10 Best Loan Companies in Nigeria Without Collateral

Are you a Nigeria seeking a loan, and you are don’t have collateral? Most average Nigerians daily go out to seek loans, but their limitation is usually that they don’t have loans. And, banks only release loans if the collateral is equivalent to or above the value of the loan they are giving you. So this has become some barricade to Nigeria.

Here, there is good news: you can obtain a loan in Nigeria without bothering to have collateral. In this article, I will be showing you the ten best loan companies in Nigeria without collateral.



SMEDAN is a government- initiative to assist SMEs in the nation by offering quick and easy business loans. SMEDAN aims to promote and encourage entrepreneurship among Nigerians by providing them with capital. This was an initiative to help the nation grow economically and go away from recession.

Apart from funding, SMEDAN also provides practical training, business insurance, and support to Nigerian business owners to help them run their business effectively.  It is headquartered in Abuja, Nigeria.

How to Apply: Registration involves you visiting any SMEDAN office close to you. There you can fill the online application form and wait for their reply. You can also visit their official website for more information.


GroFin is an impact-driven SME financier with headquarters in Lagos, Nigeria. GroFin provides Small and Medium Enterprise (SME) business loans to 14 countries in Africa & the Middle East.

With GroFin, you can access business loans between US$100,000 and US$1.5 million for your SME.

Additionally, GroFin is supported by 34 international financial institutions and private funders who have donated approximately $540 million to finance its project. This tells you how reliable it is.

How to Apply: You have to go online and visit the official website of GroFin and complete an online assessment. If you pass and you are qualified, you will be given a loan.

Finance, Bank, Banking, Business


Aella Credit comes in a finance app that enables individuals in Africa to gain easy and efficient access to financing. The company is affiliated with three leading credit bureau agencies in Nigeria that allow you to access loans without going through too much paperwork like banks. With Aella Credit, you can borrow up to a Million naira. The duration of the loan is usually three months.

Also, Aella Credit uses a proprietary credit scoring algorithm that helps determine its users’ creditworthiness. This has to be done before you are being granted a loan. The algorithm is built by an experienced team that gathers data of five years of market data and analysis. It processes an applicant’s eligibility for a loan by checking the social and demographic factors, including their debt to income ratio.

How to Apply: Go to the app, insert your BVN, and click on “apply for loan.” Visit here to get the app.

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KiaKia is a digital money lender that provides direct personal loans at flexible rates by utilizing psychometry, big-data, machine learning, and digital forensics for its credit risk assessment and assessment.

KiaKia is also known to mean “Fast Fast,” a Nigerian language slogan.  Their services are totally efficient, hassle-free, and straightforward.

How to Apply: Visit their website and create an account, and start an application chat. This will demand your upload your valid mean of identification.


Paylater, launched by Nigerian entrepreneurs Ngozi Dozie and Chijioke in 2016, is committed to providing accessible and hassle-free online short-term loans to individuals and small businesses in Nigeria who need urgent cash or meet up with any emergency.

Using Paylater, you can borrow up to 500,000 Naira loans without collateral. All you have to do is send your application; once it is approved, you can get your funds within 1 – 3 business days.

How to Apply: Visit the Playstore and download the Paylater mobile app, sign in, register your details correctly, and go to the “apply loan column.”


Unlike other loan companies, Zedvance is a consumer finance company dedicated to providing consumer credit to individuals. Using Zedvance, you can borrow up to 3 Million Naira in less than 24 hours.

You must be a salary earner to be eligible for this loan. Even if you have a business, you must be a salary earner with a government or private organization.

How to Apply: Visit their official address and fill in the online application form, which will demand you submit some of your valid documents.

  1. C24

C24 Limited is a microfinance institution that was created with the primary aim of creating an avenue for people to actualize opportunities around them by giving them access to easy loans when they need them.

Their loan is being accessed through the online space, which has been optimized to help applicants access the loan without passing through physical stress like that of the banks or other financial institutions in the country.

You can access a loan of 30,000 Naira without any collateral for a duration repayment period of 15 or 30 days.

How to Apply: Go online on the website and create an account and apply.

  1. ONE-FI

Formerly called One Credit, OneFi is a credit facility company committed to offering short team consumer loans to worthy individuals with limited access to finance.

Loan payment duration is usually between 3 – 6 months, and you can access loans up to N200 000 or even higher.

How to Apply: Visit their official website and follow the instructions laid out carefully.


Specta is also an online lending platform to access up to 5 Million loans in 5 minutes! It requires no collateral, no paperwork, and no visiting to any office. It is online.

Specta offers two loan products, MySpecta which offers consumer loan services to individuals, and Specta4Business, which provides business loans for corporates and business owners.

How to Apply: Visit their official website and begin the application process.


FastCredit offers business loans to SMEs to support their business growth. Guarantors usually back the loans, and it has a repayment duration of 6 months.

Aside from giving out business loans, they also offer simple ‘all-purpose’ cash loans to employees of corporate bodies such as the FMCGs, Pharmaceuticals, Aviation, banks, TELCOs, Insurance/other financial institutions, Oil and Gas organizations to enable them to meet personal needs.

How to Apply: Go to their official address and begin the application process.


With this information, you are not to be stranded ever in this nation. Remember that you are one step away from accessing a loan as far as you have a smartphone.


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