Banks in Nigeria that Give Loans Without Collateral [2024 List]

  • December 13, 2023

Ever wondered, “Which bank gives loan easily in Nigeria?” You’re not alone.

The hunt for the best banks in Nigeria that give loans, particularly those providing services without collateral, can often feel like searching for a needle in a haystack.

But fear not, this comprehensive guide is here to shed light on this important aspect of the Nigerian banking system.

With a booming economy, it’s no wonder there’s an increasing number of banks in Nigeria that offers loans to help individuals and businesses alike.

So, without wasting time, let’s unravel them one by one!

About Bank Loans in Nigeria

Firstly, let’s define what a bank loan is.

It’s an arrangement where a bank lends money to a borrower, who agrees to repay the money with interest over a specified period.

In Nigeria, loans vary, with banks offering instant loans, personal loans, business loans, student loans, and car loans, among others.

These services, guided by the Central Bank of Nigeria, are integral to Nigeria’s vibrant economic engine.

Check Out: How to Get a Bank Loan in Nigeria

Factors to Consider When Choosing a Loan Provider

When selecting a bank that gives loan in Nigeria, it’s crucial to consider factors such as interest rates, loan term length, approval and disbursement time, customer service, and the bank’s credibility.

Several banks in Nigeria that gives loans without collateral have favourable terms, but it’s always wise to scrutinize the fine details.

So, keeping these in mind, Nairarush has curated 10 banks where you can get a loan in Nigeria.

Related: How to Get a Loan of 2 Million Naira Without Collateral

Top Banks in Nigeria Offering Loans

The banks in Nigeria that give loan without collateral include:

Access Bank

Banks in Nigeria that Give Loans

As a trailblazer among the commercial banks in Nigeria that give loans, Access Bank offers a variety of loan products including Payday loans, and W Power loan among others.

Its Payday Loan is a service where salaried employees can get up to 50% of their monthly income. The W Power Loan, on the other hand, aims to bridge the financing gap for women-owned businesses by offering funds of up to NGN 100 million.

Furthermore, Access Bank is one of the few banks in Nigeria that gives loan without collateral through its Maternal Health Service Support (MHSS), which provides financial aid for medical procedures such as IVF treatments and other maternal medical services.

It’s no surprise Access Bank comes up when you ask, “which bank gives loan easily in Nigeria?”

Check Out: How to Get a Loan from Access Bank

First City Monument Bank [FCMB] Limited

FCMB Limited is one of the banks in Nigeria that gives loans across a variety of areas. For individuals seeking to acquire new cars, FCMB’s Auto Loan is an excellent choice, while their Premium Salary Plus offers salary account holders access to extra funds for personal or family-related expenses.

Of course, business owners are not left out; the bank’s SME working capital loan helps businesses meet their short-term financial needs.

With these diverse loan offerings, FCMB is not only a commercial bank in Nigeria that gives loans but also caters to a broad spectrum of clientele.


You know how life can be unpredictable, just like the Nigerian economy, right? WEMA Bank gets that.

With school fees skyrocketing, they’re offering a School Support Loan to ease that burden.

Got a personal expense that needs urgent attention? Their Personal Loan is just a few clicks away.

Also, let’s not forget our small business owners – the unsung heroes of our economy. WEMA Bank is rooting for you with its SME loans. So, if you’re asking, “which bank gives loan easily in Nigeria?”, WEMA Bank is waving at you!

See Also: How to Borrow Money from Opay


Banks in Nigeria that Give Loans

Next on our list is GTB, a bank that caters well for both new and existing customers with its exciting services.

In terms of loans, GTBank’s Quick Credit offers loans of up to 5 million Naira to salary earners whose account is domiciled in GTBank, and up to 2 million for self-employed persons.

The bank also offers School Fees Advance service which provides parents with short-term advances to meet their children’s tuition fees.

That’s not all, as they also have an Auto Loan Scheme for customers to finance the purchase of new cars or commercial buses.

GTB’s minimal requirements for many of these loans highlight them as a bank to get a loan in Nigeria without collateral.

Read Also: How to Borrow Money from GTBank

Zenith Bank

Are you looking for bank loans to sort different financial needs at a time? Zenith Bank offers an array of loan services like the Zenith Salary Advance, which allows salaried account holders to access short-term funding to meet immediate personal needs.

They also have Asset Acquisition Scheme that caters to individuals seeking to acquire assets such as home appliances, generators, or laptops.

Just like most banks on our list, Zenith Bank also provides facilities for Small and Medium Enterprises (SMEs), making it one of the top banks offering instant loans in Nigeria.

