Top 20 Quick Online Loans In Nigeria Without Collateral

Accessing capital for starting or scaling up a business is one of the major problems of doing business in Nigeria. Many dreams had been shattered while many have been delayed too long because of unavailability of quick loans for small business.

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However, with the increase in internet penetration and use of mobile devices in Nigeria as we speak the story is changing very fast. There are many online lending platforms giving business owners quick loans to help meet their business and financial obligations.

Fortunately, with the new quick and easy online funding options, business owners can apply for quick online loans without putting up their assets as collateral. Lenders evaluate creditworthiness and ability to pay back within a stipulated time frame and may approve an amount of loan based on that assessment.

Get Quick Payday or Business Loans Without Collateral In Nigeria


SMEDAN is a government-backed initiative to offers quick and easy business loans to Nigerian SME’s businesses in need of financing. The core mission of the organization is to promote entrepreneurship among Nigerians and also provide capital to start the business.

Aside funding, SMEDAN also provide business owners with hands-on training and support to help them run their business. If you would like to apply, you can quickly download their online App to access their portal.

2. Paylater Loan App

Paylater is an easy and entirely online lending platform that provides short-term loans to individuals and small businesses in Nigeria to help cover unexpected expenses or urgent cash needs.

The latest Paylater app offers more than just loans. It also gives you the privilege of investing money which yields an interest of up to 15.5% annually by investing in PayVest, send cash to friends and family, recharge airtime on your mobile phone and pay for utility bills such as GoTV, DSTV, LCC, or Bet9ja right in the app.

Also, Paylater is fast, secure, reliable and works 24/7 and is currently available in Nigeria and Ghana. In all you can get quick loans of up to ₦1million within 5 minutes without documents or collateral on paylater app and repay over a period of 15 days to 6 months.

Paylater is specially developed for those people who have temporary money mishaps or other unforeseen expenditures. If you really need a quick loan in Nigeria without giving any collateral, Paylater will certainly help you out. All you need to do is download the app and apply for this service.

3. Aella Credit 

Aella Credit is a building platforms that make it easier for individuals in Africa to gain access to financing. Mainly focused on employee lending and empowerment, the company was affiliated with three main credit bureau agencies in Nigeria to provide quick and affordable loans with no paperwork to its customers.

Aella Credit uses a proprietary credit scoring algorithm to determine the creditworthiness of its users. The algorithm, which was built after the team gathered over five years of market data and analysis, processes an applicant’s eligibility for a loan by considering social and demographic factors as well as their debt to income ratio.

4. CreditVille

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This mobile credit system guarantee instant loan for SME owner or verified employees in Nigeria. The highest possible funds amount you can receive is 250,000 Naira and the ultimate lending period is twelve months.

Also, CreditVille gives you the opportunity to apply for three types of the loans: PayDay loan, Business loan and Cab Lease. To learn more about the details, visit CreditVille official website or download their mobile App for easy access.

Requirements for SME/Business Loan

  • 1 passport photograph
  • 1 means of identification (international passport, drivers license or national ID)
  • Last 6months statement of account
  • Certificate of Incorporation
  • Memorandum of Association
  • Post-dated NUBAN Cheques from the client
  • A suitable guarantor who will provide the following:
  • Employment/Confirmation Letter
  • One undated NUBAN Cheque
  •  Copy of Staff ID card
  • Filled guarantor form provided by Creditville Limited


Kiakia is a digital money lender for Nigerian businesses. KiaKia utilizes psychometry, big-data, machine learning and digital forensics for its proprietary credit scoring and credit risk assessment algorithm to provide direct and peered personal and business loans to millions of individuals and SMEs without credit information.

The name KiaKia was derived from a Nigerian language which means “Fast Fast”. According to them, the solution is very simple and fast, but highly effective and efficient.

