Top 8 Banks Offering Business Loan Without Collateral In Nigeria

Today QUICKLOAN ARENA reports on the top 8 banks offering Business Loan Without Collateral In Nigeria. This categories of businesses are a critical sector of any nation’s economy and Nigeria is not different.

Banks offering business loan without collateral in Nigeria are equally critical to the survival of the sector. SMEs need loans to sustain their working capital, to invest and expand their productive capacity for better output and increased bottom line. Without the access to funds and funding which most times are through loans, small businesses run the risk of becoming stunted, unproductive and unsustainable.

Banks Offering SME Loans Without Collateral In Nigeria
Business Loan Without Collateral In Nigeria

Why Business Loan Without Collateral In Nigeria?

In Nigeria, SMEs contribute 48% of national GDP, account for 96% of businesses and 84% of employment. According to the Nigeria Bureau of Statistics, (NBS), small and medium scale enterprises (SMEs) in Nigeria have contributed about 48% of the national GDP in the last five years.

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Because of this, some Nigerian Deposit Money Banks (DMBs), otherwise called as Commercial Banks are pushing for unsecured lending, a loan that does not require a collateral from the lender, as demand rises among small and medium enterprises (SMEs) in Nigeria.

Increase in Demand for Business Loans Without Collateral In Nigeria Increasing

As seen in the latest data from the Central Bank of Nigeria (CBN), demand for loans without collateral in Nigeria has been on the rise but lower than the demand in the pre-COVID-19 years.

The CBN’s latest consumer credit report shows that demand for unsecured credit cards another form of SMEs loan without collateral rose to 9.4 index points in the fourth quarter (Q4) of 2020 from 4.9 points in the first quarter of the same year.

List of Deposit Money Banks Offering Business Loan Without Collateral In Nigeria

The following are some of the Deposit Money Banks offering business loan without collateral in Nigeria.

  1. Access Bank
  2. Fidelity Bank
  3. First Bank
  4. GTBank
  5. Polaris Bank
  6. Standard Chartered Bank
  7. Union Bank
  8. Zenith Bank

1. Access Bank

Creative Sector Loan

The creative sector loan is a Central Bank of Nigeria initiative aimed at capacity building and employment creation for SMEs currently into any of the following. It doesn’t require a collateral.

  • Fashion
  • Information Technology
  • Movie Production
  • Movie Distribution
  • Music
  • Software Engineering Student Loan


Low cost-single digit funding for your business
Flexible structure and repayment plans
Opportunity to achieve your long term business goals
Excellent financial advisory service

How it works: Eligibility Requirements

  • Prepare your business plan or statement on how much you want for your business.
  • Go to any Access bank branch with the above mentioned document or apply online through our Creative sector loan portal
  • Their Relationship officers will contact you for further discussion and process your loan request.
  • The maximum interest rate of 9% per annum (all charges inclusive) is applicable on all loans.
  • The repayment period is a maximum of:
    a) 3 years for Software Engineering Student Loans
    b) 10 years for Movie Production & Distribution, Fashion, Information Technology and Music

Interested? Click here to fill in your details.

2. Fidelity Bank

Fidelity Bank is one of the banks offering business loan without collateral and it has various products for Small and Medium Scale Businesses tailored to help further ease the poor-access-to-finance burden confronting MSMEs in Nigeria in line with their avowed desire to be at all times, the go-to bank for funding and allied support for MSMEs powering the growth and development of the Nigerian economy.

These bespoke financing/loan products are detailed below:

  • Cluster Based Quick Loan Products
  • More Quick Loan Products
  • Loan Products for Specialized MSME Segments
  • Development Finance Loan Products

Development Bank Of Nigeria (DBN) On-Lending Scheme For SMEs And Small Corporates

Fidelity Bank Plc, on the strength of the successes of its various interventions in the MSME development space, is a leading participating financial institution (PFI) in the DBN On-lending scheme for SMEs and small corporates.

This on-lending scheme is an alternative funding window that avails loans to eligible MSMEs playing in any sector of the Nigerian economy, at less-than commercial rates.

Eligible Customer Class:
SMEs and small corporates playing in any sector of the Nigerian economy and whose businesses are structured.

