Top 10 Best Loan Apps That Gives Instant Loan In Nigeria Without Collateral

A loan is simply a sum of money given by one person, company, or organization to another person, company, or entity with the expectation of repayment with interest after a period of time. Anyone can offer out loans, and anyone can take out loans. Some loans, however, come with strings attached, such as collateral or documents.

Collateral is an agreement between a lender and a borrower in which the borrower pledges a specified asset to meet the loan repayment. Unfortunately, not everyone is capable of creating a physical asset. The good news is, the loan industry has progressed. There are some loan apps, websites, and organizations in Nigeria that provide loans without collateral.

Many people are looking forward for this opportunity. As a result, I decided to create a post about non mortgage lending apps in Nigeria.

In this article, we listed the best lending apps in Nigeria that provides immediate loans with no collateral.

1. FairMoney

FairMoney is a digital banking service that provides free digital transfers and quick loans up to ₦1,000,000. Over 5 million Nigerians use and trust this loan app for no-collateral loans.

This lending app does not only provide rapid loans; it also allows you to send money to anyone in Nigeria.

The Central Bank of Nigeria (CBN) has granted FairMoney a license, and all deposits are protected by the National Deposit Insurance Corporation (NDIC). There are no hidden costs or account charges. The interest rate is reasonable. Finally, every loan requested from FairMoney will be disbursed without the need for collateral.

How to get a loan from FairMoney without collateral

  • Download FairMoney app: before requesting any loan from FairMoney, you must download the app. The app is only available for Android phones.
  • Sign up for an account: After installing the app, you have to create an account with the platform before getting any loan offer.
  • Answer some questions to get a loan offer: Before you can get any loan offer, there are some questions you have to answer.
  • Accept loan offer: Once you get a loan offer from FairMoney, click accept to start processing your payment.
  • Get loan: After accepting the offer, your loan will be disbursed to your account within 3 to 5 minutes.

What we like about FairMoney

  • You can request up to five million naira.
  • Collateral not needed to get a loan.
  • FairMoney is licensed and secured.

What we don’t like about FairMoney

  • You need a good credit score to request high amount of money.
  • Interest rate is quite high.

2. Fast Personal Loans

The Fast Personal Loans app is flawless. This lending app is by far the most effective way to obtain personal loans for your small business or other pressing needs. This loan app provides the best interest rate without any collateral among other loan applications.

On the Fast Personal Loans app, you can borrow up to 200,000 without any collateral or mortgage. Within 1 to 3 minutes, your loan will be deposited into your account.

The app’s sign-up and application processes were simple. The software is simple to use, and there are no hidden fees during the loan application process.

How to get a loan from Fast Personal Loans without collateral

  • Download Fast Personal Loans: You must download the app before you can request a loan. For now, only Android users can access this app.
  • Sign up: You can’t get a loan from Fast Personal Loans without signing up.
  • Apply for a loan: Apply for a loan as soon as you finish signing up. During the application, you’ll be asked to fill a form before you get the loan.
  • Get loan: You will receive the money within 3 to 5 minutes.

What we like about Fast Personal Loans

  • Get a quick personal loan whenever you want.
  • Easy sign up and application process.
  • No hidden fees.
  • No collateral, no guarantors.

What we don’t like about Fast Money Loan

  • Password issues.
  • You need a good credit score to request more loans.

3. Branch

Instant loans of up to N100,000 and N300,000 are available through the branch lending app, as well as digital banking for transfers and investments. You can borrow money using branch without putting up any security and pay a 20% interest rate.

With this app, you can borrow, transfer, invest, or make money. The app is lightning quick in every way.

Your requested loan will be disbursed to your account in only 3 minutes.

How to borrow a loan from Branch

  • Download the app.
  • Sign up for an account.
  • Click “Get loan” at the top.
  • Fill an application form that’ll be given to you.
  • Accept loan offer.
  • Receive loan.

What we like about Branch

  • Get money within 3 minutes.
  • Endorsed by the CBN.
  • Longer repayment due time.

What we don’t like about Branch

  • Interest rate is slightly high.

4. Palmcredit

Palmcredit has proven to be one of the top online loan apps in Nigeria, with a low interest rate of 12%. You can borrow up to ₦100,000 and even more on this app without putting up any collateral.

You can borrow as many times as you wish within your credit limit using the Palmcredit loan app. On this app, you can perform a variety of other intriguing activities.

