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Top 12 Websites That Will Help You Borrow Money Online in Nigeria
What is a loan company
The Loan Company is a financial institution principally engaged in the business of providing finance to the public, whether by making loans or advances or otherwise, for any activity other than its own (Excludes equipment leasing and hire-purchase activities).
1. PennyLender
PennyLender is an instant loan app in Nigeria that provides quick online loans. The objective is to provide easy access to credit and loans that come with quick disbursals and at low borrowing costs that other lenders may not be able to offer.
PennyLender is committed to issuing short-term/long-term loans without collateral, without obligation of guarantee. The platform also offers promos and discounts/incentives when you borrow money online in Nigeria on its website, where eligible borrowers can quickly access details of the types of credit available and check requirements.
Available Loan Types
PennyLender offers a lumpsum loan or a single payment amount for meeting instant financial emergencies varying between ₦10,000 to ₦50,000; however, the amount should be returned within 11 to 35 days, depending on the amount requested.
Salary Loans are a special privilege for salaried workers. You can borrow money in Nigeria online that is equal to or more than ₦500,000, depending on your salary structure.
The third category offered by PennyLender is the instalment loan, where you can borrow money online in Nigeria up to ₦500,000 and pay it back in instalments.
PennyLender allows you to earn points for referring other customers, paying back quickly, taking classes and quizzes, and posting online through the platform. These points will move you up the relevant ladder allowing you to enjoy lower interest rates and higher loan values.
Requirements
To use PennyLender’s services, you must submit the following documents:
ID card, international passport, driver’s license, or other valid identification.
Evidence of your address, including a recent utility bill.
Evidence of employment status in the form of a job letter, bank statement of the last 3 months, promotion letter or contract review document, and a passport photo.
2. Renmoney
Renmoney, founded in 2012, has the aim of making the life of Nigerians easy and flexible by providing them with quick loans on easy terms.
Renmoney is a high-speed lender that is committed to providing loans to people living in Nigeria at competitive rates, as quickly as possible, and with flexible repayment requirements, without guarantees or security requirements. You can directly borrow money in Nigeria online from the website.
Available Loan Types
Renmoney offers micro business and personal loans ranging from ₦50,000 to ₦4,000,000, paid out over 3 to 12 months. The interest applied depends on the amount borrowed.
For example, if you borrow ₦2,000,000 for a year, then the amount you have to repay is the principal amount, along with interest calculated based on the amount borrowed (let’s say 33.9%) within the stipulated period.
Requirements
To apply for a quick business or personal loan from Renmoney, you need to:
Fill out an online application entering all your correct details
Provide your details, employment status, income status, etc.
Provide proof of identity, residence, and age, along with bank statements
A credit notification or approval can be received within 24 hours of applying for the online loan in Nigeria.
3. GRoFIN
You can now easily borrow money online in Nigeria using GroFin. It provides financing/business loans to small and medium enterprises (SMEs) in Africa and the Middle East.
GRoFIN specializes in offering $100,000 to $1.5 million or investing in select companies. This is no ordinary quick loan company, and its requirements are much stricter than others.
Available Loan Types
With GroFin, you borrow money in Nigeria online in the form of business loans ranging from $100,000 to $1.5 million.
You can apply if you think you meet all the requirements that GroFin specifies. It considers businesses that have one to six years of operational experience.
Requirements
The eligibility requirement to borrow money in Nigeria online from GroFin are:
Your age should be between 22 and 58.
It is mandatory to submit collateral – the value is not specified but must be equal to the amount of the loan you are seeking from GroFin.
You should be employed and be able to repay the loan within the required period.
You must have a valid bank account with a BVN.
Complete the pre-evaluation.
Fill out the checklist and apply for the type of credit that best suits your purpose.
4. Alat-Wema
ALAT instant loans that are unsecured are offered by WEMA Bank PLC for up to ₦200,000 without tedious paperwork.
Available Loan Types
You should have a WEMA bank account before using the ALAT product.
You need to apply for the loan by logging in to the ALAT website and fill the appropriate application. The system evaluates risk scores to determine creditworthiness. This risk assessment also determines the interest rate that is deducted.
After the approval, you will get the credit in your account in minutes. There will be automatic deductions from your bank account if you fail to make payment within the agreed time.
