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17 APPS TO BORROW MONEY IN NIGERIA WITHOUT COLLATERAL

Apps to borrow money in Nigeria without collateral

It’s no longer news that the fintech disruption in Nigeria happing right now is giving the traditional financial institutions and banks a run for their money. If anything, the fintech disruption has brought great liberation to Nigerian lenders who can now use their mobile apps to borrow money in Nigeria without collateral.

These apps and websites provide quick and fast money to users without necessarily asking for any collateral of them. All they do is confirm the creditworthiness of a lender and if the lender is able to pay back. This process may take anything from a few minutes to 24 hours and voila, money is in your account.

In this article, I will show you the 17 best apps to borrow money in Nigeria without collateral; with ease and fast. Without further ado, below are some of the Apps we will be discussing in this post:

Carbon
Grofin
Branch
Fair Money
Opay loan
Lydia
Aella credit
Zedance
Social Lender
co
One-fi
C24
Fint Loan
QuickCheck
Creditville
Specta
Fast Credit
And others

APPS TO BORROW MONEY IN NIGERIA WITHOUT COLLATERAL

CARBON

Formerly known as PayLater, Carbon Loan is an instant online loan app where you can borrow money in Nigeria without collateral. The platform accesses your Bank Verification Number (BVN) to determine your loan worth. Its loan amount is up to N20 million while interest varies.

Carbon is available on the web, and on mobile apps (Android and iOS). Their rates range from 5 – 15%, and this depends on the loan repayment period and the amount of money you wish to borrow.

Apart from being one of the top loan companies in Nigeria, Carbon provides a platform that allow its customers to recharge airtime, transfer funds, and pay bills.

Now, isn’t that amazing?

GROFIN

Grofin is one of the apps for borrowing money in Nigeria that guarantees quick and easy money on the go.

GroFin provides investment finance and business support to growing businesses in Africa and the Middle East.

They provide small and medium enterprise (SME) finance/business loans in South Africa, Zambia, Nigeria, Ghana, Ivory Coast, Senegal, Uganda, Tanzania, Kenya, Rwanda, Egypt, Iraq, Jordan, and Oman

Grofin gives up to US$100k and US$1.5M credit to credit worthy users.

BRANCH LOAN APP

Branch is another app to borrow money in Nigeria without collateral.

Branch offers loans from ₦1,000 to ₦200,000. Their loan terms range from 4 – 40 weeks. Interest ranges from 15% – 34% with an equivalent monthly interest of 3% – 21% and APR of 33% – 261%, depending on your loan option.

There are no late or rollover fees and no collateral necessary. Interest rates are determined by a number of factors, including your repayment history and the cost of lending for Branch. Standard SMS and data charges by your mobile carrier may apply.

You may apply for their Instant loan by downloading the branch App on your playstore.

FAIR MONEY LOAN APP

As the name implies, fair money would loan you money instantly and fairly without any stress that you encounter in the traditional banks.

With Fair money, you can get up to 500,00 in five minutes. Now how good is the sound of that?

Fair money gives money to small business owners and entrepreneurs in Nigeria. All you need do is download the Fair money app, sign up and follow a simple application process to get an instant loan in only 5 minutes.

OPAY LOAN

I am sure you have heard of Opay. Their quick loan app is mainly known as the Okash loan. Opay loan is a lending platform owned by the tech giants – Opera. They have positioned themselves as one of the reputable loan companies in Nigeria today.

To borrow instant loan on the Opay app, all you have to do is to download the Okash mobile app, open an account, provide you details, and wait for the approval. You’ll get your loan within 24hrs, yes 24 hours!

Apps to Borrow Money in Nigeria Without Collateral

LYDIA

Lydia is one of the best apps to borrow money in Nigeria. It’s is a mobile App that lends money to small and medium enterprise in Nigeria. Lidya is an online platform that provides small businesses the opportunity to expand their businesses and generate more income.

If you need a quick loan to grow your business and fast, download the App and get ready to get some quick cash.

The company is in USA, Nigeria, Poland and the Czech Republic. Loans are accessed in three easy steps. Who they finance: Loans to entrepreneurs and small-scale businesses? You can access the instant loan by visiting their website.

AELLA CREDIT

What apps let you borrow money instantly in Nigeria? Think Aella Credit, especially if you are a woman. Aella exists to simplify and open up financial access for all in emerging markets by leveraging technology and widespread mobile adoption.

They build products to make an impact at the frontier of financial Inclusion. The company operate in other African countries like Ghana.

Who does Aella give loans and finance to? Aella gives loans to all but they believe in, and support women and women-owned businesses, and they represent 45% of their active user base.

You can get their loans by downloading their Apps on play store now.

ZEDANCE

Another effective app to borrow money in Nigeria is Zedance.

Zedance provide access to instant and fast loans without collateral. Users can apply for up to 5million naira with loan tenors of up to 18months and have their money sent straight to their bank account in minutes. That’s interesting, isn’t it?

Zedance finance small business and microenterprises. If you are a business owner in Nigeria and you need a quick loan without collateral, you know where to get your loan.

Another great thing about Zedance is that you can get up to N5,000,000 from them.