Furthermore, you can profit from the app even if you do not borrow.

How to request a loan from Palmcredit

  • Download Palmcredit app: This app can be downloaded on Play Store or App Store
  • Login or sign up: If you already have an account with Palmcredit, just login to continue. But if you haven’t, you must sign up, before you can request a loan.
  • Click Apply: At the top left of the app, click the apply button to request a loan.
  • Fill the application form: After clicking the apply button, an application form will be presented to you. Fill the form and click continue.
  • Receive loan: After filling the form, you’ll receive your loan instantly.

What we like about Palmcredit

  • Interest rate is low.
  • The platform is flexible and easy to use.
  • You can borrow as many times as you want within your credit limit.
  • Fast loan approval.

What we don’t like about Palmcredit

  • Frequent poor app upgrade.

5. Okash

Blue Ridge Microfinance Bank’s Okash is a popular loan app. You can borrow from ₦3,000 to ₦500,000 without putting up any collateral. This loan platform is secure and trustworthy. For fast loans, over 1 million Nigerians utilize and trust this loan app.

How to request loan from Okash

  • Install Okash on your device.
  • Register an account.
  • Request a loan by clicking apply at the top.
  • Fill the loan form.
  • Accept loan offer.
  • Wait and receive loan.

What we like about Okash

  • Fast loan disbursement.
  • No mortgage required.
  • You can request a loan up to ₦500,000.

What we don’t like about Okash

  • Credit limit issues.
  • The interest rate is high.

6. EasyCredit

Easycredit is one of Nigeria’s most popular and dependable loan apps. The EasyCredit app allows you to borrow up to ₦100,000 with no collateral. The sign-up and application processes are far more user-friendly than those of other Nigerian lending apps.

How to request a loan from Easycredit

  • Download Easycredit on Play Store.
  • Sign up for an account.
  • Click “Get Money” at the top right.
  • After that, fill in your information.
  • Accept loan offer.
  • Wait for 5 Minute to receive loan.

What we like about EasyCredit

  • No mortgage or collateral required.
  • Repay with ease.

What we don’t like about EasyCtedit

  • You can only request the maximum of ₦100,000.

7. GoCash

Do you need a quick loan of more than ₦100,000 with no collateral or documentation? Then GoCash should be the last bus stop on your route. Since 2020, this loan app has been providing loans to Nigerians without any issue.

How to request a loan from GoCash

Download the app, then sign up, or sign in if you already have an account. After that, apply for a loan and fill the form that’ll be given to you, and you’ll receive your loan instantly.

What we like about GoCash

  • Collateral is not required.
  • Gives instant loan.

What we don’t like about GoCash

  • The platform is not reliable.

8. Fast Money Loan

Fast Money loan app is a quick online loan lending app. This loan app was designed to assist Some Nigerians who are need of urgent loan with no collateral. You can borrow up to ₦300,000 on this app with low interest rate and a loan repayment period.

What we like about Fast Money Loan

  • You can get urgent loan without collateral.
  • Low interest rate.

What we don’t like about Fast Money Loan

  • The app crashes sometimes.
  • Not licensed by CBN.

9. Xcrosscash Loan

Without any doubt, Xcrosscash is Nigeria’s most underrated loan platform. Applying for a loan on this app is quick and simple, and receiving your loan is quick as well.

How to request a loan from Xcrosscash

  • Download and install Xcrosscash.
  • Sign up for an account.
  • On the app, click “Get Money Now” at the top.
  • Input your information.
  • Accept loan offer.
  • Receive your loan.

What we like about Xcrosscash

  • Fast, easy and convenient.
  • Offers quick loan cash.

What we don’t like about Xcrosscash

  • Credit limit hardly increase.
  • Charges are too high.

10. Xcash

Before you can borrow from the Xcash platform, you don’t need to provide any collateral. All you need is your phone and an application form to apply. You can borrow up to 100,000 Naira For your financial or personal needs.

How to borrow from Xcash

  • Download Xcash app.
  • Sign up.
  • Apply for a loan and fill in your information.
  • Accept loan offer.
  • Get your loan within five minutes.

What we like about XCredit

  • You can get loan up to ₦100,000.
  • The platform is safe and secured.

What we don’t like about XCredit

  • Frequent disapproval of loan requests.



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