Banks that Give Instant Loan In Nigeria Without Collateral

Many people have been asking if there is a bank that gives instant loans in Nigeria without collateral. The answer is yes, and this article will tell you about four banks that give instant loans with no collateral in Nigeria.

List of fake loan apps in Nigeria to Avoid

There are so many loan apps in Nigeria these days, and it can be hard to know which ones are legitimate and which are not. This is why we’ve compiled a list of some of the fake loan apps out there so that you can avoid them.

1. 9Credit Loan App

9Credit Loan App is a scam app that pretends to help people get loans from banks. In reality, they charge users for each application they make. Users report that the company does not respond to emails and phone calls.

2. ForNaira Loan App

ForNaira Loan App is a similar scam app that claims to offer quick loans. Like LoanApp, EasyLoans charges its customers for each application. Customers say EasyLoans takes days to approve their applications.

3. Palmcash Loan App

PalmCash Loan App is another scam app that pretends to help you get fast cash without any collateral. The company says it will take 24 hours to process your application, but many customers have reported that can be 2 weeks. When PalmCash doesn’t give you the money you expected, customers are also charged $20 processing fees.

4. Sokoloan Loan App

Sokoloan Loan App is yet another online loan scam pretending to help consumers pay bills or buy items at low-interest rates. However, customers report long delays before getting approved when using this service. 

10 Instant Online Loan In Nigeria

These loans can be convenient and easy to access, making them a great option for those looking for a quick and affordable solution.

1. Lending Club

Lending Club is a company that connects borrowers and lenders online. Borrowers submit their request for loans via the website and once approved they receive funds directly deposited in their bank accounts. Lenders then fund these loan requests using their own money. Both parties benefit because the borrower receives the requested amount and the lender earns interest off his/her investment.

2. Zopa

Zopa is similar to the lending club because it enables individuals to borrow money from groups of people at various rates. Like the lending club, Zopa takes applications via its website and lets users choose how much capital they need along with different payment options. 

Users find investors who fit their criteria and select preferred terms before beginning repayment. Once funded, both parties benefit. Investors make money off their original contribution plus additional returns earned on top of the principal. Borrowers get access to cash flow without having to sell valuable assets.

3. Fundrise

Fundrise works similarly to Lendingclub and Zopa because it helps individuals secure small business loans. Its platform enables entrepreneurs to raise capital from a group of accredited investors. 

Applicants upload documents about their businesses including financial statements and personal credit reports. Accredited investors review the information and decide whether or not to invest. If enough investors agree to purchase shares, the applicant receives capital from those investors.

4. Funding Circle

Funding Circle is similar to LendingClub and Zopa because it provides funding for small businesses. However, instead of individual investors, Funding Circle gets its money from institutional investors (large companies). 

To use Funding Circle, applicants fill out a simple application and provide basic financial data. Afterward, Funding Circle searches for potential matches based on the information provided. 

Matches may consist of banks, specialized finance companies, and even venture capitalists. Each party gains after completing the transaction.

5. Prosper

Prosper is a peer-to-peer lending platform designed specifically for African Americans. On prosper, members post job openings and browse profiles looking for opportunities. 

When they find something interesting, they contact the user and negotiate a deal. Once the negotiation is complete, both parties gain financially. 

Because the site focuses on black-owned businesses, members receive higher returns than traditional sites.

6. RateSetter

RateSetter is a web app that enables individuals to compare interest rates across different lenders. Through the site, users enter information about themselves like income, location, and type of loan. 

Based on the profile, RateSetter displays suggested lenders and corresponding interest rates. Users have control over what types of loans they want to apply for. Once they find a suitable lender, they accept the terms and move forward with the approval process.

7. FundingUniverse

Funding universe is a crowdfunding platform that enables small businesses to seek financing from larger institutions. By partnering with banks, non-profit organizations, and government agencies, Funding Universe seeks to create long-term relationships with businesses seeking capital. 

Businesses can offer equity, debt, or a combination thereof depending on their needs. All contributions are tax-deductible. Successful applicants enjoy an array of benefits like increased credibility, brand awareness, customer loyalty, and more.

8. WeFunder

Wefunder is also a crowdfunding platform but instead of providing loans, it offers grants and other financial assistance to nonprofits around the world.

The company partners with nonprofit organizations to leverage social media platforms to reach engaged audiences. It creates special campaigns for each organization, offering donors options such as one-time gifts or monthly donations.

9. Kickstarter

Kickstarter is best known for being a crowdfunding website; however, the platform has begun to branch into product creation and startup financing. Since its launch in 2009, the site has enabled people to fund creative ideas like a $33,000 electric scooter that charges itself via USB cable or a $15,000 videogame console that plugs into any TV. 

While these products may seem strange, they serve as examples of how Kickstarter works. Projects are launched on the site and if funded, backers receive rewards ranging from T-shirts to trips to conventions. If the project fails to meet its goal, nothing happens to the backer.

10. RocketHub

RocketHub is yet another crowdfunding platform but rather than focusing on startups, it targets established companies (like Nike) who wish to raise money within their industry. Backers can choose between receiving equity or receiving a donation. Both provide perks and discounts to the business.

There you have it! These were our favorite online loan websites in Nigeria which you can use to get unsecured loans without collateral.  

Banks that give instant loans in Nigeria without collateral

If you’re looking for a bank that offers instant loans without collateral in Nigeria, you’re in luck. Several Nigerian banks offer this type of loan, and we’ve compiled a list of the best ones for you.

So, if you need a loan and don’t have any collateral to offer, be sure to check out one of these Nigerian banks:

1. First Bank of Nigeria

 First Bank offers unsecured loans of up to N5 million with repayment terms of up to 36 months. There are no collateral requirements, and the interest rate is 18% yearly.

2. GTBank

GTBank offers unsecured loans of up to N5 million with repayment terms of up to 24 months. The interest rate is 16% per year, and there are no collateral requirements.

3. Access Bank 

Access Bank offers unsecured loans of up to N5 million with repayment terms of up to 36 months. The interest rate is 18% per year, and there are no collateral requirements.

4. Fidelity Bank

Fidelity Bank offers unsecured loans of up to N3 million with repayment terms of up to 24 months. The interest rate is 14% per year

FAQs

Which bank is best for an instant loan?

The best bank for instant loans in Nigeria is First Bank Plc.

Where can I Borrow fast Money In Nigeria?

If you’re looking for a quick loan in Nigeria, there are a few options available to you. You can go to a bank and apply for a loan, or you can find a private lender who will give you the money you need without collateral.

Which Bank is Easiest to get a Loan from?

Many banks in Nigeria offer loans without collateral, but which one is the easiest to get a loan from? This is a difficult question to answer as it depends on many factors, including your credit score, employment history, and income. However, The easiest bank to get a loan from is FirstBank Plc.

Conclusion

Nigeria’s banks have been known to provide instant Loans in Nigeria without collateral. This is done in order to attract new loans and help keep the banking system running smoothly.