Need an instant loan in Nigeria without a collateral? In this guide, we will be revealing the top loan apps that gives loan without any form  of collateral unlike a typical bank in Nigeria. It doesn't matter if you are employed, self employed, or even unemployed, you will surely find one that works with you 100% guaranteed! 

If you have been thinking of starting a business no matter if it's a small one or you need to expand your business, getting loan to get started might have crossed your mind, but banks and other typical organization might require some sort of collateral. And not everyone has something to tender as collateral.

Though each loan platforms discussed in this guide, have their separate rules, rates and guides, most do not require a collateral, they are quick to disburse loans and most importantly all tenders and documentation are done 100% online. 

Overview: Quick online loan in Nigeria

  1. Branch Loan 
  2. QuickCheck 
  3. palm credit loan
1. Branch Loan:

Branch is an internal brand when it comes to loan, they operate in four different countries, from Mexico, India, Tanzania, Kenya to Nigeria,these guys offers online instant loan approval. Their interest range from 15-34%.  The most important stuff is you can get up to N200,000 loan as your build your credit worth with them. 

One strong legacy of Branch is their high level of transparency.

So how does it work?

  • Download the app: Head over to Google Playstore and download the app. The app is moderately lightweight and you should be able  to download it in few minutes.

  • Create an Account: This is the process in inputting your details and bank details you want your loan to be disbursed in minutes. 

  • Apply for your loan: When your full information, you can proceed to apply for  your loan, whether its some little cash to get something done, you can use Branch loan to meet them asap.

  • Receive your Loan: Loan are typically disbursed less than a minutes, literally in seconds. Though you may have to wait few minutes for it to reflect in your bank account. As you repay your loans in time, it makes you to build your credit worth and be able to apply for a bigger loan.

How to Repay Your Branch Loans

Branch do not charge a penalty fee for paying your loan late, but this is a very big factor they consider when they want to increase the amount to borrow you, so you must pay your loan in time. You can decide to repay your loan at once or pay installments

Payment with Debit/ATM Card: The process is straight forward, tap payment with debit cards, input your card number, the 16 digits on the front of your ATM card, the expiry date and cvv ( the three numbers at the back of your card. You may be prompted to enter an otp sent to your bank registered phone number to complete your transaction.

Payment with Bank: If you have Internet banking registered for your bank account, you can pay online also with Internet banking, input your ID and password, enter the otp sent to bank registered number and complete your transaction.

Payment with USSD: This works with GT Bank only at the moment, click on payment with ussd code, a string of *737* codes will be the generated for you automatically, click on it, and open with your phone dialler, make sure you are using your gt bank registered phone  number for this.

Payment by Bank Teller: To use this option, you will have to fill in a teller and pay into Branch account which will be reconciled and your loans will be cleared.

Click here to get started

 2. QuickCheck Loan: 

A product of a Fintech startup based in Lagos, Nigeria. Their unique selling point is providing loan services to the unbanked populace, although anyone can apply, they are poised on giving to people who are not deemed fit qualify by banks. Their interest is in the range 1% daily, unlike other platforms who charge fixed certain percentage over a period of time.

Quickcheck one strong area is the ability to detect the eligibility of getting a loan almost instantly without necessarily from the lowest amount. They use machine learning to scan through your submitted details, you may need to login to your Facebook to fully their process.

How does it work?

  • Download the app: It can downloaded from Google Playstore, you should be able to get it installed in no time
  • Create an Account: Fill in the required details, your basic and also login to your facebook account as required by their app, the process is really straightforward.
  • Apply for your loan: Proceed to request for a loan, you will an instant feedback if you are eligible or not. 
  • Receive your Loan: Get your  loan disbursed to their specified bank account.

How to Repay your loans

There are two major ways to repay your loans, the first method is the use of ATM/debit cards. To repay with this option, open up the app and click on the section, "loan payment", click on any of the debit cards you might attached to your account earlier on, do make sure to follow other on screen prompt, you should be finish paying in the next minutes or so.

Another option, is by bank transfer, not everyone is tech savvy, right? That doesn't mean, they couldn't apply or repay their loan, open up your app and click on loan payment instead of choosing debit/ATM card, you would see an option of bank transfer, click on it and answer all the question to be filled there. 

This means you  must done a transfer to repay your loan, before attempting to use this option, fill in the payment details, such as payment amount, time, time of transfer

USSD Payment: Perhaps you may not want to repay your loan using debit card or card transfer you can make use of the ussd option. Note, at the moment only GT bank support payment using this option in Nigeria, hopefully other banks will implement it also.

Download the app here, use the promo code: R-M57FK1 to access quick loans

 3. PalmCredit Loan:  

 One beautiful thing about PalmCredit is their intense closeness to their customers, they are very social platform. When you need assistance or get into an issue, they are available to help you solve it quickly without any delay.

 So who are they? PalmCredit is formed from it's parent company, Trassnet Financial Group, PalmCredit offers loan up to 100, 000, to individuals.

 They offer two category of loans

 Cash loan: This can be spread over to a period of three months for full repayment, their interest range from 12%-24% depends on the loan duration and the amount of loan.
Airtime loan: Ever run out of airtime, and you need to make  an urgent call? You can get a loan of airtime from PalmCredit, this loan is payable in the duration of 14 days.
How to apply for PalmCredit loan: click here to go to Google playstore to download their app, fill in the required information. You may sign up  using your phone or the Facebook account option, either one you choose, should work.

How to repay your loan:

You  can pay using your debit/ATM card. Open the app and go to menu, click on, outstanding and follow the onscreen instruction.

Another option is by bank transfer: make a bank transfer and notify the customer support of the payment details, you loan will be cleared as soon they verify it.

Click here to get started