Do you need a reliable loan without ATM card or any form of card binding to a lending application? In this article, I will be discussing the best loan apps without ATM card that borrowers can use to access instant online lending in Nigeria. All the lending applications reviewed below do not require inputting either your debit card or your ATM card. Please abstain from taking loans from fake loan apps that access your phone database and send shame and defamatory messages to your contacts.
ATM called Automated Teller Machine is an electronic machine that allows the use of bank cards which are called ATM cards or debit cards for withdrawing cash or to facilitate electronic payment or online banking transactions through a financial institution or a payment gateway. If a bank allows its debit card card, you can also make deposits into an account with the card during and outside regular business banking hours. The ATM card can also be used to set up automatic debit to an account and it always requires a PIN (Personal Identification Number) before it can be executed.
Best Loan Without ATM Card Binding in Nigeria 2023
The best instant loan apps in Nigeria that approve fast borrowing without asking you to input your ATM or debit card are Branch, Aella Credit, QuickCredit, FairMoney, Renmoney, Okash app and GTB Quick Credit. These online lending applications are very credible and reputable and approve loan instantly just with your smartphone without collateral, documentation or any card binding.
1. Branch App
Branch is the world’s leading digital loan app for personal and business finance and the first on our list of popular loan without ATM card or card binding in Nigeria. Branch app makes it easy for borrowers to get quick loan up to ₦500,000 without any form of debit card, in addition helps to transfer money for free, and enjoy investment yields of 20% per annum.
Branch lending platform provides access to instant loans without you inputting you binding your debit card to their application and without collateral or physical office visit. Loan amount ranges from ₦2,000 to ₦500,000. Depending on the loan amount you select, Branch monthly repayment will be available for you which is averaged at 60 days (2 months). Monthly interest ranges between 2.5% to 20% and APR of 18% to 260%.
2. Aella Credit App
Aella Credit is yet another leading digital loan without ATM card in Nigeria. This application does not require debit card or card binding to your application. With this app, it shouldn’t be difficult to borrow quick loans and get instant cash for yourself or for your business. The app allows you to borrow money, to invest, increase productive capacity, pay bills, and get more working capital for your business. With Aella, all these are available at the snap of your fingers.
Aella Credit app has a monthly interest rate of 2% to 20% and APR of 22% to 264% per year. Loan amount ranges from N2,000 to N1,500,000 while monthly payments range between 2 months to 12 months.
3. QuickCredit App
Quick Credit is a loan app hosted on google play and set up to provide Nigeria mobile users with convenient lending services between N1,500 toN50,000. Quick Credit loans do not require an ATM card nor a debit card to apply for Quick Credit loan. With simple steps and minimal documentation, users can get qualified loan products which is 100% online process. Once approved, the loan amount will be immediately transferred to the applicant’ s bank account.
4. Fairmoney App
FairMoney is a top digital lender and one of the best lending platform that approve quick loan without ATM card or debit card. Loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%). The app uses artificial intelligence to analyse your bank records and validate your BVN to make lending decisions. The loan is 100% online, with no collateral, debit card or documentation required to access cash loans.
5. Umba App
In the list of the best loan apps without card binding with a loan app or ATM Card submission, Umba is a top option that allows users to apply, drawdown and repay loans directly from their smartphone or desktop computer without inputting any debit card.
Once an individual is verified, the loan platform says it can make lending decisions which are based on an assigned risk rating. Umba app is hosted on google play store and it does not require any collateral or documentation to access its quick loan.
6. Renmoney App
Renmoney is one of the very best loan without ATM card or debit card in Nigeria. With Renmoney, you can apply for a convenient loan up to N6,000,000 to meet urgent or working capital for growing your small business, renovating your home, buying a new car, paying rent, school fees, medical bills, and the good thing is that your loan is approved without a debit or ATM card.
7. OKash App
Okash is one of the popular loan without ATM Card in Nigeria and it gives you easy access credit anytime, anywhere nationwide. Okash platform is convenient for Nigeria mobile users and it’s managed by Blue Ridge Microfinance Bank Limited. OKash fulfills customers’ financial needs completely online 24/7. The application process takes just a few steps with minimal documentation and the approved loan amount is transferred to the applicant’s bank account
With Okash, you can apply for a loan without binding your ATM Card, without paying processing fees, deposits or guarantees, and you can get up to N500,000.00 disbursed into your bank account within few minutes once your loan is approved. The process is completely paperless, no collateral or documentation is required. All the steps can be done online.
8. GTB Quick Credit App
Gtbank Quick Credit is the digital lending platform of the bank where account holders can apply for loan without ATM Card and get an instant cash between N10,000 and N5million disbursed into their account. It’s one of the numerous loan apps that doesn’t require debit card for loan approval. Whether you are a salary earner or self-employed, you can get the cash loan instantly, up to N5million at an interest rate of 1.5% monthly and pay back over 6 – 12 months.
9. PalmCredit App
Palmcredit is a top digital lender in Nigeria where you can borrow between N2,000 to N300,000 quick loan in less than 3 minutes without any form of collateral and without ATM Card. If your documentations are complete, you can get your disbursement within a few hours or even minutes. When your financial obligations are overwhelming you and the bills piling up, Palmcredit loan app can provide you with instant cash.
10. Specta loan app
Specta is an online lending platform that gives you loans up to N5 Million in one transaction all within 5 minutes! The unique thing about Specta instant loan is that you don’t need debit card or card binding to access the platform’s instant loan in Nigeria. With Specta, you can take care of urgent personal and business needs anywhere, anytime.
Specta interest rate on loan ranges from 25.5%-28.5% with a one off payment of 2.5% for Insurance and one off payment of Management fees of 1%. Repayment period ranges from 1-12months and late payment fees is 1%.
11. Money In Minutes App
Money In Minutes is the last on our list of best loan without ATM card in Nigeria. With over $10 Billion disbursed over the last two decades, this platform is reputed for helping individuals and businesses grow their working capital with smart loans. The platform has a robust and wide range of products to help you access affordable finance for various needs and purposes. MIM gives quick loans from ₦25,000 – ₦2m at interest rates between 4% to 30%.
Why is an ATM Card Useful for Most Loan Apps?
ATMs called Automated Teller Machines or debit cards are mostly used to withdraw cash or to facilitate electronic payment through a financial institution or a payment gateway. If a bank allows it, you can also make deposits into an account during and outside regular business banking hours. This card can also be used to set up automatic debit to an account and it always requires a PIN (Personal Identification Number) before it can be executed.
Your debit card is used to automatically take money out of your account when the loan is due. Most people forget to pay back the loan or don’t pay it back when it’s due. You have to give these loan apps your debit or credit card information so they can get back their cash plus interest. But based on the purpose of the loan, not all loan apps will need your ATM card to give you a loan.
Can I get loan without debit card?
Yes you can. A debit card is not mandatory condition to obtain a loan. In fact many micro-lending companies and loan apps do not require a debit card or an ATM card for loan.
Some of the most reputable loan apps that approve fast borrowing without asking for your debit card include Branch, Aella Credit, QuickCredit, FairMoney, Renmoney and Specta loan app among others. Once you can show that you have the capacity for repayment, either by your credit history, your present salary or your analysis of your bank statement, many of the loan apps will oblige you a loan.
Many loan apps require you to input your debit or ATM card into their system before approving your loan. However because of the prevalent of fraudulent lending platforms, it is not advisable to do this. Many of these online application deduct illegal processing fees from your account once you have profiled your debit or ATM card with them and at the end won’t approve any loan for you.