Here are Top 6 Quick Loan Options Without Collateral in Nigeria. Recently, it has become way easier for one to get a loan in Nigeria without a collateral. This is helped with the obvious rise of technology, as well as loan apps.
A lot of Nigerians can now access loans easily, and they don’t even need to provide their cars, assets as collateral. This type of loan is known as an unsecured loan.
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They’re very useful, especially if you have an urgent need for money; it could be emergency, business expenses, or even school fees. We’ll look at some of the easiest places for you to access a collateral-free loan.
1.Branch
Branch is probably one of the most downloaded loan apps you can get in Nigeria right now. On the Branch app, you can easily get loans from N1,000 to more than N200,000.
The sweetest of it all is the fact you don’t really need any collateral to get a loan from Branch. Rather, the app will make use of your phone data, as well as all your banking history, to see if you are qualified.
Branch allows their customers to repay these loans over a few weeks or months. Their interest rate will depend on how much loan you are taking and how long the loan is going to last.
2.FairMoney
Fairmoney is another loan app that can give you up to N1,000,000 without even requesting for collateral. Fairmoney has so much to offer. Besides loans, they also act as a digital bank where you can send and receive money without stress.
They have a very flexible repayment period, which allows you to pay back over a long period of time. Sometimes, their repayment period can last from two months to up to a year and half.
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3.Palmcredit
Palmcredit usually pays more attention to customers who’re taking short-term loans. You can easily take loans of around N2,000 to N100,000 easily.
These loans you can repay back within a few weeks or even months. If you need money before your payday or probably for an emergency, then it won’t be such a bad idea to go for Palmcredit.
4.Carbon
Carbon is one of the oldest and pioneer quick loan apps in Nigeria. Carbon can give you loan close to one million naira without asking you to provide collateral.
They’re more than just a loan app; you can use them for other services like bill payments. You should try them if you are looking for a loan app.
5.OKash
OKash is a loan app that’s officially approved by the Central Bank of Nigeria (CBN). They have loan options that can last you for a few months or even up to a year.
Their approvals are very quick. They also have a flexible application process, and you are definitely going to experience very minimal documentation.
6.EasiMoni
If you are a Nigerian who does not have access to loans in traditional Nigerian banks, you might have to consider EasiMoni. You can get a loan starting from ₦3,000 to ₦1,000,000. If you have very urgent expenses, you just get loan from EasiMoni. Just like OKash, they are approved by the CBN.
Conclusion
Getting Quick Loan Options Without Collateral will definitely save you from a lot of stress. These quick loans have made it possible for lots of Nigerians to get access to these loans, especially in periods of emergencies when they may have very limited options.
These loan apps will surely come in handy for you, and you absolutely need no collateral to process any of the loans. We also highly recommend that you choose loan apps that have good reviews; this will help you to avoid much problem in the future.