Exposed!!! Where you can get Loans in Nigeria without Collateral

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List of non-collateral loans in Nigeria

Do you have an emergency need that needs to be solved and need non collateral loans in Nigeria? You have an option of getting emergency loans in Nigeria without collateral. But the question remains “where can you get such emergency loans in Nigeria without any form of collateral? I will give you the answer to that shortly.

In my last post about the financial mistakes parents make in Nigeria, I listed the issue of getting loans which aren’t necessary. Most people especially parents are fond of taking up loans just because they have easy access to these loans. You have to understand the idea behind taking up personal loans.

Taking any kind of loan – personal loans, quick loans, and emergency loans; whatever name it might come along with, you should know that there is a direct consequence of taking up loans.

Companies that Give Loans in Nigeria without Collateral

Heritage Bank PL Loans

Heritage Bank offers personal non-collateral loans in Nigeria without collateral to meet the individual needs of clients. It covers but not restricted to;

  • Travel Loans – to fund you “get-away” expenses
  • Rent Advance – to assist you with your rent
  • Student Fees – It covers just schools in Nigeria for your children.

Benefits of this Heritage Bank PL Loans

  • It involves no collateral (Unsecured Lending)
  • Funding for requests are done within 72 hours
  • You can use the loans for your holiday trips, children’s tuitions, children’s welfare, medical fees, and many other expenses.

Facility Amount: The amount is determined by 33.3% of take-home, Subject to N5million

Tenor period: 12-36 months

Repayment: Maximum repayment per month should not exceed–33.3% of net monthly salary (i.e. ‘take-home pay’)


Salary domiciliation, plus terminal benefits/gratuity domiciliation( as applicable)

Personal guarantee with Notarised statement of net worth

You can download the Application form.

First Bank Loans

If you need loans in Nigeria without collateral, then you can meet Nigeria’s foremost bank – First Bank. They offer several loan options to people who are interested. There are so many loan options depending on which you want. Some of them come secured, while others don’t.

Examples include;

  • Personal home loan (mortgage)
  • Joint Mortgage
  • Loan for household equipment
  • Automobile loan
  • Personal loan against salary

To get more information about their loan options, you can visit their page

Diamond Bank Personal Loans

Sometimes, you need extra cash for some medium-term goals or your short-term needs. The Diamond Bank Personal Loan is a loan solution to all those needs. It covers holidays, medical bills, vacations, and shopping expenses.

Requirements for the Diamond Bank Personal Loan

  • Functional Salary account, domiciled with Diamond Bank
  • Completed Retail Lending Application Form
  • Employment letter
  • Confirmation Letter and/or last Promotion Letter
  • Staff ID Card
  • Valid means of Identification (international passport, driver’s license or national ID card)
  • Proof of address
  • Other KYC documents

You can see other requirements that are necessary before you take up a loan with them.

Through this link, you can apply for the loan.

The Stanbic IBTC Bank

This bank also offers loan in Nigeria without collateral. If you are in need of a short-term financial escape, then you should consider either

Fixed Term Loan of Stanbic IBTC (FLT) or Revolving Term Loan

Fixed Term Loan

This loan offers the same repayment and interest rate throughout the loan term. You don’t also need collateral to apply for this type of loan. You will even know the exact date the repayment ends.

Benefits of the Fixed Term Loan

  • It has low-interest rates
  • You can access credit up to 100% of your income

Requirements to apply

  • You must have been with your current employer for six months or longer.
  • You need to be permanently employed or be a contract worker at an approved company with valid contract terms.
  • Your salary must be domiciled with us.
  • You have to be a Nigerian citizen with permanent residency.
  • You should earn a minimum net monthly income of N20 000.
  • Must be 21 years or older (but not older than 60 years on the expiration of the facility).
  • You must have a satisfactory credit bureau report.

Revolving Term Loan

The revolving term non-collateral loan means that your monthly payments are fixed, but there is no deadline attached to the repayment period. You have several payment options monthly and access to the money that hasn’t been used.

Benefits of this loan type

  • This Loan can be used for any purchase
  • Access to the money when you need it provided it is the paid portion of the approved limit.

Requirements to access this loan type

  • A salary account with us
  • A letter from your employer confirming that you have been with them for at least 12 consecutive months
  • For contract employees, you need to give us a copy of your most recent contract.
  • Copies of your payslips for the past three months
  • You have to be a Nigerian citizen with permanent residency.
  • If you have an account with us that was opened in the past six months, you need to give us six months’ details of your other bank account.
  • Proof of residential address such as electricity, water or waste bills (original must be shown to your account manager) or we can send someone to visit your address.
  • Filled in account opening form.

You can reach them via the following or call 0700 CALL STANBIC (0700 2255 7826242) or +234 01 270 9676

E-mail us:


paylater offers loans in Nigeria without collateral

Paylater is another online and straightforward loan lending platform that gives emergency loans in Nigeria without collateral to help cover unexpected expenses or urgent needs. They have a quick loan request process that allows you to apply for loans anytime and anywhere.

It only covers minimal financial expenses and shouldn’t be relied on when you have serious economic issues to deal with it. It also covers short-term money expenses, not long term.

