Loans Without Collateral In Nigeria (UPDATED)

A loan is regarded as financial backing to help individuals and businesses scale their business or solve a financial crisis to pay back with interest at a stipulated time frame or period.

 In most cases, most lenders require a form of guarantee which is known as collateral in other to grant you a loan. This collateral serves as a security to the lender in the case where you fail to pay their money, they can sell whatever assets you put in place as collateral in other to get back their money and interest.

A lot of people have this great idea that needs some start-up capital, but for some reason, they couldn’t afford it. This has resulted in so many lost dreams and ideas.

In today Nigeria, not everyone has what they can tender as a means of collateral in other to secure loans for their businesses. This is one of the reasons why quick loans without collateral are very important.

With the advancement of technology today, lenders can now confidently give out loans without any form of collateral and still be rest assured of getting their money at a stipulated time frame. With the help of advanced technology such as the bank verification number BVN, lenders can now check your credit score and evaluate your worthiness and ability to pay back at an agreed date.

With this technology, the lender can see your financial capability and determine if you can pay what you requested based on your financial records which have to do with the inflow and outflow of money in your bank or business.

In this article, we will be talking about The top 10 loan website that offers loans without any form of collateral.

Also Read: Paylater Loan

1. Aella Credit

Aella Credit Loan

Aella is a platform that offers loans to businesses or individuals without any form of collateral or paperwork. They are one of the fastest-growing lenders in Nigeria due to their swift disbursement of loans within 5 minutes of a successful application and approval.

Aella uses a unique proprietary scoring algorithm to determine who is qualified to request a loan on its platform. Its loan mainly focuses on employee lending and empowerment.

The lending company offers loans ranging from N 1,500 to N 1,000,000. This loan amount is determined by various factors such as phone details, SMS log, GPS data and contacts.

Before your loan can be processed by Aella, you will be charged the sum of 30 Naira for card verification. This process is once and it only happens when you are applying for a loan for the first time.

The Aella App is available in Google Play Store and App Store for free. You can also start your loan application via its Web App by creating a free account.

Aella App also offer services such as Airtime recharge, Purchase of date, payment of utility bills, Tv subscription, Internet subscription for services such as spectranet and smile. They also offer services such as health insurance at affordable prices.

2. Carbon

Carbon Loan

Carbon formerly known as paylater is an easy to use app that runs on various operating systems such as android and IOS. It is an instant loan lending platform that provides long and short term loans to businesses and individuals. This loan allows businesses and individuals to solve unexpected expenses or urgent monetary problems.

With carbon, an individual or business can borrow up to N 500,000 from carbon without any form of collateral or any written agreement.

Carbon offers several types of loans to businesses and individuals. These loans are

Starter Credit Loan

This type of loan offered by carbon allows you to request a short term loan which you can pay back within the period of 7 days. This loan offer amounts to N2,000 with 100% cashback on the interest if you repay on time.

Payroll Loan

A payroll loan is a loan that is accessible only to salary earners who are paid through REMITA service. Once you apply for this loan and accept the offer. Carbon will provide you with the necessary information.

If you encounter any problem with repayment you can contact carbon at

Cash Back Loan

Cash Back loan offer is a new feature introduced in the carbon app, this feature allows you to have access to 10%-100% cashback on loans that are repaid on time. The cashback will be credited to your carbon account.

Carbon also offers additional services such as buying recharge cards, airtime, cable subscription,  betting lottery and online shopping. 

With carbon, you can have an online bank account within the app where you can save, send or receive money.

You can also invest money and earn interest from each investment when it reaches its maturity day. As a carbon user, you can request a virtual or physical debit card for your shopping online in dollars.

Download Carbon app from Playstore and Appstore.

Also Read: How to know if a loan company is a scam or legit

3. Kia Kia

Kiakia Loan
Kiakia Loan

Kiakia Is a lending platform in Nigeria that derived its name from the popular Nigeria word Kia Kia meaning “Fast-Fast”.  Kia Kia lending platform uses psychometric, big data machine learning technology for lending out money to businesses or individuals. This algorithm allows them to access customers and evaluate if they are eligible to take loans.

As a user of Kia Kia, you also have the ability to lend out money through its lending feature and earn some fantastic returns or better still, you can fund any business of your choice and get a share from their profit.

In 2019, the money lending platform received the InFINCA award for being the best peer-to-peer platform in Nigeria. The award served as a testament to their pioneering effort for sustaining and creating value to the supply and demand of services.

The lending platform has lent out over 7 billion Naira to its customers and still counting at the time of writing this post.

Kia Kia currently operates through a web-based platform. You don’t need to download an app before you can start your loan application process.

Before you can apply for a loan at Kia Kia, you must meet certain requirements which are 

Requirement For Kia Kia Loan Application

  • You must be a Nigerian
  • You must be above 21 years old
  • You must have a bank verification number (BVN)
  • You must have evidence for your source of income
  • You must have a valid means of identification
  • You must be ready to connect or authorize the software to obtain transaction records from your bank account.