Loan Structure: Term loan, for working capital and asset/expansion finance support.

Single Obligor Limit: From N5m to N720m

Tenor: Up to 60 months

Get in touch with the bank and apply for your loan.

3. First Bank

First Bank SME Products Financing is tailored with the fact that Small and Medium Scale Enterprises, SMEs are key drivers of the economy, which is why, according to them, they have designed these loans facilities to support the growth of customers’ businesses running SMEs with required funds. Many of the SMEs loan scheme does not require collateral.

First Bank has the following  featured SME Products Financing Options

  • Import Finance
  • Oil and Gas Contract Finance
  • Cement Distributorship Finance
  • Invoice Discounting Finance
  • Bonds & Guarantee
  • Telecommunications Distributorship Finance
  • Petroleum Dealership Finance
  • FMCG Key Distributorship Finance
Others include:

Operational Vehicles
Local Purchase Order Finance
Secured Overdraft
First Trader Solution (FTS)

For more details about First Bank various SME loan option, CLICK HERE.

4. GTBank

Gtbank operates a loan scheme, QuickCredit for Small Business and SMEs. The bank says with this scheme, you shouldn’t have to run around, to run your business.

The GTB SME Loan called Quick Credit for Small Business is a time loan product aimed at financing the working capital (i.e funds needed for day to day needs) of SMEs in the Education (creche, primary & secondary schools) and Healthcare (Hospitals, Retail Pharmacies and Diagnostic Centres).

Eligible to prequalified customers
1.5% per month (16% per annum)
Customers can access up to 50% of average annual turnover
Loan tenure is 6 months (12 months for schools)

You can open a corporate account and operate it for 12 months before applying for the credit facility


  • Funds are disbursed instantly
  • Eligible customers can apply via GAPs/GAPslite platform
  • Repayment is structured in two ways: Monthly interest payments and quarterly principal repayments (option is only available for schools) Equal monthly repayment of principal and interest

How to Apply

Simply select Loans and click on QuickCredit for Small Business on GAPs/GAPsLite platform and follow the prompts.

To Apply for GTB QuickCredit for SMEs, CLICK HERE

5. Polaris Bank

Polaris Bankk small business Loan without collateral scheme is geared towards nurturing businesses for growth and by implication bridging identified gaps in the customer’s business. According to the bank, “One of those gaps is funding gap and as a Bank, we have the following loan solutions for our SME customers.”

To get more information and application details on Polaris business Loan, CLICK HERE

6. Standard Chartered Bank SME Loan

Standard Chartered Bank recently launched a product known as Smart Business Loan (SBL), a non collateral lending product, targeted at supporting the growth of SMEs.

Smart Business Loan (SBL) provides access to credit of up to N20million for your SMEs loans without collateral in Nigeria.


  • No Collateral Required
  • Available to both Existing and New Clients (no waiting period)
  • The repayment plan can be structured to suit your business and flexible for up to 2 years
  • Easy access to the loan through our digital application forms and automated repayment process.
  • If you need additional financing during your loan tenor, we can offer you a top up after 12 months if regular repayments are made.

To apply for Smart Business Loan, CLICK HERE.

7. Union Bank

Whatever your business needs are, Union Bank claim to have the right business loan without collateral to help meet your small business need.

“At Union Bank, we support your whole value chain of suppliers and buyers with short-term loans for SMEs that are key and sub-distributors,” the bank states.

Union Bank offers Cash Flow Lending, which is a working capital to help meet short-term business needs of customers. Its features include no collateral required, affordable interest rate, maximum tenor of 12 months, maximum loan amount of N10 million.

The bank also offers invoice discounting Finance Quick cash flow for businesses, featuring no collateral, affordable interest rate, and maximum amount of N50 million.

To get more information and application details on Polaris SME Loans, CLICK HERE

8. Zenith Bank SME Loan

Z-Woman is Zenith Bank’s (N10m) single-digit loan product for female-owned businesses for all sectors primarily geared toward growing the SME sub-sector and diversifying its customer base.

The loan is for female-owned businesses with shareholding of 50 percent or any majority shareholding provided it is owned by a woman.

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