Best websites to get loans online without collateral in Nigeria

One of the biggest problems facing entrepreneurs, small businesses, students and everyday people is access to loans. There are many business ideas, many entrepreneurs, many small businesses that would have blossomed but getting finance has been a big obstacle. However,  these days it is very easy to get loans online without collateral. In this article, we will be listing places you can get loans online without collateral.

There are many reasons you might need a loan. It could be to start up a business. Or to expand your business. It could be a loan for school fees, for capital or anything. In summary, you need money to make money. Being able to access loans quick is very important.

Some times you might even need a loan for personal reasons, to pay house rent, service charge, repair your stuffs and more.

The major problem facing people when seeking for loans is collateral. Most lenders ask for collateral and in most cases, what they ask for is not reasonable. You may not have it. Not to worry, there are many quick ways to get loans online without collateral. We will list websites and places you can get loans without collateral. You may not even need paper work and all the trouble. And some of them come with very good interest rates better than banks.

We hope that the information shared here will help you find the funding you need. Make sure you share this articles so that many businesses and dreams can spring to benefit.


Here are websites to get loans online without collateral in Nigeria


1.Carbon (Paylater)

Quick loan online Paylater

Carbon formerly known as Paylater offers quick online loans without collateral to entrepreneurs, small businesses and anyone in need.  All you need to access a loan on Carbon is an android phone and internet connection. You should also have your bank details and BVN ready.

Download the Carbon app from Google play store and you can apply for a loan anytime. They promise to give quick a loan from 5 minutes after application but some times, it can take up to two days.

With Carbon, you can get up to N1 million. Please note that the quicker you repay your loan, the better interest rates and amount you can get next time. You don’t need collateral or any paper work.

Download the app from play store here.



SMEDAN online loan

SMEDAN stands for Small and Medium Enterprises Development Agency of Nigeria. It was created by the government to support Small businesses.

If you are looking for loans online related to starting a business, growing your business or paying school fees, you will stand a good chance. SMEDAN is a good choice not just because it is backed by the government but because they also offer training, to help you succeed if your purpose is to run a business.

To get a loan from SMEDAN, you need to fill a quick online form. You will be asked what you need the loan for, how much you need, your location and more. After this, you can check availability of loan.

You can visit SMEDAN loan portal here


3. Renmoney

Renmoney loan online

Renmoney offers fast loans online up to N4 million without collateral or guarantor. They have good interest rate and flexible payment structure from 1 month to 12 months.

The company operates as a Microfinance bank with over 25,000 customers. But they are more popular for their loan facilities. Whether you need a loan to pay your rent, school fees, buy a TV or generator, Renmoney has a plan for that.

They also offer smart phone loans, work loans, POS loans and school fees loans.

You can visit their loan portal here


4. Zedvance

With Zedvance, you can get loans online up to N5 million in 24 hours. That means you can get an online loan same day. But that is not a guarantee, it depends on your profile, it could be longer.

They have a repayment plan from 1 month to 12 month. But the longer you extend it, the more you pay.

Zedvance do not have any fixed interest rate, according to them, they apply a risk-based pricing to determine how much you repay. You don’t need a guarantor but you must be actively employed.

You can access the Zedvance loan portal here


5. Migo Kwikmoney

There are times that something just happens and you need a quick cash that you can pay back in a week or so.  You know those situation where you know you are expecting money buy you need money right now before that one you are expecting comes. That is where Migo comes in. They promise to loan you quick cash in 60 seconds. Well, not exactly but that is after approval.

Migo is a partnership between banks, mobile network operators, and technology companies to help people have access to quick cash online.

You can get loans online up to N500, 000 from Migo. The interest rate is between 5% to 15% but you have to pay back in 14 to 30 days.

This is good for emergency. Let’s say you have a supply to meet up or an unexpected deal turn up. In summary, Migo is perfect for emergency loans in Nigeria.

You can access Migo loans here

You can also dial *554*561# or *561# on your 9mobile (Etisalat) line.


6. C24

C24 offers online loans with flexible repayment plan up to nine months. Formally you will need to visit their office with some documents to prove your identity or have someone pick it up, but from information updated on their website, that is no longer the case.

Their loans are collateral-free. The interest rate is reasonable. They also promise fast response to loan request.

You can access C24 loans here


7. Fint

Fint offers online loans to borrowers from a pool of lenders. You can borrow from N60, 000 to N2 million from Fint. The interest rate is as low as 2% monthly.

You have to open a borrower account, then answer FINT Risk Assessment questions. After you are approved, investors will fund your account. You can also be a lender on Fint and make money lending money to people.

There is no collateral required to get a loan from Fint.

You can apply for Fint loans here


8. Pennylender

Pennylender offers fast and easily accessible loans online to Nigerians. All you have to do is upload some files online and they will credit your bank account.

You will have to upload: A valid ID, Utility bills, passport photograph, prove of employment and 3 months bank statement.

No collateral or guarantor is required.

You can borrow from N10, 000 to N500, 000 on Pennylender.

You can access Pennylender loans here


9. Fair Money

Fair Money offers instant loans online. It could be a personal loan, education loan or business loan. Fair Money covers it all.

All you have to do is download the app from Google Play store, provide needed information and you could get your loan in 5 minutes. First loan amount is N40, 000. You can unlock more.

You can repay from 15 to 30 days after you receive your salary.  Interest rate is between 15% to 30%.

You can access Fair Money website here

You can download fair Money app here


10. KiaKia

You can get a Quick loans online from Kiakia simply by chating with Mr. Kiakia.  Kiakia has a poll of lenders and you can also become a lender and make money.

To get a loan from Kiakia, all you need is chat with Mr. Kiakia and take it up from there.

You can access Kiakia loans from here


11. Creditdirect

Creditdirect offers you loans online up to N500, 000.  All you have to do is fill the online form and they will get in touch with you.

They have various loan plans. Loans for salaried workers called ‘Cash to Go.’  Loans for Federal, state and local government workers called ‘Sharp Sharp.’ Loans for Youth Corpers called ‘Empower the Corp.’ And loans for businesses known as ‘Quick Asset.’

You can access creditdirect loans here



 12. Rapid Cash

Rapid Cash offers quick online loans in Nigeria. They promise to pay within minutes after approval. But you should only consider this option if you need a little money.

The initial loan offer is N5000 and the maximum is N30, 000. The interest rate on each loan is 30%.

All you have to do is sign up with Facebook or Twitter. You will have to select a guarantor from your Facebook list. No collateral is required.

You can access Rapid cash loan Portal here


For other loan options, read this page: Loans

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Editorial staff

Editorial staff is a platform that connects people with ideas, opportunities and latest trends in personal finance growth online and offline. It is the most read personal finance platform in Nigeria

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