Some years back, it was impossible to get a quick online loan in Nigeria. Back then you would need to put up an expensive property as a collateral to get a loan.
However, the debut of disruptive technology in the field of finance brought about a change spreading like wildfire.
Now prescient entrepreneurs and ambitious students seeking to school abroad can obtain quick loans in Nigeria, without the need of a collateral.
Also Read: How to make money online in Nigeria (2020)
It is a matter of peculiarity since we live in a period marked by economic challenges, especially in Africa. A lot of businesses have been stifled by a lack of adequate funding. This article is aimed to serve as a catalogue for the various available funding options to get quick online loans in Nigeria.
As at the time of curating this list, there exist a multiplex of avenues to obtain quick online loans in Nigeria with reasonable interest rates and without demanding for a physical collateral. It gets even better, there are now 24 hours loan in Nigeria for those in need of an emergency loan. I therefore have decided to enlist my top thirty, as well as their ussd codes where it applies.
You can obtain loans ranging from as low as a thousand naira to millions of naira within a given period, based on your creditworthiness and depending on what lending platform best suit your need.
Without further ado, here are the different lending platforms available to get instant loans in Nigeria;
1. Access Bank PayDay Loan
PayDay loan is a short term mobile loan platform in Nigeria for individuals in a paid employment.
To apply you can visit any branch close to you and request for a PayDay loan application package. This would include a guarantor’s form that must be filled and signed by your employer or someone that holds a managerial position in an established organization.
Access Bank PayDay Loan requirements are;
- A bank account statement showing consistent salary entry for 3 months;
- A valid government issued ID Card;
- A valid employee ID Card;
- A post-dated cheque from you and your guarantor.
To get Access Bank PayDay Loan via USSD code is dial
*901*11# or *426*11#
2. Aella Credit
Aella Credit is an app-only quick online loan option for salary earners. They can issue a loan of NGN1,500 to NGN700,000. Paperwork is not required to get a quick online loan from them. Even so, it is affiliated with credit bureau agencies in Nigeria and seeks to empower Africans with loans. It is available in Ghana, Nigeria and the Philippines.
Aella Credit determines the creditworthiness of an applicant before approving a loan request. This is done using a credit scoring computer process to examine the applicant’s debt to income ratio and other social and demographic variables. It took them several years to develop this algorithm.
Aella Credit Loan requirements are;
Your BVN and Aella Credit Mobile App
Depending on your credit score, interest rates on Aella Credit Loan range from 4% to 29% for a tenure of 1 to 2 months.
Aella Credit repayment channels are Direct debit, POS and Quickteller.
Customer Care Contact
You can reach their customer care line at + 234 708 062 5000 or email them at firstname.lastname@example.org.
3. ALAT by Wema
ALAT by Wema is the first fully operative digital bank in Nigeria. Upon its arrival in May 2017, I had my reservations. But ALAT by Wema has proved to be a fascinating platform for individuals seeking to save their funds with good yields as well as entrepreneurs looking for loans.
With ALAT, you can apply for a loan without paperwork or being physically present at a bank. You can also do all your banking transactions in the app. Moreover, after running a quick credit check on you, you’ll receive a notification as soon as your application is approved.
To get a quick online loan in Nigeria from ALAT by Wema you need the following;
- Have a standard savings ALAT account.
- Upgrade your account before you make a request.
- There must be frequent credit and debit transactions on the account.
ALAT by Wema Loan Interest rate is between 20% to 30% per annum.
To get ALAT by Wema Loan via USSD code simply dial
Branch is a credit facility designed to help you grow financially. They engage in delivering world-class financial services to the mobile generation. The higher your credit with branch, the larger the loan amounts you can receive.
Although, it seems like a lending platform built for the middle class. However, you do not need paperwork to obtain a loan. You can contact branch customer care by sending an email to email@example.com. What you need to get this quick online loan in Nigeria is stated below.
Branch Loan requirements are;
- Your BVN.
- Atleast a year old phone number.
- Access to your phone contacts
- Your personal details.
- A good credit score.
Branch loan interest rate is from 14% to 28% which is an equivalent of 1% to 21% monthly interest rate. The loan tenor is between 1 to 15 months.
