Loans for Unemployed in Nigeria 2024: Top 10 Offers & How to Apply

  • November 19, 2023

Loans for Unemployed in Nigeria: Finding a loan as an unemployed individual in Nigeria can be challenging, as many traditional lenders require proof of steady income to qualify.

However, it is not impossible to secure financial assistance while unemployed.

In this blog post, we will discuss various options that are available for individuals who are currently out of work and in need of a loan in Nigeria. These options include microfinance banks and online lending platforms that offer loans to individuals who are unemployed.

These platforms typically use alternative forms of credit scoring and may not require proof of income. Although they may have some downsides, as an unemployed Nigerian, you can still be offered loans by these platforms even without any collateral or guarantor.

If that’s what you’re looking for, then join me and let’s explore this post together!

Types of Loans for the Unemployed in Nigeria

First things first, knowing the types of loans available to unemployed individuals in Nigeria is essential.

From collateral-free loans to soft loans, and even micro-credit schemes, these options offer varying advantages.

While collateral-free loans might be more accessible, micro-credit schemes often provide lower interest rates.

To make an informed decision, you must weigh the pros and cons of each loan type against your personal financial circumstance.

With that out of the way, let’s discuss some of the platforms that offer loans for unemployed in Nigeria.

Related: Top 7 Loans without Salary Account in Nigeria

10 Lenders that Offer Loans for Unemployed in Nigeria 2023

1. Carbon

Carbon is one of the most popular and reliable loan apps in Nigeria that let both employed and unemployed Nigerians including students access loans without even tendering any documents whatsoever.

This app offers personal loans ranging from 1,500 to 1 million Naira. The interest rate on Carbon loan is very low, and the loan tenor ranges from 1 to 6 months without unnecessary calls to remind you about your loans.

Check Out: How to Get Interest Free Loans in Nigeria

2. Fairmoney

Fairmoney is another popular lending app that offers loans for unemployed in Nigeria. Just by downloading the Fairmoney app and registering, you can access personal loans worth up to 1 million Naira, with a very low interest rate.

Fairmoney loan tenor ranges up to 18 months, and you can even extend your loans if you can’t repay on due dates.

Read Also: 15 Lenders that Offer SME Loans Without Collateral in Nigeria

3. Branch

If you want a quick loan in Nigeria without income proof, Branch is a good loan app to use. Within a few minutes after applying for a loan, you could get it disbursed into your account without waiting for hours using the Branch app.

Branch loans come with very low interest rates and a relatively long tenor. You can also use the Branch app for other online banking operations such as money transfers, bill payments, airtime purchases and lots more.

4. Kuda

Kuda is a popular microfinance bank that also offers loans for unemployed in Nigeria without collateral. On Kuda, you can get granted personal loans worth up to 50,000 in minutes right from your phone.

To access this loan, you just need to download the Kuda Bank app, sign up, fill in your details and apply for a loan. Once your application is assessed and approved, you’ll get credited with the loan amount you want.

Just like other loan apps, Kuda offers low interest loans, with relatively long tenors. Kuda loan also comes with flexible terms and conditions.

Related: Top 14 Urgent Loan Apps Without Documentation in Nigeria

5. Umba

If not the best, Umba is undoubtedly one of the best urgent loan apps that offer loans to both employed and unemployed Nigerians. It offers some of the best loan terms including no late fees policy, no rollover charges, and no origination fees.

By just linking your bank account to assess your credit score, you can get an instant loan worth up to 30,000 Naira with an interest rate of about 10% for a period ranging up to 62 days on Umba. It also offers very flexible loan repayment methods, so you have nothing to worry about.

6. PalmCredit

PalmCredit is another loan app that offers umemployed loans in Nigeria. This app has been in the Nigerian lending market for a very long time, and it has lots of downloads online.

On palm credit, you can access relatively huge loan amounts with fair interest rates ranging from 14 to 24 percent. Just like other loan apps, you do not need to submit any documentation, collateral or guarantor to get your loan approved on PalmCredit.

