In this article, you will learn how to get loans in Nigeria without a salary account or collateral and the
institutions that offer such services.
In a time of economic meltdown and extreme inflation, the usual N20,000 monthly income is not
sufficient to cater to needs.
Starting up and running a business become more capital intensive, savings are not enough to
purchase huge properties and some of us need the “urgent 2k” for necessities.
Getting Loans in Nigeria Without a Salary Account/Collateral: Things to consider
A loan is a sum of money that a person borrows from another with the condition that it be “returned or repaid over time or at a later date (sometimes with interest).”
Well, I know you know what it means, but it means that there are things to consider in getting a
- The amount of money.
- The terms of repayment.
- And the interest rate.
These terms differ depending on the lending organization and they also determine your choice
of the lending organization.
Most banks strictly require you to possess a salary account.
If you do not have one either because your self employed or your salary is not paid into an
account, and you desire a loan, I have ways for you to get a loan
Where can you get loans without possessing a salary account?
Several organizations offer personal loans. I organised them into groups for ease of understanding:
1. Microfinance Banks
Microfinance banks are one of the best places to get loans in Nigeria without a salary account or collateral.
Microfinance Banks offer credit facilities to individuals and Small and Medium Scale Enterprises. Some of them offer loans of up to N50 million.
The interest rate and ranges from 5%-6% with a tenure of 1 month to 24 months, both
depending on the loan.
The size and would be stated during the application.
You would also need to be resident in the city where the bank is located.
Some of the microfinance banks that offer loans without salary account are Baobab group,
EaseMoni, Kuda, Advans Nigeria, AB Microfinance Banks, and others.
You can visit their offices to apply for a loan. However, many of them have online platforms
where you can get further information and also apply for loans.
2. Online lending platforms and apps.
Recently, there has been an abundance of lending platforms that can be accessed on their
websites or apps.
They have fast processing times, low-interest rates, and do not require collateral.
You may need to submit a bank statement to show that you have a source of income while
others require an active account or debit card where cash can be withdrawn from at the time of
Some of these platforms use Artificial intelligence to predict the repayment ability of the
applicant using his account details.
You can try out Renmoney, Jumai Pay, Opay, Coolbucks, Specta, Lendigo, Moneypal or
Zedvance, Easy credit, Loanspot, Aella credit, Fairmoney, Branch and others.
Online and in-app, you only need to fill in your details required by the loan application form, and
your application is approved, you get various responses which can be either a confirmation
email or instant credit.
Some requirements are:
- Personal details such as address, phone number, date of birth, local government of origin.
- A verifiable source of income.
- Bank statement and account details
- Government issued ID card.
- Utility bill bearing your address.
3. Digital banks
Some lending institutions have gone further to provide all banking and financial services.
They are apps where you can scroll down to the options for loan applications and get fast and
Some of them require you to have an account with them, such as ALAT. Another example is Carbon, Mint, and Kuda bank.
Remember to always make detailed research into the requirements and terms of the lending institutions to make informed decisions.
You can use an online tool like Loanspot Africa to compare loans across different organisations.
Don’t you fret over the possibility of getting a loan anymore, as I have shown you how to get loans in
Nigeria without a salary account or collateral.
I hope you find this guide useful. If you do, also consider reading other similar articles we have written on getting a loan in Nigeria below.
- How To Get Loan From Kwikcash
- Tradermoni Loan Review
- Renmoney Loan Review
- Best Loan Apps in Nigeria
- Types of Lapo Loans and their requirements
- Bank of Agriculture Loans
- How To Get A Loan From LAPO
- KIAKIA Loan Review
If you have any question arising from this article, kindly drop them in the comment section below. They’d be attended to in a very short time.