Requirements
You should have a National ID card or driver’s license.
You should be at least 21 years of age.
Provide a photo ID proof and a recent utility bill (within the last 3 months) with an address that matches your ALAT profile.
You can earn ₦500 for every friend you refer with a referral code. Anyone you refer also receives ₦200 after he/she has made their first transaction.
5. Rosabon Finance
Rosabon Finance Ltd. is one of Nigeria’s fast lenders, prioritizing quick transactions and easy applications for fast money online.
Available Loan Types
Rosabon offers personal loans where you can apply up to ₦3,000,000 in 48 hours. The repayment rate can be 6-10 months.
You can also apply for Group Loans, Business Loans, and Consumer Goods Loans, in which you can receive up to ₦15,000,000 by using a car or vehicle as a loan asset.
You also have access to credit cashback which is specially designed for regular Rosabon customers to apply for a quick loan in Nigeria for more credit with better terms.
Requirements
To borrow money online using this instant loan app in Nigeria, you must have a current account and should fall in the age group of 21 – 58 years.
A tax identification number or retirement account is required.
You must have a valid ID card.
6. FINT
FINT is a peer-to-peer quick loan platform that connects aspiring investors with potential borrowers. The organization offers asset-backed loans, agricultural loans, power, insurance, and real estate loans.
Available Loan Types
You can apply for a quick loan in Nigeria between ₦20,000 and ₦1,200,000, paid over 3 to 12 months. You can easily calculate your loan and interest paid using the calculator on the FINT website.
Requirements
To use FINT’s services, you are required to register personal information such as your name, valid ID card, address, and email address. You will also need to provide bank statements and a recent utility bill to meet your creditworthiness.
7. Lydia.Co
Lydia.co is a financial services company founded with the sole mission of providing Africans with a reliable way to accumulate and grow their wealth. They offer a range of projects that allow users to borrow money online in Nigeria and solve the problem of the rising cost of living.
Lydia.co provides short-medium term unsecured loans to set the stage for Nigerians through financial requirements.
Available Loan Types
You can get business and personal loans from Lydia.co ranging between $500 and $15,000 at one of the lowest interest rates available in the market.
You also get the benefit of applying for unsecured or secured loans, which will give you ease and convenience. Simply apply for instant credit from Lydia.co online to borrow money online in Nigeria and get a huge variety of loan options that satisfy different financial requirements.
Lydia.co is also known for applying various algorithms and technologies to assess the risks before approving loans, which is why the loan availability is at affordable rates.
Requirements
You simply need to register with Lydia.co’s instant loan app in Nigeria using your email and phone number. Fill in the required details and choose the kind of financial loan you want to apply for.
After a quick online verification, you will get the loan approval status within minutes, after which the amount will be disbursed into your account within hours (if approved).
8. AELLA-CREDIT
AELLA-CREDIT is building a platform that focuses on employee lending and enablement after collaborating with 3 major credit bureaus in Nigeria to provide quick and affordable paperless loans to its customers.
Your credibility is assessed by a credit scoring algorithm that is developed after the team collected more than five years of market data and analysis, considering various social and demographic factors and debt-to-income ratios, to process applicant eligibility for loans.
These loans help you borrow money online in Nigeria to meet emergencies with repayment rates based on the time it takes to pay back.
Available Loan Types
AELLA-CREDIT offers personal and business loans ranging from ₦1,500 to ₦90,000, payable within 30 to 60 days, with monthly interest rates of 4% to 29%.
If you pay it off on time, you can borrow money online in Nigeria at a much lower interest rate the next time. No collateral or guarantor is required to use AELLA’s services.
Requirements
You should install the AELLA instant loan app in Nigeria, register with your personal information, including your name and current address, complete the application and wait for approval. Once approved, you will receive your money within minutes.
9. ZEDVANCE
ZEDVANCE specializes in providing consumer credit of up to ₦5,000,000 million to be paid back within 18 and which can be processed within 24 hours.
The company offers loans specifically for office workers, but if you have a side job with a salary, you can sign a contract to finance your business. ZEDVANCE also gives you ₦50,000 for free by recommending your friends to rent on the platform.
