Quick loans without collateral in Nigeria

1. Paylater

Requirements: Valid bank details and BVN

Platform: Android

Interest rate: 5% to 30%, depending on credit rating

Loan tenure: 15 days to 6 months

Multiple loans at a time: No

Repayment channels: Debit Card, Quickteller and direct transfer

To access personal loans from Paylater, all you need is an Android device, data connection and valid bank details. Paylater claims that users that repay on-time have access to a higher credit limits. There is a validation charge of ₦100 on the initial loan.

2. KwikCash by 9mobile

Requirements: A 9mobile line and valid bank details

Platform: USSD (*561#)

Interest rate: 10 – 20%

Loan tenure: 14 days

Multiple loans at a time: No

Repayment channels: ATM, debit card and direct transfer/deposit

The entire process of borrowing starts and ends with *561#, from a 9mobile line. You can access up to ₦100, 000 and you get the loan within 3 minutes. In case you are wondering what happens when you port to another network, you can choose to pay using any of the available payment channels. There is a network fee of ₦20 per loan.

3. Aella Credit

Requirements: Valid bank details, BVN and employer registration (for in-network loans)

Platform: Android

Interest rate: 20% – 27% for out of network loan

Loan tenure: One month

Multiple loans at a time: No

Repayment channel(s): Debit card

Aella Credit has two options: in-network — for users whose company is registered on the platform — and out-of-network, that caters for people whose company is not registered. The in-network option promises higher loan amounts at lower interest rates. Part of the information requested on registration includes details of your next of kin, and there’s a processing fee of ₦30.

4. SnapCredit

Requirements: Employer registration, valid bank details

Platform: Web

Interest rate: Function of the amount of loan and its tenure.

Loan tenure: 1 to 12 months

Multiple loans at a time: Yes

Repayment channel: Monthly loan repayments are deducted from salary

SnapCredit serves as a medium for employers who do not want to give direct loans to their employees, by providing employees with instant access to money with no paperwork. One outstanding feature of SnapCredit is that it allows you take another loan even with a running loan. However, you can’t borrow beyond your credit limit.

5. KiaKia

Requirements: Work ID card, valid bank details

Platform: Web

Interest rate: 5.6% – 24%

Loan tenure: 7 to 30 days

Multiple loans at a time: No

Repayment channel: Debit card, direct deposit

KiaKia makes use of a chatbot that takes you through the process of registration and other activities towards getting your personal loans. You must have a work identity card before you can access a loan on Kiakia. You can also choose to register as a lender.

6. FINT

Requirements: Valid bank details, valid ID card, and bank statements

Platform: Web

Interest rate: 9% – 39%

Loan tenure: 2 – 12 months

Multiple loans at a time: No

Repayment channel: Debit card, direct deposit

FINT is more of a marketplace that matches lenders with creditworthy borrowers. The minimum amount of personal loans given out is ₦60,000 and the interest rate is based on borrower’s risk score.

7. C24

Requirements: Physical documents, valid bank details

Platform: Web

Interest rate: 4% and above

Loan tenure: 1 to 9 months

Multiple loans at a time: No

Repayment channel: Debit card, direct deposit

C24 offers collateral-free personal loans but application requires you submitting some documents at their office or having them pick it up from yours. Documents required include means of national identity, proof of employment, direct debit mandate, post-dated cheques, bank statement and a passport photograph.

8. Zedvance

Requirements: Valid bank details

Platform: Web

Interest rate: 7.5% to 58%

Loan Tenure: 1 to 12 months

Multiple loans at a time: No

Repayment channel: Cheques, direct debit/deposit

Part of the process of applying for a loan online on Zedvance includes uploading some supporting documents. Loan tenure can be up to 12 months with interest rate which can be as low as 7.5%.

9. Branch

Requirements: A Facebook Account, BVN and valid bank details

Platform: Android

Interest rate: 20%

Loan tenure: One month

Multiple loans at a time: No

Repayment channels: Debit card, auto-debit, and mobile banking app.

Branch makes use of some information on your phone to make lending decisions. This includes handset details, SMS logs, call logs and contact list. Loans on Branch are repaid in four weekly instalments.

10. Sharp Sharp by Credit Direct

Requirements: No guarantor, physical documents, personal bank details

Platform: Web

Interest rate: 3.4% monthly

Loan tenure: One month and beyond

Multiple loans at a time: No

Repayment channel: Direct debit

Sharp Sharp provides personal loans to both salary earners and entrepreneurs. Loan tenure can be up to 12 months. It also offers loans to young salaried employees in the private sector as well as those on their national youth service year.

11. QuickCheck

Requirements: Facebook account, valid and active phone number, bank details and source of income

Platform: Android

Interest Rate: 1% daily

Loan tenure: 5 to 30 days

Multiple loans at a time: No

Repayment channel: Debit Card, Direct Deposit

Applying for a loan on QuickCheck require that you have a source of income, even selecting employment status options like student, unemployed or retired as your employment status. And aside accessing loan, phone airtime can also be purchased using the app.

12. PayConnect

Requirements: Government approved ID card, staff ID and salary account with a commercial bank in Nigeria

Platform: Android

Interest Rate: 28% – 31%

Loan tenure: One month

Multiple loans at a time: No

Repayment channel: Direct Debit

To access loan from PayConnect, you have to be a employee of a vetted organization with which you must have been working with for not less than 6 months. You need to present 3 months statement of account and you will also need the approval of your employer to access the loan.

13. FairMoney

Requirements: Facebook account, bank details and proof of employment

Platform: Android

Interest rate: 20-30%

Loan Tenure: one month

Multiple loans at a time: No

Repayment channel: Direct debit

To access loan facility on FairMoney, you have to upload a selfie showing you holding an ID card. Other requirements include letter of employment or company details for self-employed. There’s a N50 charge to verify the debit card associated with linked account. You also give details of your next of kin.