Top Companies To Get Collateral-Free Loans in Nigeria


Getting loans without collateral has taken a different dimension with a couple of service providers giving out without the need a proof of employment or even a visit to a banking hall for some paperwork.

Which the repayment period is for the range from 14 days to 6 months, will depend on the providers. There are the maximum amount one can access initially is dependent on the provided information, and requested funds are transferred almost immediately.

Here are some of the providers of such collateral loans in no particular other.


Pay later

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

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, USSD, and direct transfer/deposit
    The entire process of borrowing starts and ends with *561#, or *541*561# from a 9mobile line.KwikCash can access up to ₦100, 000 and you get the loan within 3 minutes. You can be wondering what happens when you port to another network, you can choose to pay using any of the available payment channels. It has a network fee of ₦20 per collateral loans.

Aella Credit

  • The Requirements: Valid bank details, BVN, and employer registration (for in-network loans)
  • Platform: Android
  • The 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. And the in-network option promises higher loan amounts at lower interest rates.


  • Requirements: Employer registration, valid bank details
  • Platform: Web
  • The Interest rate: Function of the amount of loan and its tenure.
  • Loan tenure: 1 to 12 months
  • Multiple loans at a time: Yes
  • The Repayment channel: Monthly loan repayments are deducted from salary
    The app 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 to take another loan even with a running loan. However, you can’t borrow beyond your credit limit.

Kia Kia Loan

  • 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
    The app 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.


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


  • The Requirements: A Facebook Account, BVN, and valid bank details
  • Platform: Android
  • Interest rate: 20%
  • Loan tenure: One month
  • Multiple loans at a time: No
  • The Repayment channels: Debit card, auto-debit, mobile banking app.
    This app makes use of some information on your phone to make lending decisions. This includes handset details, SMS logs, call logs, and contact list. And loans on Branch are repaid in four weekly installments.
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