Where to borrow money in Nigeria

Where To Borrow Money In Nigeria Online With No Collateral

Do you wish to borrow online in Nigeria? Let us help you out on where to go.

It is almost impossible to go a day with no plan to spend money. The importance of having money around is so underrated, it allows to have some level of security.

If you have cash set aside for an emergency, one can choose to use them when such a day occurs. It could be to enjoy varieties that life has to offer, set things in motion, pay bills, nurture business ideas, improve hustle or other discretionary expenses.

Whatever the reason why you need money, there may come a time when you have no cash at hand or at a bank. There are lots of places to borrow money in Nigeria with no collateral; with just some mild conditions to fulfil to get a loan, one could even get the cash in less than 5 minutes after approval.

Loans can be gotten either online or at the addresses provided by the institutions. As a matter of fact, you will be avoiding long processes common with most banks. Although there are good numbers of banks that offer instant loans; Alat loan app by wema bank, Fastloan app by Fidelity bank, FCMB fastcash loan, kiakia loan by sterling bank and quickbucks by access bank are good ones out there.

However, We are providing you with online lending platforms in Nigeria that grant you quick cash.

Best loan providers/lending platforms in Nigeria

1. Grofin

GroFin was established to improve the living conditions of people especially the commoners. How do they achieve this? This is done by supplying Micro, Small and Medium Enterprises (MSMEs) with the needed support and finance to help them create a better society.

To do this effectively, GroFin put its extensive effort in the key areas of sectors such as Water, Education, Agriculture, Healthcare and Labour intensive businesses. To complete Grofin loan application, you will need to go through some documentation either online or offline.

Investors and Entrepreneurs can get up to $1.5 million and not less than $100,000 with a loan duration between three to eight years.

GroFin loan goes beyond just providing money for investors and entrepreneurs, but with goals of achieving financial inclusion and equality.


SMEDAN is one of the ways investors and entrepreneurs get financial support for their inventions or businesses.

SMEDAN was established by the SMEDAN Act of 2003 to help ease the burden off Nigerian Government by providing easily accessible loans to deserving members of the public, a move which helps to strengthen the economic and as well contribute to the growth in every phase of the Nigerian key sectors.

SMEDAN is totally different from most online lending platforms you might have come across. It is just like a middleman between a lender and borrower, in the sense that it only exhibits loans providers and the services they offer and as well as point you to how you can begin your loan application.

Related:  Palmcredit loan - Get fast cash with no collateral

3. Lapo loan

This is no doubt the most popular loans in Nigeria. From Lagos to almost every state in Nigeria, one will at least find one lapo’s office operating within.

It provides affordable loans to traders, salaried workers as well as investors. To get a lapo loan, you will need to visit any of their offices in your state of residence to declare intention. The CSO will guide you through the loan process.

All loan products on lapo come with no collateral, but not without subjecting yourself to a manual process. Depending on the type of loan investors go for, one can get up to NGN5,000,000 loan.

4. Jumia loan

Jumia needs no introduction in Nigeria and some parts of Africa. The company operates many services ranging from providing a retail platform for sellers to offer their merchandise and also the shipment and delivery to consumers with a payment system in place to facilitate deals.

Among their numerous services is Jumia loan. On jumia loan, there is a provision of cash up to N100,000 which is only accessible through the jumia one app found on play store and with interest as low as 1% per day.

With this initiative, Jumia has no doubt provided the means to get an affordable loan product.

5. Fast credit

This loan service is available for both paid workers and self-employed and with easy repayment mode put in place for customers. The minimum loan available on fast credit is NGN100,000 while the maximum is N3,000,000.

To get a loan on fast credit, one does not need to have a bank account, although has some certain conditions to fulfil. Among them is a verifiable source of income, bank statement, salary account, a govt-issued ID card, evidence of tax payment and some other documentations.

With these loans, it makes it easier to start or improve business and also boost economic due to providing more jobs for job seekers.

6. Zedvance

Not many online lending platforms grant N5m loan facility. Zedvance which is popularly called moneypal is an app that is focused on providing loans with an attractive interest rate to business persons and salaried individuals. Registration can also be carried out through the website or on WhatsApp.

Moneypal loan comes with no collateral and is available for both young and grown-up within the age of 22 to 55 years. Loan products available on zedvance moneypal loan are classified into three; they are zedvance for business, zedvance nano and zedvance payroll.

7. Paylater

Paylater which is now called Carbon became operational in 2012, it has since became one of the top loan apps in Nigeria.

When it was first introduced, the salaried earners were the only beneficiaries. The introduction of bank verification number (BVN) further brought opportunities to the rest most especially the self-employed. Students are also encouraged to apply as long as they have a sustainable income.

The loan amount starts from N1,500 to N1,000,000. This bears a loan interest from 2% to 30% with an equivalent monthly interest rate of 1% to 21%.

Related:  Ferratum loan - Instant money for everyone without collateral

Although it is stated one can get up to N1m from Carbon Paylater but to get any amount, there will be proper checks in place to ensure you are creditworthy which is done by using the information available to them.

This institution runs with the full support of the Apex financial institution, the Central Bank Of Nigeria.