Available Loan Types
You can apply for a quick loan in Nigeria using any of the loan types given below:
Zedvance Nano, Zedvance Payroll for salaried workers, and Zedvance Business for a significant financial boost for businesses looking to grow.
Requirements
You simply need to create an account on the platform and fill out a credit application form after selecting the appropriate credit category for your purpose.
Submit the relevant documents, answer questions about your identity and current address, and get your loan disbursal within minutes after your application is approved.
10. PAYLATER
PAYLATER is a simple, fully online platform that provides short-term loans to Nigerian individuals and small businesses to meet unexpected expenses and urgent cash needs.
Available Loan Types
PAYLATER gives you access to unsecured loans up to ₦500,000, which are disbursed within 1-3 business days. By paying it off on time, you can increase your credit limit for your next loan.
PAYLATER issues both personal and business loans. After submitting your application, it only takes a few minutes for a credit decision to be made. The requirements for guarantors, collateral, uploading documents, etc., are quite simple and user-friendly.
Requirements
You should be a resident of Nigeria and have a valid bank account with a BVN to verify your credibility and financial status. PAYLATER offers bonuses and discounts to customers who refer other customers to the platform through unique referral links.
11. KIAKIA.CO
KiaKia is a digital money lender for businesses in Nigeria that provides direct, individual, and business access to millions and offers peer lending. The name KiaKia in Nigerian means quickly. Their core objective is to enable swift transactions.
Available Loan Types
KiaKia offers loans in a range of ₦10,000 – ₦5,000,000 depending on a fixed income or business income.
To apply for a quick loan in Nigeria, you must contact “Mr. K”, the company’s chatbot, who will respond with automated messages and process your loan application. KiaKia has no strict requirements and offers unsecured loans without collateral.
Requirements
You should create an account using your email address and be at least 21 years of age.
You should be employed or have a business.
Submit valid identification such as an international passport, ID card, or driver’s license, and bank statements within the last 3 months.
12. Migo (9mobile)
Migo is a Nigerian fast lending platform operated by 9mobile, whose main priority is the speed of its lending services. So, you don’t have to upload any documents, just a few clicks and you’re ready to go.
Available Loan Types
Migo offers both corporate capital loans and expedited personal loans. You will only receive credit if you can repay, so it is best to check your bank’s records to calculate your credit score. Payback rates start at 5% and increase over 14-30 days.
Requirements
The process is fairly simple – you need to open the app, enter your phone number and OTP, choose the loan category that fits your needs, enter bank details, and wait for a few minutes for the loan approval. Within a short period, your loan will be disbursed if approved.
Easy way to borrow money online without BVN
Top Instant Loan Without BVN In Nigeria
Here is a list of some of the top platforms where you can get loans without BVN in Nigeria:
1. FairMoney Loan App
FairMoney loan platform offers you instant cash for any of your financial needs without you providing your BVN, documentation, collateral, or guarantor. Basically, through this app, you can borrow within the range of N1,000 to N150,000 with a repayment period of 2 – 12 weeks. The amount of loan you can borrow depends on your creditworthiness.
2. JumiaOne Loan App
JumiaOne is another legit loan app you can borrow from without inputting your BVN. Basically, to access loans on this app, just scroll down to the ‘Financial Services’ category and click on ‘Loans’. After you provide all the information required, you will receive your loan within minutes.
3. Carbon (Paylater) Loan App
Carbon, formerly known as Paylater is another app you can trust. It is owned by the One Finance & Investment Limited company and offers more than just instant loans. Aside from the fact that you can readily get loans from N5000 to N1,000,000 with a tenor of between 7 – 180 days, the platform does not delay in paying your loan. Within 3 minutes of submitting your application to the platform, they will credit your account.
4. OKash Loan App
Okash loan app is another legit and popular platform to borrow your loans. Basically, you can access this platform through the Opay mobile app, which is controlled by Opay Digital Services Limited/Paycom. However, OKash is solely owned and operated by Blue Ridge Microfinance Bank Ltd.
5. Aella Credit Loan App
Aella Credit is another legit platform where you can borrow loans without BVN. Basically, this user-centered digital lending platform offers users loans as low as N2,000, with a maximum limit of up to N1,000,000. Also, their own processing period does not take too much time. Within 10 minutes after applying for your loan, you will be credited.
