16 Top Bank Loans Without Collateral In Nigeria (2023)

A list of top bank loans without collateral in Nigeria, the need for credit is a global phenomenon. However, it seems that Nigeria has an extraordinarily high need for credit because of the extra costs of living and doing business in the country. In order to survive, Nigerians have turned to credit facilities, from financial services providers, including banks.

In this article, we want to focus on banks, what loans they offer to Nigerians without collateral, what is needed in order to get the loans, and how to apply. Hopefully, this information will be useful to you as you try to survive the high cost of living in Nigeria.

Bank Loans Without Collateral In Nigeria 2023

1. First Credit

First Credit is a product of Nigeria’s oldest financial institution which has done well to present itself as more than just a place to keep money. First Credit is an easy loan that can be assessed through online channels such as the First Bank app. This facility becomes open to customers based on the volume of transactions that they usually do in a month, and then it takes a few months of consistency to qualify.

The app notifies the customer about how much he can borrow. Sometimes customers can also get text messages from the bank telling them that they can get an overdraft.

2. First Bank Automobile Loans

This is a product of First Bank; in which the aim is to provide credit facilities to customers to enable them buy cars for their personal transportation. Of course this is open to only customers who earn salaries of a certain amount, and above. Even though there is no collateral required, customers need to have their salaries domiciled with the bank.

3. First Bank Salary Loans

First Bank Salary Loan is another provision of the bank to make life easier for salary earners at times when they may be short on cash, and need money to take care of emergency situations. The bank issues Salary Loans fairly easily, however, ones salaries must be domiciled with the bank, and the loans cannot exceed the salary.

4. Fidelity Easy Asset Leasing Scheme [FEALS]

FEALS is basically a product that enables customers to purchase important assets such as cars, generators, inverters, computers, and such things. This is one of the bank loans in Nigeria without collateral.

Fidelity bank is one of the leading banks when it comes to adding value to customers. This bank has financed so many important industrial projects in the country, and has won numerous accolades in recognition of the meticulous work it does for the financial sector and for the economy.

5. Personal Loans From First Bank

Personal Loans from First Bank are targeted at long time customers who are professionals or people in business, and who may need credit facilities to take care of important purchases that can improve their lives. These loans can be for purchasing of assets, or for home improvement, or for any other purposes.

6. Fidelity Bank Payday Loans

Fidelity Bank Payday Loans are for salary earners, and they are like salary advances to give workers money to spend before their salaries come in. As usual, there is a limit to how much a person can take through this provision; one cannot receive more than his salary.

7. Fidelity Bank Personal Loans

Fidelity Bank offers personal loans to customers to enable them make important purchases. This loan can be used to buy houses of other landed assets, or it can be used for home improvement or other purposes. The loan is without collateral, but it is mostly open to long time customers with high trust scores.

8. Migo Loan

Migo Loan is a micro credit facility that is offered to customers on an instant basis. There is no documentation, and no collateral, but the loan is usually very small. Migo is quite known as a loan app; but it is a product of Fidelity Bank.

9. FCMB Auto Loan

FCMB Auto Loan is a product of First City Monument Bank FCMB; and it is aimed at providing credit facilities to customers who are in need of finance in order to purchase cars for their personal transportation.

10. FCMB Salary Top-Up Loan

FCMB Salary Top-Up Loan is a salary advance provided to customers by FCMB. Of course to be eligible for this loan the customer needs to be receiving his salaries with the bank. Aside from this stipulation, there is no collateral needed. FCMB Salary Top Up also has a limited amount which must not exceed the salary expected by the customer.

11. FCMB Fastcash Loan

FCMB Fastcash Loan is a provision of FCMB to provide easy access to credit facility whenever the need arises. Eligibility for this facility requires that one must have operated an account with the bank for a few months. The loans are accessible through the bank’s app, and the amounts which one qualifies to get depends on the amount of transactions one has done recently.

12. FCMB Premium Salary Loan

FCMB Premium Salary Loan is a credit facility available to salary account holders with the bank. However, this is not about earning salaries; it is about earning high salaries, and wanting a credit facility that is big enough to finance some major projects. The credit will then be repaid through deductions from the customer’s bank account.

13. Fidelity Bank Eduloan

One of the biggest headaches people face is the fear of not being able to pay their children’s tuition fees. Fidelity Bank prevents that problem from arising, by issuing Eduloans to loyal customers without any collateral. This loan is also available to customers who are paying the tuition for themselves rather than their children.

14. Stanbic IBTC Payday Loan

Stanbic IBTC Payday Loan is for salary earners who use this bank. Remember that this is a commercial bank with a strong investment theme. The loan facility is for those who need to have money to take care of emergencies before they can get paid from their various jobs.

15. Stanbic IBTC EZ Loan

Stanbic IBTC EZ Loan is a loan that one can get from IBTC easily, without any need for collateral or documentation. However, one needs to have operated an account with the bank for the period of 6 months, and one needs to be between the ages of 18 years and 56 years.

16. Zenith Bank Salary Account Loan

Zenith Bank Salary Account Loan is a loan open to the bank’s customers who operate salary accounts with the bank. There is no need for any documentation or for any collateral.

17. Zenith Bank MSME Loans

The bank also has loans that are specifically designed for businessmen who own and operate Small and Medium Scale Enterprises. Of course they have to be committed customers with the bank, and must not have any bad debts or bounced cheques.



It takes a lot of trust for a bank to offer a loan without collateral; the most popular kinds of such bank loans are salary advances which are given because the bank knows the applicant’s financial history. Other common loans are those requested from apps which are basically small amounts for the resolution of small issues.