Banks in Nigeria that Give Loans Without Collateral [2023 List]

Bank loans in Nigeria come in various forms: instant loans, personal loans, business loans, student loans, and car loans, among others. These services, guided by the Central Bank of Nigeria, play a vital role in the country’s economy.

Factors to consider when choosing a loan provider include interest rates, loan term length, approval and disbursement time, customer service, and the bank’s credibility. While many banks offer loans without collateral, it’s important to scrutinize the details.

Here are 10 banks in Nigeria that offer loans without collateral:

  1. Access Bank: Access Bank offers various loan products, including Payday loans and the W Power loan, which supports women-owned businesses. They also provide loans for medical services like IVF treatments.
  2. First City Monument Bank (FCMB) Limited: FCMB offers auto loans, Premium Salary Plus for extra funds, and SME working capital loans for businesses.
  3. WEMA Bank: WEMA Bank offers School Support Loans, Personal Loans, and SME loans to support different financial needs.
  4. GTBank: GTBank’s Quick Credit offers loans to salary earners, School Fees Advance helps with tuition fees, and Auto Loan Scheme finances car purchases.
  5. Zenith Bank: Zenith Bank offers Zenith Salary Advance, Asset Acquisition Scheme, and SME loan services with flexible collateral requirements.
  6. Fidelity Bank: Fidelity Bank offers Fast and Easy Loans for salary account holders and SME funding schemes.
  7. First Bank of Nigeria: First Bank offers Personal Home Loans, Contract Finance, and unsecured loan options.
  8. United Bank for Africa (UBA): UBA provides No Wahala Loan for quick funds, Executive Loan for premier customers, and Cash Collateral Loan using cash deposits as collateral.
  9. Stanbic IBTC: Stanbic IBTC offers Home Loans, Vehicle and Asset Finance, Cash Loans, and Salary Advance services.
  10. Sterling Bank: Sterling Bank’s Specta platform offers quick loans, including My Own Loan, All-Purpose Loan, rent loan, holiday loan, and educational loan.

To increase your eligibility for a bank loan, maintain a good credit score and demonstrate a stable income source. Avoid potential loan scams, understand interest rates, and be aware of the consequences of not repaying loans.

Remember, each bank has unique features, so choose the one that best suits your needs. Conduct thorough research before deciding on a loan provider. Good luck on your journey to securing a loan in Nigeria!