7 Apps to Get Instant Loan Without Collateral in Nigeria 2024


The information in this post explains different app platforms in Nigeria where people can get instant loans without collateral in Nigeria.

Before now, an average Nigerian will think you are getting yourself into some trouble when you are considering taking a loan in Nigeria.

Thanks to technology-driven financial platforms where you can borrow money online instantly. This type of loan is often known as a payday loan.

For clarity, A payday loan is a short-term loan, no collateral involved, except for some little interest attached.

As the name implies, it’s a loan for an emergency like a subbituminous disaster and other quick cash needs.

Instant loans in Nigeria usually last from 7days, 2week to a whole month. But in some cases, it lasts longer.

However, note online or a payday loan in Nigeria is without collateral, but the earlier you payback, the more your chances of accessing huge funds.

You also stand a chance to restructure your payback period for another loan term. Quick loan apps in Nigeria can offer from ₦5,000 – ₦50,000.

Another feature of quick loans in Nigeria is the high-interest rate; it’s nothing compared to the usual loan rate. An online loan in Nigeria can take from 30% – 50% or even more.

Where to loan without collateral in Nigeria

1. Palmcredit

Palm Credit Loan Without Collateral

Palmcredit is an online mobile app that offers quick cash loans in Nigeria.

You can download this app directly from their official website, Appstore, playstore, or any other mobile app store to your device. The good thing is, they offer loans at any time of the day.

You can get up to #100,000 loan offer in a few minutes from your mobile phone.

However, don’t expect a credit limit of #100,000 as a new user. Your credit limit is expected to grow as soon as you repay your penultimate loan on time.

2. Renmoney

Loan Without Collateral renmoney

Renmoney is another online platform to borrow money online in Nigeria. They are striving very high in recent times, and they are also among the most popular, this is likely because of the way they are promoting their packages.

Renmoney is exceptional when compared to other loan companies in Nigeria.

With Renmoney, you can get a micro-business loan worth 4 million naira. They offer quick loans without collateral, but not without a good income statement or history.

New users of Renmoney can access up to #100,000 loans at a 2.8% monthly repayment rate.

3. FairMoney

Fair money Loan Without Collateral

FairMoney is one of the easiest online loans in Nigeria but requires some verification with your banking details.

There is a column to fill in your Bank Verification Number (BVN) during registration, and a page to attach your bank or any debit card before you can obtain a loan.

Users can obtain a loan of #2.500 -#150,000). FairMoney interest rate is a bit high compared to others.

From the last survey conducted on users of this loan App, the result has shown that they charge from 5% – 28% depending on the loan you are borrowing. Their loan term duration usually last from 4 – 6 weeks.

The good thing about Fairmoney is a reduction in interest rate if you can pay back your loan before it is due.

4. Carbon

Loan Without Collateral carbon

Carbon is a dual function App that offers fast loans in Nigeria, cash deposit, withdrawal, airtime recharge, and other bill payments.

The App is very similar to the usual commercial banking App. Before now, the App was popularly known as Paylater.

The 3 years old loan app in Nigeria priced itself to be the most flexible lending management platform.

This App is well known because it was among the early instant loan companies in Nigeria, helping their customers to cover unexpected and urgent expenses.

To borrow money online in Nigeria via the carbon online platform, you must register filling your Bank Verification Number (BVN).

This will be used to evaluate your worth and credit limit. You can have access to ₦20 Million, but the interest rates differ.

You can take advantage of their web or mobile Apps platform (Android and iOS). Their interest rate is between 5 – 15%. Again, it depends on the amount and loan repayment period.

5. Kiakia

Loan Without Collateral kiakia

Kiakia is a flexible platform where you can borrow money online in Nigeria as a business or individual. Sterling Bank Plc bakes the App.

This is how Kiakia works; savers can lend out funds from their savings account at a negotiated interest rate through an intuitive conversation.

