5 Best Banks That Give Instant Loans in Nigeria (No Collateral)

Are you looking for the best banks that give loan in Nigeria instantly without collateral and less interest rate charges for small business startups, salary account earners, SMEs, students, agriculture farmers, and debt consolidation?

If YES, this article is only what you need to read today.

Getting started…

Banks That Give Loan in Nigeria

A bank loan is when a bank offers to lend money to consumers for a certain period.

Bank loans are normally provided at a cost, which is interest on the owed amount per month, or per year.

Other fees and charges may apply, depending on the type of loan and on the bank.

Bank loans in Nigeria can also be short term or long term, depending on the purpose of the loan.

They are a quick and straightforward way to secure the funding needed and are usually provided over a fixed period.

Bank Loan Requirements in Nigeria

These are the eligibility requirements for applying for bank loans in Nigeria.

  • Name
  • Date of Birth
  • Residential Address
  • Bank Verification Number (BVN)
  • Employment Status
  • Monthly Income (Bank Statement)
  • Identity Card
  • Guarantor information
  • Loan Purpose
  • Business Plan (for SME loan)
  • EDC Training Certificate (for youth loan)

How to Get a Bank Loan in Nigeria?

Here are the steps to apply for and get a bank loan in Nigeria fast.

1. Determine Your Requirement

Figure out why you need a loan and how much you need.

2. Check Loan Eligibility

Once you know how much you need, check whether you are eligible.

3. Calculate Monthly Instalments

Calculate your approximate loan repayments every month.

You can change the interest rate and tenure to match your monthly income.

4. Approach the Bank

You can apply for a bank loan in Nigeria via internet banking, online on the bank website, at an ATM or by visiting a branch.

5. Submit Documents

Next, find out what documents are required for the bank loan.

Usually, you will need bank statements, salary slips, NEPA bill and ID card.

Hand over copies of documents at the bank.

Wait for funds to be remitted to your account.

Best Bank Instant Loan in Nigeria

6. Stanbic IBTC EZCash

Stanbic IBTC EZCash is a term loan that offers eligible active current account holders, instant access to funds ranging from ₦20,000 to ₦4,000,000 at an interest rate of 2.5% monthly to pay back within 12 months, anytime, anywhere with no documentation required.

How do I qualify for Stanbic IBTC EZCash Loan?

Here are the eligibility requirements for Stanbic IBTC EZCash Loan:

  • You must have an active account that is at least 12 months old with the bank.
  • You should not be less than 18 years as at the loan application date and maximum of 59 years.
  • You must not have any history of dud cheques.
  • You must have satisfactory credit reports.

With Stanbic IBTC EZ Cash Loan, you can borrow as many times as you require, provided the cumulative sum of total amounts borrowed does not exceed your maximum assigned limit.

Your loan limit will depend on your average monthly income and the monthly loan repayments on existing loans (if any).

Here are the charges for Stanbic IBTC EZ Cash:

  • Management fee of 1% on amount borrowed.
  • Value Added Tax (VAT) of 0.05% on the amount borrowed.
  • Insurance fee of 0.35% on amount borrowed.

Interest payment for the amount borrowed is taken at the end of the month.

Here are the steps to apply for Stanbic IBTC EZCash Loan:

  • Visit the Stanbic IBTC EZ Cash Website.
  • Input your account number.
  • Enter your registered phone number, as it is on your BVN, and click Get Started.
  • An OTP (One-time Password) will be sent to your registered line.
  • Respond with the secret OTP and proceed.
  • Supply all the requested details, e.g., amount you intend to borrow, and the expected repayment period
  • A credit evaluation is then carried out to confirm if you are qualified.
  • If successful, they would present you with an applicable interest based on your present risk score and loan duration.
  • Read through the loan details, terms, and conditions, and if okay, click accept.

In case you don’t have access to the internet, dial *909*44# on your smartphone to borrow on EZCash.

After dialing, just follow the instructions as fast as you can as the code times out in seconds.

Repayment for Stanbic IBTC EZCash Loan is very easy.

Once the loan term elapses, you would get a message containing your outstanding payment, and then your account would be debited.

To pay back, simply ensure that you have the complete amount in your account on the payment day.

5. ALAT Instant Loan

As with everything else on ALAT, you can now apply for a quick loan without paperwork, and no visitation to any physical location.

The response time between acceptance of offer and loan disbursement is in minutes.

ALAT Instant loan in Nigeria is designed and structured to help people with urgent needs and it is clear in the repayment period, including the 2% loan interest rate.

You can now borrow as much as ₦2,000,000 without collateral.

Example: A salary earner will receive a minimum of ₦50,000 and up to ₦4,000,000 within hours and will have between 3 to 24 months to pay back with only a 2% interest rate per month on a reducing balance basis.

How Instant Loans in Nigeria Works?

  • At the payback date, if the instant loan is still outstanding, you will get a repayment notification, after which your account will be automatically debited.
  • You may also wish to repay the instant loan before the payback date from the Bills Payment option on the menu.