And finally, to spice up their loan service, they also have flexible collateral requirements, proving that there are indeed banks in Nigeria that gives loan without collateral.

Related: Zenith Bank Loan Code

Fidelity Bank

In the world of banking, trust is everything, and Fidelity Bank lives up to its name. When looking for a bank in Nigeria that offers loans without collateral, Fidelity Bank stands out.

Their Fast and Easy Loan for salary account holders is easy to access, with minimal documentation. The bank also offers an SME funding scheme known as Managed SMEs, designed to support businesses in various sectors.

Fidelity Bank’s loan products, alongside excellent customer service, solidify its reputation as a bank that gives loan in Nigeria. So, when you are looking to get a quick bank loan in Nigeria, they are worth considering!

First Bank of Nigeria

When talking about trustworthy banks in Nigeria, First Bank is a household name. But can you get a loan as their customer?

Yes, of course! First Bank has a broad spectrum of loan services. Its Personal Home Loans assist customers in acquiring their dream homes.

The Bank’s Contract Finance product supports contractors by financing their contracts with reputable companies. Its FirstEdu Loan offers short-term funding for educational institutions.

Additionally, it has unsecured loan options, cementing its place among banks in Nigeria that give loans without collateral.

Check Out: First Bank Loan USSD Code

United Bank for Africa (UBA)

Banks in Nigeria Offering Loans

Just like First Bank, Access Bank, and GTB, UBA is a very popular bank in Nigeria that offers exquisite services for which loans are not left out.

UBA offers a range of loans including the No Wahala Loan for customers who need funds quickly, and the Executive Loan, a service designed for premier customers. Also, its Cash Collateral Loan allows customers to use their cash deposits and investments as collateral for loans.

Moreover, they offer an instant online loan service, proving they belong to the elite group of banks offering instant loans in Nigeria.

Read Also: How to Get a UBA Loan without Collateral

Stanbic IBTC

With Stanbic IBTC, it’s about achieving your dreams and hitting those major life and business milestones. It is one of the few banks offering instant loans in Nigeria.

The bank’s Home Loans offer finance for property acquisition, making the dream of owning a home more attainable for many Nigerians. Also, their Vehicle and Asset Finance allows businesses to acquire much-needed assets.

Even more, they offer personal lending services like the Cash Loan, which provides funds for immediate needs, and their Salary Advance service, which gives salaried workers an advance on their monthly salary.

Stanbic IBTC is truly a bank that gives loan in Nigeria with an array of options for different needs.

Sterling Bank

Last but not least, Sterling Bank, through its swift and seamless lending platform, Specta, is like the Ferrari of loan providers.

Within five minutes, you can access up to five million Naira on Specta. Their My Own Loan product provides loans for personal needs, while the All-Purpose Loan can fund just about anything you need.

They also offer a rent loan, a holiday loan, and even an educational loan, among others. These offerings make Sterling Bank – Specta a top choice for anyone seeking a bank that gives loan in Nigeria.

And that round off our list of banks in Nigeria that gives loans. Each of these banks has unique features, so it’s vital to find one that matches your specific needs.

Related: How to Get Federal Government Loans

Tips on Increasing Your Eligibility for a Bank Loan

Are you looking to increase your eligibility at banks in Nigeria that gives loan? Your credit score and stable income source are key.

If you want to know which bank gives loan easily, it would be the one where you have a solid credit history and proof of regular income. It’s crucial to monitor and improve your credit score regularly.

Pitfalls to Avoid When Applying for a Bank Loan

While there are numerous banks in Nigeria that gives loan without collateral, caution must be exercised.

Avoid potential loan scams, understand the implications of high-interest rates, and be aware of the severe consequences of failing to repay a loan.

Check Out: Students Loan Apps in Nigeria

Frequently Asked Questions

Which bank gives loan easily in Nigeria?

WEMA and GTBank are known for their hassle-free loan services, making them a go-to for easy loans in Nigeria.

Which bank gives loan with low interest?

Zenith Bank and Access Bank offer competitive low interest rates on their loans, easing the repayment burden for customers.

Which bank is the easiest to get loan from in Nigeria?

Sterling Bank’s Specta and Wema Bank’s ALAT are super-efficient, providing quick loans with minimal paperwork – they are arguably the easiest!

How to qualify for bank loan in Nigeria?

You generally need a steady income, good credit history, a bank account and sometimes collateral to qualify for a bank loan.


The journey to securing a loan from a bank that gives loan in Nigeria can be daunting but certainly navigable with the right knowledge.

Always remember to conduct thorough research before settling on a loan provider. Feel free to share this post with others and leave a comment about your experiences.