Top 12 Instant Bank Loan Without Collateral in Nigeria & How to Apply 2024

  • November 19, 2023

Especially for small businesses, getting a bank loan without collateral in Nigeria is a great way to invest more in your enterprise.

Although it may seem unreal when you hear some banks offer this service, we’ve curated 10 of the best.

And no, we are not talking about loan apps or online lending platforms, but real banks like the ones you’re currently using.

By just having an account with them with your full original personal details, you can get access to loans without not even a pin.

If you want to know these banks, just join me and let’s explore this post together.

The following are the top 10 banks that give loans in Nigeria without collateral.

12 Best Loans without Collateral in Nigeria

1. First City Monument Bank [FCMB]

First City Monument Bank (FCMB) top our list of the best bank loans in Nigeria without collateral not just because it is one of the leading financial institutions in Nigeria, but it offers four loan services without collateral to its customers. These loan services include:

  • Auto Loan
  • Salary Top-Up Loan
  • Fastcash Loan
  • Premium Salary Loan

Without any collateral whatsoever, you can get instant loans from the FCMB Fastcash loan service by just dialling *329*11#. You can access up to a 200,000 Naira loan using this service.

The interest rate of the FCMB FastCashj loan ranges up to 15% for non-salaried, and about 8% for salaried. This interest is charged upfront.

2. Access Bank

Access bank is one of the best and fastest-growing financial institutions in Nigeria as it delivers exceptional services to its customers. Using the Access Bank loan service known as the QuickBucks, you can access an instant collateral-free loan without even visiting the bank.

You can apply for the Access Bank QuickBucks loan right from your phone by just dialling *901*11# or *426#.

You can also apply for this loan conveniently via the Access Bank QuickBucks App, Internet Banking, or Access Bank’s mobile banking app. Without any documentation or collateral, you can enjoy a loan tenure of up to 36 months.

Read Also: Top 14 Platforms for Urgent Loan Without Documentation in Nigeria

3. WEMA Bank

bank loan without collateral in Nigeria

With Wema Bank offering tons of online banking services, it shouldn’t be surprising to learn it also offers a bank loan without collateral in Nigeria. The cool thing is that regardless of your account type, whether Current or Savings, you can apply for this loan.

The Wema Bank Personal Loan service offers customers up to 2 million Naira worth of loans without any documentation whatsoever. Just about 48 hours after applying for the loan, you’ll get it disbursed into your account.

The Wema Bank loan has flexible terms and conditions, and a fair interest rate. Therefore, any Wema bank customer can apply.

4. Fidelity Bank

Fidelity Bank is another fast-growing bank that offers payday bank loan without collateral in Nigeria. Using the simple *770*08# USSD code, you can apply for a loan without even providing a guarantor.

While this loan is easy to access, you must be a staff of public or private organizations whose staff salary accounts are domiciled with the Bank to get approved. More so, applicants’ salary Fidelity bank account must be active for at least three months.

Non-Fidelity customers whose salaries are processed via payroll companies like REMITA, Tenece, Veripay, among others can also access the loan. Fidelity Bank loans are usually approved in under 48 minutes, and the interest rate is fair.

Related: Top 15 Loan Apps for iPhone in Nigeria

5. First Bank

With over 10 million active accounts, First Bank is undoubtedly one of the most popular commercial banks in Nigeria. Of course, it offers exceptional services, you can also access an easy bank loan without collateral in Nigeria.

The First Bank loan service is called FirstCredit. This service provides salaried employees and individuals with a quick and simple loan to fund their transactions from anywhere without visiting the bank.

With your mobile phone, you can access a loan worth up to 300,000 Naira for 30 days tenure by just dialling *894#, and following the prompts. The interest rate of the FirstCredit is 10% flat on the principal amount.

6. Zenith Bank

If you’re looking for a bank loan without collateral in Nigeria that last for up to 12 months period, Zenith bank offers an exclusive loan service to fill your needs. This loan is only available for customers operating a current account.

This Zenith no collateral bank loan in Nigeria is an overdraft. That is, the borrower gets granted a certain amount over the credit balance in their current account. This loan has a fair interest rate and very flexible terms and conditions.

7. Stanbic IBTC

bank loan without collateral in nigeria

Stanbic IBTC is one of the best banks that give loans in Nigeria without collateral. The Stanbic loan services provide personal loans targeted at meeting the financial needs of parents and guardians looking to pay the school fees for their children or ward in any tier of the education system in Nigeria.

Stanbic also offers collateral-free SME loans to both new and existing customers. These SME loans are targeted at meeting working capital needs and achieving the business goals of the borrowers.

Stanbic IBTC also offers personal loans which can be accessed via their mobile banking app or USSD. This service allows you to choose the loan repayment term that best suits your needs.

