How to get up to 1 million naira loan without Collateral in Nigeria in few minutes

One of the challenges of scaling for small business owners in Nigeria is finance. Getting funding especially with the ravages of Covid-19 in 2020 and learning to manage your finances well, will go a long way in determining how far your business will go.

So I have listed below smart loan apps and companies that can give you up to 1 million Naira without collateral in Nigeria today. Please note that this is not a paid blog post but something to help business owners in Nigeria fill up the missing gap of finances

1. Renmoney 

Renmoney is one of the loan companies in Nigeria that provides micro-business loans up to N4 million. To get a Renmoney SME loan, your business must have a good income statement history and can boast of regular monthly earnings for repayments. The minimum loan amount is N100,000 while the interest rate is 2.8% per month.

To learn more about how you can get a short term loan from Renmoney – the requirements, repayment, and so on, read this post.

quick online loans in Nigeria - Renmoney
Renmoney Website

2. Carbon

Formerly (and popularly) known as PayLaterCarbon Loan is an instant online loan app that gives you access to a loan in minutes in Nigeria. The 3-year old lending app prides itself as “a simple digital finances management platform” that provides instant online loans to help you cover urgent and unexpected cash needs.

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.

quick online loans in Nigeria - Carbon
Carbon Website

3. Branch

Branch is another platform that offers quick online loans in Nigeria. You can get access to loans from ₦1,000 to ₦200,000 within 24hrs, with a period of 4 to 40 weeks to pay back. 

It is arguably regarded as one of the most reliable platforms where you can get an online loan because of its mode of operation. Its interest rate rages from 15% to 34%.

As a borrower, you don’t need any collateral or income generating assets to get a loan. Interest rates are determined by a number of factors, including the lender’s repayment history and the cost of lending for Branch.

Branch has made it easy for Nigerians to access loans from anywhere in the country without physical engagement or collateral.

quick online loans in Nigeria - Branch
Branch Website

4. Aella Credit

Aella Credit is an app-only platform for getting quick online loans in Nigeria. It is designed to help employees access more funds between 1,500 to 700,000 and an interest rate between 4% – 29% monthly. Aella Credit is available in Ghana, Nigeria, and the Philippines. Like other platforms, the Bank Verification Number is one of its requirements. Its loan tenure spans between 1 to 2 months.

quick online loans in Nigeria
Aella Website

5. FairMoney

FairMoney is a licensed loan app that offers quick loans to cater for needs like bill payments. It requires your Bank Verification Number and your debit card to obtain a loan (from ₦2,500 to ₦150,000). Loan interests on FairMoney start at 5% and can grow up to 28% depending on how much you are borrowing. Also, it runs a loan term duration of 4 – 26 weeks.

If you pay back your loan before the due date on FairMoney, you’d repay at a reduced interest rate. 

quick online loans in Nigeria
FairMoney Website

6. Migo, formerly Kwikmoney

Formed out of a partnership between companies, banks, and other technology companies, Migo loan is a platform where you can get a quick loan in Nigeria. With your Bank Verification Number (BVN) and your account number, you can access up to N500,000 instant collateral-free loans.

You can access Migo’s lending services their web interface, or the loan app. If you don’t own an internet-enabled device, you can use the Migo USSD code.

You can check out this post to see the USSD code for loans in Nigeria.

Depending on how much money you borrow, Migo charges 5 – 15% on loans and you have to repay between 14 – 30 days.

It provides innovative financial services to the financially underserved mass retail segment. It’s a simple, digital-finance-management platform that provides fast cash loans to help cover unexpected expenses or urgent cash needs.

instant online loans in Nigeria
Migo Website

7. Lidya 

Lidya is one of the leading loan companies in Nigeria. It launched in November 2016 with a mission to close the credit gap, both in Nigeria and across emerging markets.

Businesses seeking a loan at Lidya can do so online or via their mobile phone and get a decision within a few hours pending all requirements are satisfied. 

The loan amount at Lidya ranges from N150,000 and above with an interest rate of 3.5% per month.

instant online loans in Nigeria
Lidya Website

8. Kiakia 

KiaKia Loan is a platform where you can get a 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.

instant online loans in Nigeria
Kiakia Website

9. 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.

instant online loans in Nigeria - Social Lender
Social Lender Website

10. QuickCheck

QuickCheck provides up to NGN 500,000 instant loan online in minutes in Nigeria. As a first time user, however, you can only access up to N10,000 for a period of 30 days.

Their repayment terms state that early repayment of loans guarantees lower interest rates and higher amounts. Additionally, interest on loans are only paid for the number of days you use the loan.

Like other loan platforms, QuickCheck requires your BVN for security and verification purposes; and bank account number for disbursal of your approved loan. 

instant online loans in Nigeria - Quick check
QuickCheck Website

11. C24 Loan

C24 Loan is another platform where you can get an urgent loan in Nigeria. 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.

loan in minutes in Nigeria
C24 Website

12. Fint Loan

Fint Loan grants you access to affordable loans. This is one of the loan companies in Nigeria that gives you the opportunity to borrow at as low as 2% monthly for your rent, medical bills utilities, school fees for yourself and your co-workers once you register your company on the FINT employment model.

one of the loan companies in Nigeria - fint
Fint Website

13. Specta Loan

Specta loan is your source for an emergency loan in Nigeria. The company offers 3 different loan products which include:

  • MySpecta – for quick loans of up to NGN 5m in 5 minutes
  • SpectaScore – for checking your credit standing and forecasting your networth
  • Specta4Business – for accessing business loans
quick online loans in Nigeria
Specta Website

14. Jumia Loan

This is a quick cash loan platform created by Jumia to provide users with instant loans. Jumia loan can be accessed from the JumiaPay Android app on Google Play Store.

All you have to do is to download the app, go through the ‘financial services’ section, and provide your details. Once your request is approved, you’ll get your loan without collateral. The next time you’re wondering how to get a loan, you might want to consider Jumia loan.

loan in Nigeria
Jumia Loan

15. Opay Loan

Mainly known as the Okash loan, this 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 get an instant loan, 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.

loan apps in Nigeria - opay
Opay Loan


There are several other channels that can be used to access loans without any collateral provision. However, it is clear that fintech businesses are leading when it comes to accessing instant loans and answering the question ‘where to borrow money in Nigeria’ with platforms like Quickteller Loan, Page Financials, and Palmcredit Loan. They have continued to improve and update their services in tandem with customer’s needs at a given period of time.

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