7 Financial Companies that Give Quick Loans in Nigeria without Collateral

As an individual or an SME owner, you don’t always have the cash to keep up with personal or business needs. And when you go to banks and some other creditors to seek for loans, you would be asked for collaterals – and denied the loans if you don’t have any. To help you out, I have researched financial companies that give quick loans in Nigeria without collateral.

These financial companies wouldn’t ask you anything other than the documents to identify you and your creditworthiness. Once you meet their requirements, you would get the loans as soon as possible – in fact, some of them give out loans within 24 hours and allow you to request for loans online.

Financial Companies that Give Quick Loans in Nigeria without Collateral

1. Paylater

Topping this list of financial companies that give quick loans in Nigeria without collateral is Paylater, a platform that provides short-term loans. Through the platform, you can borrow money for personal use or to run your small or medium-size business. The requirement to use the platform, which is basically an Android app, is to download the app and have a valid bank account and BVN number.

With Paylater, you can get access to up to ₦500,000 without any collateral, and after your application for the loan has been approved, you would get the money within 1-3 business days. As for the interest rate of this financial company that give quick loans in Nigeria without collateral, it is between 5 – 30%, depending on the credit rating.

The loan tenure is within 15 days to 6 months, and you can pay back the money through your debit card, Quickteller and direct transfer.

2. Aella Credit

This is another top financial company that give quick loans in Nigeria without collateral, and there are two options when it comes to getting loans from Aella Credit.

The first option is called in-network, and it is for users who have registered their company with the platform; the second option, called out-of-network, is for users who don’t have their company registered with the platform. To register and start collecting loans from this financial company that give quick loans in Nigeria without collateral, you would have to download their Android app.

Supporting documents for registration and loan application include a valid bank account detail, BVN number, and employer registration (if you are applying for in-network loans). The interest rate is between 20 – 27% for out of network loans and the loan tenure is one month.

Repayment is through your debit card.

3. Zedvance

Out of all the financial companies that give quick loans in Nigeria without collateral listed in this post, Zedvance is one of the companies that have the longest loan tenure. The company offers a lean tenure of 1 to 12 months; moreover, you can borrow up to ₦3,000,000 in less than 24 hours – all you need is your valid bank account details and some supporting documents.

Zedvance provides loans for salary earners and small and medium-size business owners and has an interest rate between 7.5 – 58%. To method of repayment for borrowed loans from this financial company that give quick loans in Nigeria without collateral is through cheques, direct debit/deposit.

To get started with borrowing loans from Zedvance, proceed to their website.

4. KiaKia

KiaKia, meaning Fast Fast, is a financial company that gives quick loans in Nigeria without collateral. The company lends money to individuals and businesses without asking for a collateral but uses it advance algorithms to calculate the risk of lending to prospects. To apply for a loan with KiaKia, you would need your work ID card and valid bank account details.

The loan tenure of the company is between 7 to 30 days, with an interest rate of between 5.6 – 24%. You can repay back through debit card or direct deposit. Get started with KiaKia through their website.

Note: Aside from borrowing money from KiaKia, if you have the funds, you can register to be a lender.

5. C24

As a microfinance institution, C24 gives people the access to quick loans without collateral in Nigeria. To get loans from C24, you need documents such as your national ID card (or other means of identification), proof of employment, bank statement, passport photograph, and other supporting documents.

The interest rate for this financial company that give quick loans in Nigeria without collateral starts from 4%, and its loan tenure is between 1 – 9 months, making the company among the financial institutions with the longest loan tenure. For repayment, you can repay with a debit card or direct deposit.

Access C24 website through this link.

6. QuickCheck

QuickCheck provides loans to individuals and small businesses, and borrowers can get up to ₦30,000 without any collateral. To get loans through QuickCheck, you need to download its Android app.

The interest rate is 1% per day, and the loan tenure is between 5 to 30 days. The requirement to get a loan from QuickCheck includes a Facebook account, active phone number, bank details – and most importantly, a source of income.

The options for repaying back include a debit card and direct deposit.

7. SnapCredit

Like Zedvance, SnapCredit has a long loan tenure: 1 to 12 months. SnapCredit basically serves as a financial company that give quick loans in Nigeria without collateral for employees – and no paperwork is required to get loans. The company works by collaborating with employers and then give their employees access to quick loans.

The interest rate for SnapCredit’s loans isn’t set; it is based on the amount of loans and its tenure. Since SnapCredit’s loans as a result of collaboration between employers and the organisation, the repayment of loans is through employees’ salary deduction. Here is the link to SnapCredit website.

Other Financial Companies that Give Quick Loans in Nigeria without Collateral

Obviously, there are more than 7 financial companies that give quick loans in Nigeria without collateral. So, because they are numerous, I wouldn’t be able to cover the details of all of them. However, below is a list of names of some of them that I didn’t talk about in details above.

• KwikCash by 9mobile
• FINT
• Branch
• Sharp Sharp by Credit Direct
• PayConnect
• FairMoney
• GroFin
• SMEDAN
• Lidya
• OneFi

Depending on the reason you want to collect loans, the amount you want to borrow, and the timeframe of the loan tenure you can cope with, one of the listed financial companies that give quick loans in Nigeria without collateral should be right for you.

I advise you to visit the website or app page of the one you want to seek loans from and read their full requirements to understand if you can work with their terms and condition before taking the loans.