Top 10 Easiest Loans in Nigeria 2020

Do you need to obtain a loan without stress? Probably you are a small business owner who needs a fast and easy loan in Nigeria. Or you need to start up a business and need a loan but can’t approach a bank because you think their demands are not what you can meet? Then don’t look too far.

Even if you don’t have a business but need a loan to sort out a personal or family need at this time, we’ve got you covered.

In this article, we have carefully researched some of the easiest and fastest loans in Nigeria with how to obtain them and their specific requirements. 

 10 Easiest Loans in Nigeria 2020

  • 1. Primera Loan

PrimeraMFB is a tier-one microfinance bank based in Lagos State, Nigeria. If you are a Lagos resident, then Primera can satisfy your need.

Primera microfinance bank has been around for about ten years and has experienced growth. They give loans to SME, federal government workers, private individuals, personal loans, etc. They have a lot of loan packages covering different needs.

To obtain a loan from PrimeraMFB you have to visit their website, click on their menu bar for their contact. You would be required to fill an online contact form. Or visit their office at No. 24, Kofo Abayomi Street, Victoria Island, Lagos. If you are a social media person like me, you can find them on FB, Instagram, and Twitter. They are on almost every social media handle.

You will need to provide a valid staff Identity card to be eligible for obtaining a loan. Primera does what is called Know Your Customer (KYC). Your valid ID card would be verified to ascertain if you truly work with the company you claimed you work for. You also need to present a bank statement, proof of employment letter after which a credit check would be fun on you.

  • 2. FCMB Fast Cash

First City Monuments Bank, FCMB is a retail business and corporate banking services in Nigeria. If you are a business owner in need of fast cash or need money for your emergencies and urgent needs, then you should use FCMB. With an FCMB Fastcash you can get an instant loan with no collateral.

FCMB fast cash is one of the easiest loans in Nigeria, a convenient, paperless credit facility. To apply simply dial the USSD code *327#. The good thing about FCMB Fastcash is that you can obtain the loan without being an existing FCMB customer.

The requirement to obtain the loan as I mentioned above is to dial the USSD code *327*11#, no collateral needed neither do you need to fill any form. It is available to all Federal Government employees with the exception of military and para-military employees.
There are several loans facility on FCMB such as the Salary Plus Loan, Premium Salary Loan, and Auto Loan. You can visit their website to know more.

  • 3. GTB Quick Credit

GTBank is a leading African bank that offers online/Internet banking, retail banking, corporate banking, investment services in Africa. Whether you are a salary earner or self-employed you can get the cash you need instantly, and pay back over 6-12 months.

GTBank Quick Credit is one of the easiest loans in Nigeria, a convenient loan with a repayment plan spread over 6-12 months. Quick Credit gives you funds up to N5 million at an interest rate of 1.33% monthly. No hidden charges. You can request for Quick Credit instantly by dialing *737*51*51#. Quick Credit is also available on all GTBank online and mobile banking platforms.

Quick Credit will be available immediately after a successful application; however, you must be a GTB customer. Not a GTB customer? You can be eligible for this product by opening a salary account with them today. Applicants must earn a minimum of N10,000 every month and should be at least 18 years to qualify.

Also, you can try their School Fees Advance- a loan facility designed to finance the payment of your child’s school fees for schools in Nigeria only. This facility is available to members of staff or public and reputable private organizations whose salaries are domiciled with the bank.

On how to apply for School Fees Advance. Visit their website and click on Loans. Next click on School Fees Advance. Fill the application form and employer undertaking form online and submit.

You must provide school fees bills and credit insurance. Ensure that staff terminal benefit is domiciled with GTBank or obtain Corporate Guarantee. In addition, you must have worked for at least 6 months for your employer. The best part about School Fees Advance is that you can get up to N5 million school fees advance. Get more out of GTB, explore other loan facilities available on their channel. 

  • 4. RenMoney

RenMoney previously known as RenCredit is a group of technology and finance enthusiasts who are really passionate about making financial inclusion count. They are Nigeria’s most convenient lending company/ Microfinance bank. They sell products such as loans, savings, and fixed deposits. 

With RenMoney you can either t a personal or Micro-business loan to meet your needs. Their loans are flexible, no guarantor or collateral is required. No hidden charges; however, their rates are competitive.

To apply to their website, click on the menu bar, and click on loans. Next, click on apply now and fill in the online form.

RenMoney requires you to submit your bank statement, a government issues Identity card and your BVN. Moreso, you have to be eligible to apply. You must be between the age of 25 and 59, have a verifiable source of income, have a savings or current account with any commercial bank and must live and work in cities they operate.

With RenMoney, you can get up to N6 million for up to 24 months. For easy access to their agent, send an email to now.

  • 5. GroFin 

GroFin is a financial services company operating in Nigeria. What stands out Grofin is that as their primary market they target Small and Medium Enterprises (SMEs). GroFin works to provide them with business loans without the usual stress that comes with applying to a bank. With quick and easy access to loans, entrepreneurs can grow and expand their business interests. The company operates in many countries and territories across Africa & the Middle East. 

In order to qualify, you need to submit an online application. Responses are typically quick; within 24 hours. You can qualify for a loan of up to US$1.5 million dollars. 

  • 6. Rosabon Financial Services 

Rosabon Financial Services is a financial services company operating in Nigeria. Rosabon Financial Services offers loans for personal use, or for business, their loans are among the easiest loans in Nigeria. They also offer investment schemes and platforms. Some of the investment programs on offer are savings, fixed deposits, and also annuities.

To qualify, you have to first visit their website, and then register. After the registration, you should receive a call from someone in their head office. He or she will give you a brief introduction to some of the services offered by the company. When you tell them that you have recently applied for a loan they should give you further advice. Your application will then be reviewed, and if the loan is approved you can get it within 24 hours. 


Zedvance is a consumer financial services company. The company’s primary target market is individuals instead of businesses. The company’s website states that you can borrow up to 3 Million Naira in less than 24 hours.

As mentioned above; the company primarily gives out consumer loans to salary earners. The fixed monthly income makes it easier for the company to issue credit ratings to individuals, thus knowing what amount each person qualifies to receive. 


Paylater is a lender that works in Nigeria. This company relies heavily on technology; and operates almost entirely online. Paylater, offers easy short-term loans for individuals as well as small businesses. The emphasis is on the ‘short term,’ this kind of loan is good for a situation that comes up before you receive your salary. As soon as you get paid, you just payback. 

According to the company website, you can get up to 500,000 Naira loans with no collateral. The first step towards getting this loan is to visit their website, and then registering. 

  • 9. KIAKIA.CO is a financial services firm that provides loans to Nigerian consumers and businesses. KiaKia utilizes a complex system of data analysis to determine who qualifies for a loan and who does not. To apply for a loan you have to register at the website, and then complete the registration.

  • 10. LIDYA.COM

Lidya is a lender that operates in the Nigerian market. The lender operates online; via a website and also has a mobile application that has become quite popular. This company also targets individuals, instead of businesses. 

The company can issue some loans within 24 hours.


Closing On The Easiest Loans in Nigeria

Many businesses have suffered during this period because they could not get access to quick loans in Nigeria. Some families could not approach these existing companies because they have been frustrated in the past. The hidden charges, collaterals, and ridiculous interest rate to mention a few discouraged them from applying for loans.

However, you can make your business boom again or meet your personal needs by approaching one of these financial institutions listed above. Many who discovered them earlier have been benefiting greatly, you too can.

Tag: Fastest and easiest loans in Nigeria