A Bank offering instant loans without collateral in Nigeria would have been a surprise to anyone some decades ago. When you tell someone that you got a loan from the bank without using your asset or any value as collateral, a lot of people will not believe you. But today, the case is different due to the pace at which technology is moving, everything becomes simplified and easy.
Banks can now offer loans confidently to their customers without asking for collateral of any form. This method of lending has helped the bank to bridge the gap between the bank and its customers by increasing the confidence the people have in the traditional bank.
Today a lot of banks have adopted this type of lending system and we can confidently point out some of the banks that offer quality service when it comes to giving out loans without collateral in Nigeria. This alone has made so many financial service providers most especially the traditional banks change the narrative.
Without us wasting much time, let us dive into some of the major banks in Nigeria that offer digital loans without collateral.
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Banks In Nigeria Offering Digital Loans Without Collateral
Below are some major banks that offer loans without any form of collateral. These loans are easily accessible, so long as you meet the requirements.
- Wema Bank
- FCMB
- Zenith Bank
- Access Bank
- Stanbic IBTC
- Fidelity Bank
- Guaranty Trust Bank (GTBank)
- United Bank for Africa (UBA)
- First Bank
Wema Bank
Wema Bank is another great financial institution that offers digital loans without any form of collateral. This loan is easily accessible to customers who own a salary account with Wema bank. The account can either be a savings or current account so long as it is a salary account, you can easily obtain a loan with it without having to use any of your assets as collateral.
The maximum loan you can get as a salary earner from Wema Bank is seven multiples of your net monthly salary, this is also subject to a maximum of N2 million.
Once you’re confirmed to be an employee of the company you work with, your loan will be disbursed within 48 hours.
First City Monument Bank (FCMB)
As one of the fastest-growing and leading financial institutions in Nigeria, FCMB has continued to provide quality and exceptional service to its customer.
As a customer of FCMB, you can have access to different types of loans such as:
- Auto loans
- Salary Top-Up Loans
- Fastcash Loans
- Premium Salary Loans
To have access to these collateral-free loans, you can use the USSD service by dialling *329# and following the step in other to get your loan from the bank.
Zenith Bank
Zenith Bank is one of the most successful banks in Nigeria. The bank offers different types of loans such as SME Loans, Overdrafts, Receivable Discounting or Invoice Discounting, LPO Finance, Import Finance Facilities, Export Finance Facility, Term Loan, Leases, Bonds & Guarantees and Retail Loans for Schemes and many more.
The bank has other special loans such as the LPO. The LPO which is known as the Local Purchase Order is a service available to customers to finance the supply of materials. In the case of an overdraft, this allows customers to borrow a certain amount over a credit balance in their current account. The overdraft is set within a specific tenor, usually not exceeding twelve months. Customers. As a customer of zenith bank who wishes to get a digital loan, you can check out some of the loans being offered by Zenith bank.
Access Bank
After the merger between diamond bank and access bank, the bank has been creating amazing services which are tailored to meet customer expectations. Digital loans without collateral in one among most of the services being offered by the bank.
To access these loans, you can use the Access Bank Quick Bucks mobile app to access multiple quick low-interest loans from the bank. All you need to do is to install the Access Bank Quick bucks app and commence with the process.
Stanbic IBTC
Stanbic IBTC which is a subsidiary of the Standard Bank Group is another great bank in Nigeria that offers both business and personal loans.
To be eligible for the loan being offered by this great financial institution, you must have an account with the bank. Even without a salary account, you can enjoy this loan offer. The repayment of the loan is between 1-5 years depending on the loan offer. Once you’ve received the loan, you can be paying it in instalments until you finish paying up the loan. You can check out the loans being offered by Stanbic IBTC.
Fidelity Bank
As an award-winning bank, the bank is known as another great financial institution that offers easy collateral-free loans. Zenith Bank operates what is called Fidelity Easy Asset Leasing Scheme (FEALS). This scheme allows the bank to offer digital business and personal loans to its customers without them having to use their assets as collateral.
With the FEALS scheme, you can acquire household appliances, brand-new vehicles, generators, inverters, laptops, and the like from customers. Its minimum contribution is as low as 20% with a 48-hour approval time. Check out some of the fidelity bank loans you can get.
Guarantee Trust Bank (GTBank)
A Gtbank loan is very easy and straightforward. You can apply for the loan and get it almost instantly. To access the loan you can use the *737# code for activating the GTbank loan.
With the GTBank Loan, you can get a loan of up to 5 million nairas without any form of collateral so long as you meet the requirement. You can check out the loans available for here to know more about them.
United Bank Of Africa (UBA)
When you are looking for a loan to solve your financial problem, then think of UBA as a place to go. The bank offers you loans which they tag as the “No Wahala Loan” and other loans like the Personal Overdraft.
You can visit the official website of UBA to see all the loans they offer and choose the one you wish to use to solve your problem.
First Bank
Being the number one Nigeria’s premier bank with a record of over 10 million active accounts transacting on its network, the bank stands as one of the most sorts after banks when it comes to digital loans without collateral.
The bank provides a comprehensive range of retail and corporate financial services to customers and investors across Africa.
FirstBank operates a FirstEdu loan available to private school owners who require additional funds for effectiveness. It offers an N10M maximum loan amount with an account relationship of 9 months. Additionally, FirstEdu is only available to private schools registered with the Corporate Affairs Commission [CAC]. There’s also the 100 student-population it takes into account.
Conclusion/ Final Verdict
We didn’t go too deep into how you can secure this loan. But you can use the link we provided. They are all linked to the official bank website where you can get the detailed information regarding any loan offer you wish to take. I’m going to write separate articles that show you the step-by-step process of how you can apply for those loans.
Before I wrap it up, I’ll advise you to conduct your own research and do your homework to ensure that you’re picking the right bank which offers the amount you wish.
With all that said, we’ve come to the end of the article. If you find the article informative and educative, don’t forget to share. This will encourage us to write more helpful articles like this in the future.