All you just need to do is to download the app, register, and apply for a loan using your smartphone.

7. Irorun Loan App

loans for unemployed in Nigeria

If you’re unemployed and need a small loan to sort out some personal expenses, Irorun is one of the best loan apps to turn to in Nigeria. As the name implies, this app offers ‘easy’ loans to Nigerians in minutes.

All you need to do is to just download the Irorun App, sign up in seconds, apply for a loan, add the required personal details, and get the money disbursed ASAP. This app’s loans come with low interest, and the repayment options are flexible.

Since Irorun loan app is only focused on personal loans, you can only access a maximum of 50,000 Naira on the app.

See Also: List of USSD Codes for Loans in Nigeria

8. Aella Credit

Aella Credit is another transparent loan app that offers loans for unemployed in Nigeria. On this app, you can access low interest collateral-free loans within just five minutes.

Just like Carbon, Aella Credit loan app is available to both iPhone and Android users, and it can also be used as an online banking app. You can access loans on this app by just downloading the app, creating an account and applying for a loan.

Aella Credit Loan App offers a reasonably huge loan amount with a relatively long tenure.

9. Quick Check

Applying and getting loan applications approved on the Quick Check loan app is very fast. This is simply because no collateral, guarantor or documentation is needed whatsoever.

QuickCheck loans come with flexible terms, fair interest rates, flexible payment methods, and long tenors, as you can get granted a loan worth up to 1 million Naira in minutes. QuickCheck is also very reliable, as it has over a million downloads on the google play store with lots of positive reviews.

10. Renmoney

With over 500k downloads and lots of positive ratings, you can be assured to get an urgent unemployed loan in Nigeria without documentation. Renmoney is another online banking app that offers a collateral-free loan ranging up to millions of Naira for a long tenure without frequent disturbance.

The Renmoney loan app is available for both Android and iPhone users. It offers a fair interest rate ranging from 2.4% – 9.33% for up to 24 months period.

Related: Top 10 Loan Apps that Gives Loans in Minutes in Nigeria

How to Improve Your Chances of Getting a Loan When Unemployed

Boosting your chances of securing unemployed loans in Nigeria is not as daunting as it may seem.

Simple steps such as presenting a clear loan purpose, demonstrating any source of stable income, or even enrolling in skills acquisition programs can improve your standing.

Remember, the ultimate goal is to assure the loan provider of your ability to repay the loan.

Loans for Unemployed in Nigeria – FAQs

What types of loans are available for unemployed individuals in Nigeria?

Unemployed individuals in Nigeria may be eligible for personal loans, microloans, or emergency loans from some financial institutions or NGOs.

What are the requirements for obtaining a loan while unemployed in Nigeria?

Requirements may vary by lender, but generally, you will need to provide proof of identification. Some organizations may also require your bank details such as BVN and/or account number.

How can I increase my chances of getting a loan while unemployed in Nigeria?

Having a good credit score and providing collateral can increase your chances of getting a loan while unemployed. Additionally, having a guarantor can also help.

Can I get a loan without collateral while unemployed in Nigeria?

Some lenders may offer loans without collateral (unsecured loans for umemployed in Nigeria), but the interest rates may be higher.

How long does it take to get a loan as an unemployed individual in Nigeria?

The time it takes to get a loan as an unemployed individual in Nigeria can vary depending on the lender and the type of loan you are applying for. It can take anywhere from a few minutes to a few days.

Are there any restrictions on how I can use the loan if I am unemployed in Nigeria?

Restrictions may vary by lender, but generally, loans must be used for personal expenses such as home repairs, medical bills, or education expenses.


Getting loans as an unemployed citizen in Nigeria may sound impossible since you would neither have collateral nor income proof. However, it is very possible as there are lots of platforms out there that give you this opportunity.

That is why we’ve provided you with this post containing 10 of the best platforms for loans for unemployed in Nigeria. By now, we believe you should have known the best one for you.