Getting instant loans in Nigeria without salary account was almost impossible until the advent and boom in the FinTech industry, as companies providing financial services leverage on technology to meet the daily financial needs of individuals and small and medium scale enterprises (SMEs).
Whether it’s a personal loan, medical loan, rent loan, auto loan, education loan, business loan, or just to buy some home products – you can get your loans in Nigeria without salary account and your debts sorted out in a matter of minutes without stress, and without the collateral or guarantor required for traditional bank loans.
In some circumstances, the interest rates on the loans are lower than those offered by most Nigerian commercial banks.
All of these money-lending apps require two things: your mobile phone number and your bank verification number (BVN). Most of them, once you register on the app, authorize your loan and disburse it to your provided bank account within a few minutes.
Not everyone in Nigeria has something they can use as collateral to get a loan. This is why unsecured loans are so crucial. Today, company owners and individuals can apply for instant internet loans without pledging any assets as collateral.
ALSO READ: Top 7 Best Loans Without BVN In Nigeria
One of the primary challenges of doing business in Nigeria is a lack of finance. Lenders examine creditworthiness and ability to repay within a specified time frame and may authorize an amount of loan based on that evaluation with the new quick and easy online funding choices.
Here Are The Top 10 Mobile Apps That Provide Instant Online Loans In Nigeria Without Salary Account
- Aella credit
Carbon (Paylater): Formerly called Paylater, the Carbon mobile app offers more than just quick loans and is owned by One Finance & Investment Limited.
Aside the fact that you can easily get loans from N5000 to N1,000,000 repayable for a tenor of between 7 – 180 days, your account will be credited within 3 minutes of submitting your application on the app.
One of the amazing features of the Carbon app is its recently introduced Cashback option, which allows users to borrow money and be rewarded with up to 50 percent of the interest rate charged if loan is repaid before the agreed deadline. Its our first pick for loans in Nigeria without salary account.
It may even allow you to borrow money for a shorter period without any interest rate or for as low as 7.5 percent (monthly), if you’ve maintained a good credit scorecard with them (by repaying borrowed loan on or before due date).
2. Palm Credit
Individual users can get a loan of N2,000 up to N300,000 instantly without any collateral or paperwork with a weekly/monthly interest rate of between 8% to 24% for a limited tenor of 7 – 180 days.
Once you repay your borrowed loan on time, the app automatically increases your loan limit, Irene, a customer care agent with PalmCredit said when our reporter called their customer-care line. Its our second pick for loans in Nigeria without salary account.
PalmCredit Owned by Transsnet Financial group, the PalmCredit mobile app offers quick loans for short term needs in less than 5 minutes.
Branch One popular app that disburses loan in less than 3 minutes after applying is Branch app. With an equivalent interest rate of 20 percent per month, users can get personal loans from N1,000 up to N200,000 quickly, anytime, from anywhere without collateral for a tenor of 4 – 40 weeks, depending on your loan option.
You can complete its application process within a minute and receive your loan directly in your regular bank account shortly thereafter. Its our third pick for loans in Nigeria without salary account.
Presently operating in Nigeria, Kenya, Tanzania, India and Mexico, the Branch app also allows users to spread repayment into 4 weeks.
As you apply for loans and repay on or before the due date regularly, the app gradually reduces the equivalent interest rates per month to as low as 15 percent and also increases your loan tenor.
4. Quick Credit
Quick Credit owned by GTBank is known for its digital disruption of the Nigerian banking sector and innovations, the GTBank-backed Quick Credit offers individuals, especially salary account holders with the bank an opportunity to get quick loans to meet urgent individual needs. Its our fourth pick for loans in Nigeria without salary account.
Accessible through the GTBank mobile app, website, GTWorld and Habari app, the Quick Credit offers users an instant loan of N10,000 up to N5million for salary earners at a monthly flat interest rate of 1.75 percent. Its loan tenor ranges between 1-12 months.
Aside using the GTBank app to access the Quick Credit loan, anyone with a mobile phone can also access the loan by dialling its USSD code: *731*51*51#.
5. Aella Credit
Aella Credit: This user-friendly online loan app offers as low as N2,000, up to N1,000,000 within 10 minutes after submitting your loan application.
Initially launched as a loan platform for employees of companies in its network, the Aella Credit app also now offers individuals who may seek quick loans to meet urgent needs. It operates in Lagos, Nigeria; Accra in Ghana and Manila in the Philippines. Its our fifth pick for loans in Nigeria without salary account.
It also allows any registered company to sign-up and joined its network, just as employees in its network only need their name and employee ID number to get quick access to higher loan amounts with minimal interest rates.
