Top 8 Best Banks that offers loan without collateral in Nigeria

In today’s article, we will be discussing about the top 8 Best Banks that offers loan without collateral in Nigeria. The reason for this article is because there are so many loan app across the world claiming to be the best but the question here is, which of these apps are reliable and recommendable to borrow loan from with any amount, any where, anytime.

This is in acknowledgment of other loan organizations in Nigeria. Particularly, financial technology companies dominate the lending industry. Apparently, traditional banks have identified the need to change the narrative.

List of top 8 Best Banks that offers loan without collateral in Nigeria:

1. Zenith Bank

Zenith Bank

The Zenith bank loan SME Loans,Receivable Discounting or Invoice Discounting, LPO Finance, Import Finance Facility, Export Finance Facility, Term Loan, Lease, Bonds & Guarantee and Retail Loans for Schemes.

For instance, the Local Purchase Order [LPO] is available to borrowing customers to finance the supply of materials. Overdrafts, on the other hand, grant the borrower a certain amount over the credit balance in their current account. This is set within a specified tenor, usually not exceeding twelve months. You have access to all these without the bank needing collateral. You can see how to get a loan from Zenith bank here.

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2. First Bank

First Bank

First bank is a Nigeria’s premier commercial bank is acknowledged with over 10 million active customer accounts. It provides a comprehensive range of retail and corporate financial services to customers and investors across Africa.

FirstBank operates a FirstEdu loan available to private school owners who require additional funds for effectiveness. It offers a N10M maximum loan amount with an account relationship of 9 months. Additionally, FirstEdu is only available to private schools registered with the Corporate Affairs Commission [CAC]. There’s also the 100 student-population it takes into account.

3. United Bank for Africa (UBA)

UBA Bank

UBA is associated with the popular know as “No Wahala Loan”, as well as Personal Overdraft. With the former, borrowers have the jurisdiction to spend a little more on what they want. You may need some extra cash to fix your car, pay medical bills or take care of other emergencies. How you choose to use your loan is up to you.

4. Fidelity Bank

Fidelity Bank

The SME-friendly bank has bagged several awards and recognitions to earn a spot in the retail banking sector. Fidelity Bank operates a Fidelity Easy Asset Leasing Scheme [FEALS] offering business and personal loans without collateral. FEALS is designated for the acquisition of household appliances, brand-new vehicles, generators, inverters, laptops, and the like by customers. Its minimum contribution is as low as 20% with a 48-hour approval time.

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5. Access Bank

Access Bank

Access Bank Quick Bucks is a mobile app that allows you to access multiple quick and low-interest loan options from Access Bank. All you have to do is install the Access Bank quick bucks app and commence with the process.

6. Stanbic IBTC


Subsidiary of the Standard Bank Group is another Nigerian bank offering business and personal loans. This is one of the banks that will grant you a loan in Nigeria without a salary account. The terms are based on repayment between one to five years. Within this period, payment is made in monthly installments.

Get a loan up to N100,000 at the best affordable rates in Nigeria.

Did you know that you can compare interest rates from different lenders with our loan simulator and get the best deal, Making an informed loan decision requires comparing different loan offers before making a commitment. Through our simulator, you can see at a glance, loan offers coming from different lenders in less than 5 minutes, so you can make the right decision regarding your financing.

7. First City Monument Bank [FCMB] Limited


Regarded as one of the leading financial institutions in Nigeria, FCMB continues to deliver exceptional services to its customers. FCMB provides the following loans without collateral:

  • Auto Loan
  • Salary Top-Up Loan
  • Fastcash Loan
  • Premium Salary Loan
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The FCMB FastCash Loan is an instant loan that can be accessed without collateral using the USSD code *329#. You can check out this post for other USSD code for loans in Nigeria. You can read about FCMB here

8. Wema Bank

Wema Bank

Wema bank is Operating a Salary Current or Savings Account makes it easier to obtain a loan without collateral from WEMA Bank. The maximum loan amount is seven multiples of net monthly salary, subject to a maximum of N3 million. The Wema loan operates a 48-hour loan disbursement and is only available to confirmed employees.


Thanks you for spending the time to read this article, although this article may not contain all the informations you needed to know but follow the process given above and all your doubts concerning which bank is really offering loans without collateral will be solved. If you have any questions, complaints or suggestions please kindly drop it in the comments section below.

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