See Also: 15 Fake Nigerian Loan Apps to Avoid

8. United Bank for Africa [UBA]

If you’re seeking a personal overdraft bank loan without collateral in Nigeria, UBA is one of the best banks that offer this lending service. Just like Fidelity Bank, this loan is designed to support all salary earners.

With a convenient repayment period of 60 months and an attractive floating interest rate, borrowers can choose to spend their loans the way they like.

You can apply for UBA personal loan once you have a functional savings or current salary account, a valid means of identification, and proof of residence.

That simply means, unlike other no-collateral bank loans that you can apply for through your phone, you’ll need to visit a UBA bank branch to apply.

9. GTBank

GTB is another popular bank that gives loans without collateral in Nigeria. Their Quick Credit product is designed to provide customers with a hassle-free personal loan without even having to visit the bank.

All you need to apply for the GT Bank Quick Credit loan is to dial *737*51*51#. You can also access the loan via any GTBank online and mobile banking platforms such as the GTB banking app.

Just like the UBA personal loan, the GTB loan is only available to salary earners. Once you have a GT Bank salary account, you can access 5 million Naira worth of loan with about 1.66% monthly interest for up to 12 months.

10. Providus Bank

Although not as popular as others on the list, if you want a quick bank loan without documentation in Nigeria, Providus bank lending service got you covered.

This loan product lets you access 50% of your net monthly salary for a maximum period of three months. That is just like the two above, this loan is only available to salary earners that have their salary domiciled with Providus Bank.

The loan terms of this Providus Bank lending service are flexible, and it also offers a fair interest rate.

11. Sterling Bank

Sterling bank has a popular loan product called Specta. This product is designed to offer salary earners, entrepreneurs, or youth corps members hassle-free loans.

Specta doesn’t require any paperwork, collateral, guarantor, or visit to any office to get your loan approved once you’ve been pre-qualified.

You can access this loan by visiting the Specta website, signing up, and filling in your personal details. Once all this is done, your credit score will be assessed, and your loan will be disbursed into your account within a few minutes.

Specta loan also offers a fair interest rate and flexible loan terms. Also, it is very easy to pay back the loan once the tenure is due.

12. Kuda Bank

Although Kuda may not have a physical branch, it offers one of the best instant loans without collateral in Nigeria.

Kuda is an online banking platform that offers almost every banking service including money transfers, savings, bill payments, airtime purchases, investments, and of course, loan services.

Just by downloading the Kuda app, you can apply for an instant loan worth up to 50,000 Naira with an interest rate of about 0.3% daily, for up to 90 days period. No collateral, documentation, or guarantor is needed to get your loan application approved.

How to Apply for a Bank Loan Without Collateral: Step-By-Step Guide

Great, you’ve stuck around and now you’re ready to find out how to get your hands on that much-needed bank loan without collateral. Good news is, it’s a simpler process than you might think.

Here’s the general step-by-step guides on how to apply for these loans in a any of the banks we’ve discussed:

Check Eligibility

Before you start, make sure you meet the bank’s eligibility criteria. This often involves having an active account with the bank, being within a certain age range, and sometimes having a steady income.

Dial the USSD Code or Use the Mobile App

Most banks provide a USSD code or a dedicated mobile app through which you can apply for the loan. Just follow the instructions, it’s usually pretty straightforward.

Fill in Details

You’ll likely be asked to provide some personal details like your name, the amount you want to borrow, and the repayment tenure.

Some banks may ask for your BVN and bank statements but generally, you won’t need collateral.

Review and Submit

Before you hit that ‘Submit’ button, make sure you’ve gone through the terms. Know the interest rates, any upfront charges, and the repayment schedule.

Wait for Approval

Once you’ve submitted the application, you should get a response pretty quickly. Some banks take as little as 48 minutes to approve or disapprove the loan.

Receive Funds

If you’re approved, the loan amount will be credited directly into your bank account.


Make sure you know when your repayments are due. Most banks will offer multiple repayment methods like bank transfer or wallet fund, so pick the one that’s most convenient for you.

Stay Informed

Always check for SMS or email alerts from the bank about your loan status and repayment reminders.

And that’s about it! Follow these general steps, and you’ll be well on your way to securing that loan without having to pledge any collateral.

Remember, each bank may have slight variations in their process, but these steps give you a good framework to start with.


Obtaining a bank loan without collateral in Nigeria can be challenging, but it is not impossible. It may require more effort on the part of the borrower to demonstrate their creditworthiness and ability to repay the loan, such as by providing some personal details, and probably financial documents.

It may also be helpful to consider alternative lending options, such as microfinance institutions, peer-to-peer lending platforms or online loan apps (e.g Kuda).

Ultimately, the key to securing a loan without collateral is to be prepared and to continuously work on improving and maintaining a strong credit score.