List Of Loans Without Collateral in Abuja 2020

Collateral loans involve pledging something of equal or higher monetary value to the amount of loan that you request. It acts as a security for the lender by protecting them from losing, hence, it is also referred to as a secure loan. The non-collateral loan also known as the unsecured loan involves checking the eligibility of a borrower that is lacking collateral. There are specific bank requirements to meet up with non-collateral loans and the credit score of the borrower is used as guarantee for loan payment. Most financial institutions responsible for giving out loans without collateral are mortgage banks. 

It is best to know the type of loan that suits you when seeking for a loan in order to avoid paying more than required from using loans for the purpose that they are not meant for. An instance is buying land with a personal loan that is supposed to be used in settling unexpected bills or debts. It is mandatory that you know the purpose that each type of loan is meant for in order to avoid making expensive mistakes. 

Brief insights on some common loans in Abuja that we might have heard of and the purpose they are designed for.

  • Debt Consolidation Loan

Consolidation loan comes in the form of a personal loan or mortgage. Just as the name implies, it is meant to pay off debts and simplify finances. 

  • Personal Loans

Personal loans are used to foot personal expenses. It can be used to settle credit card debts, or even reduce interest rates. 

  • Student Loans

This loan is particularly meant for students to help them cover the expenses of their education. 

  • Mortgages

This type of loan is distributed by banks for customers who want to buy a home without an upfront. Mortgages are tied to your properties.

  • Auto Loans

Acquiring auto loans also put your properties at risk of being closed. 

  • Small Business Loans

This loan is directed towards businesses for startups or expansion of an existing business. 

  • Loans for Veterans

Controlled by the Department of Veterans Affairs (VA), this loan is made available for veterans and their families. The VA does not directly provide the fund, instead, they act as co-signer to vouch for veterans. 

  • Payday Loans

These are short term loans with very high-interest rates. They are meant to fill the space between one paycheck and another. It is discouraging because of the high-interest rate and cost. 

  • Cash Advances

This is also a short term loan that involves using the credit card to collect cash at a bank or an ATM.

  • Home Equity Loans

Having equity on your home brings you at an advantage because you can use the equity to settle bills. 

How To Access Loans Without Collateral In Abuja 

Accessing loans from any of these banks involves opening an account at a branch and providing every information that is asked of you. The information to be provided are;

  • Utility bill
  • Valid means of identification
  • Two passport photograph
  • Opening balance of one thousand naira and above

Upon opening the account which is done within 24 hours, you will be required to run the account for two months before you can be eligible to borrow loans. During the period of running the account, it is important that you save up to twenty percent of the amount you intend to borrow from the bank. It is often in the best opinion for borrowers to use the loans only for the purpose of businesses since they are expected to pay back within a period of three months. In order to guarantee loan repayment during the period of three months that is given, it is highly advisable that you draft a business plan that will be used in accessing the loan. A guarantor with a check of the said amount will be requested to stand in for you for a loan that is more than three hundred thousand naira. The money is withdrawn from the check if the borrower fails to pay up the loan. Every loan collected using this method attracts a 5% interest rate. 

List Of Loans Without Collateral in Abuja 2020

With the exception of banks, loans without collateral can also be attained online in Abuja. It involves a simplified process of applying in minutes with your personal details, then your application undergoes verification to check your eligibility for the loan and you receive your money instantly after the approval. The lists of online companies offering loans without collateral in Abuja are Specta, Lendigo Nigeria, Zedvance, LoanDey.com, and Fint Loan among several others.

List of financial institutions giving out loans without collateral in Abuja

  • Resort Savings and Loans
  • Creditville Limited
  • Mutual Alliance Group
  • Safeline Micro Finance Bank
  • Plantinum Savings and Loans Limited
  • Safetrust Savings and Loans Limited
  • Credit Direct
  • Federal Mortgage Bank of Nigeria Abuja
  • Abuja Instant Loan Services
  • Hasal Microfinance Bank
  • Rosabon Finance
  • Renmoney
  • Kiakia
  • FHA Mortgage Bank

Contact address of the financial institutions giving out loans without collateral in Abuja 

  • Resort Savings and Loans

Block B, Murg Shopping Mall, Moshood Abiola Road, Area 10, Garki, Abuja, FCT

  • Creditville Limited

4th Floor, OTI CARPETS COMPLEX 142, Adetokunbo Ademola Crescent, Wuse 2, Abuja Municipal

  • Mutual Alliance Group

Plot 599, Cadestral B, Wuye, Abuja Nigeria

  • Safeline Micro Finance Bank

50, Libreville Street, Off Aminu Kano Crescent, Wuse 2

  • Plantinum Savings and Loans Limited

Plot 118, Aminu Kano Crescent, Wuse 2, Abuja

  • Safetrust Savings and Loans Limited

{{4th Floor, ITF HOUSE, Adetokunbo Ademola Crescent, Wuse 2 Federal Capital Territory, Abuja

  • Credit Direct

Central Business Dis, Abuja

  • Federal Mortgage Bank of Nigeria Abuja

((((The Mortgage House, 266 Tafawa Balewa Way, Central Business Dis, Abuja

  • Abuja Instant Loan Services

Gudu, Abuja

  • Hasal Microfinance Bank

Gudu, Abuja

  • Rosabon Finance

Suite C1 and C2 Discovery Mall, Konoko CCrescent, Off Ademola Adetokunbo Street, Wuse 2, Abuja

  • Renmoney

Wuse 2, Abuja

  • Kiakia

PLOT 395A Etang Obuli Crescent, off Idris Ibrahim Crescent, Obafemi Awolowo Way, Jabi, Abuja}}}}

  • FHA Mortgage Bank

Lugbe, Abuja

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