Quick Online and Mobile Loans in Nigeria Without Collateral

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Mobile and online loans in Africa are on the rise. Nowadays, it easier for an individual to access a quick online loans in Nigeria because of the booming fintech industry in the country. These 6 fintech companies make it easier to access a mobile loan in Nigeria without collateral for business or personal needs.

Accessing loans from banks and micro-finance institutions has always been a challenge to many Nigerians because of collateral requirements, complex and time-consuming documentation. Not anymore. With these lenders, you can use loan apps in Nigeria or online applications to obtain a loan. Though, with the easiness also comes a high cost in terms of interest rate. Be wary of the debt trap and do not borrow money if you’re not sure you can pay back in time.

Where to Get a Loan in Nigeria


Originally known as KwikMoney, Migo is a service that you can apply for an instant loan in Nigeria. you can get instant loans from N 500 to N500,000 direct to your bank account. Once you select the loan amount you want, you’ll be asked to give the details of your bank account for the loan to be deposited. Finally, Migo will register your debit card information to make repayment easier for you. To access Migo on your phone, you need to go to My Migo website. To qualify for Migo loans, you don’t need documentation or collateral.

Once you apply sucessfully, you can get your loan in minutes. The loan period is flexible and the interest rate starts 5%. You can pay back your loan with either ATM card using Quickteller option or cash.


Migo offers short-term loans up to 500,000 Naira to individuals and small businesses without collateral.

You need to download Migo app for Android and iOS. Requirements include BVN, passport photo, address and you must be 18 years of age or older.

The loan is for the period of 15 to 30 days and the interest is between 5% to 15%. Loan repayment methods are debit card, ATM (Quickteller) and direct bank transfer.


Branch provides loans from 1,000 to 200,000 Naira. Using Branch Android app, you can apply for a loan in Nigerian without collateral.

To apply for Branch loan successfully, you need to submit your phone number or Facebook account, BVN, bank account number and you must be at least 18 years of age. Branch app will access data on your phone or Facebook to build your credit score. The company will look at your contact list, SMS logs, handset details, GPS data and repayment history. The loan duration is between 4 weeks to 15 months and the interest is between 14% – 28%. Repayment methods are debit card, USSD, Branch app, payments from your bank or cash at GT Bank.

Aella Credit

Aella Credit offers loans starting from ₦1,500 to ₦1,000,000 to be paid with 1 to 3 months. All you need is an Android device and BVN and valid bank details. To qualify, you must be at least 18 years old.

Aella Credit app can be downloaded from Google Play Store or Apple Store. The application process takes less than 5 minutes and the decision regarding your loan will be made within minutes. With interest rate of 4% – 29%, you can obtain a loan in Nigeria for 30 to 60 days. Your option for repaying the only is limited to direct debit.

QuickCheck Loan

Using QuickCheck Loan Android app, you can apply for a loan in Nigeria. To qualify, you must be a Nigerian adult with good credit score and an android device.

During your application, you need to provide accurate answers to the question you are going to be asked while filling in your details. You can only apply if you are at least 18 years of age. Interest on the loan can be as low as 1% per day. The maximum period is 30 days. You can pay back your loan using debit card, bank transfer or USSD. Initially, you can access up to 10,000 Naira for a period of 30 days. Early repayment qualifies you for higher amounts and lower interest rates.

We are fully devoted to ensuring users are supported in micro lending. This means that you get just a little money to keep afloat until your payday. However if you want business financing this we might do over time but it is not a priority for us.

Conclusion on Online and Mobile Loan in Nigeria

The rising fintech industry is filling the gap left by banks in Nigeria. Bloomberg notes that Nigeria’s banks are some of the most reluctant lenders in major emerging markets, with an average loan-to-deposit ratio below 60%. That compares with 78% across Africa. It’s above 90% in South Africa and about 76% in Kenya. The Central Bank has ordered banks to lend more money or hand it over to the central bank and earn nothing on it.

If you need loans in Nigeria to meet your personal financial needs or fund your business idea, you can try these services. Please, take time to understand the prevailing interest rate and make sure you understand the terms and conditions.


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