15 Best Platforms To Get Instant Loan Without Collateral In Nigeria

This is a detailed guide on how to get instant loan without collateral in Nigeria.

A loan is a form of payment, usually in money, paid to a person or organization with an agreement of a future payback with interest.

Whether you are an entrepreneur trying to grow a business or a parent trying to cater for family needs like children’s school fees, accommodation, or feeding, a loan could provide a big boost to your finances and help meet these needs.

As a form of assurance that you will fulfill your end of the agreement, most financial institutions and loan providers require collateral before they give out a loan.

This collateral is an asset belonging to the person willing to collect the loan and a valid proof of ownership must also be presented.

With the present economic situation in Nigeria, the demand for loans is at an all-time high.

Businesses need more money to keep running, students need finances to see them through school, new entrepreneurs need capital to start businesses and individuals need money to go about their daily activities.

Low interest loans would be a very much needed savior for these set of people and more.

Sadly, not many platforms give loans in Nigeria without collateral.

Hence, whether you are looking for an urgent loan in Nigeria, or loans for unemployed in Nigeria, or loan for startup business in Nigeria, or even SME loans without collateral in Nigeria, this guide will help.

In this guide, I will be showing top 15 platforms you can get instant loan without collateral in Nigeria.

Where To Get Instant Loan Without Collateral In Nigeria

In this section, I have listed 15 of the best platforms that give instant online loan in Nigeria easily.

‘Easily’ because you can apply for a loan at any time of the day after filling a form and your request will be processed in 24 hours.

These platforms are absolutely online and have very low-interest rates depending on the time you are expected to pay back.

These platforms also don’t demand collateral, while some even offer loans to the unemployed.

Below is a list of the top 15 online platforms to get Instant loan without collateral in Nigeria.

  1. RenMoney
  2. Branch
  3. Carbon
  4. Kiakia
  5. Aella Credit
  6. FairMoney
  7. Lidya
  8. Migo
  9. Social Lender
  10. C24 Loan
  11. QuickCheck
  12. Fint Loan
  13. Specta
  14. Jumia Loan
  15. Opay Loan

Let discuss this platform briefly, shall we?

1. Renmoney

Renmoney is one of the top sites to get instant loans in Nigeria without collateral.

With Renmoney, Nigerians can get loans of up to ₦4 million that can be repaid within a period of 9 months without tendering collateral or guarantor.

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The minimum loan amount on Renmoney is ₦100,000 with their interest rate being 2.8% per month.

To apply for a loan on Renmoney, certain conditions must be met.

These conditions include being within the ages of 22 and 59, having a steady source of income, having a functional savings or current account, and a valid means of identification.

2. Branch

Branch is another platform that allows Nigerians access to quick loans. This is one of the most reliable loan platforms for getting instant loan without collateral in Nigeria.

Branch offers loans ranging from ₦1,000 to ₦200,000 within a period of 4 to 40 weeks; and loan request are processed under just 24 hours.

Getting loans on Branch doesn’t require collateral and you get interest rates ranging from 15 to 34%.

Branch is a totally online platform, meaning people from all parts of Nigeria can request loans without having to go through strenuous processes requirements after the lender’s borrowing history have been met and verified.

3. Carbon

Carbon is another top platform that offers instant loan without collateral in Nigeria.

Formerly and popularly known as PayLater, carbon is a quick lending online platform which offers loan up to NGN 20 million.

Interest rate ranges from 5 to 50% depending on the amount to be borrowed and the time you will payback.

With all these in mind, we should note that Carbon doesn’t require collateral.

Carbon uses the Bank Verification Number (BVN) of prospective lenders to determine the rate at which they can borrow out money.

Carbon is also a loan app. Hence, if you are one of those asking “which app gives loan instantly in Nigeria?” then you might want to give Carbon a trial.

The good thing about Carbon is that it is available on both web and mobile (Android Os and IOS).

4. Kiakia

Kiakia is another best website where you can get instant loan without collateral in Nigeria.

Nigerians are familiar with the word ‘kiakia’ which directly translates to ‘fast fast’.

This online lending platform lives up to the translation as it provides quick loans with their highly effective and efficient services.

Backed by Sterling Bank PLC, Kiakia’s loan minimum amount is ₦50,000 with an interest rate of 3.5% per month.

