Previously, getting loans from banks without collateral seemed impossible. And that made getting loans from banks hard. But now, you can walk into a bank and apply for loans without worrying about collateral. Here you will see the list of banks offering loans without collateral in Nigeria.
These banks have made it easy for users to apply for loans. Now, you don’t need to provide collateral to get loans in some Nigerian banks.
See a list of them below.
Can Banks Offer Loans Without Collateral?
Yes. Banks can offer loans, both business and personal without asking for collateral. Running a business requires finance from time to time. Sometimes you can run out of money. Or you need personal loans to keep yourself afloat. You can run into these financial organizations to secure a collateral-free loan.
What Do I Need to Get a Loan?
Even though banks can offer loans without collateral, they don’t outrightly give you a loan. They consider some factors before you can qualify for a loan advance. They include:
- Your credit history.
- They also check your income level.
- Net worth and assets.
- BVN, most times.
Banks Offering Loans Without Collateral
Here are some of the banks where you can get collateral-free loans:
Access bank is one of the top lenders in Nigeria. With the Access Bank Quick Bucks app, you can get instant loans without going through rigorous processes.
To get a collateral-free loan on Access bank, you must download and install the Access Quick Bucks mobile app. Then, follow the guide in the app to apply for a loan.
- First Bank
First bank is one of the top banks in Nigeria, with the highest number of customers. The bank is widely known for its solidity in service. It is also one of the biggest Nigerian lenders.
Through FirstEdu loan, private school owners can get loans to improve their educational system. The loan program offers up to ₦10 million. Further, only private schools registered with the Corporate Affairs Commission [CAC] can qualify for FirstEdu.
- WEMA Bank
WEMA bank is one of the big lenders without collateral. When you open a savings or current account with WEMA, you can increase your chances of qualifying for their loan program.
The WEMA loan program offers up to ₦2 million. Plus, you will get approved and paid within 48 hours.
- GT Bank, also known as GTCO
GT Bank has a loan program called GTBank Quick Credit, where you can get instant loans without collateral. It is super easy to qualify for this program. Plus, you can get paid within two hours.
The GTBank Quick Credit loan program offers up to ₦5 million. Above all, you can apply using a USSD code. Dial *737*51*51# to start your application.
- UBA (United Bank for Africa)
UBA, through the No Wahala Loan program and Overdraft, offers loans to people to take care of emergencies and other issues like car purchases, paying bills, etc.
You can apply using the UBA loan USSD code. Dial *919# to get started.