Fast payday loans Online
Payday loans, sometimes called payday advance loans, are short-term loan options that are extremely fast. Payday lending helps borrowers with bad credit scores get funding in emergencies. But there’s more than meets the eye with these quick cash solutions. So we’re here to fill you in on everything you should know about fast payday loans online and payday cash advances.
Taking out an online loan these days can feel very overwhelming. After all, there’s so many options out there. Online loans are understandably faster than in-person options. And although online payday options are quick and flexible, they may come with some significant negatives and so you should reconsider your options. If you do decide to take the step of applying for a payday loan, you’ll need to consider the pros and cons. Below you will find everything you need to know about payday loan options and the online payday loans process!
Applying for a Payday Loan
The reason these risky loans are so appealing is because they’re fast and convenient. Borrowers can find a direct or indirect payday lender very easily since there are so many.
Once a borrower finds their lender, they can usually be pre-approved before accepting and signing for their loan. With pre-approval, you’ll know some details about the payday loan, such as loan amount, average interest and the annual percentage rate (APR), repayment terms, and of course, eligibility. You can then compare your loan options and pick a lender you want to move forward with for final approval. Some payday lenders may check your credit score before approving you, while others offer no credit check loans.
With final approval, you may need to send documents to verify your identity and income. Once that information is in, some lenders may ask for a hard credit check, while others may not. Here are some examples of the documents you may be able to use in order prove income and your identity:
A valid government-issued photo ID such as a driver’s license, passport, or military ID.
Mail, utility bills, lease, or mortgage agreements to prove residency.
Bank account statements, pay stubs, letters of income, invoices, etc., to verify your income.
Once you get final approval, you should review the loan agreement and the loan terms (interest rates, monthly payment amounts, loan length, etc.). If everything looks good, you can sign the contract and get your loan proceeds almost immediately. In most cases with online lenders, you’ll receive the funds as a direct deposit into a checking or savings account.
Bad Credit Score Loans
When researching loans, you’ll come across what are known as bad credit loans. But what are they exactly, and who do they apply to? These loans are available for borrowers with less than perfect credit or poor credit. Generally—anyone whose FICO or VantageScore is close to or below 600. These loans can be cash advances, lines of credit, or standard installment loans.
Some Characteristics of Low Credit Loans
In most cases, bad credit funding offers loan amounts of only a few hundred dollars. And so, are usually only helpful for short-term financial obligations or emergencies, rather than long-term financial solutions.
Another key feature of these loans is their high interest rates. Because of the risk they pose for the lender, the interest rates will likely be higher for these loans than loan options for borrowers with good credit. As a borrower, it is imperative to pay attention to this, as it reflects the total cost of borrowing. And the last thing you want to do is get stuck with a loan you cannot repay.
Sometimes bad credit loans will require an asset—also called secured loans. These loans may take a little longer to process than unsecured options. Depending on the asset, you may get to hold onto it while you repay the loan. This collateral helps add security for the lender if the borrower cannot repay their loan.
Personal loan lenders in Nigeria
List of Banks Offering Instant Loans Without Collateral in Nigeria
Here are some of the top banks that offer loans without collateral in Nigeria:
1. First City Monument Bank [FCMB] Limited
Regarded as one of the leading financial institutions in Nigeria, FCMB continues to deliver exceptional services to its customers. FCMB provides the following loans without collateral:
Auto Loan
Salary Top-Up Loan
Fastcash Loan
Premium Salary Loan
The FCMB FastCash Loan is an instant loan that can be accessed without collateral using the USSD code *329#. You can check out this post for other USSD code for loans in Nigeria. You can read about FCMB here.
2. WEMA Bank
Operating a Salary Current or Savings Account makes it easier to obtain a loan without collateral from WEMA Bank. The maximum loan amount is seven multiples of net monthly salary, subject to a maximum of N2 million. The Wema loan operates a 48-hour loan disbursement and is only available to confirmed employees.
3. Stanbic IBTC
The subsidiary of the Standard Bank Group is yet another Nigerian bank offering business and personal loans. This is one of the banks that will grant you a loan in Nigeria without a salary account. The terms are based on repayment between one to five years. Within this period, payment is made in monthly installments.
