Getting a loan without collateral is no longer wishful thinking. There’s been a recent surge in online lending platforms that are ever ready to disburse loans to you. Be it personal or for business purposes, loan amounts could range from as low as NGN10,000 to as high as NGN500, 000 within 3 – 12 months duration. We’ve collated some of the best digital lending platforms you can easily access loans from in Nigeria. Let’s dive right in.

A dive into the platforms

Though these are not all, we have carefully selected some out of the list that you may find accessible;


Own and managed by Sterling Bank, Specta gives you loans of up to ₦5 Million in one transaction all within 5 minutes. Specta has several packages which include aPrime— opened to everyone and requires no profiling, Specta4Business— a package for businesses and business owners and SpectaBasic which is limited to already profiled salary earners. With Specta, you can take care of urgent personal and business needs anywhere, anytime.

Rapid Cash

Rapidcash is a completely online disposition platform that has short-run loans to individuals in Nigeria. It leverages on the increasing number of Facebook and Twitter users in the Nigerian market, to make access to soft loans easier, faster, and more reliable. It is a product of Optiweb Communications Limited, a fast-growing technology company in Lagos that have over the years developed and deployed various innovative tech solutions.



C24  is a microfinance establishment that was established with the only real mission to make associate in Nursing avenue for folks to actualize opportunities around them, by helping them access cash loans when they need it.

C24 understands the requirement for fast money loans and also the necessity of a faster loan time interval. Their online loan method has been optimized to assist candidates to avoid the strain related to alternative loan corporations.


Lidya is an online platform that provides businesses with access to finance. The platform offers small and medium-sized businesses with unsecured loans of between $500 and $15,000.

According to the founders, “Lidya uses technology and algorithms to assess the risk before granting the loans, it allows them to offer financial products to these customers at a low cost.”


Formerly Paylater, Carbon is one of the leading online lending platforms that has been created to provide short-term loans to individuals and small businesses in Nigeria to help cover unexpected expenses or urgent cash needs.

With Paylater, you’ll access up to five hundred Naira loan with no collateral. Once your application is approved, funds square measure generally received among one-three business days. Making on-time repayments will grant you access to higher credit limits for your next loan.



KiaKia could be seen as a digital cash investor for Nigerian businesses. It utilises psychometrika, big-data, machine learning and digital forensics for its proprietary credit scoring and credit risk assessment algorithm to provide direct and peered personal and business loans to millions of individuals and SMEs without credit information.

The name KiaKia was derived from a Nigerian language which suggests “Fast Fast”. According to them, the solution is very simple and fast, but highly effective and efficient.


QuickCheck is a fashionable disposition platform for people and tiny businesses. QuickCheck uses mobile technology to alter people and tiny businesses to achieve access to money credit.  According to the platform, users can access quick and hassle-free loans of up to 30,000 Naira without any collateral for a duration of either 15 or 30 days.

Aella Credit

Aella Credit is building platforms that make it easier for people in Africa to achieve access to funding. Mainly centred on worker disposition and direction, the company was affiliated with three main credit bureau agencies in Nigeria to provide quick and affordable loans with no paperwork to its customers.

Once you install the app from Playstore, you’d be charged ₦30 validation fee once registering. It caters for each registered (in-network) and unregistered (out-of-network) corporations on the platform. You get higher loans with lesser interest rates if you’re in-network although.

Aella Credit uses a proprietary credit scoring algorithm to determine the creditworthiness of its users. The algorithmic program, which was built after the team gathered over five years of market data and analysis, processes an applicant’s eligibility for a loan by considering social and demographic factors additionally as their debt to financial gain magnitude relation.


Fint is hierarchic as a part of the 4000 highest-ranking websites on Google African nation. Fint’s mission statement is to empower Nigerians by creating loans a lot of accessible, reasonable and fast. First, you’d have registered with what’s referred to as the FINT risk assessment with is labelled at ₦3,000, which would make you eligible to apply for a loan on the platform.

Keep in mind that you simply will loan between ₦60, 000 to ₦2,000,000 naira on the platform.

You would have to repay the loan depending on the agreement in 3, 6 or 12 months which are fixed terms with interest rates as low as 2% every month.


Zedvance gives loans to salary earners only. They offer collateral-free loans up to ₦3,000,000 to be paid back within 12 months. Their interest rates range between 3.75 to 4.5% monthly.

kwikmoney, formerly kwikcash

kwikmoney is another reliable fast online loan platforms in African nations. They collaborate with banks, mobile operators and technology companies to offer quick collateral-free loans to  Nigerians. The reimbursement is between fourteen days and thirty days.

It offers loan amount of up to ₦500,000 all with no collateral.


FairMoney provides you with loan options that meet your financial needs at any time, by making funds available to you within 5 Minutes of application. FairMoney allows you get up to ₦ 40,000 instant cash loan without collateral.

FairMoney has several packages which are Personal Loan for Personal finance, Health emergency, Car repairs, Rent payment and for Buying consumer durable goods. Any salary earner, self-employed or professional Public and Private companies, Students, Government sector employees including Public Sector is eligible for a personal loan.

The platform also has an education Loan which comprises Student Loan, Child Education Loan, Employer Education, and Certificate Courses loan. Any salary earner, self-employed or professional Public and Private companies, Students, Government sector employees including Public Sector is eligible for a personal loan can apply for education loan.