4. Wema Personal Loan

Personal Loan is currently available to employees who operate a salary current or savings account with Wema Bank.

You can borrow up to ₦2M depending on the organization you work for and your income.

You will be advised at the time of the application.

With this product, you can 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!

The personal loan will be disbursed into a salary account domiciled with the bank.

Wema Bank USSD code for loans in Nigeria is *945*65#.

Benefits of Personal Loans in Nigeria

  • Available for existing salary account holders, based on salary domiciliation.
  • New customers will, besides salary domiciliation, provide evidence of consistent salary payment for the most recent 3 months.
  • The maximum loan amount is 7 multiples of net monthly salary, subject to a maximum of ₦2 million.
  • Maximum loan tenor of 36 months.
  • Loan top-up is available after 6 months of regular monthly down payments.
  • Available to confirm employees only.
  • Apply for loans and overdrafts at the convenience of your office.
  • Short turnaround time for loan and overdraft disbursement (48 hours).
  • Access to mobile and internet banking services.

This loan is unsecured. All that is required is for you to receive your salaries and allowances through Wema Bank throughout the period of the loan.

To qualify, you must earn a minimum of ₦30,000 if you are a Nigerian and a minimum of ₦50,000 if you are a foreigner.

3. UBA Personal Loan

The UBA Personal Loan product supports all salary earners in meeting their lifelong dreams.

With this product, you can cover medical bills, make home improvements, give your side hustle a little boost, pay for training to improve yourself, and do so much more!

Features and Benefits

  • Convenient repayment period of 60 months.
  • Attractive interest rate (the interest rate will be on floating terms subject to changes in money market conditions, for the period of the loan).
  • One-off management fee of 1%.
  • Maximum loan amount of ₦30million.
  • Minimum loan amount of ₦100,000.
  • Access up to 50% of your debt service ratio (DSR).


  • Functional savings or current salary account.
  • Duly completed loan application form.
  • Valid means of identification (international passport, national driver’s license, national ID card and voters’ card).
  • Employer’s undertaking to domicile salary with UBA.
  • Duly accepted offer letter or employee inquiry form.
  • Copy of the obligor’s staff ID.

How to Apply?

  • Submit a completed loan application form with supporting documents at any branch.
  • Execute an offer letter detailing the loan terms and requirements, following loan approval.
  • Loan will be disbursed into a salary account domiciled with the Bank.

2. 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.

No documentation or collateral is required.

All the customer needs is a mobile phone or tablet.

You can get up to ₦300,000.00 depending on your account activities.

The interest rate is 10% flat on the principal amount; a penal charge, as defined in the terms and conditions, applies to unpaid loans at expiration of the tenor.

The maximum tenor for FirstCredit is 30days; however, you have the option to decide if you want to pay up the loan before 30days.


These make you qualify for this loan product.

  • You must have been in a relationship with the Bank for at least 6 months.
  • Have a valid BVN.
  • Not having a bad loan.
  • Transact often on your account.

How to Access FirstCredit

You can access FirstCredit by dialing *894# and then follow these steps:

  • Select 3. Loans
  • Select 1. FirstCredit
  • Select your account number
  • Select 1 to give consent
  • Select your desired loan amount
  • Input your USSD 5-digit PIN

If you cannot repay your loan, you will be charged a default fee and may also cannot access more loans.

1. QuickCredit

GTBank gives loan easily in Nigeria.

QuickCredit is a time loan accessible to GTBank salary and non-salary account holders.

You can now get the cash you need instantly and pay back in up to 12 months.

GTBank QuickCredit gives account holders funds up to ₦5million at a low interest rate of 1.80% monthly.

What’s in it for you

  • Get up to 3 times your monthly salary.
  • Convenient repayment plan of up to 12 months.
  • Pre-liquidation is allowed without penalty.
  • Interest rate of 1.80% per month.

QuickCredit Loan Requirements

  • Applicant must not be less than 18 years at loan application date and should not be older than 59 years at loan maturity date.
  • You must maintain a minimum monthly lodgment of ₦20,000 or earn a minimum net monthly salary of ₦10,000.
  • You must not have any history of dud cheques.
  • You must have satisfactory credit reports.
  • You must not have any unpaid obligations.

How to Apply?

  • You can request QuickCredit instantly by dialling *737*51*51#
  • QuickCredit is also available on all GTBank online and mobile banking platforms (Internet Banking, GTWorld and GTBank Mobile App).

5 Banks That Give Loan Instantly in Nigeria

These top banks give instant loan without collateral in Nigeria.

  • GTBank
  • FirstBank
  • United Bank for Africa (UBA)
  • Wema Bank
  • Stanbic IBTC

To convince a bank to give you a loan in Nigeria, have the minimum requirements to be successful in your application.

Good luck.

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Saint Chinedu

My GOAL is to equip you with the right strategy and working information to improve your academic performance, financial situation, and health this month.

One Comment

  1. Pls sir I just discover new business and I don’t have any money to start it so if you can help me out.

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