Kia Kia does not have a minimum or maximum loan amount, they offer you what they think you can pay base on their assessment of your income level.

Kia Kia Loans are being disbursed almost instantly after it has been approved. You can sign up for Kia Kia

Also Read: CBN Loan for graduates of polytechnic and universities

4. Branch

Branch Loan

Branch is another popular loan lending finance application that allows any qualified business or individual to request a loan without any physical document or form of collateral.

In other to secure a loan from branch, you need to create a free account using your phone number or Facebook account or bank verification number (BVN). 

This information will allow branch to access your credit score for proper evaluation in other to know how much they can lend you.

In some cases, it takes branch 24 hours to process your loan or sometimes lesser than that.

Branch lending platform uses a digital machine learning algorithm to process different data entries in other to determine the credit score of an individual before disbursing out funds.

The branch mobile app comes with a dedicated wallet that allows you to send and receive money from family and friends for free. As a user, you can perform different services such as airtime purchase, airtime purchase, pay utility bills and many more.

The branch offers loans from N 1,500 – N 150,000 with a loan term of 4-64 weeks and an interest rate of 14% – 28% with an equivalent monthly interest of 1% – 21% depending on your loan offer.

You can download the branch mobile app from Playstore for free. The app is currently available to only android users.

5. One-Fi

One-fi Loan

OneFi was formerly known as one credit, it is a lending facility that offers short term loans to support businesses and individuals.

OneFi allows its users to get loans of up to N 200,000 with a repayment cycle of 3-6 months without any form of collateral or documents.

With OneFi you can automatically access paylater loans (Carbon). 

Also Read: How to make money online opening bank accounts in Nigeria

6. Quick Check

Quick Check Loan

Quick check is another popular money lending platform in Nigeria that uses machine learning technology to evaluate the credit score of an individual before determining the amount of money to loan out with the aim of solving the personal or business goals of its users.

Quick check offers a loan of up to N10,000 for the first timer with a repayment period of 30 days. If you are able to pay your loan on time, your credit score will increase which will automatically build a good reputation for you in the system and enable you to access a higher amount of loans. 

As soon as your loan application is approved, you will automatically get an alert in your bank account.

In other to apply for a quick check loan, you need to have an android smartphone, then download the app from playstore, signup and apply for a loan.

7. C24 Limited

C24 Loan

C24 limited is a microfinance institution that provides retail loans for consumers in need of urgent cash to solve their financial problems.

Their main mission is to create an avenue for people to take advantage of opportunities around them by offering them loans.

They offer three different types of loans which are

  • Personal Loan
  • Business Loan
  • Quick Cash

You can start your loan process, it is free, fast and easy.

8. Specta

Specta Loan

Specta is one of the best lending platforms I love using, it can offer you a loan of up to N 5 Million Naira within 5 minutes without any collateral and document. It is powered by Sterling bank.

Specta has different services such as 


This service allows individuals to access loans of up N 5 million Naira within 5 minutes without any collateral, paperwork or visiting any office.


With Specta4business you can receive a loan of up to 2 million to boost your existing business.

Specta Ultra Credit Card

They offer credit cards which you can use for paying for goods and services without experiencing any problem of insufficient funds.

Specta Prime

Specta prime allows you to invest your funds at a competitive interest rate and get and get a loan at a reduced interest rate.

Specta Score

specta score allows you to know your credit score and also evaluate your total net worth based on your score.

Pay With Specta

With this feature, you can buy goods that worth up to 2 million Naira from Specta merchants and pay later.

Specta offers an Interest rate of 25.5%-28.5%* . One off payment for Insurance: 2.5% . One off payment of Management fees: 1% . Repayment Period: 1-12months . Penalty fee- 1% .

9. Palmcredit

palm credit loan

Palmcredit is a virtual credit platform that makes it possible to apply for a loan of up to N 100,000 anytime without having to bring any assets as collateral.

With palm credit, applying for a loan is simplified. Once you download the palm credit app, sign up and apply for a loan. The system will calculate your credit score in less than a minute and show you how much you are eligible to request. You can reduce it at your own wish if the money is too much for you. 

For more information, visit their official Facebook Page

10. Fair Money

Fair Money Loan

Fair money lending platform offers short term loans to help you cover urgent bills and solve your current financial problems. You can request a loan from fair money at any time or anywhere as long as you are a Nigerian. This loan can be received with 5 Minutes of approval.

As a fair money user, you can get a loan of up to 1 Million Naira without any collateral or paperwork and still pay it back within 18 months.

Fair money also has an investment program where you can invest a minimum of N 100,000 per year and still earn 21% interest at the end of the year.

You can download the fair money mobile app from Here.


We are not a lending platform or an affiliate to any of the companies mentioned above. The information we provide here is accurate to the best of our knowledge. We will not be held accountable for any damage incurred as a result of the use of the services mentioned above.