Some years ago if someone predict that bank in Nigeria will be able to loan their customer money without collateral I will look at the person with an impossible eye Nigeria bank that are very stingy, it is not possible
I’m sure that is what I will say but the narrative has now change there are many banks now who are ready to loan you money without collateral I’m actually talking about physical bank not only Online bank.
Well I think the sudden change of banks is due to Fintech boom in Nigeria, who are given traditional bank a run for their money, they put them on their toe and that it is a good thing for we customer, we get to enjoy maximum customer care from banks that like treating customer badly wow isnt that good
I remember going to bank last week, come and see the way I was care for as if I want to deposit millions of naira I was just laughing Fintech has dealt them a blow.
Sorry for the digression this article is all about the list of bank that offer loan without collateral in Nigeria and how to apply for that loan.
Are you ready let go there
List of bank loan without collateral in Nigeria
Note the list is not in a particular order
Wema bank loan
The first on our list of bank loan without collateral in Nigeria is Wema bank loan. Wema bank is oen of the first Nigeria bank to go digital they are always at the top of their game, creating deferent product to satisfy their customer, one of such product is the launching of digital bank called Alat.
Currently they have more than 1 million people and company doing business with them, they are old bank with more than 76 years in banking industry, they know what they are doing and they do it better. They do not deduct their user money anyhow and they respond to customer query.
Haa as if Wema bank gives me money lol I did not collect any money o I just like the bank (I don’t know what happen to my writing style, a little humor)
They have two loan packages which are
- Personal loan
- Business loan
Requirement to obtain personal loan form Wema bank are
Evidence of earning spanning at least 3 months
Letter of introduction / attestation by your employer
Copy of your utility bill
Wema bank gives loan to individual who are working in a recognized organization or individual that can submit proof of earning of three months and of course the person must have a wema bank account.
The maximum loan they give depend on the salary you are taking home per month for instance if you are collecting #100,000 per month the highest loan you can collect is #700,000 and it is capped at 2 million naira.
The payback time can be as long as 36 months and interest rate depend on the amount you loan and the payback time but usually it is between 15% to 30%. Wema bank loan is easy and hassle free and will be disburse within 48hrs or less after submitting application.
Wema bank business loan
Wema bank also give loan to business and the loan they give depend on the worth of the company that want to take the loan. Before they will approve your application you must have the following document
Two passport photograph
Utility bill and residential address
Stanbic IBTC loan
Stanbic ibtc also give collateral free loan in Nigeria. Their interest rate depend on the amount of loan request for and the payback time can be as long as five years for business loan but less down that it is personal loan, payback will be every months till the duration you specify.
Like Wema bank they also have two categories of loan which are
- Business loan
- Personal loan
They give huge so of money to business without collateral but the business must meet their requirement before applying below are the requirement.
Provide statement of account
Cash flow forecast (12 months)
Loan here is less than that of business loan and you must have your ID card and utility bill at hand before applying also you will provide evidence of salary earning spanning at least 3 month.
FCMB is another bank that gives loan without collateral in Nigeria. Unlike others they have four categories of loan targeting different user
They give out up to 20 million naira loan without collateral and they have one of the longest payback period in loan industry, their interest rate depend on the amount of loan request and the type of loan. Below are the categories of loan FCMB offers in Nigeria.
- Auto loan
- Salary top-up loan
- Fast cash loan
- Premium salary loan
If you are looking for money to buy new car, auto loan from FCMB is your best bet, but you need to provide at least 20% of the car money before you can access the loan.
This is how it works you will provide 20% of the car you want to buy then FCMB will add the remaining.
The minimum car loan FCMB give out is #500,000 while the maximum loan is 7.5 million and the payback can be as long as 48 months but the longer the payback time the higher the interest rate.
Salary top up loan
Salary loan is for salary earner that needs cash to perform financial obligation. Before applying you need to provide proof of salary payment spanning six months, valid home address and the name of company you work for.