Branch loan repayment channels are Direct debit, Branch App and a Unique USSD Code for GT Bank users.
5. C24 Loan
C24 Limited is a microfinance institution with an optimised process to facilitate quick cash loans in Nigeria within a short period of time. This was done to prevent users from experiencing the stress accustomed with getting loans in the country.
C24 is designed with a clear purpose; to foster easy access to instant loans in Nigeria so that entrepreneurs can reach their ultimate goal. They also help business owners explore investment opportunities. A new user can get an amount between NGN 40,000 to NGN 750,000. While existing users can get up a million naira.
C24 Loan requirements are as follows;
- You must be employed for at least 6 months.
- 22 years or over.
- Have a functional salary bank account.
- You should also have a good credit history.
C24 Loan Interest rate can be as low as 4%
C24 Repayment Channels
Direct debit, Cheque, POS and Standing Order.
Creditville Limited is an asset management company that base its services and operations on global best practice. It is a private lending platform registered in Nigeria, with their focus on Real Estate, Consumer Finance, and Capital Markets.
Unfortunately, they prefer to give out loans to employed individuals or small and medium scale enterprises.
7. DBN Loan
DBN loan (also known as development bank loan) is an FG initiative for Small and Medium Scale Enterprises. Hence, it offers a low interest for long tenure. Sadly, the banks charged with the responsibility to give these loans have refuse to do so. However, it is worth mentioning because of its mere existence.
Easyloan is a quick online loan facility in Nigeria. However, if you prefer offline service, it’s also available. You will receive your loan within 24 hours of fulfilling all requirements.
Easyloan offers between NGN 50,000 and NGN 1 million depending on your salary rating. Repayment schedule is between 3 to 12 months. They offer a relatively low and flat interest rate at 5% per month. If you repay on time throughout your loan period, you could also get a bonus up to 1% per month.
Easyloan offers a flat interest rate of 5% per month.
Customer Care Contact
You can contact easyloan customer care at +234 809 666 5661 or send an email to firstname.lastname@example.org
9. Fast Credit
Fast Credit provides quick loans in Nigeria for businesses such as SMEs to stimulate growth in these firms. They also offer a multipurpose cash loan to salary earners in telecommunications industry, Aviation, government MDAs, banks, Insurance companies and much more.
Once an applicant meets the criteria and is approved, the loan backed by guarantors are then given for a maximum tenor of 6 months.
10. FCMB FastCash
FCMB FastCash provides quick online loan without collateral in Nigeria. If you have an urgent need for cash, here is an instant loan you can apply for. You can get up to NGN100,000 without any paperwork.
How to Qualify for FCMB Fast Cash Loan
You must have an account with FCMB.
FCMB FastCash USSD code is
11. FCMB Business Loans
FCMB Business Loans provide personal loans based on your monthly salary. You can borrow from N180,000 up to 10 million naira based on your needs and employer ratings. These loans have a very flexible repayment plan, ranging from 12 to 60 months.
This loan is an added insurance for loan users. Customers can apply for this loan in any branch of FCMB and apply for a top up 6 months after the initial loan disbursement.
Requirements for FCMB Business Loans include;
- You must be a confirmed employee of FCMB rated companies (the list of rated companies is available in any FCMB branches or on their website);
- You must have an FCMB account and there must be a commitment to receive your salary via that account;
- A Minimum net monthly income of N18,000;
- Must have received at least one salary payment in your FCMB account prior to the loan disbursement.
FINT is the first peer-to-peer online loan platform in Nigeria. It assist lenders looking for competitive returns with creditworthy borrowers for a reasonable interest rate.
FINT uses a fully automated process which makes it transparent and user friendly. It uses a numerical expression based on a level analysis of a person’s information to generate unique interest rates base on the individual’s risk score.
Even so, It is a lending platform that ensures that the borrowing needs of individuals are met quickly and efficiently.
FINT Loan Requirements
In order to use FINT you need to pay two fees that are both one-time charges.
A verification fee of ₦ 3000; and
A closing fee of 8%.
A transfer fee of 1.8% + ₦100
These fees must be paid before disbursement of the fully-funded loan.
Depending on your risk score, FINT loan interest rates range from 3% to 5% per month.