8. Renmoney

Renmoney leverages technology to give loans to self-employed, salaried individuals and investors. It provides loan up to N6m and N250,000 being the minimum loan anyone can take.

It is one of the best loan providers in Nigeria that offers much more, yet very low-interest rate and also the chance to partner with renmoney. To get renmoney loan, you must live and work in any state where renmoney’s office is situated.

9. Page financials

Getting a loan does not have to come with elongated and strict procedures, page financials offer a very easy way to get quick loans. The application can be carried out on page financials app or their website depending on what choice you make.

On page financials, you can get loan amount from N200,000 to N5,000,000, enjoy reward programs, buy airtime, bill payment with zero charges, make a bank transfer and even do much more on the app.

Do note that page financial loans can only be accessible by salaried individuals who reside in Lagos, Ibadan, and every banker in Nigeria.

10. Aella Credit

This is totally an online lending platform for salaried earners to borrow money; notwithstanding, non-salaried earners can also be considered when they approach the financial institution’s officials.

An employee who is looking to take up fund from Aella Credit will need to bring up his or her company on board and convince them to sign up on Aella Credit. HR will need to submit a CAC certificate to complete the registration.

Aella Credit allows up to NGN720,000 and with a repayment period up to 17 months. No late fees and interest rate ranges from 1% to 14%.

11. Palmcredit

Palmcredit loan, not the most generous, if you are looking for huge cash but the NGN100,000 cash could give you the break especially when the payday is not coming anytime soon.

The best sides of palmcredit are there are no transactional fees, no origination fee, zero rollover charges and comes with no security to get the loan. This loan could be completed in less than 5 minutes and totally online.

12. Quickcheck

With over 600,000 downloaded apps, it is safe to admit QuickCheck is doing something right. Quickcheck loan gives you the courage to grow your business and attend to those emergency needs using technology.

Quickcheck is totally a loan app that grants a loan facility to everyone at a very affordable rate. With a good clean report, one should be able to get not more than NGN200,000 with the minimum being NGN15,000.

It also offers quick access when you use your Facebook profile for validation on the app plus other exciting benefits one could enjoy on the app such as ease of purchasing airtime and zero collateral.

13. Fairmoney

Fairmoney is clearly one of the top loan providers in Nigeria that give loan up to N150,000 with a repayment period of 4 weeks to 26 weeks.

Related:  Quickcheck loan app | Need a loan fast?

Good credit history is important to get fairmoney loan. After registration, the team will review your loan application using the information you provided. Application on fairmoney is very easy, convenient and totally online.

The loan can be accessed by all Nigerian in the 36 states of the Federal Republic of Nigeria. To get started, you will need to go to the store and download the app.

14. Branch loan

Another online lending platform in Nigeria is branch loan. The online lender makes loan application looks like taking a walk in the park. Application is unbelievably easy and convenient to the extent that you can even apply at the comfort of your home.

Branch allows an individual to receive up to N200,000 loan amount with a loan duration of one month to 10 months.

To get branch loan, you will need to download branch loan app from Google Play Store or on apple store. The application is free to use.

A Facebook account is needed to register for a loan on branch app.

15. Kwikmoney

Do you need a lending platform that offers not just loan application through the app but also through USSD option? Kwikmoney is all you need.

With kwikmoney, you can use any mobile phone even any palasa phone as it popularly called in Nigeria. To apply for a loan, dial *561# on any network and follow the instructions. First-time users will only be entitled to small cash but when your credit score soars high, you will be able to access bigger loans. Another way to apply for kwikmoney is to log into their website.

On kwikmoney, you can get a loan from N500 to N500,000. To get better finance, ensure you pay back as planned. Having a good credit score not only impact positively on kwikmoney but also on other lending platforms.

16. Kiakia

Kiakia is one of the revolutionized loan providers in Nigeria that uses artificial intelligence to provide quick and affordable loans to entrepreneurs and salaried persons.

The use of a chatbot, otherwise called artificial intelligence has vastly improved the time it takes to respond to commands or queries. Applicants can get up to N200,000 loan amount from kiakia upon approval with the minimum loan amount being N10,000. The duration of the loan is 1 month to 6 months.

17. Credit wallet

There are about N500,000 cash available to be loaned out to salaried workers and federal government workers. The loan tenure on Credit Wallet is 3 to 12 months with interest rate charged at 0.25% per day.

Getting cash for this online lending platform only takes a few minutes, all you need to do is to log into the website and provide details. A customer representative should get to you within a few minutes.

Credit wallet got its license from Lagos State Government.

18. C24

Need a quick loan? Talk to C24. C24 is a moneylender which provides quick loans for consumers in need.

The company prides itself as one of the financial institutions that offer the quickest way to access loan from any internet-enabled devices within Lagos State. Since its inception, over N8b have been borrowed with about 190,000+ people empowered so far.

Customers will be able to borrow up to N3,000,000 with cool affordable interest rate. Several arrangements have also been made to ensure that repayment goes with no hiccups.


  1. muttaka usman October 12, 2020
    • Ayobami Ola October 12, 2020

Leave a Reply


You cannot copy content of this page