10 Places To Get Loan In Nigeria Without Collateral

Do you have business idea or a business that you are already doing, but don’t have finance to fund it? In this article, I’ll show you 10 places to get loan in Nigeria without collateral. So, there won’t be any more money excuses not to start or finace your dreamed business.

10 Places To Get Loan In Nigeria Without Collateral

Taking a loan to finance your business isn’t a bad idea. There are many successful people in the world today that actually started by taking loans from Banks and other money lending platforms. Example; maybe you are a skilled driver and want to venture into taxi driving job but you don’t have money to buy a car, you can take a loan, and then repay from the money you get from your taxi work.

Don’t wait until you get money to start a business when you can get quick loan to achieve same goal, however, getting loans approval from Banks has not been easy due to their operational protocols, but there are other available platforms that can give you better deals.These companies are also refers as money lending companies.

The money lending companies I’m about to show you are the top in Nigeria, and some of them offer timely, easy and low interest rates loans with no collateral unlike the traditional banks that offer loans with high interest rates.

Today, in Nigeria, assessing loans has taken a different shape as one can easily get a quick loan via online without collateral, paper-works or visiting of Banks. The repayment period ranges from 14 days to 6 months depending on the loan providers.

Below are top money lending companies to get quick and easy loan in Nigeria with very low interest rate.

READ ALSO: How to apply for NYSC/CBN business loan

10 Places To Get Quick Loan In Nigeria Without Collateral

1. Paylater: Paylater is one the top quick online money lending companies in Nigeria. Paylater offers short term loan without collateral, and you can get a loan from N500k to N1million at interest rate ranging from 5 to 12%.

Requirements: BVN, account details, passport photograph and address.

Interest rate: 5 to 15% depending on risk level.

Loan duration: 3 to 12 months.

Repayment channels: Direct debit from any of your accounts.

2. OneFi Business Loans: The mission of OneFi is to provide loans to individuals who have limited access to finance their businesses.

3. Renmoney: Renmoney is another platform in Nigeria where you can get a loan of up to N4million without collateral.

Requirements: 

  • Applicants must be between the age of 22 to 59 years.
  • Must have steady source of income
  • Functional bank account either current or savings
  • BVN
  • Official bank statement of account 
  • Valide govt Issued ID card.

All requirements are to be submitted to Renmoney office for verifications.

Interest rate: 4 to 5% per month.

Loan duration: 3 to 12 months

Repayment method: Quickteller, POS, Cash, Cheque and transfer.

     READ ALSO: CBN promises 7 years loans for NYSC Members

4. Aella Credit: Aella Credit is another platform in Nigeria where you can get loan, it is app-only. You can access loan from N1,500 to N700,000 with interest rate ranging from 4 to 29% per month depending on the risk level.

Aella credit is available in Nigeria, Ghana and Philippines.

Requirements: BVN

Platform: Android

Interest rate: 4 to 29%

Loan duration: 1 to 2 months

Repayment method: Direct debit from your account.

5. Kwik Cash: Kwik cash is one the top loan providers in Nigeria. Kwik cash offers both online and USSD loan options. Kwik partners with Banks, mobile network providers and technology companies to make loan accessible to all Nigerians. At Kwik cash, you can get a loan of up to N15,000.

Requirements:

  • BVN
  • 9mobile line

Platform: USSD (*561#)

Interest rate: 10 to 20%

Loan duration: one month.

Repayment channels: Direct debit.

The borrowing process starts by dailing *561# from 9mobile line.

6. KiaKia: KiaKia is one of the quick loan providers in Nigeria. They platform provide quick loans to borrowers within 1 hour of completing their online loan application.

Requirements: Work ID Card, valid bank details.

Platform: Web

Interest rate: 5 to 24%

Loan duration: 30 days

Repayment channels: Debit card, direct deposit

7. FINT: Fint is a money lending platform with creditworthy borrowers for a competitive return at a cheap interest rate.

Requirements: BVN,

Platform: Web

Interest rate: 3 to 5%

Loan duration: 12 months

Repayment: Debit card, direct deposit

8. Zedvance: Zedvance provides quick and fast loan a attractive interest rates, though the interest rate largely on the level of risk involved. It is most suitable for salary earners.

Requirements:

  • Employment letter
  • Salary account
  • Official email address
  • Valid ID

Platform: Web

Interest rate: 4 to 5%

Loan duration: 3 to 12 months

Top up: yes

Repayment channels: Direct debit

9. Page Financial: Page Financial offers quick loan to meet their customers financial needs.

Requirements:

  • Employment letter
  • Salary account
  • Valid ID card
  • Utility bill

Platform: Web

Interest rate: up to 15%

Top up: Yes

10. Rosabon Finance: Rosabon finance is one of the loans providers platform in Nigeria that offers loan without collateral.

Requirements:

  • Employment letter
  • Salary account
  • Tax ID
  • Valid ID
  • Utility bill 

Platform: Web

Interest rate: 4 to 6%

Loan duration: 3 to 12 months

Top up: No

Requirements channel: Cheque, Direct debit

READ ALSO: How to apply for NYSC/CBN business loan

Updated: June 24, 2019 — 8:03 am

The Author

Humphery

Humphery is a renowned Nigerian Webmaster. He graduated from Nnamdi Azikiwe University, Awka. He served Nigeria in 2016 as an NYSC member, and has remained the NYSC info ambassador since 2017.

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