Loan Apps With Instant Approval And no Collateral

There have been more loan apps (applications) in Nigeria recently that offer money without collateral. Due to the need to support the drive for financial inclusion, this is even more important.

Non-collateral loans are your best option whether you need money for a project as an individual or a corporation because they reduce the danger to your company’s assets and property.

What are non-collateral loans?

Non-collateral loans, also referred to as unsecured loans, are loans that don’t need any kind of security. Lenders approve unsecured loans based on a borrower’s creditworthiness rather than their assets as collateral.

Examples of unsecured loans include personal loans, student loans, and credit cards.


Advantages of taking a loan without collateral

Taking a loan in Nigeria without collateral has its advantages.
Non-collateral loans typically have a simpler application process and are easier to get than their secured counterparts.

As a result, apps in Nigeria that offer no-collateral loans can instantly make the money available. Since no assets are needed to obtain this kind of loan, the risk to the borrower is lower.

Unsecured loans are accessible in smaller quantities, which enables firms to cover slower times without committing to the extended payback terms that are frequently linked to secured loans.

See also: 10 Budget Apps that can help you manage your spending in 2023


Top 10 Online Loan Apps in Nigeria Without Collateral

In no particular order, these are the top 10 online loan apps in Nigeria that will give you a loan without asking for collateral


Branch, one of the most well-known lending apps in Nigeria, provides loans without collateral while assisting clients in establishing credit over time. With Branch’s collateral-free loans, you can access greater loan amounts as your credit improves.

By applying through the Branch app, you can get your loan approved in under 24 hours.


Aella Credit

loan apps

You can obtain unsecured loans in Nigeria up to $1,000,000 with Aella Credit. Aella loans allow borrowers to establish trustworthiness by enabling them to secure larger loans through early repayment. Rollover and late fees are not a part of Aella loans.

It also offers cashback for repaying your loans on time.


OKash by Opay

Blue Ridge Microfinance Bank offers the microlending service known as OKash. Its loan application procedure is quick and does not require collateral.

For a fixed term of 15 days, interest is charged at a rate of 1.2% per day. Users may set up their loan account, answer a few questions, and receive a decision on their loan application within minutes by downloading OKash from Google Play. The process is entirely paperless.



loan apps

A digital banking software from Nigeria called FairMoney provides quick loans without the requirement for security. Borrowers can obtain loans through FiarMoney for up to one million nairas.

Customers can receive fast loans without collateral and avoid the time-consuming paperwork and office visits that traditionally add stress to the borrowing process.
Loan amounts offered by FairMoney typically vary from 1,500 to 1,000,000 with repayment schedules of 61 days to 18 months and interest rates per month of 2.5% to 30%.



EazyCredit offers consumers personal and payday loans without asking them to put up security, much like the others.

After approving your loan request and verifying the required paperwork you submit, we will credit the loan amount to your bank account.



loan apps

Umba provides loans with low-interest rates and appropriate conditions. Additionally, it makes repayment straightforward for you. By doing this, rather than increasing your debt, you enhance your wealth.

With an Umba account, you may get a loan, pay your bills, and receive cashback all from your phone.

Its loans do not require any security.



The QuickCheck program from Arve Nigeria Limited employs machine learning to predict borrowers’ behavior and quickly evaluate loan applications.

Its goal is to offer borrowers financial services online that will enable them to meet both their personal and professional goals.



As implied by the name, NewCredit offers a novel method for quick loans. Through its mobile banking services, borrowers can obtain loans of up to N100,000 in five minutes without submitting any collateral or significant documentation.

The method NewCredit employs is remarkably similar to earlier ones. To apply for a loan, borrowers only need to download the app, register using a phone number connected to their BVN, and complete an application. Within minutes, the funds will be credited to their bank accounts.


Carbon (Paylater)

loan apps

Paylater is now an intuitive app called Carbon. It is one of the most widely used online lending apps in Nigeria. You can instantly obtain loans up to $1 million with this app.

No security or guarantor is required to get a loan from Carbon. To get started, just download the app to your phone. Complete your registration before submitting a loan application. You might get a loan offer quickly because the application is quick.

They impose a variable interest rate that ranges from 5% to 15%, depending on the sum borrowed and the duration of the payback period.



Irorun is a digital lending platform with over 100,000 downloads on the Google Play store that offers microloans to qualified borrowers rapidly and with little to no documentation.

As part of its Easy Credit program, it provides loans without collateral. It also offers a no-interest loan for seven days.

A loan without security must meet certain requirements.

Even though applying for a non-collateral loan sounds straightforward, if you don’t have the required documentation, your application could be denied.

You will be able to have your loan approved more quickly as a borrower if you have a solid credit history and score. If you’re unclear about your credit score, NairaCompare can help.

A reliable source of income and a solid history of loan payback are other criteria that can speed up the loan approval process.

Check out: Best Ways to Save Money in Nigeria Easily

How to protect yourself from fake loan apps

There are a ton of mobile lending apps available nowadays, and the majority of them offer rapid loans. Unfortunately, some of them cheat the clients.

Recently, the Nigerian government has initiated crackdowns on platforms notorious for engaging in shady operations.

You can take a few actions as a borrower to safeguard yourself against their actions. Following is a list of some of them.

To avoid falling victim to such scams, avoid disclosing sensitive information like your PIN, bank account information, usernames, or passwords.

If you are unclear about the source, avoid installing apps from the internet.
A registration fee for their service should not be paid.

Refrain from using lending platforms that don’t care about your credit history or repayment plans.

Verify the phone numbers, websites, and physical addresses of the loan platforms.
Before downloading, make sure to read the app reviews.

By marking these apps as unsuitable in the Google Play store, you may report them, and Google will take the proper action.

Follow the following steps to report the apps on the Google Play Store.

Open Google Playstore App on your mobile phone.
Search the intended fake app and click it
Go to the menu top right corner and click  “Flag as inappropriate.”
Select the reason and submit


Can I Get a Loan Without BVN?

Without BVN, you can obtain loans immediately. Numerous websites and programs provide rapid loans without BVN.

Some might only need your ID, phone number, home address, and account number, while others could only need you to enter a USSD code.

Once you have completed everything, ensure that the money is disbursed within 24 hours of approval.


Which loan app is fast?

We can’t say that a particular loan app is faster than others however, we have listed the top five instant loan apps in Nigeria. Which are;
Okash loan app
Aella credit loan app
FairMoney loan app
Eyowo loan app
ALAT (Wema bank) credit loan.

Which loan app is the best?

There is no perfect loan app. It is now up to you to select the one that best meets your needs. This comes after you’ve analyzed the many circumstances, including repayment plans, of the best loan applications.


How Reliable Are These Loan Apps?

All of the lending apps we’ve updated you on are valid and trustworthy. Since there isn’t much paperwork, collateral, or BVN required, getting loans from them is rather simple.

Despite this, you should exercise caution when using some lending applications because they can be bogus or scams masquerading as trustworthy banking apps.

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