The minimum low you can get from Kiakia is ₦50,000 thousand with a 3.5% interest rate monthly.

6. Branch

Loan Without Collateral branch

Branch is yet another quick loan platform without collateral; they operate in Nigeria and Kenya.

Their loan credit starts from ₦1,500 – ₦150,000. Lots of people prefer using this app because of their repayment period.

It lasts from 4 – 64 weeks; this also influences the interest rate. It goes from 14% – 28%. The monthly interest rate is an equivalent of 1% -21%.

It depends on the selected loan plan you choose. Branch App can be downloaded from the App Store or Playstore.

7. Aella Credit

Loan Without Collateral aella credit

Aella Credit is a bit different from other loan platforms in Nigeria. From my experience with this app, it will be justifiable to call it a building platform.

They make it possible for individuals and businesses in Nigeria and other parts of Africa to gain financial access.

They are well known for employee lending and empowerment. This is made possible through their affiliation with three major credit bureau agencies in Nigeria, to provide urgent loans to their customers with no paperwork.

Before you register as a member of Aella credit, please note that you will be required to provide over five years of market data and analysis upon registration and application for a loan.

Other consideration for eligibility includes social and demographics factors. To get started, download the Aella Credit App from the playstore or Appstore now.

Why you should go for a quick cash loan in Nigeria

  • It remains the easiest and most convenient way to receive extra cash in Nigeria. The application and approval process is a few clicks away.
  • You don’t need to send any business or personal document in the form of collateral before you can have access to loans.

Major challenges people face for using quick cash loan in Nigeria

  • Their rate is higher than the normal loan rate from banks and other big financial institutions. There are higher chances of falling into the “debtor’s prison.”
  • They will contact your friends and relatives if you exceed your payback date.

If you followed the seven App I’ve written about above, you would notice they all offer quick loans without collateral. More reasons you should go through their terms and conditions (T&C) before using any of the fast loan platforms.

Another crucial thing you should note is their credit limit, interest rate, and payback period. I’m not sure business-minded people will prefer loans with a short payback period, except for an urgent need.

What to consider before taking a loan

One shouldn’t just take a loan because they are eligible. There are some things that should be considered before you can tell if the loan is healthy or not.

Below I have listed what must be considered before the loan terms and conditions.

1. Purpose of the loan

Before the taught of taking a loan will arise there must be a need. By need I mean that thing which is needed to execute but there is no adequate fund to execute it.

The purpose of the loan should be a pressing need. Which has no other alternative to source for the fund.

2. Interest rate

There is no doubt that payday loans which we are focusing on this topic always come with high-interest rates, worst than that of the bank.

The only reason why people go for this type of loan is that the processing of such is very fast, in most cases, it can be done online, and finally, no collateral is needed.

The interest rate varies among the payday loan firms, so you will have to visit each of them to know which offers you the best, all things being equal.

3. Loan duration

For loans that fall within these classes, the duration in mostly between a week up to a month, pending on the package you opt for.

Depending on the loan purpose, you should know if the loan is worth it or not.

4. Payback period

Similar to the loan duration, in the payback period, you should calculate if you can repay the loan with the interest before the time period elapses.

If you will struggle to pay it back, then don’t go for the loan.

5. Is the loan healthy?

Loans are best if it will be invested in something that will yield profit.

But if the profit you will make for the loan is not able to cover the loan with interest, then the loan is not healthy.

Take for instance, if you take a loan of 100,000 with an interest of 20% with a loan duration of 1 month. This means that you will have to repay 120,000 in a month.

If you invest the loan into a business that will fetch you any amount less than 20% in a month, then the loan is totally not healthy all things being equal.

If you go for such it means that all your efforts are just to pay back the loan.

A loan can only be healthy when the profits you will make for the loan are higher than the principal plus the interest rate of the loan.

But in cases where the loan is not for a transactional purpose, you have to consider the possibility of the payback of the loan before accepting such a loan.



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