Banks Offering Instant Loans Without Collateral in Nigeria

Banks Offering Instant Loans Without Collateral in Nigeria


In the past, obtaining a loan from traditional Nigerian banks was accompanied by numerous obstacles and limitations. However, in recent years, technological advancements and the emergence of various loan apps have helped alleviate these challenges.

To stay relevant and avoid being overshadowed by technological advancements, banks have taken steps to enhance their banking services. Among the many changes implemented, one notable improvement is the availability of unsecured loans, allowing customers to borrow up to five million Naira without collateral.

This significant shift in the lending industry demonstrates how rapidly the world is evolving. While numerous online platforms and apps offer various loan schemes, borrowing from banks remains the preferred option due to enhanced security and privacy of personal information.

The burning question arises: “Which banks offer loans without collateral?” More than ten banks are providing this service; however, we will focus on the top 10 banks that offer instant loans without collateral in Nigeria. Read on to discover the best options available.


Top 10 Banks That Offer Instant Loan Without Collateral In Nigeria

Below are the leading banks that make soft loans available in Nigeria;

First City Monument Bank (FCMB) Limited

FCMB is a leading bank in Nigeria renowned for its efficiency, customer service, and contribution to the nation’s economy. FCMB offers various collateral-free loans, including;

  • Auto Loan
  • Salary Top-up Loan
  • Fast Cash Loan
  • Premium Salary Loan

The FCMB FastCash Loan is designed for emergencies and can be easily accessed without paperwork or collateral. Existing customers can apply through the USSD code *329# and instantly access up to a hundred thousand Naira. Non-customers can also benefit from the FastCash Loan by registering as a wallet member using the USSD code *329#, with loan amounts of up to two hundred thousand Naira for 1-3 months.

FCMB also provides the Standard Auto Loan, which enables customers to purchase vehicles from authorized dealers, with loan amounts ranging from five hundred thousand Naira to seven million, five hundred thousand Naira, and a duration of up to four years.

Additionally, FCMB offers the Salary Top-up Loan for individuals with salary accounts and the Premium Salary Loan for confirmed staff members of reputable organizations earning a minimum monthly salary of one hundred thousand Naira. The Premium Salary Loan allows borrowing amounts ranging from one million Naira to ten million Naira, with tenure options of 6 to 60 months and no collateral required.


WEMA Bank stands out for its digital resilience and services tailored to meet customers’ needs. Individuals who work for reputable organizations and hold either savings or current accounts with WEMA Bank can obtain collateral-free loans. The application process involves visiting the nearest branch and completing the required forms, including an introductory letter from the employer and three months’ salary slips.

Loan amounts can reach up to two million Naira, with a repayment period of 36 months. For businesses needing capital, WEMA Bank also offers unsecured business loans, which require additional documentation such as passport photographs, the company’s profile, bank statements, and utility bills.

Stanbic IBTC Bank

Stanbic IBTC Bank provides personal and business loans without collateral. Their fixed loans cater to emergencies and urgent needs, with repayment periods ranging from 1 to 5 years. They also offer Fixed Term Loans for short-term financing, where assets purchased using the loan become the borrower’s property upon completing the repayment.

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Zenith Bank

Zenith Bank is committed to supporting the realization of entrepreneurial dreams by providing unsecured personal and business loans. Their loan schemes include the Z-Woman Loan, designed for female-owned companies in sectors such as beauty, style, and confectioneries, as well as overdrafts and import/export facilities. To access these loans, applicants must have a bank account with Zenith

Fidelity Bank

Fidelity Bank has received numerous accolades for its SME and mobile banking services. They offer various loan schemes, including:

  • Fidelity Easy Asset Leasing Scheme (FEALS): This scheme helps customers purchase assets like household items, vehicles, and generators without collateral.
  • Fidelity Personal Loan Scheme (F-PLS): This loan assists customers in meeting personal responsibilities, such as medical bills, school fees, or rent payments.
  • Fidelity Bank Instant Salary Advance Scheme (ISAS): This credit facility allows customers to access 50% of their salary to cover expenses.

First Bank

First Bank’s unsecured loan options include the FirstEdu Loan, tailored explicitly for private school owners needing funds to run their schools. The loan requires a nine-month account with First Bank, a CAC certificate, and a maximum loan of 10 million Naira for 90 months.

Polaris Bank

Polaris Bank provides unsecured personal and business loans. They offer loan schemes for parents, teachers, SMEs, and retail loans.

UBA (United Bank for Africa)

UBA offers several unsecured loans, including:

  • UBA No Wahala Loan: This loan is ideal for emergency expenses, such as car repairs or medical bills.
  • UBA Personal Unsecured Overdraft: Customers with a current account can withdraw more than the available credit balance for six months.

GTCO (Guaranty Trust Bank)

GTCO formerly GT Bank, their loan offerings include the popular GTBank Quick Credit, accessible through a simple USSD code. Loans are typically approved within two hours, with a maximum amount of 5 million Naira.

Access Bank

Access Bank is known for its diligent customer service and offers unsecured loans for personal and emergency needs. They also provide the Access Bank Quick Bucks app for a seamless loan application process.

Remember to review the requirements, benefits, and repayment terms of each loan scheme before making a decision.

Frequently Asked Questions

What will the bank check before approving a loan?

Before approving a loan, banks consider several factors, including your account statement, assets, monthly income, employment status, and other relevant details. However, it’s important to note that these criteria may vary from one bank to another.

Can I Convince A Bank To Get A Loan?

Yes, you can persuade a bank to grant you a loan, provided you meet their specific requirements, including the minimum criteria they have set.

Which Bank Is The Best For Loaning Schemes?

It is difficult to determine the best bank for loan schemes in general. However, it would help to compare different banks based on their requirements, benefits, and repayment terms to choose the most affordable and convenient for your needs. Again, the ten banks we listed above are also worth trying.

How do I know if I qualify for a loan?

To determine your eligibility for a loan, you need to review the requirements of the particular loan you are interested in. If you meet those requirements, you are considered eligible. On the other hand, if you fail to meet the specified criteria, you will not qualify for the loan.


In conclusion, after thoroughly evaluating the top ten banks that offer collateral-free loans in Nigeria, the choice ultimately rests with you. Make sure to compare the requirements, repayment durations, and terms and conditions associated with each loan scheme to make an informed decision.

Feel free to ask any questions about this topic in the comments section. We will respond swiftly.



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