been enhanced to accommodate a wider range of customers through some recently deployed variants: 

3. FCMB – FastCash 

First City Monument Bank (FCMB) FastCash is a convenient, paperless credit facility with no collateral required for emergencies and urgent needs. It is an instant loan, and you can apply via the mobile app or USSD code *329*11# 

It offers access to instant funds of up to N200,000 without paperwork or any form of collateral. Its interest rate for salaried is 8% while non-salaried is 15% upfront charge. 

4. WEMA Bank – Personal Loan 

Personal Loan is a loan facility currently available to employees who operate a Salary Current or Savings Account with Wema Bank.  

This product is also available for formally employed staff of companies/employers pre-approved by Wema Bank and groups of salary earners under an association.  

Personal Loan helps borrowers cover medical bills, purchase a car, make home improvements, give your side hustle a little boost, pay for training to improve yourself, and do so much more! 

5. Stanbic IBTC 

Stanbic IBTC also offers personal loans to its customers with zero collateral, targeted at meeting the financial needs of parents and guardians looking to pay the school fees for their children or ward in any tier of the education system in Nigeria. 

In addition, it has an SME Loan, a tailored made lending facility that is available to businesses for meeting working capital needs and achieving business goals. 

This loan is accessible to existing and new bank customers with limited documentation required. 

6. Access Bank – QuickBucks 

Access Bank offers a full-service non-collateral loan that does not require any visit to the bank. Known as QuickBucks, the application is done conveniently via *901*11# or *426#.  

It can also be done via the QuickBucks App, Internet Banking, or Access Bank’s mobile app. QuickBucks does not require documentation or collateral and has up to 36 months of tenure. 

7. Fidelity Bank 

Fidelity Bank offers Payday Loan, a digital loan to the staff of public and private organizations whose staff salary accounts are domiciled with the Bank. 

It also does not require documentation, nor does it need any form of collateral. The Salary Account must be in Fidelity bank and be active for at least three months. The loan can be accessed via *770*08#. 

Also, Non-Fidelity customers whose salaries are processed via payroll companies like REMITA, Tenece, Veripay, among others can access the loan. 

8. First Bank – FirstCredit 

FirstCredit is a product designed to provide you with a quick and simple loan to fund your transactions.  Loans can be accessed from anywhere without visiting the Bank. 

FirstCredit is designed to provide borrowers with a quick and simple loan to fund their transactions. No documentation or collateral is required. All the customer needs is a mobile phone or tablet. 

9. UBA Personal Loan 

The United Bank for Africa (UBA) Personal Loan product is designed to support all salary earners. With this product, borrowers can cover medical bills, make home improvements, give and meet other sundry needs.  

The product has a convenient repayment period of 60 months with an attractive floating interest rate. All the borrower needs is a functional saving or current salary account, a valid means of identification, and proof of residence. 

10. Providus Bank – Salary Advance 

Providus bank is a national commercial bank licensed by the Central bank of Nigeria. 

The Providus Bank Salary Advance gives borrowers access to 50% of their net monthly salary for a maximum period of three months. It provides employees with quick funds. No documentation or collateral required 

The applicant’s salary must be domiciled with Providus Bank.