If you seek to expand your business, GroFin is a good choice. They issue loans to rapidly growing businesses across Africa and the Middle East. Provided you have a good credit score.
GroFin provide business loans from US$100,000 to US$1.5 million.
GroFin Loan interest rate varies from 5% to 12% per annum.
14. GTBank Quick Credit
GTBank Quick Credit is a loan option for business owners. Here is another option for those seeking to get a quick loan in Nigeria.
You can know your eligibility status by simply dialling *737*51*51# on the line attached to your GTBank account. You would get a pop up message stating the amount you are eligible for.
Also, you are given an option to take the amount on your eligibility status or input an amount of your choice. After entering the desired amount you’d be asked to input your PIN, then wait for an SMS prompt. Within 24hrs or less, your loan would be sitting pretty in your account.
If you didn’t receive any SMS alert after 24 hours, launch your GTBank App to confirm. Almost all categories of customers can benefit from this credit option.
GTBank Quick Credit Loan requirements are;
- You must be within the ages of 18 to 59.
- In the event of restructuring, a facility restructuring fee of 0.5% of the outstanding.
- Make a commitment of having your salary account with GTBank.
GTBank Quick Credit Loan has a competitive interest rate of 1.33% per month that can be spread across 6 to 12 months.
You can also get GTBank Quick Credit loan by dialing the USSD code below
KiaKia is a mobile loan platform in Nigeria. Like some in this list, KiaKia uses advanced computer processes to assign credit score and credit risk assessment to users before a direct and peered personal or business loan is given. Its loans are available to millions of creditworthy people and micro, small and medium scale enterprises without collateral nor credit information.
As the name implies, it offers an extremely fast or quick online loan in Nigeria. KiaKia is more or less an instant loan, because credible borrowers can receive funds within 1 hour of completing an online loan application.
16. kwikmoney (now migo)
Do you need money to start a small business or just for personal reasons but you do not have any property to use as a collateral? kwikmoney may be an answer to your prayers.
To make personal banking services convenient for you, kwikmoney has partnered with mobile network carriers, banks and tech companies in Nigeria. This has made it possible for you to obtain a loan via USSD code or a mobile phone.
You can conveniently get a loan from a range of ₦10,000 to ₦200,000 direct to your bank account. Also, you can take advantage of their 10% annual interest rate on your savings by opening an instant mobile account in a regular bank or microfinance bank.
kwikmoney loan requirements are;
Your BVN, and their Mobile App
Kwikmoney loan interest rate is 15% per 14 to 30 days.
To get kwikmoney loan via USSD code dial
Lidya have a lending system that assign risk score to applicants using algorithms before a user is given a loan based on this assessment. It provides businesses access to quick loan in Nigeria. The platform offers small and medium-sized businesses with unsecured loan between NGN 180,000 to NGN 5.4 million.
LMoney is also a credit facility that issues instant loans in Nigeria. It focuses on salary advances and consumer credit which as a matter of fact is unique. It is owned and operated by Lubeck Capital Ltd, a registered Micro Finance Institution in Nigeria. More so, they provide a range of credit options to corporate individuals in Nigeria.
OneFi provides an access to funds for creditworthy individuals in a short repayment term. OneFi’s motto is simple, to provide exemplary service at all times.
OneFi was formerly known as One Credit. With loan reaching up to NGN 200,000 or more, One-Fi loan repayment cycle is typically between 3 to 6 months.
20. Page Financials
Page Financials is an innovative retail financial institution offering various quick personal and salary advance loans to meet the financial request of customers.
One of the six steps it takes to request for a loan is to input your BVN details. For its loan, Page Financials offers a daily rate of 0.5% which accrues on its Debit card issuance also known as Pledge Finance.
Depending on your net monthly income, Pledge Finance debit card is preloaded with an amount up to N500,000.
Page Financials Loan requirements are;
Your BVN, Salary account, Employment letter, a Valid ID, and a Utility bill.
Depending on your risk level, interest rates on Page Financials loan is between 15% per 3 to 12 months
A one-off fee of N1,500 for the card valid for a period of 3 years.
