How To Get Loan in Nigeria Without Collateral | 2023 Latest Guide

Written by Benjamin Adewumi

In recent times, loans have taken a different dimension with a couple of various service providers that help you get a loan in Nigeria without collateral. With no proof of employment or visiting a bank for paperwork, one can get a loan in Nigeria. These loans are always paid back within a period of 15 days to 7 months.

Requirements to Get Loan in Nigeria Without Collateral

  • BVN
    Bank detail
    Credit card
    Active mail address
    Android phone

Applications used To Get Loan in Nigeria Without Collateral

  • Opay (OKash)
    Fair Money
    Palm credit
    Get cash
    Quick check
    Aella Credit

Among the above-listed applications, Opay seems to be the most used in recent times. Not only known for their fair customer treatment, but their interest rate is also low, they award customers for referrals, their payment system is more favorable compared to the other loan applications. The system is secure.

How to Use any of the App to Get Loan

To use any of the apps, kindly click on any of them that got your attention, there you’ll see how they work;- That’s if it requires that you download the app or use it online.

How To Get Loan in Nigeria Without Collateral  With Wema ALAT

This is with ALAT by WEMA. It requires a low-interest rate. No paperwork, no visitation to a physical location is required, and it takes two minutes between acceptance of offer and loan disbursement. You can also borrow as much as Two million naira without collateral.

How To Get Loan in Nigeria Without Collateral with ALAT by WEMA

Log in or sign up to ALAT
Go to menu
Click on loans
Read through the ALAT disclaimer
After successful evaluation of credit and checks. A loan offer will be oriented with the applicable interest based on the user’s risk score
Read thoroughly through the terms and conditions. This will contain your account debited at the loan due date from your provided debit card details.
Your account will be instantly credited

How ALAT Loan Interest Rate Works

This is a loan scheme that is structured to help and this is evident in its loan scheme. It is fair and less demanding.

Salary earners are eligible for a minimum of #50,000 (fifty thousand naira only) to #4,000,000 (Four million naira). Within few hours. And the payback period is within 3-24 months with an interest rate of 2% monthly.

Paying Back The Loan

When the set payment date has arrived, and the instant loan is still outstanding, you will get a repayment notification from ALAT BY WEMA which immediately after the notification, your account will be debited.
The customer gets a repayment notification
You can also repay the instant loan from before the payback set date from the Bills Payment option on the menu bar.

For more information, visit their official website;

You can also get a collateral-free loan for your business. There are many start-up loans and grants for businesses. This assists in supporting, financing, building, and developing small businesses.

In conclusion, getting loans without Collateral in Nigeria gets easier by the day. With the presence of these loan applications and websites, one can easily get a loan from the comfort of his/her house. The amazing part about all these is that it requires no paperwork. I hope you found this helpful.

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