We shall be talking about the Best 10 Loan Apps Without Collateral In Nigeria That you all should Know. We all know that getting a loan from a financial institution could be very daunting, nonetheless, there are ways by which you can get a quick loan without dropping any form of collateral.
This could be an interesting article for both the students and low-income earners due to financial constraints on their part. At the end of this post, I hope it opens your eyes to these amazing apps which might give you access to thousands of naira in the form of loans.
What is Loan?
A loan is when you receive money from a friend, bank, or financial institution in exchange for future repayment of the principal and interest. They can be unsecured, like a personal loan or cash advance loan, or they may be secured, like a mortgage or home equity line.
Best 10 Loan Apps Without Collateral In Nigeria
1. Kiakia App
Kiakia is a Yoruba word which means fast . it as an app that gives online loans to Nigerians. Few questions will be asked and the loan will be given to you having answered the questions.
This App uses different methods to give its loan. You will need to access the web app and chat with Mr.Kiaia, a chatbot. Then you get your loan!
Get Kiakia App on your Android phone, iOS, Windows to access the Kiakia Web app and chat with Mr. Kiakia.
You can Borrow at amazing and very flexible interest rates. As low as 6.5%.
Earn over 28% as a return on investments.
2. Aella credit
Aella Credit is a mobile loan app that gives loans up to ₦100, 000 without collateral and paperwork. It is highly secured and quite popular.
To get a loan, do the followings:
Download and install the app.
Then you register.
Update your Profile.
Apply for a loan.
And you can receive a loan without much delay. You can get a Loan amount from #2,000 – 1M with Interest range 6% – 20%
The loan tenor is 30 to 60 days. And the interest rate varies from 4% – 29%.
Sokoloan is a simple, entirely online lending platform that provides short-term loans in Nigeria to help cover unexpected expenses or urgent cash needs. You can apply for a Sokoloan loan 24 hours a day,7 days a week with our quick application process that lets you know your status within minutes. For online loans in Nigeria without collateral, fast loans, and quick loans in Nige- ria, download and apply for Sokoloan loan. The loan tenor is from 91 days to 180 days. They run a 0.35% of daily interest.
You can download the Sokoloan app
Carbon formerly known as Paylater is one of the Best 10 Loan Apps Without Collateral In Nigeria That you should Know. It is easy to use and you can get a loan quickly without much delay. You can get loan up to ₦1 million from this app
It does not require collateral or guarantor to get a loan from Carbon. All you have to do is download the app into your phone. Register with your accurate details and then apply for a 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.
You can download the carbon app from the Google play store or the app store.
The branch loan App is an online moneylender that provides single payment loans, installment loans, and payroll loans for borrowers. The amount borrowed is then deducted from your account.
Their minimum loan amount is N1,500 and the upper limit for a new customer is N150,000.
The loan term is from 4 to 64 weeks. And the interest rate ranges from 14% – 28%.
You can apply for a loan if you are using one of the following banks. Access Bank, Union Bank, United Bank for Africa, Stanbic IBTC Bank, First Bank of Nigeria, Zenith Bank, Diamond Bank, GT Bank, Skye Bank, and FCMB.
With the FairMoney loan app, you can get instant loans up ₦500,000 without collateral or paperwork. It gives business loans and personal loans, you just need to download the FairMoney app, sign up, and follow a simple application process to get an instant loan in only 5 minutes.
FairMoney is a fast, secure, reliable, and free Android mobile banking app, available in Nigeria. Interestingly, You can also earn bonus cash when you invite your friends.
Loans range from ₦1,500 to ₦500,000 with loan term durations from 60 days and above, with equivalent monthly interest which ranges from 10% – 30%. There are no additional fees or hidden costs for processing your loan.
Palmcredit is a popular App in Nigeria and You can get an instant loan of up to ₦100, 000 from the Plamcredit app. It is easy to operate and use.
- · Only three steps to Your loan: – Register
– Get Approval
– Disbursement to your bank account
Palmcredit offers flexible loan products within minutes. The interest rate is from 14% to 24% depending on tenor and amount. Duration of the loan ranging from 91 days to 180 days. No need for collateral or guarantor.
10. Jumia One
Jumia One is the automated lending service by Jumia focused on increasing access to credit financially under-served/excluded individuals around Africa.
Loan decisions are provided within 15 seconds and if approved, the applicant receives funds within 5 minutes. 24 hours a day, 7 days a week. The loans are delivered via an Android mobile app, with lending decisions provided almost instantly. The usual amount for new borrowers is N10k.
The following loans are available on Jumia One
- Payday loans – JumiaOne payday loan is designed to provide monthly overdraft to the staff of companies, ministries, Parastatals, and other establishments.
- Education – Any salary earner, self-employed, students, government sector employees including Public Sector.
- Business – The loans help the business to cover cash flow payments when due.
Final Thought on Best 10 Loan Apps Without Collateral in Nigeria
I want to believe that these loan giver entities are what you need right now to move your business to the next level. we at Naija Breaking News are working tirelessly to give the very best of tips and ideas needed to be the next CEO in town. Reach out to these lenders today, who knows, you could be granted a loan from them. Help us to improve on our content by suggesting or dropping your point of view as regards this article below. however, don’t forget to share with your loved ones.
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Badru Idris Oriyomi is a public speaker with a keen interest in seeking personal growth and development. He is also a student entrepreneur, educational consultant, Financial analyst, Motivational, and inspirational speaker. Critical and Analytical thinker, I love Leadership and Governance, a die-hard Arsenal Fan.