16 Top Bank Loans Without Collateral In Nigeria 2020

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 2020

  • Standard Chartered Personal Loan 

Standard Chartered offers personal loans without collateral in Nigeria to customers who are workers, between the ages of 21 to 60 and earning a fixed monthly income. This loan is basically for salary earners who need some quick cash before the salary comes in.

The loan is given without collateral, and the tenure is fixed. According to the bank, the interest rates are very low, and you can borrow up to 100% of your income.

You need to have been with your current employer for at least six months, you need to a full staff of the contract worker, the terms of the contract must be well defined. Your salary must not be less than 20,000 Naira. The bank will determine through its calculations how much credit you can receive, although the bank says that credit of up to 20 million Naira can be given.

  • Stanbic IBTC Unsecured Business Loan 

Stanbic IBTC also offers bank loans without collateral in Nigeria to businesses, not just individuals. In this scheme, you can buy an asset for your business. You are given the asset to use, but it only becomes yours after you make the last payment. 

Requirements :

    The business must be duly registered with the corporate affairs commission. The bank also has to see the full names and capacities of those who will sign. They also want the CV of each member of the management team. They must also know what you are using the money for.

  • Access Bank PayDay Loan 

Access bank PayDay Loan is basically a Salary Advance Scheme with a low-interest rate. The targets of this loan scheme are people who work in the corporate sector. According to the bank, this scheme offers very low-interest rates on loans and very flexible payment tenure.

You are required to have a salary account with the bank, in order to benefit from this scheme, although, if you do not have a salary account with the bank, you may still apply if you bring along your six months bank statement, if you have been with your employer for at least six months, and if you fall within the acceptable age.  

  • First Bank Loans with No Collateral

FirstEdu unsecured Loan

This particular unsecured loan is specifically targeted at owners and operators of private schools in Nigeria. These loans are given in order to help them grow their structure, build more, and open more branches. The loan tenures are flexible.

As a security, you will domicile the school fees you receive with First Bank. The loan is only open to schools with a student population of at least 100.

  • First Advance

FirstAdvance is a money lending scheme from First Bank that deals with workers. With FirstAdvance you get an advance on your salary to cater to your immediate money needs. This is a digital lending solution designed for workers whose salaries are domiciled with First Bank.

To qualify, you need to have been with your employer for 6 months, receiving regular salaries into your first bank salary account.

  • FCMB Fast Cash 

Fast Cash from FCMB is a bank loan without collateral in Nigeria, a convenient, paperless credit facility tailor-made for workers whose salaries are domiciled with FCMB. If you have been working with a particular company for over six months, and the company pays you through FCMB, then whenever you need a loan of about 100 percent of your monthly income, FCMB gives it to you.

According to the bank, you don’t need to fill any form or even appear in person at the bank. You just pick up your phone and dial *329*11# 

  • FCMB Quickloan

Another bank loan without collateral in Nigeria facility from FCMB is QuickLoan. With this facility, you can receive a credit of up to 5 million Naira at once. There is no collateral involved.  

  • GTBank Personal Loans

With GTBank you can receive a loan of up to 50% of your net monthly salary upfront. This particular loan scheme is not very big, but if your salary is domiciled with GTbank, and you have urgent need of money before your salary is due, then you can get a loan from GTBank.

According to the bank, you can also get up to 3 months of your salary at an interest rate of 1.33% monthly to pay back over 6 months or a year. The bank says that you must have a GTBank Naira MasterCard in order to be eligible for this facility.

  • UBA Overdraft 

UBA Salary Advance/Personal Overdraft is a product of UBA. It is a short term loan facility that allows you to overdraw your current account, from 10,000 to 3 million Naira. The maximum duration for this facility is 6 months. 

Of course, not everybody is eligible for a 3 million naira loan; the bank calculates the limit that each customer can borrow based on his history of deposits and withdrawals.

The tenure of the loan is quite flexible; you repay only 5% of the amount borrowed every 30 days when your salary is paid.

In order to get this loan, you have to visit any branch of the bank and request a form or download the form online at the bank website. 

  • Click Credit 

Click Credit is another means of getting money even before salary is paid. However, with this account, you do not necessarily have to use UBA as your bank to receive salaries, but you must have an account with UBA, in which regular (preferably monthly) deposits are made.

  • WEMA Bank ALAT

WEMA bank has recently rolled out a personal loan scheme called ALAT. As a matter of fact, the bank says ALAT is a banking franchise of its own; they call it a fully digital banking solution. 

  • WEMA bank Personal Loan (Fixed Term Loan)

The WEMA Bank personal loan scheme is open to all workers in any registered company in Nigeria who receive their salaries through WEMA bank. You must have worked for your employer for at least six months, you can receive a maximum of 6 months salary upfront, or a maximum of 2 million Naira.

The bank says it will give a tenure of up to 36 months, and that the loans are only available to confirmed employees only. The bank also says that you do not need collateral, or to visit the bank in person. just visit their website.

  • WEMA bank unsecured business loan

WEMA bank also offers unsecured business loans without collateral in Nigeria to businesses. This is designed to boost the working capital of an existing business, or to help in asset purchases, to boost business growth.

The requirement for WEMA bank unsecured business loan

To get this loan, your business must provide at least three (3) months bank account statement from Wema Bank, and also three (3) months from previous/other banks the bank statements from other banks must have the letterhead of the bank, and also be signed by the bank official with stamps

  • Fidelity Personal Loan Scheme (F-PLS)

Fidelity bank offers bank loan without collateral in Nigeria through its Fidelity Personal Loan Scheme (F-PLS). This loan scheme enables you to have money handy with which to meet personal financial responsibilities such as; house rent, school fees, hospital bills, travel expenses.

The loan tenure is about 6 months, and the bank says that the rate is flexible. They also say that the loans can be approved with 48 hours of the request. 

  • Fidelity Bank Instant Salary Advance Scheme (ISAS)

Fidelity Bank Salary Advance is a scheme that helps salary earners whose salaries are domiciled with Fidelity Bank get loans to meet their needs before the next payday.

No collateral is required, and there is minimum documentation required. They just need to know that you have been working with your employers for more than 6 months.

  • Zenith Banks Loan Without a Collateral

Zenith bank offers several loan schemes, including SME Loans, Overdraft, Receivable Discounting / Invoice Discounting, LPO Finance, Import Finance Facility, as well as Export Finance Facility. The bank also offers Bonds & Guarantees.

Personal loans include salary advances, which are given to workers with their salaries domiciled with the bank. You need to be with your employer for over 6 months for this loan to be open to you.

If you have a current account with the bank you can also overdraw your account to the tune of about 3 million Naira. However, this is not open to everybody; the bank calculates each individual customer’s creditworthiness and gives the loan accordingly.


Closing On Bank Loans Without Collateral In Nigeria

Transportation, power, and food are some expenses that strain the pockets of individuals and businesses alike. Yes, these expenses are everywhere, but Nigeria has a high rate of price inflation, and very little market regulation. If you are going to do business in Nigeria, you just have to prepare yourself for the extra costs involved. Your best bet is to find a credit facility from any of the above-listed sources.