5 Platforms to Get Quick Collateral-free Loans in Nigeria (2022)

online loan apps

Although there continue to be concerns around how collateral-free loan apps go about loan recovery in Nigeria, it has had very little effect on the growth and popularity of these platforms in Nigeria. This increasing popularity and patronage can be attributed to a couple of factors; the speed of loan disbursement, the ‘collateral-free’ clause, customized repayment plan, less documentation, etc. In this article, we will be listing some reliable platforms to get collateral-free quick loans in Nigeria in 2022.


Aella-Credit is developing systems that make it simpler for people to acquire loans in Africa. The organization, which primarily specialized in employee financing and empowerment, was associated with Nigeria’s three major credit bureau companies to provide its customers rapid, reasonable loans with little paperwork. Interest rates on Aella Credit loans are usually within the 4 – 29% range and loan tenure is commonly 30 – 60 days.

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At over 5 million mobile app downloads, Palmcredit is one of the most downloaded loan apps in Nigeria – and arguably one of the most patronized. On Palmcredit, you can get a loan of up to 300,000 naira in less than 3-munites of applying. You also do not need collateral to apply for a loan on the app.


FairMoney is another popular loan app in Nigeria. It also sits at the top with Palmcredit as one of the most downloaded loan apps in Nigeria. Loan amounts on FiarMoney range from 1,500 naira to 500,000 naira, and you get a repayment period of between 61 days to 180 days. Also, FiarMoney has a fairly decent exchange rate from 10% to 30%.

Related: 9 Platforms to Get Quick Collateral Free Loans in Uganda


Carbon is an easy-to-use, totally online lending platform that offers quick loans to Nigerian residents and small companies to aid with unforeseen costs or urgent financial requirements. You can get a loan of up to 500,000 Naira using Carbon, without putting up any security. Funds are normally sent within 1 to 3 business days after your application has been accepted. You may be able to get a loan with a greater credit limit if you make on-time payments.


KiaKia is a digital money lender for Nigerian companies. Millions of people and SMEs without credit histories may get direct and peer-to-peer personal and business loans from KiaKia thanks to its patented credit score and credit risk assessment system, which uses psychometry, big data, machine learning, and digital forensics. The word “KiaKia” is a Nigerian abbreviation that signifies “Fast.” They contend that the answer is not only quick and easy but also very efficient and productive.

In conclusion, to access collateral-free quick loans on any of these platforms in Nigeria, all you need is your smartphone and a means of identification (National identity card (NIN), Bank Verification Number (BVN), etc). Also, you will need to surrender your contact list privacy to them. Every contact on this list will be contacted if you default in repayment.

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