Page Financials repayment channels are by Cheque and Direct debit
21. Carbon (formerly Paylater)
If you have a pressing financial issue you need to attend to, Carbon (Paylater) is an avenue to obtain quick or short term loan. This is possible even if your reasons for a loan are not business related.
You can obtain a loan with a range of N500,000 to N1 million at different interest rates between 5 to 12.6%. This depends on your unique risk level, cash activities, and the creditworthiness associated with your BVN. Within 72 hours after you request is approved, the amount would be sent to your bank account.
To get access to a higher credit you need to make repayments as and when due.
Carbon (Paylater) Loan Requirements
You passport photograph, address, BVN and their Mobile App
Carbon (Paylater) Loan Interest Rates
Depending on your risk level, Paylater interest rates range from 12 to 15% per 3 to 12 months
Carbon (Paylater) Loan USSD code
Pettycash is focused on giving out petty loans. Hence, they do not provide loans of colossal amount, but only issue loans of little amounts. Pettycash is not a microfinance bank but an online lending platform.
They have employees dedicated to help its users get funds, even though they have no physical office. They have made this list because of the quick online loan they provide.
QuickCheck, as the name implies, is a fast mobile loan platform for personal finance and SMEs. It uses mobile technology to issue short term unsecured financial credit to individuals and petty traders.
Approved applicants can have access to a convenient quick online loan up to NGN 30,000 without demanding for a collateral within a duration of either 15 or 30 days.
QuickCheck Loan Requirements
- Your BVN.
- Bank account details.
- A Good credit score.
- You must be of legal age.
- Employment Details.
- Personal Information.
Renmoney is a financial institution, like others on this list, it gives out mobile loans without collateral in Nigeria. The distinguishing factor, however, is that you can take a loan up to ₦4 million without tendering collateral or having a guarantor.
These loans can be used for rent payment, tuition fees or to get a new ride. Also, Renmoney has a flexible repayment pattern.
Renmoney Loan Requirements
- You must be between the age of 22 to 59.
- A valid ID card.
- Employment letter.
- Have a steady source of income and provide your bank statement.
- Provide a verification of your monthly income and a report of your previous loans from a credit bureau.
Renmoney Loan has an interest rate of 4% to 5% for 3 to 12 months.
Renmoney Repayment Channels
Quickteller, Cheque, POS, Cash and Online transfers.
Renmoney Loan USSD Code
25. Rosabon Business Loans
Rosabon is a credit facility with affordable interest rates and flexible repayment schedules. You can get up to NGN 500,000 within 24 hours of your application. It doesn’t matter if it’s for a wedding, children’s school fees, renovation of your house or a financial emergency.
This instant loan can be conveniently spread over a period of 6 to 8 months.
Requirements for a Rosabon Business Loan are;
- You must be in a salary earner;
- Be between 21 and 58 years;
- Get your Utility bill;
- Have a current account;
- Provide your TIN; and
- A valid ID
Rosabon Business loans have an interest rate of 4% to 6% for 3 to 12 months
Cheque and Direct debit
As a government-backed initiative, the core mission of SMEDAN is to promote entrepreneurship amongst Nigerians. This is done by the offering quick and easy business loans in Nigeria.
Micro, small and medium scale businesses in need of finance can benefit from this initiative. Nevertheless, if you need capital to start a business you can get a loan from SMEDAN.
Additionally, SMEDAN has a unique feature of providing hands-on training and support to help entrepreneurs attain the necessary skillset required to run their businesses.
Requirements for SMEDAN Loan
- Your personal details
- Employment status
- Be of legal age
- Have an SMEDAN ID
SnapCredit provides instant credit solutions to salary earners. This platform seeks to reduce the embargo that exist in obtaining a quick loan in Nigeria. It gives salary earners instant 24/7 access to funds at reasonable rates.
SnapCredit provides an innovative technologically driven alternative to accessing finance. It is an authorized, regulated and directed by moneylender based in Lagos. Since 2014, the firm has been functioning in Nigeria and is an affiliate of the Snap-Capital financing group (www.Snap-Capital.com).
SnapCredit Loan Requirements
- Apply online for a loan on your mobile, tablet or PC.
- Get a real time verification. Once verified the money is sent to the employee’s bank account instantly.
