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Top 10 Online Loan Apps in Nigeria Without Collateral 

In recent times, there has been an increased number of loan apps in Nigeria that offer funds without collateral. This is made even more necessary with the need to bridge the financial inclusion drive.  

Whether you are an individual or a business in need of finance to embark on a project, non-collateral loans are your safest bet as they minimise the risk to business property and assets. 

What are non-collateral loans? 

Also known as unsecured loans, non-collateral loans are loans that don’t require any type of security. Instead of relying on a borrower’s assets as security, lenders approve unsecured loans based on a borrower’s creditworthiness.  

Examples of unsecured loans include personal loans, student loans, and credit cards. 

Advantages of taking a loan without collateral 

Taking a loan in Nigeria without collateral has its own advantages.  

Non-collateral loans are usually quicker and access and have a less complex procedure than their secured equivalents. 

This means that apps in Nigeria offering loans without collateral can make the funds available within minutes. As no assets are required to take out this type of loan, there is reduced risk for the borrower.  

Smaller amounts of money are available in unsecured loans, allowing businesses to cover slower periods without committing to longer repayment terms that are often associated with secured loans. 

Top 10 Online Loan Apps In Nigeria Without Collateral 

In no particular order, these are the top 10 online loan apps in Nigeria that will give you a loan without asking for collateral


One of the most popular loan apps in Nigeria, Branch offers loans without collateral while helping borrowers build credit as they go. As you build credit with Branch’s collateral-free loans, you unlock larger loan amounts. 

By applying through the Branch app, you can get your loan approved in under 24 hours. 

Aella Credit 

With Aella Credit, you can access loans of up to 1,000,000 in Nigeria without collateral. Aella loans can also be used to build credibility as early repayment gives borrowers access to higher loans.  Aella loans have no rollover fees and no late fees attached. 

It also offers cashback for repaying your loans on time. 

OKash by Opay 

OKash is a Micro-lending product that is provided by Blue Ridge Microfinance bank. Its loan process takes a few minutes and is offered without needing collateral.  

The Interest charged is 1.2% per day for a fixed term of 15 days. Users can download OKash from Google Play and set up their loan account, fill out a set of questions, and get a decision on their loan application in minutes. the entire procedure is paperless. 


FairMoney is a Nigerian Digital Banking app that offers instant loans, with no collateral needed. With FiarMoney, borrowers can access loans of up to a million naira. 

Customers can access instant loans without collateral, and skip extensive documentation or office visits which typically make borrowing money stressful for users. 

Typically, FairMoney’s loan amounts range from ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30%. 


As with the others, EazyCredit offers personal and payday loans to borrowers without needing them to provide collateral.  

Once you provide the basic documents for verification, the loan request is approved you get the loan amount credit in their bank accounts. 


Umba provides smart and affordable loans with low-interest rates. It also makes paying back easy for you. This way you’re growing your wealth, not your debt. 

With an Umba account,  you can also pay bills, get loans, and cash back all from your phone. 

Its loans are also collateral-free. 


QuickCheck, a product of Arve Nigeria Limited, uses machine learning to predict borrowers’ behaviour and instantly evaluate loan applications.  

Its aim is to offer digital financial services to help borrowers get closer to their personal and business goals. 


As its name implies, NewCredit offers a new way to get quick loans. With its mobile financial services, borrowers can access loans of up to N100,000 in five minutes without needing any collateral or any serious paperwork. 

NewCredit’s process is pretty much the same as others. All borrowers have to do is download the app, sign up with their phone number linked to their BVN, and apply for a loan. Within minutes, the funds will be credited to their bank accounts.  

Carbon (Paylater)

Carbon is an easy to use app formerly known as Paylater. It is one of the top online loan apps in Nigeria. You can get loans up to ₦1 million from this app without delay.

It does not require a collateral or guarantor to get a loan from Carbon. All you have to do is download the app to your phone. Register with your accurate details and then apply for the loan. The app is fast, you may get a loan offer in a few minutes.

They charge a flexible interest rate from 5% to 15% depending on the amount and repayment period.


With over 100,000 downloads on Google Playstore, Irorun is a digital lending application that offers microloans to eligible users in no time and with little to no documentation. 

Its Easy Credit loans are offered without collateral. It also has an interest-free loan with a tenor of seven days.  

Requirements for obtaining a loan without collateral 

The procedure for obtaining a non-collateral loan appears easy but without proper documentation, your loan application may get denied.  

As a borrower, a good credit score and history will ensure that your loan gets approved fast. If you are not sure what your credit score is, nairaCompare can help you with that. 

Other factors that help with faster loan approval include having a verifiable income, and a good loan repayment record. 

How to protect yourself from fake loan apps 

Today there are so many mobile loan apps with most of them offering to give quick loans. Unfortunately, some of them end up defrauding the customers. 

Recently, the Nigerian government embarked on a clampdown on some of those platforms known to indulge in sharp practices.  

There are a few steps you can take as a borrower to protect yourself from their activities. Some of them are listed below. 

  • Do not disclose personal details such as PIN, bank account details, usernames, or passwords to protect yourself from such scams.  
  • Avoid installing apps from the internet if you are unsure of the source. 
  • Do not pay a registration fee for their service.  
  • Avoid loan platforms that are not concerned about your credit score or how you intend will repay the loan.  
  • Make sure the loan platforms have verifiable phone numbers, websites, and physical addresses. 
  • Also, be sure to read the reviews on the apps before downloading.  

You can report these apps on the Google Playstore by flagging them as inappropriate, and Google will act accordingly.  

Follow the following steps to report the apps on the Google Playstore. 

  • Open Google Playstore App on your mobile phone. 
  • Search the intended fake app and click it 
  • Go to the menu top right corner and click ” Flag as inappropriate.” 
  • Select the reason and submit 


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