If are you looking for a Bank loan without collateral in Nigeria then you are in the right place We can now confidently compile a list of traditional banks in Nigeria that offer this service, just a few years after the fact.
This is to acknowledge other loan agencies in Nigeria. Financial technology companies are the dominant players in the lending sector. Traditional banks recognize the need to shift the narrative. Nigerian banks offer instant loans without collateral
There are other posts about platforms such as Migo, Renmoney Loan, and Branch Loan. You can also get an instant loan online in Nigeria with Quickteller Loan. We’ll be focusing on the Bank Loan Without Collateral In Nigeria
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List of Bank Loans Without Collateral In Nigeria
These are the financial institutions that offer Bank Loan Without Collateral In Nigeria
1. First City Monument Bank Limited [FCMB]
FCMB is a leading financial institution in Nigeria and continues to provide exceptional services for its customers. The following loans are available from FCMB without the need for collateral:
- Auto Loan
- Salary top-up loan
- Fastcash Loan
- Premium Salary Loan
The FCMB FastCash Loan can be accessed instantly without collateral by using the USSD code *329#.
2. WEMA Bank
WEMA Bank makes it easy to get a loan without collateral by opening a Salary Current and Savings Account. The maximum loan amount is seven times your net monthly salary. However, the maximum loan amount can not exceed N2 million. The Wema loan is a 48-hour loan disbursement that is available only to employees who have been confirmed.
3. Stanbic IBTC
Another bank in Nigeria offering personal and business loans is the Standard Bank Group subsidiary. This bank will give you a loan in Nigeria with no salary account. Repayment terms range from one to five years. Payments are made monthly during this time.
4. Zenith Bank
The Zenith loan SME loans, Overdrafts and Receivable Discounting or Discounting, LPO Finance, Import Finance Facility Export Finance Facility, Term Loans, Lease, Bonds & Garanties, Retail Loans for Schemes
To finance material supply, borrowing customers have the option to use the Local Purchase Order [LPO]. Overdrafts on the other hand allow the borrower to increase their credit limit by a specified amount. This amount is usually set within a specific tenor of twelve months. All these are available to you without collateral.
5. Fidelity Bank
To earn a place in the retail banking industry, this SME-friendly bank has won numerous awards and recognitions. Fidelity Bank offers personal and business loans with no collateral through the Fidelity Asset Leasing Program [FEALS]. FEALS can be used to purchase household appliances, new vehicles, generators, and inverters, as well as laptops. The minimum contribution can be as low as 20% and it takes 48 hours to approve.
6. First Bank
With over 10 million customers, Nigeria’s top commercial bank is a well-known institution. It offers a wide range of financial services for investors and retail customers across Africa.
FirstBank offers a FirstEdu loan to private school owners who need additional funds to improve their effectiveness. The loan has a maximum loan amount of N10M and a minimum account relationship of nine months. FirstEdu is available only to register private schools with the Corporate Affairs Commission [CAC]. It also considers the 100-student population.
7. United Bank for Africa [UBA]
UBA is also associated with Personal Overdraft and the “No Wahala Loan”. The former gives borrowers the ability to spend more money on what they want. Some people may require extra cash to pay for repairs, medical bills, or other emergency expenses. It is entirely up to you how you use the loan.
8. GT Bank
GTBank Quick Credit is one of the many loan options that GTBank offers. It is easy to apply for and can be accessed in a matter of minutes. Within two hours of approval, your funds are transferred to your bank account. You only need to dial a shortcode to apply for this loan.
You do not need to submit paperwork or other documentation to apply. GTBank Quick credit loan allows you to borrow as much as N5 million.
9. Access Bank
Access Bank Quick Bucks allows you to get multiple low-interest loans from Access Bank. You just need to download the Access Bank Quick Bucks app and begin the process.
Most Frequently Asked Questions About Bank Loans Without Collateral In Nigeria
These are the most commonly asked questions:
1. What checks do banks do before granting a loan?
Many banks will first check your credit history and credit rating. They then decide whether or not to approve your loan application based on how good or poor it is. They also consider your income, work location, assets, net worth, etc. Each bank will have different criteria.
2. How can I convince a bank to lend me money?
A bank will not lend you money if you don’t meet the minimum requirements. Each loan product has minimum requirements you have to meet to be approved. You won’t be able to convince banks to lend you money unless you have valuable collateral or are wealthy.
3. How can I find out if I am eligible for a loan?
These details are usually available on the lender’s website or loan qualification. You can simply visit the platform to review their requirements. You can create a profile and provide your BVN to determine if you are eligible for a loan.