5. Aella Credit

Aella Credit is another best app that gives instant loan without collateral in Nigeria.

Aella Credit is an app-based online loan platform available to users in Nigeria, Ghana and The Philippines.

Based mainly on employee lending, Aella Credit offers loans, funds ranging from ₦5,000 to ₦700,000 can be accessed for a period of 1 to 2 months at interest rate of 4 to 29% which is a very good interest rate.

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Like other platforms, Bank Verification Number (BVN) is a requirement to access their loans.

6. FairMoney

FairMoney is another best loan app in Nigeria.

FairMoney is an app-based loan platform which grants loans to Nigerians without collateral.

To get a loan from FairMoney, your Bank Verification Number and credit card details are needed.

You enjoy interest rates between 5% and 28% depending on the amount you are borrowing and between ₦2,500 to ₦150,000 can be borrowed over a duration of 4 to 26 weeks.

FairMoney reduces interest rates for lenders who pay before the end of the loan.

7. Lidya

Lidya is another top platform for obtaining instant online loan in nigeria.

Available both on the Lidya website and app for mobile, Lidya was launched in 2016 with a mission to bridge the credit gap in Nigeria and other emerging markets.

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The minimum Lydia loan amount is ₦150,000 with interest rates starting from 3.5%. Lidya characteristically replies within a few hours given you satisfy all conditions.

8. Migo

Migo which was formerly known as Kwikmoney is a loan platform formed by collaboration of banks, companies and mobile network operators to make loan easy to access.

Migo provides web, app and USSD services. A loan of up to ₦500,000 can be obtained from Migo.

Migo charges an interest rate of 5% to 15% depending on the amount borrowed and the loan must be repaid in 14 to 30 days.

You can visit your mobile device app store to download Migo app or visit www.migo.money. If you don’t have an internet enabled mobile phone, Migo is accessible by dialling *561#.

9. Social Lender

Social lender is a loan platform that grants loans by social reputation. It’s proprietary algorithm carries out a social audit of users on social media, websites and mobile before loan transactions can be made.

Social Lender can be accessed on their website.

10. C24 Loan

C24 loan is another platform to get quick loans without collateral in Nigeria. Applications for loans could be done under 5 minutes after which, a feedback is given.

One unique feature of C24 Loan is payment flexibility as loans can be repaid in installments.

11. QuickCheck

QuickCheck is another lending platform that gives loans without collateral in Nigeria.

Getting loan from QuickCheck is easy; all you need to do is download the QuickCheck application from the Google Play Store, and sign up. Learn more on how to get QuickCheck loan.

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Users of this platform can enjoy up to ₦500,000 loans within minutes. First time users, though, can only have access to a maximum loan amount of ₦10,000 payable in 30 days.

12. Fint Loan

Fint Loan is another top site to get instant loan without collateral in Nigeria.

Fint Loan offers you affordable loan with as low as 2% interest rate per month for your rent, school fees, medical bills and others for yourself and your employees if you register under the Fint employment model.

13. Specta

Specta is a totally online loan platform that gives quick loan services to it’s users without any form of collateral or paperwork.


Specta attends to instant financial needs for both individuals and businesses.

On myspecta.com, you will find out more about the loan services of specta which include MySpecta for individual loans and Specta4Business for business loans.

14. Jumia Loan

Jumia is also another top platform that gives instant loan without collateral in Nigeria.

Jumia is widely known in Nigeria for selling online quality goods at cheap price.

However with the JumiaPay platform, Nigerians can access loans quickly, easily and without collateral.

All you have to do is download the JumiaPay app, go through the ‘financial services‘ section, provide your details and you will get feedback once your request is approved.

Download the JumiaPay app on your mobile app store or visit the Jumia loan page to get started.

15. Opay Loan

Opay is another top platform to obtain instant loan without collateral in Nigeria.

Opay is a brand well known by Nigerians for providing financial services. Owned by tech giants Opera, Opay’s loan platform which is known as Okash gives loans to Nigerians without collateral.

With the Okash app, you only have to open an account, provide your details and you will get approval within 24hours.

The Okash app is available on Android Os and IOS devices app store. Visit operapay.com for more details about Opay Loan.

That’s all on the best 15 platforms you can get instant loan without collateral in Nigeria. You can also learn how to get personal loans from banks in Nigeria.

I hope this guide helps?

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