Fast cash loan
Fast cash loan is focus on people that need urgent loan without collateral, the application is though ussd code (*329#) and you can obtain loan of up to #200,000 naira, the pay back is between 1 month to 3 months depending on the amount of loan request for.
Premium salary loan
Premium salary loan is an upgrade r of salary top up loan, here you can access high amount of loan more than the salary top up but you must be earning not less down #100,000 per month and belong to recognized organization.
You can loan up to 10 million naira at a go and minimum of 1 million naira without collateral
Zenith bank loan
Zenith also give loan to their customer without collateral, before you can qualify for their loan you must be a Zenith bank user and your account must be at least 6 months old.
They give loan to business and individual that meets their requirement such as provision of income statement, work with reputable company, reside in Nigeria etc. They have long payback time which can be as long as 12 month and the interest rate depend on the amount you borrow.
Their loan is hassle free, easy and does need a guarantor.
Fidelity bank loan
Fidelity bank is one of the bank that take the plight of their customer to heart, they also offer collateral free loan to their customer and once approve the loan will be disburse less than 48hrs but you must have account with them.
They have three categories of loan which are personal loan mortgage loan and business loan
You can walk to any Fidelity bank and request for personal loan provided that you have all the requirement at hand, the pay back period can reach 36 months but the longer the payback time the higher the interest rate.
They also give loan to salary earner but they use different approach, instead of giving loan directly they use your salary to weigh the amount of loan to give you
They give 50% of your salary as loan to you, for instance if you are collecting #100,000 per month the maximum loan you can access is #50,000 and the loan will be automatically deducted in your next pay day.
Fidelity is one of the bank licensed by CBN to give loan for people to build houses and structure the payback time can be as long as 10 years and the interest rate depend on the amount you loan.
UBA bank also give loan without collateral in Nigeria, their loan is also hassle free, easy and fast, the interest rate depend on the amount, payback time and type of loan taking.
They have two categories of loan which are
No whala loan
This is a personal loan for those that need quick cash in Nigeria, before you apply you need to have account with UBA.
The loan is easy and does not require guarantor
The second loan categories is overdraft which allow people to loan up to 3 million naira but he person must be working in a recognize company and must have been receiving salary with UBA bank at least for 3 months.
If you apply and obtain the loan you will pay back 5% of your salary per month.
First bank loan
First bank loan give deferent loan to their customer but the one that does not require collateral is the first Edu loan that focus on private school owner.
The loan payback time can be as long as 90 days but the school must have been using first bank to receive money for at least 9 months and the number of student in the school must be 100 or more than that.
Polaris bank loan
Polaris bank is another bank that give loan without collateral, their loan is easy and hassle free the payback time is up to 36 months depending on the amount loan.
They have four categories of loan and they are
This is for salary earner who work in a reputable organization, the maximum you ca loan here is 5 million and the payback time can be as long as 36 months, ensure you have all the requirements such as proof of salary payment before applying
As he name implies it is just for adding little to salary. To apply for this loan you must be a salary earner and work in a recognize organization. The maximum amount of loan you can obtain is 70% of your monthly salary. The payback time is short just 30 days
Loan for business
Here you can loan up to 10 million naira to improve your business the payback time is in 36 months
The payback time for overdraft loan is 12 months and the amount to loan depend on the amount of salary you are collecting per month for instance if you are getting #100,000 per month the loan you can obtain will be #100,000
Gt bank loan
You can also obtain collateral free loan from GT bank provided you have account with them, they give up to 5 million naira but as a first timer it will be less than this. Their loan is hassle free and easy you can even get the loan with USSD code.
Above are the bank that give loan without collateral in Nigeria, even though the loan is simple to obtain and hassle free
I will advise you to collect loan that you know you can pay back, remember most of the bank require you have account with them before collecting the loan and once you are credited it will be deducted immediately that’s if you default
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