The 5 Best Quick Loan apps without collateral in Nigeria

If you have been looking for the best quick loan apps that give instant loans without collateral in Nigeria, then look no more.

We all have been in that situation when we need instant loans for one need or the other. Maybe a loved one is sick and there is an unbudgeted hospital bill to be paid, or you need to pay your school fees before the deadline, or your rent is due and you need just small money to balance it up to avoid being embarrassed by your landlord.

A lot of people would attest to being in at least one of the above situations at a time. It’s absolutely normal. There are even rumours that Dangote takes loans too, so who are you? Lol

One of the most annoying things about loans is the paperwork. Before now, applying for a loan in Nigeria used to be a tug of war. You will have to go into the bank, fill forms upon forms which always end with your signature at the end of each.

And after that, you’d have to wait days hoping and praying that you find the favour of the manager and he approves your loan.

Well, things have changed a lot now. With your smartphone in your hand, you can apply for a quick loan online and it would be sent to your bank account within 24 hours. Now, how is cool is that?!

In this article, you will find a list of fast loan mobile applications in Nigeria in 2020 on which you can apply for a loan and get it within 24 hours. Let’s go

5. Branch

Branch provides loan without paperwork or hassles. With this quick loan app, you can get up to N150,000 loan over time.

To build trust and establish a relationship, your first loan on the app is usually very small. But once you refund it, the app starts to build your creditworthiness and increase the money overtime. Before you know it, boom you are qualified for N150k!The 5 Best Quick Loan apps without collateral in Nigeria

Their interest rate ranges from 1% to 21% depending on your banking history and how quick you refund loans.

Branch is one of the best quick loan apps in Nigeria and it’s also available in Mexico, India, Kenya and Tanzania.

Their variety of loan offers include travel loans, business loans, emergency loans, medical loans among others.

Branch has four loan repayment options. First, you can use your ATM card to pay directly from the app by simply entering the card details.

You can pay with your bank account, though this is currently not available to all banks. Also, you can pay with a direct bank transfer from your bank’s mobile app or ATM. And finally, you can with USSD code (for GT bank customers only)

Download Branch quick loan app to get started.


4. Carbon

Formerly known as Paylater, Carbon is one of the best quick loan apps in Nigeria that provides quick loans of up to N1,000,000. They are powered by One Finance and Investment, and like most Fintech startups, they are duly registered and regulated by the CBN (Central Bank of Nigeria).The 5 Best Quick Loan apps without collateral in Nigeria

With your smartphone in hands and from the comfort of your bed, you can get a loan directly to your bank account from Carbon, all these between a couple of hours.

By the way, Carbon is not just a loan app, it’s also an investment app and financial transactions app. More like a complete fintech application. You can invest, save, transfer funds, pay bills and do all sorts with the Carbon app.

You can pay back your loans on carbon through ATM card directly from the app, through quickteller, and bank transfer to their GTB account with the name Carbon and account number 01217599035.

Download Carbon instant loan app to get started.

3. Okash

You ready know of Opay, Oride, Ocar and all the other Os. One of them is Okash.

Okash is one of Opay’s products and it’s an automated lending service that’s focused on increasing access to the best quick loan apps facilities in Africa.The 5 Best Quick Loan apps without collateral in Nigeria

Okash provides quick loans to Nigerians with urgent financial needs. The application hitch-free and their customer service is top-notch.

Approval and disbursement of loan sometimes happen in less than 5 minutes. In other words, you may even receive alert before dropping your phone after applying. Their interest varies depending on the repay term.

Their different loan offers include education loan, payday loan and business loan.

You can repay your Okash loan directly from the app by entering your card details. Alternatively, you can make direct Transfer to their Zenith Bank account with the name Blue Ridge Microfinance bank limited and the account number 1130085518.

Download Okash instant loan app to get started.

2. PalmCredit

A product of Transnet financial group, PalmCredit is one of the best instant loan apps that give quick loans without collateral. They give fast loans of up to N100,000 in less than 24 hours.The 5 Best Quick Loan apps without collateral in Nigeria

Their interest rate ranges from 12% to 24%.

The application is usually simple and quick.

To apply, simply download the app from your preferred store register and fill out the short form and you’re on your way to getting the money in less than 24 hours.

You can pay back your loan on Palmcredit by paying with your card directly from the app. The other option making a cash transfer to their Access Bank account with the name Transnet financial Nigeria LTD – Consuming finance and the account number 0772692676.

Download Palmcredit quick loan app to get started.


1. Fairmoney

Fairmoney money is another great instant best quick loan apps in Nigeria with loan options ranging from N1,500 to N150,000 which can be paid back in one to three months.

The 5 Best Quick Loan apps without collateral in Nigeria 2020

The app uses some loan calculating technology to instantly determine whether or not you qualified for a loan and the amount you’d get using the information you provide to them.

Like most quick loan apps, the faster you pay up your loan, the higher the funds you are qualified for.

Their interest rate is between 10% and 30% monthly.

To repay your loan on Fairmoney, simply tap on the repayment option on the app. But alternatively, you can make a direct bank transfer to their account number which is available on the app.

Download Fairmoney instant loan app to get started.

In Conclusion, when it comes to selecting any of the above mentioned best quick loan apps discussed above, be rest assured they are all stress-free by sleeping following each app set up process.

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