This is done by the employer in the form of monthly deductions from the employee’s salary.
Specta is a quick mobile loan platform in Nigeria that provides finance up to NGN 5 Million in one transaction within 24 hours! Yes! It is that fast. You do not need a collateral, paperwork or visit an office. Specta can help you with personal emergencies or for those who seek for bank loans for students studying abroad.
Specta features two different categories of products; MySpecta and Specta4Business. MySpecta offers instant personal loan services while Specta4Business provides quick and convenient loan for entrepreneurs.
29. Stanbic IBTC Bank Business Loans
Stanbic IBTC Bank Business Loans provide funds to business owners with a repayment period stretching over one to five years. This loan is repaid in monthly set of instalments.
The repayments are structured to suit your business’ cash flow. It is designed to help business owners reach their respective goals.
To be eligible for Stanbic IBTC Bank Business Loan you need the following;
- The full names and capacities of the signatories
- A comprehensive statement of why you need the loan.
- CV of each member of the management team of your business.
- Your business’ financial statements (i.e., income statement, statement of financial position and cash flow statements).
- Personal statements of assets and liabilities of all the partners, members or directors.
- A 12 month cash flow forecast.
- The amount of your own contribution and the source of the funds.
- If you do not have a business account with Stanbic IBTC Bank you must provide the business’ bank statements for the past six months.
30. UT Personal & Social loans
UT Personal & Social loans are designed to assist Nigerian business owners with quick loan in order to stimulate growth. It strives to provide loans within a 72 hours period after approval.
This business loan is straightforward, flexible and conveniently structured to meet the needs of its users.
It is structured into four categories;
Working Capital Loans (WCL)
These are the kind of loans used by businesses in order to maintain a firm position in the market. If you are also running out of stocks, it’s a loan to look to.
Stop Gap Loans (SGL)
It’s an in-between loan; a loan to take while anticipating the disbursement of an approved loan. The anticipated loans could be from financial institutions, conventional banks or other alternative sources. This loan ensure that there is no time wasted when waiting for a loan.
Special Purpose Loans (SPL)
When experiencing financial challenges during a project, or in order to meet a contract deadline the special purpose loan could be taken. The loan helps to sustain the good relationship between contractors and clients, and that result in more contracts.
It’s a fine way to preserve your capital while also maximizing the returns on your funds.
31. Zedvance Limited
If you are a salary earner in Nigeria, then you can obtain a short term instant loan from Zedvance Limited to finance your side hustle or anything else. They provide convenient and a quick online loan in Nigeria at a very reasonable interest rate.
Though, your risk level and bargaining skill would determine your interest rate. You can borrow up to 3 million naira within 24 hours. Yes! Zedvance gives 24hrs loan in Nigeria.
Zedvance Loan requirements are;
You need a valid ID, salary account, employment letter, official email address, utility bill, and a web browser.
Zedvance Loan interest rate is 4% to 4.5% per 3 to 12 months.
To access Zedvance loan through USSD code dial
32. AB Microfinance Bank
The distinguishing factor of this bank is their focus on loans for businesses, you don’t have to open an account with the bank to utilise this service. Here is another avenue to get a loan in Nigeria.
By providing verifiable evidence that your business has been in existence within the stipulated period on your documents, you could receive the loan you’re applying for. This can rise to a whooping sum of ₦20 million naira. Even at that, you can get a pay out within 48 hours from the time it was approved.
To be eligible for an AB Microfinance Bank loan, you need to have the following;
A means of identification (a valid ID card), evidence of business ownership, a minimum of one guarantor, your BVN, and your TIN (as required by the newly signed finance bill passed into law).
Note: Do remember that AB Microfinance Bank loan is meant for businesses, not personal loans.
It is quicker to get loans online or via USSD codes on most of these lending platforms when compared to commercial banks. And quite interesting that the loans aren’t dependent on collateral. Only challenge may be the high interest rates.
Kwikmoney and Carbon (formerly paylater) are amongst the services that provide quickest access to loans.
The USSD feature on Kwikmoney is quite appealing to Nigerians that aren’t conversant with online banking.
The interest rates are sometimes quoted per week, per month or per annum. There are also additional charges when the loan aren’t paid back when due.