6. FairMoney Loan App

FairMoney Is one of the latest quick Loan App In Nigeria. The loan app provides quick cash for Personal finance, Health emergency, Car repairs, Rent payment and for Buying consumer durable goods. The instant loans like other quick loan apps are not backed by collateral, but instead by your creditworthiness.

Request for a Quick Loan to get an instant decision and funds transferred to your bank account in 5 Minutes.

FairMoney also provides education loan with the aim of enabling students to reach their goals in life. Business loan is also available for small business owners who plan to start up a business or to develop an existing business.

Explore their small business online loan options to finance your business needs, the fund is transferred to your bank account in 5 Minutes.

7. QuickCheck

QuickCheck is a modern lending platform for individuals and small businesses. QuickCheck uses mobile technology to enable individuals and small businesses to gain access to financial credit.

Whether it is medical bills, school fees, payday advance or unexpected cash problems, QuickCheck has got your back when it comes to getting quick loans in Nigeria.

According to the platform, users can access quick and hassle-free loans of up to 30,000 Naira without any collateral for a duration of either 15 or 30 days with just 1% everyday. To know more about this fast loan quickly download their online mobile App and have access to the loan in no time.

8. ALAT Loan App by Wema Bank


Although, ALAT Loan is designed to function as a digital bank,  But now individual can now apply for a loan without a paperwork, no visitation to any physical location and response time between acceptance of offer and loan disbursement is in minutes.

You can borrow as much as N200,000 (Two hundred thousand naira) without any collateral. As a digital bank, you can open an account, Schedule transfers, save and pay bills automatically, get your bank card delivered to you anywhere in Nigeria and get up to 10% interest on your savings.


C24 Limited is a microfinance institution that was established with the sole mission to create an avenue for people to actualize opportunities around them, by helping them access quick loans when they need it.

C24 only operate within Lagos presently with plans to expand to various states nationwide anytime soon. They offer personal loans with low-interest rates and a simplified repayment structure to customers.

C24 is similar in service to Zedvance because personal Loan is made available to employees whose employers have endorsed their employees’ loan application. This loan typically does not require any security, usually processed very quickly, in some cases the repayment terms are more flexible than Personal Loan.

To be eligible:

  • You should be between 22 and 55 years
  • Applicant must live and/or work in Lagos State
  • Be employed (for at least 6 months) and get paid into your bank account
  • Have a good credit history
  • You must have a verifiable monthly income
  • You must have a pension account

10. GroFin

GroFin provides Small and Medium Enterprise (SME) finance/business loans across Africa & the Middle East. If you have investible numbers and you looking to expand your business, then GroFin is your best short.

With GroFin, businesses can access business loans between US$100,000 and US$1.5 million. If you think your business ticks the required checklist, then you can submit your online application here.

11. One-Fi

Formerly known as One Credit, OneFi is a credit facility company that offers short-term consumer loans to credit-worthy individuals with limited access to finance.

One-Fi loan repayment cycle is typically between 3 – 6 months, with loan amounts up to N200,000 or more.

12. Palmcredit Loan App

It is one of the latest apps in Nigeria that provides fast loan without collateral. With PalmCredit getting a mobile loan is simple. You can apply for your credit limit in minutes, then take as many instant loans as you need without further approval steps. It’s a credit revolution!

As soon as you repay, your credit score is updated. Repay on time and watch your limit grow to N100,000. Palmcredit makes it easy for people to access a loan, anytime, anywhere.

Currently Palmcredit is owned by Transsnet Financial and operates in Nigeria and plans to expand to other countries in Africa. In the first phase of the product, users can apply for a short-tenor cash loan of 7 days/14 days using their own credit limit, which can be used for cash withdrawal or recharge.

13. Branch Loans App

The Branch app lets you apply for credit on the go, and it works 24/7 without collateral and this fast loan is Presently branch loan app is available in Kenya, Tanzania, and Nigeria. In Nigeria, the initial amount of loan allowed to be borrowed is 6,000 Naira with an interest of 1,200 Naira in 30 days

You can complete our application in seconds and receive your loan straight to your account. It’s fast, convenient and reliable. The payment option could also spread out to 4 weekly payments (1,800 Naira per week). To apply visit their website:


Lidya is an online platform that provides businesses access to finance. The platform offers small and medium-sized businesses with unsecured loans of between $500 and $15,000.