SOCIAL LENDER

Social Lender is a lending solution based on social reputation on mobile, online, and social media. It bridges the gap of immediate fund access for people with limited access to formal credit.

With its own proprietary algorithm to perform a social audit of the user on social media, online and other related platforms, Social Lender gives social reputation score to each user.

Apps to borrow money in Nigeria without collateral

KIAKIA LOAN

KiaKia Loan is a platform where you can get instant loan in Nigeria as an individual or a business. Backed by Sterling Bank Plc, the lending platform also allows savers to lend out funds at negotiated interests through intuitive conversations.

Its minimum loan amount starts at N50,000 with an interest rate of 3.5% per month. With Kiakia, as the name implies, you can get quick loan and borrow money without collateral.

ONE-FI

One-fi is one of the best apps to borrow money in Nigeria without collateral.

The lending company is on a mission to democratize access to finance by leveraging data and technology.

Their lending process is fully online via the Carbon Mobile App. If you need to borrow money instantly in Nigeria, One-fi is that app that lets you get instant credit without any stress and fast.

C24

C24 provides Nigerians with an online loan application that can be completed within 5 minutes. Their loans are flexible and have great rates. They provide personal loans, business loans, and quick cash.

Their instant loan size ranges up to N5,000,000.

Their application form can be completed within 5 minutes after which application feedback is sent to you almost immediately. They have a flexible repayment structure which means you don’t have to break the bank to payback.

The loan platform claims to have empowered over 150,000 customers with credit facilities of over NGN 5 billion.

FINT LOAN

Fint is basically for investors. They help lenders earn from their investments.

They allow investors to make an impact in different sectors of the economy by connecting them to vetted individuals, businesses and their clients.

With various investment products such as Agriculture, Power, Asset-Backed Loans, Personal Loans, Insurance & Real Estate, Lenders on FINT can earn up to 39% per annum on their investment.

Lenders on FINT are changing the lives of millions of Nigerians by providing them access to affordable loans for basic needs such as power, rent, insurance, medical bills, school fees as well as business opportunities.

You can join them by visiting their official website.

Apps to borrow money in Nigeria without collateral

QUICK CHECK

Quick check is one of the apps to borrow money in Nigeria without collateral.

Quickcheck provides digital financial services to help you get closer to your personal and business goals.

They use machine learning to predict borrower’s behavior and instantly evaluate loan applications.

They aim at offering digital financial services to help you get closer to your personal and business goals.

CREDITVILLE

You can get instant online Loans in Nigeria quickly in your account as quickly as 4 hours after meeting the necessary conditions and documentation with Creditville.

You may choose to repay your online loan in full, at any time without any penalty and you may apply for a top-up loan without a waiting period.

Their interest rates are low and all-inclusive, ensuring transparency and we guarantee there are no hidden admin charges.

Their online loan application is easy and they grant the loans without collateral making us the ideal online loan company in Nigeria. You can access quick loans on their website.

SPECTA

Specta is an online lending platform that gives you instant loans in as fast as 5 mins! Who they finance: Specta gives instant loans to entrepreneurs in Nigeria, employed and youths.

Who they finance: Specta loan finances individual and business owners in Nigeria?

Loan size: They give up to 5 million and they are very reliable being operated by a reputable financial organization.

FAST CREDIT

Fast Credit is another app where you can get money without any collateral in Nigeria. They provide micro credit to validly employed Nigerian workers on payroll deductible basis. They cover both private and public workers via attractive products.

Loans are processed and disbursed within 6 hours of duly completed documentation.

All loans are insured with reputable underwriters in the event of death or termination of employment of any payroll employee. They have an online digital interaction with our prospective & existing customers on a 24/7 basis.

They leverage on Fintech to extend their outreach and profile.

Others

Wraping Up

Now that we have seen some of the amazing apps to lend money in Nigeria, let me provide answers to some other frequently asked questions about how to borrow money in Nigeria without collateral and fast.

How can I get a loan without collateral?

You can get a loan without collateral in Nigeria by downloading the apps listed above like Carbon, Grofin, Branch, etc. To get a loan from any of these apps is easy. Download app; open it, provide needed information and submit. Request for a loan, within a few minutes, you’ll be credited.

Which app gives instant loan in Nigeria?

Apps that give instant loan in Nigeria are now quite a handful. With the digitalization of banking and the proliferation of fintech startups, there are many digital banking apps with which you can access quick loans at any giving time. Some of them are Branch, Carbon, One-Fi, Specta, etc.

What apps let you borrow money instantly?

There are many apps that let you borrow money instantly in Nigeria. But to get money instantly, almost all the apps need to confirm your creditworthiness. If you download any instant loan app, you would provide needed information about you after which you could get your loan instantly.

Thanks for your time reading this post. Now, kindly follow us on social media and see other amazing opportunities for African business owners here.

Cheers!

Bukki Bello

Bukola Owo-Bello is a spirited storyteller, content creator and YouTuber who loves sharing amazing opportunities, inspiration, and ideas with forward-thinking African youths.

Follow her on YouTube, TikTok and Instagram on @BukkiTalks