4. Zenith Bank
The Zenith bank loan SME Loans, Overdrafts, Receivable Discounting or Invoice Discounting, LPO Finance, Import Finance Facility, Export Finance Facility, Term Loan, Lease, Bonds & Guarantee and Retail Loans for Schemes.
For instance, the Local Purchase Order [LPO] is available to borrowing customers to finance the supply of materials. Overdrafts, on the other hand, grant the borrower a certain amount over the credit balance in their current account. This is set within a specified tenor, usually not exceeding twelve months. You have access to all these without the bank needing collateral. You can see how to get a loan from Zenith bank here.
5. Fidelity Bank
The SME-friendly bank has bagged several awards and recognitions to earn a spot in the retail banking sector. Fidelity Bank operates a Fidelity Easy Asset Leasing Scheme [FEALS] offering business and personal loans without collateral. FEALS is designated for the acquisition of household appliances, brand-new vehicles, generators, inverters, laptops, and the like by customers. Its minimum contribution is as low as 20% with a 48-hour approval time.
6. First Bank
Nigeria’s premier commercial bank is acknowledged with over 10 million active customer accounts. It provides a comprehensive range of retail and corporate financial services to customers and investors across Africa.
FirstBank operates a FirstEdu loan available to private school owners who require additional funds for effectiveness. It offers a N10M maximum loan amount with an account relationship of 9 months. Additionally, FirstEdu is only available to private schools registered with the Corporate Affairs Commission [CAC]. There’s also the 100 student-population it takes into account.
7. United Bank for Africa [UBA]
UBA is associated with the popular “No Wahala Loan”, as well as Personal Overdraft. With the former, borrowers have the jurisdiction to spend a little more on what they want. You may need some extra cash to fix your car, pay medical bills or take care of other emergencies. How you chose to use your loan is up to you.
8. GT Bank
The GTBank Quick Credit is one loan option from GTBank that is very easy and super fast to get. You get your funds to your bank account within two hours of approval. The more exciting part of this loan is that you only get to dial a shortcode to apply.
Like others, you do not require paperwork or documentation for the application. You can borrow up to N5 Million with ease using the GTBank Quick credit loan.
9. Access Bank
Access Bank Quick Bucks is a mobile app that allows you to access multiple quick and low-interest loan options from Access Bank. All you have to do is install the Access Bank quick bucks app and commence with the process.
Top 12 Websites That Gives Quick Loans Without Collateral In Nigeria
1. GROFIN
grofin website
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.
2. SMEDAN
smedan nigeria website
Last on the list is SMEDAN, 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, click here to access their online application portal.
3. LYDIA.CO
lidya nigeria 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.”
4. AELLA-CREDIT
aellacredit nigeria website
Aella Credit is 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.
5. ZEDVANCE
zedvance nigeria website
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.
6. PAYLATER
paylater nigeria website
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.
With Paylater, you can access up to 500,000 Naira loan with no collateral. Once your application is approved, funds are typically received within 1 – 3 business days. Making on-time repayments can grant you access to higher credit limits for your next loan.
7. KIAKIA.CO
kiakia nigeria website
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.
8. ONE-FI
onefi nigeria website
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.
9. C24
c24 nigeria website
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 cash loans when they need it.
C24 understands the need for quick cash loans and the necessity of quicker loan processing time. Their online loan process has been optimised to help applicants avoid the stress associated with other loan companies.
10. QUICKCHECK
quickcheck nigeria website
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.
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.
11. SPECTA
specta loan nigeria sterling bank
Specta is an online lending platform that gives you loans of up to 5 Million in one transaction all within 5 minutes! No collateral, no paperwork and no visit to any office. With Specta, you can take care of urgent personal and business needs anywhere, anytime.
Specta has 2 loan products, MySpecta which offers individual loan services and Specta4Business which provides quick and accessible loan for corporates and business owners.
12. FAST CREDIT
fast credit loans nigeria
FastCredit offers business loans to micro, small and medium enterprises to support business growth. The loans are backed by guarantors and are for a maximum tenor of 6 months for business owners that meet the criteria.
Aside from business loans, they also offer simple and fast ‘all-purpose’ cash loans to employees of corporates such as the banks, TELCOs, Insurance/other financial institutions, FMCGs, Pharmaceuticals, Aviation, Oil and Gas employees etc to enable them urgently meet their consumer needs.