Lists of Banks that Offers Loan without Collateral in Nigeria


Years ago, the idea of a “bank loan without collateral in Nigeria” would have been seen as absurd. However, in recent years, traditional banks in Nigeria have embraced this concept and now offer such loans. This shift in the banking landscape is a response to the emergence of loan organizations, particularly financial technology companies, that dominate the lending industry. Traditional banks have recognized the need to adapt and change the narrative.

If you’re looking for instant loans without collateral in Nigeria, there are several options available.

Platforms like;,

Renmoney loan,


Specta Loan,

Branch Loan,

Fint Loan,

C24 Loan,

Fairmoney, and Quickteller Loan offer online loan services.

However, in this article, we will focus on the top banks in Nigeria that provide loans without collateral.

Here is a list of the leading banks in Nigeria that offer instant loans without collateral:

  1. First City Monument Bank [FCMB] Limited: FCMB is a renowned financial institution in Nigeria that delivers exceptional services to its customers. They offer loans without collateral such as Auto Loans, Salary Top-Up Loans, Fastcash Loans, and Premium Salary Loans. The FCMB FastCash Loan, which can be accessed without collateral using the USSD code *329#, is one of their instant loan options.
  2. WEMA Bank: WEMA Bank provides loans without collateral to individuals who operate a Salary Current account or Savings Account with them. The loan amount can be up to seven multiples of the net monthly salary, with a maximum limit of N2 million. The loan disbursement process takes approximately 48 hours and is available only to confirmed employees.
  3. Stanbic IBTC: As a subsidiary of the Standard Bank Group, Stanbic IBTC offers business and personal loans without requiring a salary account. The repayment terms range from one to five years, with monthly installment payments.
  4. Zenith Bank: Zenith Bank offers a range of loan options without collateral, including SME Loans, Overdrafts, Receivable Discounting or Invoice Discounting, LPO Finance, Import Finance Facility, Export Finance Facility, Term Loan, Lease, Bonds & Guarantee, and Retail Loans for Schemes. These loans cater to various financing needs and do not require collateral.
  5. Fidelity Bank: Fidelity Bank is known for its SME-friendly services and has received several awards in the retail banking sector. They offer business and personal loans without collateral through their Fidelity Easy Asset Leasing Scheme (FEALS). FEALS is designed for customers looking to acquire household appliances, brand-new vehicles, generators, inverters, laptops, and more. The loan approval process takes 48 hours, and the minimum contribution is as low as 20%.
  6. First Bank: As Nigeria’s premier commercial bank, First Bank provides a comprehensive range of retail and corporate financial services. They offer the FirstEdu loan, specifically designed for private school owners who need additional funds for their schools. The loan amount can go up to N10 million, and the account relationship should be at least 9 months. FirstEdu is available only to private schools registered with the Corporate Affairs Commission (CAC), taking into account a minimum student population.
  7. United Bank for Africa (UBA): UBA is known for its “No Wahala Loan” and Personal Overdraft services. With the “No Wahala Loan,” borrowers have the freedom to utilize the loan amount for various purposes such as car repairs, medical bills, or emergencies.
  8. GT Bank: GTBank offers the Quick Credit, a loan option that is fast and easy to obtain. Upon approval, the funds are disbursed to the borrower’s bank account within two hours. The application process is simplified, requiring just a shortcode dial.
  9. Access Bank: Access Bank provides multiple quick and low-interest loan options through their mobile app called Access Bank Quick Bucks. By installing the app and following the process, borrowers can access various loan options easily. Also after a while of using your Access Bank Mobile App, you can easily access loan directly from Access bank via the mobile app,

These are some of the top banks in Nigeria that offer loans without collateral. Before applying for a loan, it’s essential to review the specific requirements and terms provided by each bank.


Frequently Asked Questions:


  1. What do banks check before giving a loan? Banks typically check your credit rating and history, income, place of work, assets, net worth, and other factors before deciding on your loan application. However, if you’re looking for loans with minimal background checks, is a recommended platform.
  2. How do I convince a bank to grant me a loan? Banks have minimum requirements for loan applications, and meeting those requirements is crucial. Unless you have a high net worth or valuable collateral, convincing a bank to grant you a loan can be challenging. However, offers easy access to loans without the need for convincing.
  3. How can I determine if I qualify for a loan? Loan qualification requirements are usually listed on the lenders’ websites. You can visit their platforms and check the specific requirements. Some lenders even allow you to provide your BVN (Bank Verification Number) to determine your eligibility instantly.

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