Top 5 Banks Offering Instant Loans in Nigeria Without Collateral

If you’re in Nigeria and in need of quick funds without the hassle of collateral, you’re in the right place.

In this comprehensive guide, we’ll walk you through the top five banks that offer instant loans in Nigeria with no collateral required. Whether you’re a small business owner, salary earner, student, or farmer, we’ve got you covered. Read on to discover how you can secure a loan effortlessly.

Bank Loans in Nigeria

A bank loan is essentially when a bank lends money to individuals or businesses for a specified period. This financial assistance comes at a cost, usually in the form of interest on the borrowed amount, which can be paid monthly or yearly. Additional fees and charges may apply depending on the type of loan and the bank.

Bank loans in Nigeria can vary in duration, depending on the intended purpose. They offer a convenient way to access much-needed funds and are typically repaid over a fixed period.

Loan Requirements

Before applying for a bank loan in Nigeria, you’ll need to meet certain eligibility criteria and provide essential documents. Here’s a list of common requirements:

Personal Information:

– Name
– Date of Birth
– Residential Address
– Bank Verification Number (BVN)
– Employment Status
– Monthly Income (Bank Statement)
– Identity Card
– Guarantor Information
– Loan Purpose
– Business Plan (for SME loans)
– EDC Training Certificate (for youth loans)

Steps to Get a Bank Loan in Nigeria

Securing a bank loan in Nigeria is a straightforward process. Follow these steps to apply for and receive your loan quickly:

1. Determine Your Requirement:
– Calculate how much you need and why you need it.

2. Check Loan Eligibility:
– Ensure you meet the bank’s eligibility criteria.

3. Calculate Monthly Instalments:
– Estimate your monthly loan repayments based on the interest rate and tenure.

4. Approach the Bank:
– You can apply for a bank loan online through internet banking, the bank’s website, an ATM, or by visiting a branch.

5. Submit Documents:
– Prepare the necessary documents, such as bank statements, salary slips, NEPA bill, and ID card, and submit them to the bank.

6. Wait for Funds:
– Once approved, the funds will be remitted to your account.

The Best Bank in Nigeria that Offers instant Loans

Now, let’s dive into the top five banks in Nigeria that offer instant loans without collateral.

1. Stanbic IBTC EZCash

Stanbic IBTC EZCash is a term loan designed for active current account holders. It offers instant access to funds ranging from ₦20,000 to ₦4,000,000 at an interest rate of 2.5% monthly, repayable within 12 months. The best part? No documentation is required.

– Active account with a minimum of 12 months history
– Age between 18 and 59 years
– Satisfactory credit reports

To apply for Stanbic IBTC EZCash:
– Visit the Stanbic IBTC EZCash website or dial *909*44# on your smartphone.

Repayment is simple, with the amount deducted from your account when the loan term ends.

2. ALAT Instant Loan

ALAT offers quick loans with no paperwork or physical visits required. You can borrow up to ₦2,000,000 without collateral. The interest rate is as low as 2% per month, and the repayment period ranges from 3 to 24 months.

3. Wema Personal Loan

Wema Bank provides personal loans to employees with salary accounts. You can borrow up to ₦2 million, depending on your income and employer. The loan can be used for various purposes, and it will be disbursed into your salary account with Wema Bank.

– Salary account with Wema Bank
– Minimum monthly income of ₦30,000 (Nigerian) or ₦50,000 (foreigner)

Apply using the USSD code: *945*65#.

4. UBA Personal Loan

UBA’s Personal Loan product supports salary earners in fulfilling their dreams. With this loan, you can cover medical expenses, make home improvements, boost your side hustle, and more. The loan offers a convenient repayment period of 60 months and an attractive interest rate.

– Functional savings or current salary account
– Completed loan application form
– Valid means of identification
– Employer’s undertaking to domicile salary with UBA
– Accepted offer letter or employee inquiry form
– Copy of your staff ID

5. FirstCredit

FirstCredit is a product designed for quick and simple loans of up to ₦300,000. No documentation or collateral is required; all you need is a mobile phone or tablet. You must have a relationship with the bank for at least 6 months and transact frequently on your account to qualify.

Access FirstCredit by dialing *894# and follow the steps.

6. QuickCredit by GTBank

GTBank’s QuickCredit offers account holders access to funds up to ₦5 million with an interest rate of 1.80% per month. You can get up to three times your monthly salary, and repayment is flexible, with a maximum period of 12 months.

– Age between 18 and 59 years
– Minimum monthly lodgment of ₦20,000 or a minimum net monthly salary of ₦10,000
– Satisfactory credit reports

Access QuickCredit by dialing *737*51*51# or through GTBank’s online and mobile banking platforms.


In your quest for instant loans in Nigeria without collateral, these five banks have got you covered. Each bank offers unique features and benefits, catering to various financial needs. To increase your chances of approval, ensure you meet the eligibility criteria and have the required documents ready.

Good luck with your loan application, and may your financial goals be achieved effortlessly!

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