Where to Get Loans Without Collateral

Published on: May 31, 2022 (Updated on: April 22, 2024)

loans without collateral

Due to the present state of the economy in Nigeria, many of us have come to a point where we are in dire need of money but with no one to turn to. We could try contacting friends or family but they also are trying to make do with the little they have. We are considering taking a loan but, 'I don't have an asset for collateral' you say? Well, hear me for I bring good tidings of hope! There are several institutions that are willing to give out loans without collateral to individuals and small businesses ?? as long as their terms and conditions are met.

In this article, I will be discussing the top 5 financial institutions, their terms and conditions and how to successfully secure loans from them without collateral.

Top 5 financial institutions in Nigeria where you can get apply for loans without collateral

1. FCMB collateral-free loans

First City Monument Bank (FCMB) offers a quick loan service that guarantees a short-term facility of up to ten million Naira with no collateral required through the following platforms:


FCMB FastCash is a convenient credit facility for your emergencies and urgent needs with no collateral required. It is an instant loan, and you can apply using their mobile app or USSD code *329*11#. No paperwork is required, all you have to do is be an FCMB customer and voila! You can get that loan with an interest rate as low as 8% for salaried and a 15% upfront charge for non-salaried.


This is a consumer credit scheme available to salary account holders. Through this scheme, qualified FCMB customers can access short- or medium-term funding, before payment of salaries. Eligibility is based on criteria such as categorized employer and domiciliation of salary account with consistent receipt of salaries for a period of 6 months.

A Salary Top-Up loan is also available to customers who have a salary plus loan. Pre-qualification is done based on criteria such as up-to-date salary and no missed repayment of loans within the last 6 months.

AUTO LOAN (car loans without collateral)

Where to get a car loan without collateral in Nigeria
Car loan without collateral

This is a consumer credit scheme which allows qualified individuals to part-finance acquisition of cars for personal use. Customers can own a car and pay over a period of time. There's also the standard auto loan that enables customers to purchase vehicles from auto dealers who have been prequalified and have agreed to an SLA with the bank

Using the auto loan, you can borrow up to 30 million Naira at an interest rate as low as 22%, pay over 12 to 60 months and contribute as low as 20% towards the purchase. It also comes with benefits like the installation of free tracking devices for automobiles, convenient insurance payments and so on.

To get any of the loans listed before, all you have to do is walk into the nearest FCMB branch to you and request the loan or use their mobile banking app. It's that simple.

2. First Bank collateral-free loans for individuals and businesses

First Bank offers a variety of loans to individuals and businesses, particularly small businesses through various platforms, one of which is FirstCredit.


is designed for customers to provide them with a quick and simple loan to fund transactions. Loans can be accessed from anywhere without visiting the Bank. No documentation or collateral is required, all you need is a mobile phone or tablet.

Once your account has been operational in FirstBank for at least 6 months and linked to a valid BVN with updated phone numbers, you can get a loan of up to 300k with an interest rate of 10% flat. You only need to do the following:

* Dial *894#

* Select 'Loans'

* Select 'FirstCredit'

* Select 'get new loan'

* Select the account number with which you want to apply for the loan

* Grant data usage consent and accept terms and conditions

* Choose your desired loan amount from the four loan amount options and blink, the loan is disbursed into your account. That fast!

3. Wema Bank personal loans without collateral

Wema Bank PLC offers credit to individuals through a number of platforms, one of them being Personal Loan which is a loan facility currently available to employees who operate a Salary Current or Savings Account with them. It is also available for formally employed staff of companies/employers pre-approved by Wema Bank and groups of salary earners under an association.

All you have to do is complete a loan application form, get a letter of introduction (from employer), an irrevocable letter of salary domiciliation, a 3 months’ payslip as proof of income, proof of address supported by a recent utility bill, proof of identity with staff ID (National ID, international passport, or driver’s license may be required) and dial the code *945*65# on your mobile phone.

They also offer school fees advance, a loan facility designed to finance payment of school fees for your child/ward in schools/institutions in Nigeria only, available to staff of public and private reputable organizations who have a salary account with them.

4. UBA collateral-free loans

With competitive interest rate, convenient, flexible repayment terms and different loan facilities to meet specific needs, UBA loan is your best bet. They offer personal loans which provide extra cash to quickly meet emergencies or casual needs like paying medical bills or getting your car fixed. The good thing is this loan is available to everyone with a UBA account, all you need is a loan application form.

They also offer Personal Overdraft which is a short-term loan option available to staff of reputable private and public organizations. Personal Overdraft allows you to overdraw your current account by 6 months, has a maximum amount of 3 million and only requires you to repay 5% interest on the amount borrowed every 30 days when your salary is paid.

All you have to do is have a UBA salary account through which salaries have been paid in for at least 3 months, have an annual income after-tax minimum of five million Naira for an executive personal overdraft, N2.5million for a revolving personal overdraft, and submit your loan application form and there you have it.

5. Zenith Bank collateral-free loans

So, whether it is a personal loan to buy a house, go on a vacation, or a structured credit facility to achieve mission-critical business goals, Zenith Bank offers quick cash no collateral loans with low-interest rates to help solve all your cash flow problems.

With a variety of loan facilities such as Zenith Bank Personal Loan, Zenith Bank SME Loan, Zenith Bank Payday Loan, Zenith Bank Asset Acquisition Loan, Zenith Bank Salary Advance Loan and so on, all you have to do is

* Visit their online registration loan page

* Fill in your zenith bank account details and BVN

* Choose the type of loan you need and fill in other queries

* Select your payment type and how you would like to repay back

* Finally select when you want to be granted Loan.

OR, dial their USSD code *966# on your mobile phone. It's that easy.

I hope after reading this article delivering good tidings of hope, you now know where to turn to for a quick loan without collateral.