Top 5 Loan Apps in Nigeria that offer quick Loans without Collateral

Are you looking for a loan but don’t have any collateral? Finding the right loan app in Nigeria can be challenging, especially if you don’t have collateral. Fortunately, there are several loan apps in Nigeria that offer quick loans without collateral. In this blog post, we will explore the top 5 loan apps in Nigeria that offer quick loans without collateral.

1. Branch

Branch is a mobile loan app in Nigeria that allows you to get quick loans without collateral. It is a fast, easy, and convenient way to access credit and manage your finances. Through their app, you can get a loan within minutes with no paperwork and no long processes.

How can you obtain a loan from Branch?

Getting a loan from Branch is as easy as downloading the app and creating an account. You will be required to enter some personal information such as your name, phone number, and bank details. Once your application is approved, you can access the loan directly in your bank account.

What’s their rates?

Branch offers a range of loan amounts starting from N1000 to N100,000. Their interest rate depends on the loan amount and ranges from 5.5% to 20%. They also offer repayment plans of up to 90 days so you can choose the option that best suits your needs.

2. KwikCash

KwikCash is a mobile loan app that helps you access quick and easy loans without having to provide collateral. This app has become one of the top loan apps in Nigeria, due to its user-friendly features and ability to provide quick loans without having to provide any kind of security.

KwikCash allows you to borrow money between N1,000 to N200,000 with a repayment period of up to 30 days.

The rate of KwikCash varies according to the amount borrowed and the duration of the loan. It generally ranges from 5.8% – 29% per annum.

Advantages of KwikCash

1) Quick Access to Loans: KwikCash gives you access to fast loans within minutes, allowing you to access funds quickly when you need them.

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2) No Collateral Required: Unlike other loan apps, KwikCash does not require you to put up collateral for your loan. This makes it an attractive option for those who do not have the necessary assets to put up as collateral.

3) Flexible Repayment Options: KwikCash provides flexible repayment options, allowing you to choose from various payment plans that fit your budget.

4) Low Interest Rates: KwikCash offers competitive interest rates, allowing you to borrow money at low costs.

5) Excellent Customer Service: KwikCash has excellent customer service and is always available to answer any questions or concerns that you may have about the loan process.

3. Aella Credit

Aella Credit is a loan app in Nigeria that provides quick loans without collateral. It is an innovative financial technology platform that offers access to digital credit, loans and investments with a focus on the Nigerian market. Aella Credit makes it easy for Nigerians to access loans and invest their money with ease.

Aella Credit offers some of the most competitive loan rates in Nigeria. Interest rates vary depending on the loan amount, loan duration and credit score, but the rate of interest charged is typically between 10-20% per annum.

Benefits of Aella Credit

1) Quick Loan Approval: Aella Credit offers quick loan approvals, making it an ideal option for those who need a loan in a hurry.

2) Low Interest Rates: With competitive interest rates, Aella Credit ensures borrowers get the best deal possible.

3) Easy Loan Repayment: Aella Credit also makes it easy to make loan repayments through its online platform, which allows users to easily track their payments and keep their account in good standing.

4. Quickteller

Quickteller is an online loan platform that offers customers fast and easy access to credit without collateral. The platform provides borrowers with competitive interest rates, making it a great option for those looking to get a loan without having to offer up any collateral.

Quickteller offers flexible repayment terms, allowing customers to pay back the loan over 1-12 months with interest rates ranging from 2.5% – 9.25%.

The main advantage of Quickteller is its speed and convenience. Customers can apply for a loan through the Quickteller website in minutes, and loans are typically approved within 24 hours.

In addition, Quickteller also offers other financial services such as bill payments, money transfers, and prepaid card services. Quickteller is also secure and user-friendly, allowing customers to manage their accounts with ease.

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5. Paylater

Paylater is a loan app in Nigeria that enables users to get a loan without collateral. It is owned by a company called One Finance and Investment Limited and it is the first consumer lending platform in Nigeria.

Paylater enables you to get access to short term loans of up to NGN 500,000 ($1,364) with repayment period of between 61 to 180 days. It also allows you to apply for longer term loans of up to NGN 5 million ($13,647) with repayment period of up to 60 months.

How can I loan money on pay later?

You can get a loan on Paylater in three easy steps.

  1. First, you need to register with Paylater and provide basic personal information like your name, phone number, and bank account details.
  2. Second, you need to upload some documents such as your national ID, driver’s license or voter’s card, proof of residence and employment documents.
  3. Third, once you are approved, you will receive the loan in your bank account within minutes.

What is their rate?

The interest rate for Paylater depends on the amount and duration of the loan and the user’s creditworthiness.
Generally, Paylater offers interest rates between 6% – 25%, with processing fees ranging from 2% – 5%. The amount of loan one can access on Paylater ranges from NGN 10,000 ($27) to NGN 5 million ($13,647).

Frequently Asked Questions

Which app gives the highest loan instantly in Nigeria?

When it comes to getting quick loans without collateral in Nigeria, there are several loan apps that can help you get the money you need. Here is a list of the five top loan apps in Nigeria that offer quick loans without collateral:
1. Kuda

2. Kudi

3. Branch

4. pay later

5. palm Pay

Which app will borrow me money without BVN?

Branch is one of the top loan apps in Nigeria that allows users to get a loan without a BVN. This app offers short-term loans ranging from N500 to N150,000 for up to 30 days at interest rates as low as 10%.

To get the loan, all you need to do is register your phone number and provide some basic details such as your name, date of birth, and address. Once your loan request is approved, you can have the money in your account within a few minutes. With Branch, you can easily get a loan without providing your BVN.