6 Best Instant Loans in Nigeria Without Collateral ▷ Borrow ₦‎245k

Are you looking for the best loans to get instantly in Nigeria without collateral?

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

In Nigeria, there is no shortage of lending apps, and if you have a smartphone, getting a loan is quick and easy.

Simply register, submit a loan request, and receive your funds in a matter of minutes.

Because of this, there is no need to make a lengthy trip to a bank where you will have to wait in line for a long time, only to be turned down for a loan because of a lack of collateral or another issue.

Loans Without Collateral in Nigeria

An unsecured loan is a loan that doesn’t require you to pledge an asset, such as a house, land, or car, as collateral.

Instead, approval is based primarily on your credit score and finances.

Unsecured loans can be used for almost any purpose.

If you’re considering a non-collateral personal loan in Nigeria, compare potentially cheaper options, and make sure the monthly payments don’t stress your budget.

6 Best Apps to Get Quick Loan Without Collateral in Nigeria 

These apps give quick loans without collateral in Nigeria.

6. Migo

Migo lends long- and short-term loans to individuals and cooperate bodies in Nigeria.

The only thing you need for the loan application is your smartphone and your SIM registered for your bank account.

Migo loan amounts range from ₦500 to over ₦500,000.

You will start with a small loan amount and your loan offers grow over time as you build trust with the system.

You do not need any collateral or documentation to request a Migo loan.

Your loan offers are based on your repayment history with Migo.

The more you pay your loans back on time, the higher the amounts you can be offered.

Interest rates and loan amounts vary based on your personal information and loan repayment history.

You can access Migo from your mobile phone any time by logging into the web portal with your mobile number or by dialing *561#.

With Migo, the best way to increase your loan offers is to repay your loan by the due date.

The better your repayment history, the better your future offers will be.

If you cannot repay in full and on time, extending your loan is a better alternative for preserving your credit record with Migo, rather than allowing your loan to default.

5. QuickCheck

QuickCheck is a modern lending platform that offers digital financial services to help you get closer to your personal and business goals.

To get a QuickCheck loan, you do not need to submit any document.

Only Nigerian adults with good credit score are eligible to apply for this loan.

You can access the services from anywhere in Nigeria if you are eligible, and you own an android device.

You will only be needed to provide accurate answers to some questions while filling in your details.

As a first-time user, you can access up to ₦10,000 for 30 days.

Early repayment guarantees higher amounts and lower interest rates.

Your loan cap increases as you pay your loans on time and build trust with the system.

4. Aella Credit

Aella credit is an all-in-one financial solution for both individuals and small businesses.

The app offers these products and services: loans, investment, pay bills, micro-insurance plan and peer-to-peer donation.

Aella takes the hassle out of finance – efficiency, simplicity and ease of use is what you get with having all your financial services on one app.

Aella Credit loans do not require documents of any sort – the process is entirely paperless!

All you need is an Android device, a data connection, a means of identification and valid bank details.

Loan size ranges from about ₦1,500 to ₦1,000,000.

Your loan offer is determined by a variety of factors, so ensure that you use your personal mobile device and provide the details to receive the best possible loan offer.

Loan tenors vary per individual but are usually within a month or 3 months’ repayment period.

Interest rates vary between 4% to 30% based on the borrower’s profile.

Borrowers are required to cover any bank transaction fees associated with repaying the loan.

Standard SMS and data charges by your mobile carrier may apply.

3. FairMoney

Fair money loan app is a licensed online lender that provides instant loans and bill payments.

All you need to do for a fast application process is to download the app on your Google Play Store, receive your money (without collateral), repay between 15 days or 1 month.

FairMoney offers loans from ₦1,500 to ₦1,000,000 for a period of up to 2 years.

The better your lending history, the more you can access and the longer the period!

The interest rate varies based on your profile, from 2.5% to 30% per month.

No document, no collateral.

You will only need to connect your ATM card to allow your account to be debited for the repayment.

To get started on your loan application, you need an Android phone.

  • Download the FairMoney app from the Google Play Store.
  • Sign up with the phone number linked to your BVN, answer a few questions, and confirm your identity to receive a loan offer.
  • If you accept it, you will receive your loan instantly in your preferred bank account!

2. Branch

Branch loan is an easy online lending platform that offers quick loans to millions of users.

Branch uses the data on your phone, SMS messages, details of your bank account alongside the activeness of your account to decide if to give you a loan.

Branch offers loans from ₦2,000 to ₦500,000.

There are no late or rollover fees and no collateral necessary.

Interest rates are determined by several factors, including your repayment history and the cost of lending for Branch.

To get started on your loan application:

  • Use your Android phone to download Branch app from the Google Play store.
  • Create your account by filling out a simple form in under 30 seconds and submitting it for a quick review.
  • Apply for the loan that meets your needs and it will be conveniently sent to your mobile money or bank account in minutes.
  • Receive the loan into your account.
  • Repay with your mobile account. Build your credit to unlock larger loans.

1. Carbon

Carbon is the best app that gives instant loans in Nigeria without collateral.

You can access up to ₦1,000,000 today for your business or personal purposes.

Using Carbon, you do not need any sort of documentation or collateral to apply and get approved, except an android phone to download and use the app, and a means of identification.

To get started in applying for loans, download the Carbon App on Google Play Store for Android or App Store for iOS.

Register within minutes – Input a few details about you to help in creating your Carbon account quickly.

Once done, apply and receive funds in your Carbon account instantly.

Unlock higher loan amounts and lower interest rates by repaying loans on time.

Top 6 Apps in Nigeria for Loans Without Collateral

Here are the top-rated apps that offer instant loans without collateral in Nigeria.

  • Carbon
  • Branch
  • FairMoney
  • Aella Credit
  • QuickCheck
  • Migo


  • It’s possible to find unsecured business loans through online lenders in Nigeria.
  • No collateral doesn’t mean that you won’t be required to assume some level of personal financial responsibility for business debt.
  • Peer-to-peer lending is another option for pursuing business loans with no collateral requirements.
  • Lenders may charge higher fees or interest rates for non-collateral business loans.


When you need a small-business loan in Nigeria, one thing to consider is whether you’ll be expected to bring collateral to the table.

Collateral acts as security for the lender if you default on the loan and can’t repay it for any reason.

If your business is short on assets that could be pledged as security, finding a non-collateral business loan may be your top priority.

Fortunately, it’s possible to find business loans that don’t require collateral as a condition for approval.

Before applying for one of these loans, it’s important to do your research so you know what to expect.

Hope you enjoyed this article.

If you know any loan apps in Nigeria without collateral that are equally a good option or shouldn’t be on this list, please let us know in the comment section.

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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.

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