With each timely repayment of borrowed money, users’ loan limit increases and while interest rate reduces.
It offers users loan for a tenor of 30 – 60 days, starting at a 30 percent monthly interest rate; though this may reduce to around 4 percent once the user maintains a good credit report on the app over time.
Eyowo: Eyowo provides simple, digital and reliable financial services to anyone with a phone number.
Users can spend, send, receive, save and borrow money by dialling a USSD code: *4255# on their mobile phones or via the Eyowo mobile app or website or by just calling its IVR centre on 01-7001511, Eyowo CEO, Tomi Amao, said in a recent interview with Daily Trust.
With Eyowo, anyone can perform any financial transaction including sending and receiving cash, paying bills (even online with a virtual dollar card), as well as saving or borrowing money.
Other features of the Eyowo includes allowing users to scan to pay at any favourite cafe, retail stores or shopping malls for goods or services using a QR Code which can be generated on its POS terminals
ALAT If you’re tired of your regular commercial banks and feel like being in charge of your money directly, get the ALAT app.
Popularly referred to as Nigeria’s first full digital bank, ALAT is owned and managed by Wema Bank, one of Nigeria’s national heritage banks. Its our second pick for loans in Nigeria without salary account.
From opening a full-fledged bank account, sending and receiving cash to paying bills and carrying out other banking transactions in the comfort of your home or office, ALAT also offers users the choice of getting a free and customised Naira ATM card and virtual dollar card for ATM and online transactions.
Besides, it offers users 10 percent interest per annum on savings in the ALAT app and also gives them the privilege of applying for a loan without paperwork or bank officials’ visitation to any physical location within minutes.
It allows users to borrow as much as N200,000 without any collateral or guarantor as well as schedule money transfers or bills payment without hassle.
OKash: Accessing this mobile loan platform is only possible through the Opay mobile app, owned by the Opay Digital Services Limited/Paycom; though the OKash is independently owned and managed by Blue Ridge Microfinance Bank Ltd. Its our eight pick for loans in Nigeria without salary account
It offers users instant loans from N1,500 up to N50,000 for a repayment tenor of 7 to 90 days, at about 10 – 24 percent interest rate per month. It also promises to offer loans at reduced interest rates once a user becomes regular customer on the app.
9. Jumia One
JumiaOne: Aside serving as an online payment platform for Nigeria’s leading e-commerce site, Jumia Nigeria, the JumiaOne app also offers loan to its individual users without collateral.
Users can access loans by scrolling down to the ‘Financial Services’ section on the JumiaOne app and clicking ‘Loans’. Once you supplied all the information requested, including disbursement details, you get your alert within 10 minutes or less, depending on your internet network.
The JumiaOne app offers loans from N5,000 to N100,000 for a tenor of 15 – 30 days and even more days, depending on the user’s credit score with JumiaOne. Sometimes, users get loans at 15 percent interest rate for 15 days period while longer tenor attracts higher interest rates and can be as high as 30 percent monthly in some cases for a first-timer.
But it promises to offer bigger loans with lower interest rates on subsequent loans.
FairMoney: This loan app provides quick cash for personal finance, house rent, health emergency, business, education needs and car repairs without collateral or guarantor.
With a repayment tenor of 2 – 12 weeks, users can borrow money from N1,000 to N150,000 within few minutes of applying, based on your creditworthiness. Its our 10th pick for loans in Nigeria without salary account.
Also, it offers business loan for small business owners who plan to start up a business or to grow an existing business.
Frequently Asked Questions (FAQs) About Loans In Nigeria Without Salary Account
Can I Get A Loan If I Am Not Salaried?
Both salaried and non-salaried professionals can avail personal loans as long as they are meeting the eligibility criteria set by the lenders, most of the time slightly different from the latter. In fact, personal loans have become a go-to option for both types of borrowers in recent times.
Can An Unemployed Person Get A Loan In Nigeria?
As we have earlier mentioned, it is very possible to get a loan if you are unemployed. However, to qualify for a loan with any lender, you will need to have an excellent credit history. In addition to this, you must have a good credit score and an alternate source of income.
Who Can Help Me With Money Urgently In Nigeria?
Paylater is an easy and entirely online lending platform that provides short-term loans to individuals and small businesses in Nigeria to help cover unexpected expenses or urgent cash needs. With Paylater, you can access up to 500,000 Naira loan with no collateral.
How Much Can I Borrow From Fairmoney For The First Time?
FairMoney is an automated online moneylender that provides single payment loans, installment loans and payroll loans for borrowers. The amount borrowed is then deducted from your account. Their minimum loan amount is N10,000 and the upper limit for a new customer is N40,000 with no collateral or guarantor required.