Then they also have Business Loan that allows you to create Business, Develop Business, Upgrade Equipment and pay bills. Any salary earner, self-employed or professional Public and Private companies, Students, Government sector employees including Public Sector is eligible for a business loan can access this loan.


LendMe provides a safe, secure and swift emergency loan service, available to all Android users that need loans at any time of the day to meet urgent financial needs. Loans are approved and disbursed within minutes over a variable payback tenure through the app, allowing multiple and flexible instalments of loan repayment.

From as low as ₦2,000 and as high as ₦20,000, no collateral or any other applicable fees are required to qualify. They also have a flexible loan payback which are in instalments

Also, loans are available from ₦2,000 for first-time applicants to ₦100,000 with repayment periods between 60 to 180 days. Monthly interest ranges from 12% – 36%. There are no additional fees charged.


Palmcredit mobile app is available on Playstore for Android devices. The platform offers flexible loan products within minutes. You just have to register, get approval and the money get disbursed to your bank account. No paperwork, no collateral and get funds within 3 – 5 minutes. You get reward up to ₦10,000 when you refer a friend.


PennyLender’s aim is to provide access to credit at lower borrowing cost for millions of Nigerians that other lenders are unable to serve. PennyLender’s loans are offered online and are easily accessible, you only fill up a simple form, upload  a valid means of identification (International passport, Driver’s license, Permanent Voters Card, National ID card), Utility Bill, Passport photograph, months bank statement, Employment letter or Promotion letter or Contract review and your account would be credited.

PannyLender has packages that such as Single Payment Loan that allows you to borrow between  ₦10,000 to ₦50,000 with a 30 days repayment, Installment Loan that allow you to borrow up to ₦500,000 and pay certain percentage within 6 months and Payroll Loan which let you borrow up to ₦500,000 and spread repayment within 6 months as well. Visit the site for payment percentage of each package.



According to the website, their passion is to provide the quickest and most easily accessible loans to salary earners in Nigeria. The Lmoney platform is wholly owned and operated by Lubeck Capital Ltd, a registered Micro Finance Institution in Nigeria. LMoney provides cash loans to individuals, group of individuals, either directly or via their employers.

The amount you can borrow is in relation to your income, however, you can access up to ₦ 2,000,000.00. The amount you can borrow depends on your level of income. Your monthly repayment should not exceed 35% of your monthly income.

To be eligible for a loan you must be in paid employment, Your age should be between 22 and 55 years, You must have an active salary account. LMONEY loans can be spread over a maximum of 12 months, depending on the amount and loan duration you will be able to service comfortably. Kindly note that repayments are due in monthly instalments, and not repaid as a lump sum at the end of the tenure. Requirements for application include valid employment, and/or confirmation letter, 6 months bank statements of a salary account,, Staff ID card, another valid identification document (e.g. Driver’s License, International Passport, Tax ID, Voter’s Card etc) and a picture of yourself. After submitting your application and you will be notified within 24 hours of the loan decision.


BeeLend is a digital platform that facilitates direct disposition between people. It connects investors (lenders), trustworthy borrowers and – optionally – guarantors to strike the most effective offered loan deals amongst themselves.

With the assistance of BeeLend, verified investors directly fund the loans requested by verified borrowers. Borrowers repay the loan instalments to the investor on a regular – monthly – basis.

The registration on BeeLend takes no more than a minute. After registration, you also need to choose your initial role that can be: Investor, Borrower or Guarantor. As a next step, you are required to complete your profile and upload the necessary documents.

Only once the fulfilment of those needs are met, you are allowed to start out– borrowing or guaranteeing. Furthermore, you can use Bitcoin or other cryptocurrencies to fund loans or get funded. You only ought to amend the loan agreement consequently.

Loan disbursements and payments of loan instalments take place directly between the lender and the borrower. However, payments (fees) towards BeeLend can only be made in currencies highlighted in the Terms and Conditions.


PayConnect makes it easy for employees of selected vetted organisations to access salary advance instantly using their mobile phone at very competitive interest rates and without the need to provide collateral. However, applicants must have a salary account that is domiciled in a commercial bank In Nigeria, must be a bonafide employee of approved Institution, must submit a valid staff ID card, must have received salary in the account for 6 Months prior to application, submit 3 months statement of account and a list of others. However, the first application is only ₦ 10,000, subsequently, the loan amount will be increased by 50% monthly subject to early repayments

Snap Credit

SnapCredit provides instant credit solutions to employees through collaboration with employers and provides their staff with an online platform to access loans. The platform eliminates all the hassle and gives employees instant 24/7 access to credit at very competitive and fair rates

The Employee just have to apply for a loan on his mobile, tablet or PC, and the system carries out a real-time verification. Once verified – money is sent to the employee’s bank account instantly. Repayment is made by employers on behalf of their staff, in the form of monthly deductions from the employee’s salary.


Branch makes it easy for people to access loans anytime, anywhere. Sign up is usually in seconds, convenient and reliable. Branch is available in Kenya, Tanzania, Nigeria and Mexico. You can get up to Ksh 70,000, Tsh 1M, ₦150,000, or 20,000 pesos.

To get started, you just need to create your account, apply in seconds, receive your loan straight into your mobile money or bank account and build your loan limit every time you repay a loan.  Just like others, no paperwork, collateral or office visits needed, you, use your money the way you want to — for home or business, no late charges or rollover fees and you get access to bigger loans, lower fees, and flexible payment terms as you repay.

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