1. OKash.

OKash is an automated lending platform under OPay in charge of disbursing loans to applicants.

Getting a loan from OKash could take only a matter of seconds and funds are credited almost instantly upon approval.

Their interest is dependent on your loan amount and tenor (ranges from 30-365 days). The payable interest could vary from 9% to 35%.

For a new member, you’re at liberty to borrow as low as N3,000 to as high as N30,000. This is perfect for students and individuals in need of quick cash to cater for immediate needs.

You can apply for loans on Okash through their official app. The app is simple and very easy to use.

To get a loan from Okash without collateral, simply install the app from the Android Playstore and sign-up for an account. Log in and fill in relevant details to kick-start the loan application process.

Upon approval of your application (which takes less than 5 minutes), you will be credited with your loan amount almost immediately.

2. QuickCheck.
This is an online application that provides quick loans to Nigerians without the requirement of collateral.

Their service is offered through their android mobile app which you can get via the Google Playstore.

The loan amount ranges from N1,500 to N500,000. With tenors from 30 to 365 days. Interest rates are between 2-30% depending on your loan amount and duration of repayment.

The loan offered by QuickCheck is great for individuals looking for instant cash to cover quick bills such as school fees or health-related medical bills.

It’s also convenient for small business owners who need quick loans to cater for operational costs such as the purchase of supplies.

3. Carbon (formerly Paylater)

Carbon offers instant short-term loans of up to 1 million Naira with absolutely no collateral or documents required to acquire such sum.

Whether you’re a student, self-employed, or salary earner, loans offered by Carbon are instant and accessible no matter where you are.

To get an instant loan from Carbon, all you need to do is head over to Google Playstore and install the Carbon app. Then proceed to apply for the loan you need.

The only requirement is an android device, internet data connection and a valid ID.

Interest rates on Carbon are quite fair. As expected, interest rates hinge on the loan amount and the duration of time the loan is to be paid back (tenor).

The interest rate on your first loan starts at 5% monthly. However, subsequent loans attract lower interest fees with Interest ranging from 1.75% – 30%.

Nonetheless, Carbon loans are only best for servicing short-term debts and should be used only for emergency needs.

Do not make the mistake of using Carbon loans to service long term debt as such action would incur higher interest rates when compared to other types of loans.

4. Branch.

Branch is a multinational loan service that offers loans to people living in countries such as India, Mexico, Kenya, and Nigeria.

For folks in Nigeria, you can get loans from a low as N1,000 to a maximum amount of N200,000. Their rates range from 15–34%.

You are at liberty to choose your repayment duration. It ranges from a minimum of 60days to a maximum of 336 days.

To get an instant loan from Branch, all you’re required to do is to install the app from Google Playstore.

Create an account, apply for a loan that matches your financial needs, and then you’ll receive your loan within 24hours. No complex paperwork or collateral required.

5. FairMoney

FairMoney offers its financial services via its mobile application. However, not only can you get quick loans, but you can also carry out other transactions such as bill payments (Cable TV, airtime top-up and data subscriptions) with no transaction cost.

You can access loan amounts between N1,500 to N500,000 with repayment periods from 60 days and above. Monthly interest rates range from 10% to 30% with no additional fees or hidden cost for processing your loans.

To get a quick loan from FairMoney, all you need is to install their app, provide relevant details such as your phone number and BVN and you’re good to go.

6. GroFin:

GroFin is a financial lending platform that offers loans to small and medium-scale businesses in Africa and the Middle East. Their loans are targeted at individuals and SMEs seeking cash loans to finance their businesses.

They are a reputable organisation which was established in 2004 with their offices currently across 15 countries.

Loans offered by GroFin are much larger than those offered by the platforms listed above. Hence, their process for application and approval is a little bit more rigid.

Investment criteria:

Your business must be within one of the following sectors: Agric-processing, Education, Healthcare, and manufacturing and other labour-intensive businesses. Also, your business must have been in operation for at least one year to show your competence.

The loan amount ranges from $100,000 to $1.5M with a repayment term of 3-8 years and requires no collateral.

To apply for a loan, you simply need to head over to the GroFin official application page and fill in the application form to begin the process.

7. SMEDAN:

SMEDAN stands for Small and Medium Enterprises Development of Nigeria. It is a government-owned agency that offers financial assistance to small and medium-scale enterprises under.

SMEDAN loans require no collateral and anyone in Nigeria is eligible to apply. The loan application process can be started on their website via a mobile phone or laptop.

You have the option to choose the type of loan you desire with the corresponding amount. Either personal, business, or mortgage loans. Upon completing the form, submit to check whether a loan is available to meet your request.

8. C24 Limited.

C24 is an online financial institution which provides retail loans for individuals and businesses in need of quick financial solutions. Getting a loan from them is fast and doesn’t require a collateral.

Only applicants between the ages of 22 and 55 years may be eligible for application and must reside within Lagos State. You must be employed or at least have a verifiable means of monthly income.

C24 is predominantly targeted at employees who have a regular paycheque. However, if you’re employed and seek to begin a side hustle, you could apply also.

You can access loans of up to N3 million with a maximum tenor of 12 months. C24 offers one of the most competitive Interest rates in the market depending on the amount and loan duration (tenor).

To apply for a loan on C24, simply visit their website and commence the process. Upon approval, your loan can be collected within 24 hours.

Source: https://digitalcora.com/quick-loan-without-collateral-nigeria/