Here is a well detailed article on Bank Loans in Nigeria without Collateral 2022, Requirement for
What is Loan
A Loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc. The recipient incurs a debt and is usually liable to pay interest on that debt until it is repaid as well as to repay the principal amount borrowed, Depending on the situation the Loan might be with interest and without interest. Other assets like real estate, hardware, and with the dawn of DeFi these days, even crypto-assets can be given out as loans too.
Bank Loans in Nigeria without collateral on the other hand is a great way to develop your businesses and sustaining the economy in the country.
Although some Bank loans in Nigeria requires the borrower to provide some sort of collateral which will serve as a protection/guarantee for the money it is, so in case the borrower cannot pay back the loan, the bank has something to hold on to settle the loan. However, in this era of digital lending, there are now Bank loans in Nigeria without collateral. So GoldenNewsNg has compiled some details on banks in Nigeria who are willing to offer individuals and businesses unsecured loans.
Note that We have other posts on platforms like where you can get an instant online loan in Nigeria. But for now, we’ll just focus on the top Banks in Nigeria offering loans without collateral.
1. Gtbank Loans
To access a GTbank loan, it will either have to be a personal loan or a business loan. GTbank personal and business loans come in different packages. For personal loans, GTbank offers GT Salary Advance, GTbank School fees Advance and Quick credit; which is GTbank personal loan service.
There’s also GTbank Max advance loan, GTbank premium advanced bank mortgage loan.
GTbank Business loans include; Build or Buy Loans for Schools, Fashion Industry Credit, GTbank Food Industry Credit, SME Invoice Discounting Finance (SME IDF), Overdraft and QuickCredit for Small Business.
GTbank Quick Credit is the banks’ personal loan product that is available to both salary earners and self-employed people. With the Quick Credit app, you can now get instantly get the cash you need. You can get up to N5million at an interest rate of 1.33% monthly. This GTbank loan tenor is between 6 – 12 months.
The loan code for GTbank salary loan is *737*8*2#. While for GTbank Quick credit loan, the USSD code is *737*51*51#.
2. First City Monument Bank Loan
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.
3. Access Bank Loans
Access bank Loans include Access Bank Personal loan, Access Bank Creative Sector Loan, Access bank Lending Against Turnover (LATO), Access Salary Advance Loan (SADV), Access Bank Small Ticket Personal Loans (STPL), Access bank W Power Loan, Access Bank’s Advance for School Fees, Access Bank Device Finance, Access Bank Maternal Health Service Support (MHSS), Access Bank PayDay Loan, AutoClub by Access – Vehicle Financing
Most of these Access bank loans are given without collateral needed. You can get an Access bank loan by using the code: *901*11*1#. After you dial this access bank code for a loan, follow the instructions.
4. Fidelity Bank Loan
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.
5. Wema Bank Loan
Wema Bank has become one of Nigeria’s most reliable banks. Wema continues to make a name for itself in the banking space.
Wema is on this list of best bank loans in Nigeria without collateral because the bank has a long-standing reputation for offering personal and business loans to its customers at good terms.
Wema banks personal and consumer loan products are School Fee Advance, Wema Asset Acquisition scheme and Personal Loan. While Wema Bank business loan products include: Working Capital Loan or Asset finance or School Fee Advance or Health Loan.
You can apply for a Wema bank loan using the Wema bank loan code – *945*65#. You can also assess a loan from Wema bank using its consumer loan portal on the bank’s website
6. Stanbic IBTC Bank Loan
Stanbic IBTC is one of the most popular banks in the country today. It was recently recognised as Kenya’s best investment bank by Euromoney Awards for excellence 2020.
Stanbic IBTC Bank offers both personal and business loans. Its personal loan products are Salary Advance, Unsecured Personal School Fees Loan, Home Loan, Vehicle and Asset Finance, Smart Loans and Secured Term Loans.
While for its business loan products, we have SME Loans, AgriBusiness Loan, Distributor Finance, Invoice Discounting, Purchase Order Discounting, Trade Finance and Overdraft.
You can access a Stanbic IBTC bank loan by dialling this code *909*44# or via the Stanbic IBTC mobile app or through the Stanbic IBTC Internet banking channel.
7. Zenith Bank Loan
One of Africa’s banking giants, Zenith Bank is arguably amongst the top three most trusted and recognised banks in Nigeria. So it’s natural that it is among this list of best bank loans in Nigeria without collateral.
Zenith bank personal loan products include Term Loan and Lease, while its’s business loan products are Z-Woman Business Package (SME Loans), MSME Loans, Retail Loan for Schemes, Education Loan, Creative Industry Financing Initiative, Overdraft, Timeless Loans, Receivable Discounting, LPO Finance, Import Finance Facility, Export Finance Facility, Term Loan, Lease, and Bonds & Guarantee.
For you to access a Zenith bank loan in Nigeria, you can use the Zenith bank mobile app, o via Zenith bank’s internet banking channel or by dialling the Zenith bank loan USSD code — *966#.
Frequently Asked Questions About
1. What do banks check before giving a loan?
Most banks start by checking your credit rating and history. Depending on how shinny or poor it is, they then make a decision on your loan application. However, they also consider other factors like your income, place of work, assets, net worth, and more. The exact parameters they consider varies from one bank to another.
2. How do I convince a bank to get a loan?
You cannot exactly convince a bank to give you a loan. This is because each loan product usually has minimum requirements that you must meet in order to be successful in your application. Most times, except you’re of high net worth or have valuable collaterals to lay down as part of the bargaining chip, you can’t exactly convince a bank to give you loans.
3. How do I know if I qualify for a loan?
This information is usually found on the lenders’ website or loan qualification. All you need to do is visit their platform and check the requirements. Some advance lenders allow you to set up a profile or provide your BVN and know right away if you’re eligible for a loan or not.
