With the recent modifications in laws or rules governing most Nigerian banks, it is more of a surprise that it is possible to get a loan without collateral. Years ago, it was almost impossible to figure out which Nigerian banks gives loan without any collateral, but today, I can confidently confirm that it is very possible to acquire a loan from some Nigerian Banks without any collateral.

Today, I will be answering the question; “which Nigerian banks gives loan without collateral?”. I will also be answering other questions that are related to the topic of interest as well. So, sit back and allow us to inform you better.

Which Nigerian Banks Gives Loan Without Collateral?

1. First City Monument Bank (FCMB)

Founded in 1982 as First City Merchant Bank but in 2001, changed its name to First City Monument Bank. FCMB is known as one of the best financial institutions in Nigeria as they continue to offer exceptional service to customers worldwide. They offer the following collateral-free loan;

• Auto loan
• Salary top-up loan
• Premium salary loan
• Fast cash loan (USSD code *329#)

2. Guarantee Trust Bank PLC (GTBank)

Guarantee Trust Bank commenced full operation in February 1991 and has since captured the hearts of many Nigerians around the world with its world-class service. They offer personal loans to customers who are salary earners. The loan can be spread over 12 months with an interest of around 1.6% monthly.

You can access this loan by dialing the code (*737*51*51# ) on the line linked to your account. You can also access this loan on all GTBank online and mobile banking platforms.

3. Wema Bank

Wema Bank personal loan is available to all customers with a current account or saving account with the franchise. Customers are eligible for a loan up to 7x their monthly salary but this is capped at 2 million naira maximum.

4. Sterling Bank

Sterling Bank Skepta loan is a quick bank loan that requires no collateral, paperwork, or a trip to any of their branches. Skepta loans can be acquired by salary earners, entrepreneurs, or youth corps members. What’s more? Scoring is instant and disbursement of loan is done in less than 5 minutes.

5. Stanbic IBTC

Stanbic IBTC instant loan is designed to meet the needs of parents and guidances seeking loans to pay school fees and to meet other needs. Why this loan offer stands out is that it is made readily available to all customers, whether new, old, salary earners, or not. Repayment terms are usually placed on a monthly basis and are spread over the space of 5 years.

6. Fidelity Bank

Fidelity Bank offers quick loans to staffs of organizations with domiciliary accounts with them. Accessing this loan can be done via your mobile phone or tablet and required no documentation or collateral. To access this loan, simply use the code [*770*08#].

SEE: Flaws In The Nigerian Banking System

7. First Bank

First Bank Nigerian is acknowledged with more than 10 million customers in Nigerian alone. It is one of the pioneer banks in Nigeria. First Bank’s first credit loan is designed to provide quick and simple loans to customers around the world, with no documentation or collateral needed.

8. United Bank of Africa (UBA)

UBA personal loan is designed to support salary earners who require a loan to handle one or two pressing issues. The loan repayment can be spread over the space of 60 months with very attractive and affordable interest. Although there is no collateral, you will need a functional current or savings account, a valid ID, and proof of residence.

9. Access Bank

Access Bank Quickbuck loan is accessible to all customers via the Access Bank quick bucks app, internet banking app, and via USSD code. It is a full-service loan that requires no collateral, no documentation, and no visit to the bank.

10. Providus Bank

Providus bank Salary advance loan is also another great way to access loans without any collateral. Although there are certain restrictions that you must be aware of first. You are only allowed to access loans up to 50% of your salary earning and it must be paid in full before 3 months.

SEE: Why Do Nigerians Fail To Pay Back Their Loan?

FAQs

Which bank is easiest to get a loan in Nigeria?

Guarantee Trust Bank (GTBank) is one of the easiest banks through which one can access a loan.

Which Nigerian bank gives the best loan offer?

The United Bank of Africa offers one of the best loans you can find. With a very affordable interest rate and loan repayment that can be spread over the space of 6 months.

Which Nigerian bank offer loan to non-salary earners?

Stanbic IBTC offers loans to all customers, whether new or old, even if they are salary earners or not.

Which Nigerian bank offer urgent loan?

In case of urgency, you may find Sterling Bank’s Skepta loan helpful, it requires no collateral or documentation, and the loan is quickly disbursed in less than 5 minutes.

Conclusion – Which Nigerian Banks Gives Loan Without Collateral?

Before you head down to the bank, we recommend doing further research along with the information provided above. Most of the rules and regulations governing these loans are updated by banks daily, so it is best to do some research before taking these loans.

Also, it is best to compare several options before taking these loans. Most of these banks will offer long repayment options and high-interest rates, while others will offer short repayment and very low-interest rate. It is best to compare which is more suitable for you before taking the loan.

Do you know that you can also acquire loans from the loan app? Then you should also see this article on the best loan apps in Nigeria to guide you.

Thanks for reading this article.