According to the founders, “Lidya uses technology and algorithms to assess the risk before granting the loans, it allows them to offer financial products to these customers at a low cost.”


Zedvance is a consumer finance company committed to providing consumer credit to individuals. You can borrow up to 3 Million Naira in less than 24 hours.

The company specifically provide loans to salary earners but if you are a salary with a side business, you can pick up the deal to finance your business use.


Kwikmoney formerly kwikcash is an online lending platform for personal and small business loans. Whether you need working capital for your small business or need to handle a family emergency, kwikmoney lets you get an instant loan of up to N500,000 direct to your bank account.

Typically the quick loan tenor is 14-30 days, with an interest rate between 5% and 15%.As you take loans and payback, the system trusts you more, offering you higher amounts each time. No collateral, no documentation, no wahala.


Renmoney operates under a microfinance bank (MFB) license, the closest to a consumer finance banking license available in Nigeria. The company is committed to the provision of simple money solutions and currently has a staff base of over 400 employees and a customer base of over 25,000 customers and counting.

Renmoney offers customers unsecured cash loans (i.e. not requiring collateral) of up to NGN4 million for a tenor that ranges from three (3) to nine (9) months for new customers. But, a returning customer enjoys a longer tenor of twelve (12) months. Customers can either be salary earners or self-employed as long as they can provide a verifiable source of income

18. FINT

FINT is a loan marketplace matching lenders looking for competitive returns with credit-worthy borrowers(individual or business loans) looking for the most attractive interest rates possible.

FINT is the leading loan marketplace in Nigeria. It connects lenders looking for high returns with creditworthy borrowers looking for short-term personal loans or business opportunity loans.

Fint boast of simple, affordable and quick Loans. You can borrow between ₦20,000 – ₦1,000,000 with fixed Term – 3, 6 or 12 months. Payback principal and interest monthly and enjoy low-interest rates (as low as 2% monthly). No collateral required.

19. SnapCredit

SnapCredit introduces the opportunity to apply for acquiring a loan in Nigeria online. Its percentage rates vary according to the amount borrowed and repayment deadline.

Furthermore, you do not need to wait for hours or weeks to get your money, the loan is received minutes after loan application is approved and validated. When it comes to loan repayment, you don’t have to visit the nearest bank monthly to complete this procedure.

This process has got much simpler, SnapCredit subtract an agreed amount from your salary every month. These very things makes this funds lending platform a simple and fast money loan app in Nigeria.

20. Credit Direct Limited

Credit Direct Limited is a non-bank finance company with that provides 12- hour quick turnaround loan product “sharp sharp “is its flagship product and the core of the business. In 2011, it introduced its Asset based loans product which offers customers the opportunity to purchase house-hold items and also accommodate certain segments of the market which are averse to interest bearing loans.

The Company which its Head-Quarters is in Lagos Nigeria is currently operating in 25 states in Nigeria including the Federal Capital Territory– Abuja. With a staff strength of over 1000 employees and an active customer base in excess of 300,000, Credit Direct Limited is positioning itself to become the dominant market leader in the unsecured micro-lending (payroll lending) space in Nigeria and indeed Sub-Saharan Africa.

Credit Direct Limited launched a new product which is ‘Empower the Corps’ in 2015. The product provides loans to corps members to start up small business, add a professional qualification or buy lifestyle or commercial assets.

They pride themselves with providing quick turnaround loans for all within 12 hours with little documentation and top of the range customer service and efficient operational processes.

With the above review, you can make a choice of which quick loan app you will patronize. However, making good financial decision is very important to your financial success. Consider what you have been offered properly before you proceed and make sure you will be able to payback at the stipulated time before taking up a loan.