Top Collateral-free Loans Platforms in Nigeria (2023)

Collateral-free Loans Nigeria -
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If you are looking for collateral-free loans in Nigeria, you made it to the right destination.

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Many people nowadays seek loans for personal and business needs, to settle bills, and cover expenses. Loans are no longer the sole reserve and responsibility of banks. Many lending platforms and organizations now provide quick and simple access to small and medium-sized loans, as well as rapid payment, low annual interest rates, and reasonable payback terms. These systems are secure and dependable, and they can be accessed via a smartphone app.

Although there are still worries regarding how collateral-free loan apps handle loan recovery in Nigeria, this has had minimal impact on the expansion and popularity of these platforms in the country. This growing popularity and patronage can be linked to a number of factors, including the speed with which loans are disbursed, the ‘collateral-free’ provision, tailored repayment plans, minimal documentation, and so on.

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Top 6 collateral-free lending platforms in Nigeria

In this post, we will discuss various reputable platforms for obtaining collateral-free fast loans in Nigeria in 2023.

#1. FairMoney

One of the most popular borrowing apps in Nigeria is FairMoney. It is also one of the most downloaded lending applications in Nigeria, alongside Palmcredit (which we’ll see below). Loan amounts on FiarMoney vary from 1,500 to 500,000 naira, with repayment terms ranging from 61 to 180 days. Furthermore, FiarMoney offers a reasonable exchange rate ranging from 10% to 30%.


Aella-Credit is creating solutions to make it easier for Africans to obtain loans. The firm, which largely focused on employee finance and empowerment, collaborated with Nigeria’s three major credit bureau companies to provide its consumers with quick, fair loans with minimal paperwork. Aella Credit loan interest rates typically vary from 4 to 29%, with loan terms ranging from 30 to 60 days.

#3. Carbon

Carbon, formerly known as PayLater, is an easy-to-use, entirely online lending platform that provides quick loans to Nigerian residents and small businesses to help with unexpected bills or urgent financial needs. The platform allows you to obtain a loan of up to 500,000 Naira without putting up any collateral. After your application is accepted, funds are usually provided within 1 to 3 business days. If you make on-time payments, you may be eligible to obtain a loan with a higher credit limit.

#4. Palmcredit

Palmcredit is one of the most downloaded loan applications in Nigeria, with over 5 million downloads – and certainly one of the most used. One of the benefits is that you to apply for a loan of up to 300,000 naira in less than three minutes. You don’t even need collateral to apply for a loan using the app.


KiaKia is a digital lending platform for Nigerian businesses. The platform’s unique credit score and credit risk assessment system employs psychometry, big data, machine learning, and digital forensics. This enables millions of people and SMEs with no credit histories to obtain direct and peer-to-peer personal and commercial loans. “KiaKia” is a Nigerian acronym that means “Fast.” They argue that the solution is not only quick and simple but also incredibly efficient and productive.

#6. Branch

Branch is yet another reliable loan app that allows you to obtain up to N200,000 in 24 hours for as little as N1000. Repayment takes 4 to 40 weeks, and interest rates vary based on the amount of the loan and the user’s repayment history. You don’t need any collateral or proof to get a loan through this site; all you need is your phone number and a bank verification number.

Eligibility Requirements

All you need to get collateral-free loans on any of these platforms in Nigeria is a smartphone and a form of identification (National identity card (NIN), Bank Verification Number (BVN). You will also have to give them access to your contact list. If you fail to repay, some contact on this list may be contacted.