Banks that give Instant Loans in Nigeria without Collateral in 2023

6 Mins read

Before personal loan platforms began making waves, bank loans had been the only option for borrowing money, especially huge amounts but they are characterized by collateral and documentation that seems impossible sometimes to meet the requirement in a short period.

It is interesting to know now that banks in Nigeria now provide loans that don’t require collateral. If you want to borrow from these banks it is easier than before.

To help you get information on banks that offer loans without collateral we have compiled a list below.

Banks that give Instant Loans in Nigeria without Collateral

First bank of Nigeria

First Bank of Nigeria has also provided personal loan services for its customers. People can access quick loans from the first bank online without visiting any branch. 

First Bank also provides N10,000,000 and below to private school owners who need funds through the first 9 months of the relationship.

You can walk into any FirstBank branch for these loans and also check out their website.

Zenith bank

Zenith bank also provides loans without collateral to SMEs, retail loans, bonds, overdrafts, and retail traders for 12 months.

GT bank

GT bank provides easy loans to their customers via quick credit with no collateral needed. It is more like a personal loan because you can process it with your phone without visiting their branch.

It is a very easy process with GT bank but it is only available to their customers, do check their website for the processes involved.

Access bank

Access bank operates personal loans via quick bucks and it is fast and easy to apply for loans without documentation and collateral. You can process the loans without visiting a branch.

All you need do is download their quick bucks app and process your loan.

Wema bank

Customers operating a current account and savings account for salary can access loans without collateral from wema bank. 

You can only access the salary if you are an employee.

  Fidelity bank

Through the fidelity easy Asset lease Scheme, you can access a personal loan with no collateral required.

Fidelity Bank also has other loan provisions for small-scale businesses that you can access easily with no collateral required.

Fidelity Bank is regarded as a loan-friendly bank and has glitched awards for their loan provisions

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List of Online Banks for Loans In Nigeria

Carbon instant loan

Carbon instant loan app is one of the best reliable loan apps that offer instant loans with no documentation required. It offers loans with low interest and has a presence in various countries across the world such as Nigeria, South Africa, the U.K, Ghana, etc.

Borrowing from Carbon is as simple as getting airtime from a mobile bank app without collateral. You can borrow a large amount in a period when you have established trust with them by paying back smaller amounts.

You can apply for a loan when you register with carbon at any hour of the day. You can check their website for more details.

Quick credit

Quick credit is another best loan app that functions 24/7 offering loan services without documentation and collateral. The loan offered by Quickcredit is usually for a short period and is best for emerging businesses and personal needs.

Quick credit is reliable and easy to use in borrowing up to a hundred thousand nairas without any documentation required. If you want to borrow from Quickcredit, you should head over to the website for a fast loan application and allocation.

If you need a safe loan app, you should try quick credit and all processes take place online.

Fair money 

The third on our list is fair money which is one of the best loan apps for instant cash borrowing with a simple click. You do not need to fill out documents or provide collateral to borrow up to one million nairas in 18 months. The interest rate is low depending on the amount you intend to borrow.

To access loans on Fairmoney,  you should download the app and register, you can also visit their website for more details. All processes are digital and do not involve a face-to-face meeting.


Quickcheck is a reliable loan app that functions with artificial intelligence to study borrowers’ behavior before lending. it requires no form of document filling and collateral to access loans. You can simply apply for loans in Quickcheck today. Ensure to check the website for registration and loan application details.

You do not need to visit any physical location for this loan, it is all online.

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Palmcredit is a phone app that processes loans to customers in a few minutes of application without collateral or documents required. You can borrow up to N3m in just a few minutes via palm credit for business emergencies or personal use.

Check their website for loan application processes.


Renmoney is an online borrowing platform for business owners and employees who may need loans to handle a business emergency. The Renmoney loan process is fast and reliable and can be accessed in a few minutes of application without any document and collateral required.

You can check out the process for applications on the Renmoney website.

ALAT by Wema

You can access up to N2m by simply downloading the ALAT app and applying for loans with no documentation required. It is fast, secure, and easy to use. If you are seeking personal loans in Nigeria, you can check out the ALAT app.

New credit

New credit is the 8th on our list as one of the best personal loan apps in Nigeria. You do not have to worry about documentation and collateral. The New credit app can access customers’ information required through AI. If you need a fast loan, then check out the New Credit website.


Umba is one of the best loan apps in Nigeria. You can access, increase your borrowing power and pay back loans via amber directly from your smartphone and computers. You should use Umba for a personal loan in Nigeria.

This is totally done online by visiting the site.

Aella Credit

Aella is a loan app in Nigeria that we cannot ignore on our list. You can borrow up to N1m from Aella credit without any rigorous documentation. If you are considering getting a personal loan in Nigeria, check out Aella credit.

All processes take place online and don’t require face-to-face conversation.

List of Fake Loan Apps in Nigeria to Avoid

According to Quick Loan Arena reviews, various fake loan apps in Nigeria should be avoided. Below is a list of some of the fake loan apps in Nigeria to avoid:

  1. Niaraplus loan App
  1. Borrow now Loan App
  1. credit Loan App
  1. 9ja Cash Loan App
  1. GGMoney Loan App
  1. Fas Money Loan App
  1. GoToCash Loan App
  1. ForNaira Loan App
  1. Easy Cash Loan App
  1. 9Credit Loan App
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These loan apps have something wrong in common that makes them fake, the following are reasons why they are regarded as fake:

  • Violation of google policy which states that loan apps must exceed 60 days before demanding full repayment. These scam loan apps request repayment before 60 days.
  • Harassment of customers through unwarranted emails, messages, and phone calls before the stipulated repayment time.
  • Violation of customers’ privacy by invading their contact lists and placing calls to random numbers requesting repayment
  • Launching blackmails and threats to customers for repayment before the due date
  • Demanding collateral and registration fees before granting loans
  • Collecting outrageous interest rates without the customer’s initial agreement.


The following are frequently asked questions and their answers:

Which Bank is Best For Instant Loans?

The banks listed above pride themselves on instant loan disbursement without hurdles. You can check out any of the above and make a choice. 

Where can I Borrow Instant Money in Nigeria?

You can borrow instant money in Nigeria from personal loan apps without collateral, documentation, and face-to-face dialogue. 

If you need an urgent loan, then the personal online loan apps listed above are a good choice.

Which bank is easiest to get a loan from?

Research shows that Fidelity Bank has an excellent record of instant loan disbursement and has glitched awards, you can check them out.


This article has no doubt discussed extensively Banks in Nigeria both online and offline that give loans without collateral.

We have also listed scam loan apps that you must avoid and highlighted why they are regarded as scams.

The quest for a quick loan may lead anyone to fall victim to the fake loan apps listed above, keep an eye on the signs listed above and avoid them.

You can visit any of the banks listed above for safe loan benefits or go online to the safe apps highlighted in this article.

Keep in mind that we are in no form advertising for the banks as we are not paid ambassadors but we are giving quality information to help you make an informed decision.

We hope you make the right choice after reading this article.

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