How to Obtain Loans Without Collateral in Nigeria Within 24hrs for Free?


Many times we find ourselves with needs that we have to satisfy, an idea to execute quickly but in short of cash. This usually leaves us in a pinch as to what to do and how to get a quick loan without collateral.

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Accessing short-term credits to solve some personal and business problems can be problematic given that most banks require some loans to be secured by collateral.

Other times, the entity is a small or medium enterprise, and the amount needed is less than N50,000 (for a small business), and that can only be accessed via Micro finance bank which may take a long time.

While these banks give the loans, the interest rate is either usually high, processed slowly or both. Salary earners may also need quick personal loans to sort personal issues and may not be able to get much from banks.

Here are platforms that allow you (as an entrepreneur or a salary earner) to get quick loans without collateral within 24 hours. Some of these platforms offer as low as N7,000 loan and well into millions for a minimum of two weeks to a maximum of 12 months loan tenure.

Paylater/Carbon | Online Platform | Mobile App – Download Android App


Paylater/Carbon, an online service offered by One Finance & Investments Ltd allows registered and verified users to access loans as low as N10,000 for the first time. The platform founded in 2016 has been around for a while, and once you install the mobile application, you register, fill users details and loan application forms, a decision will be reached within minutes to see how much you can be granted.

Your BVN is required too as they will need to use it to verify that the individual applying for a Paylater loan is the same as the owner of the provided bank account. his is to ensure that your details cannot be used to apply for a loan without your authorization in the event a 3rd party has access to your account details.

Early repayment and referrals reward you with points which upgrades you to higher levels and badges. This also increases the amount of loan you can access. You can request a credit at any time and also pick how you want to repay.

The app also offers fund transfers and utility payments. You pay back using your Debit Card, quickteller platform via bank transfer. For more information, visit the paylater blog here.

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RenMoney | Online Platform

RenMoney, another platform founded since 2016 also gives out loans without collaterals and accessible via only a web browser. Renmoney offers different loans options with varying interest charges for clients so they can choose what they need the cash. They provide school fees loans for payment of school fees.

POS loans are offered to buyers of household items such as electronics, appliances, and furniture, so they buy on credit from selected partners in Lagos (Samsung and Yudala).

Smartphone finance loans for those who want to buy a new smartphone and pay in installments (RenMoney is in partnership with Airtel and Slot), etc. Whether it’s money to pay rent, cover school fees or buy a new fridge, RenMoney can help.

They offer cash loans of up to N5,000,000, conveniently spread over 12 months for new customers, and our flexible repayment pattern is specially designed to meet your needs. For more information visit the RenMoney blog here

Branch | Mobile App – Download Android App operates across Nigeria, Tanzania, and Kenya and offers credit too for anyone interested. Loans as low as N1,500 can be obtained for first timers though the interest rate is between 1% to 21%.

Branch makes it easy for people to access a loan, anytime, anywhere. Complete our application in seconds and receive your credit straight into your mobile money account.

Branch is like a bank in your pocket, there for you at all times. It needs a phone number or Facebook I for registration. More information about Branch is found here.

Aella Credit | Mobile App – Download Mobile App Here

Aella Credit

Aella credit provides something more than just collecting loans. It offers companies opportunity to allow their employees to borrow easily to have access to lower interest rates and higher amounts.

According to them “Aella Credit provides Instant loans to Africans who can prove a source of Income either through their employers or individually.”

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Companies register using the in-network option on their platform, and give them access to their employee database, employees download the mobile app and register, apply and have their loans sent to their bank accounts.

Also, other people can apply individually using the out-network option. Aella credit is protected using blockchain technology.

Payconnect | Online Platform

Payconnect is a marketplace that matches lenders to borrowers. Your bank alerts and other transactions that reflect on your phone are automatically analyzed and reviewed each time you receive an SMS/EMAIL Notification.

An approved Loan amount which you qualify for is highlighted on your dashboard. Relevant Documents to accompany your application are Government Approved ID Card (Drivers’ License, International Passport, National ID Card, or Permanent Voters’ Card). More information can be found here.

KiaKia Loans| Online Platform

KiaKia uses a chatbot (Mr. K) to provide a swift, smart, convenient way to borrow and lend out money in real-time. The bot assists and assesses you to determine how much credit can be granted to you. Registration is easy as no fee is charged.

C24 | Online Platform

C24 offers credit as high as N3,000,000 (three million Naira) to users. To be eligible, You should be between 22 and 55 years, and Applicant must live or work in Lagos State, Be employed (for at least six months) and get paid into your bank account.

Have a good credit history, and You must have a verifiable monthly income, You must have a pension account. Your application is subject to a credit check before approval.

C24 looks at your credit score with the Nigerian Credit Bureaus, employment history, spending patterns and other factors that will show a clearer picture of your credit-worthiness and will provide you with an instant answer online.

Zedvance | Online Platform

Zednance allows credit up to N3,000,000 (three million Naira) with payment spread across 12 months. Application requirements are similar to C24

Other notable mentions are QuickCheck ( Download mobile app here ) which aims to provide banking services to the large underserved portion of the Nigerian population has no access to proper banking services, which is a marketplace for lenders and borrowers, Snapcredit that allows employers give loans to employees indirectly, and Fair Money which requires a Facebook account

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Just cause there is no collateral doesn’t mean you can get away with not paying. Remember your BVN (Bank Verification Number) is still with them and you can be tracked and visited with legal action if found wanting.

Also, almost all the online platforms have a Credit score system which scores users low if they fail to pay early and also rewards them with high points for paying back on time. Defaulters will likely have their information shared with other platforms via the Nigerian Credit Bureau to prevent them borrowing you more cash.

Do well to go through their terms and conditions as well as interest rates before you apply for the credit as some of these platforms charge as high as twenty – thirty percent on interest.

Laurence Inyang
Laurence is a computer science graduate, an anime otaku, web designer, curious cat and wordpress lover. He loves writing about smartphones and few other opinions. He is here to give accurate information and also help people with his articles. You can reach him via any of the social media handles.