Steps to access the Paylater Loan

Download and install and Install the Paylater App from Google Play store – if you are browsing with your mobile phone.

  • Fill out the application form you’d receive
  • Receive the money in your account.
  • Then you repay your loan

It is as simple as that to get the Paylater non-collateral loan, just as the name implies “Paylater”. It also depends on if you are eligible for not. In some cases, your loan request might be turned down – at the discretion of the company. The good thing is that they will inform you about what made your application unsuccessful.

You can also check them out for more information

AB Microfinance Bank

This company offers majorly entrepreneurs the chance to get loans in Nigeria without collateral in a more transparent and efficient environment. The credits currently range from N 15,000 to N2 Million; the maximum maturity is 18 months. If you need a larger loan, you can visit the SME section of the bank.

Requirements to access the AB Microfinance Loan

  • No mandatory deposits/savings and no cash collateral required.
  • No audited financial statements required.
  • Flexible collateral arrangements depending on loan size (household goods, business equipment, products in stock, vehicles, property, etc.)
  • Flexible documentation requirements.
  • Long-standing clients with impeccable repayment record qualify for successive interest rate discounts and even faster loan processing.
  • No borrower groups – you are responsible only for your loan.
  • Free SMS Reminder for your Monthly Repayments

You can also use their loan calculator to know your loan score.

There are also other companies like the regular financial institutions, microfinance banks, and private organizations that offer short-term and long-term loans in Nigeria without collateral. I will list out the popular ones among them that would give you a seamless application process;

  • The Wema Bank

  • Lapo Microfinance Bank

  • Mainstreet Microfinance Bank

  • KiaKia Loans

  • KudiMoney

  • CreditVille

All these are many of the financial houses in Nigeria that offers loans without collateral. But hold on! One more thing…

loans in Nigeria without collateral

Is Taking Non-Collateral Loans in Nigeria a Good Option?

When you are low on cash, taking up a personal loan might seem like the best option or an obvious solution. But going down the road, it might lead to unwanted consequences and could even make things worse for you – according to financial experts.

If you decide to take personal loans without thinking ahead, you might start finding it difficult to make payments along the road. This would leave you dealing with the same problems that made you even take the loans. Before you decide to seek emergency loans in Nigeria without collateral, you should consider the following points:

Most have Short Terms

Most of the personal loans have a maximum pay-back time of 1 year to 2 years, which are often shorter than other types of debts. This often results in higher payments because you have a shorter time to pay back. High payment could make it hard for you to pay other bills; then imagine what it would look like if something unexpected happens during that period.

Personal Loans have higher interest rates

Most personal loans in Nigeria without collateral have a very high interest rate. Most people take such loans to pay off other smaller loans so that they can have just one payment to think of. The irony is that you sign up for higher interest rates without thinking about it. I suggest you make a list of the loans you have, compare their interest rates and know which to keep and which to pay off.

It might not solve the problem

Taking loans might not mean that you have answered the question you need to address. It only fixes the symptoms, leaving the main problem lurking around. Let’s say you take a loan to pay off your debts, ask yourself if the credit would fix your financial issues?

Before taking an emergency non collateral loan in Nigeria, first consider taking up another side hustle to boost your finances, or you use your emergency funds for such purposes.

Things you should know about Personal Loans

Personal loans are significant if you need cash for a specific need that is bound to return a good interest for you. But notwithstanding, there are many things to consider before you decide to take up any personal loan or quick loans.

How personal loans work

Personal loans can either be quick loans or emergency loans. Most of the companies that offer them usually give out these loans without collateral.

It works in such a way that you borrow a specific amount of cash and pay it back with interest in monthly installments over the period. The period is mostly between the period of 1 – 18 months. Once you have paid up your loan, the account is closed. If you need more cash along the way, you can then apply for a fresh loan.

Interest Rates and Other Fees

Interest rates are also a huge factor and can make a huge difference in how much you pay over the life of your loan. The interest rate also varies from lender to lender. Here are some things you need to know about personal loans.

  • Interest Loans: It typically varies from around 5% to 36% depending on the lender and your credit score in general. The lower your credit score, the lower the interest rate you will have. Also, the longer the loan term, the more interest you will pay.
  • Prepayment Penalties: Some loan lender will give you loans in Nigeria without collateral, but you won’t be able to be paying off your loans early. This is because early repayment means that the lenders are missing on the interest they would have earned.

Where you can get personal loans

One of the best places to get non-collateral loans in Nigeria is in the banks – but they aren’t only the options when considering taking loans in Nigeria. There are other avenues to access loans without collateral as I have listed above.

NB: Many internet lenders have come out in recent years. If you aren’t sure if any of them are legit, you can check-up with the financial regulators like CBN.


Now that you have seen where to access non-collateral loans in Nigeria, the facts to consider, and how loans in Nigeria works, you can then go ahead and pick up the loan; but before you do, please make sure you check out with the financial authorities to know which is real or not.

If you have any issue regarding loans, you can ask me using the comment section, and I will respond to it.

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Obinwanne Umunna
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