Nigerian Banks Offering the Quickest Loan Approval Without Collateral



During the pre-colonial times, several Nigerian tribes had their own systems for storing wealth, but it wasn’t until the colonial period that banks were established in the country. The activities of the apex bank began on July 1, 1959.

However, banking in Nigeria began in 1883 with the founding of the African Banking Corporation, followed by the British Bank of West Africa in 1884. The operations of the apex bank began on July 1, 1959.

The First Bank of Nigeria, formerly known as the British Bank of West Africa, is now the bank with the most history in Nigeria. The Central Bank of Nigeria is the governing body of the banking system in Nigeria.

Loans are a form of lending money that can take place between individuals, corporations, or both. The party that receives the money does so with the understanding that they will be responsible for repaying the money with interest. People take out loans for various reasons; for an individual, it could be to establish a business or make an investment with the hope of earning a profit; for governments, it could be to finance projects and repay the debts at a later date.

Loans are a vital component of the modern-day financial system since they make it possible for individuals who lack sufficient funds to complete the tasks they have set out to do. In this post, I will supply you with the specifics of the financial institutions from which you may obtain simple loan approvals and urgent loans that do not require verification.

Nigerian Banks Offering the Quickest Loan Approval Without Collateral

According to the Central Bank of Nigeria, there are now 106 banks operating in Nigeria. They are classified as development, commercial, mortgage, microfinance, Non-interest banks, and merchant banks. There are only 24 commercial banks available. The following banks in Nigeria can provide loans without requiring any collateral:

1. First Bank

Because of the handover by the British, the first commercial bank in Nigeria, which had been known as the British Bank of West Africa from 1894 until 1979, changed its name to what it is today. The bank’s current headquarters are located in Lagos, and it provides the following types of loans to its customers:

  • FIRSTEDU loan
  • First Credit


The FIRSTEDU loan is provided to proprietors of private schools who need financial assistance to ensure the proper operation of their institutions.

FIRSTEDU loan requirements

  • Evidence of Government Approval of the school.
  • School Memorandum and Articles of Association (MEMART) where applicable.
  • Documents showing how long the school has been in business.
  • Documents showing the number of students in the school.
  • Any other documents that the bank may require.

How to Apply for a FirstEdu Loan

  1. Download the Retail Loan Application Form from the bank’s website.
  2. Complete the form and submit it to the Retail Team at the nearest First Bank branch.

You may obtain more information about how to receive the loan by visiting the official website of First Bank or the First Bank branch that is closest to you.

First Credit

This loan makes obtaining money quick and straightforward, and no documentation nor collateral is required. For consumers to qualify for this loan, they need to possess a first bank account that has been operational for approximately six months, and the account must have been linked to the customer’s BVN.

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First Credit Benefits

The amount of the loan that the bank is willing to provide ranges from a minimum of one thousand Naira to a maximum of three hundred thousand Naira.

How to apply for First Credit

  1. Dial *894#
  2. Select Loans
  3. Select FirstCredit
  4. Select Get a new loan
  5. Select the account number with which you want to apply for the loan
  6. Grant data usage consent and accept terms and conditions
  7. You are presented with 4 loan amount options
  8. Choose your desired loan amount
  9. The loan is disbursed into your account
    The bank also offers Personal home loans, Salary Loans, and Automobile loans for a specific purpose, as seen in their names, to get more information visit the Bank web page.

2. GT Bank

The bank was established in 1990 and has numerous branches operating throughout many nations. The following loan options are available from the bank.

  • Credit Loan
  • Computer Acquisition Scheme

Credit Loan

You will have access to this loan within hours of approval, and the loan can go up to five million Naira. The repayment period is anywhere from six to twelve months. To qualify for the loan, you are required to have an account with the bank, have a history of writing bad checks, and not have any outstanding financial obligations.

How to apply

  • You can request Quick Credit instantly by dialing *737*51*51#
  • Quick Credit is available on all GTBank online and mobile banking platforms (Internet Banking, GTWorld, and GTBank Mobile App).

Computer Acquisition Scheme

Current members of the Corps are eligible to apply for the loan, which can be used to purchase electronic devices (phones, laptops, etc.) and is repaid over the course of their service year. The highest amount that can be borrowed is sixty thousand Naira. All members of the Corps are required to open a domiciled allowance account with the financial institution. Members of the Corps must have finished filling out the application form during their orientation activities to apply for the loan. Additionally, interested members of the Corps need to fill out an employer undertaking form.

In addition to salary loans, the bank provides loans for school tuition, mortgage loans, advances on travel expenses, and salary loans for vehicle insurance. Visit the Bank if you want further information on the following loans.

3. Access Bank

Access Bank is one of Nigeria’s most successful financial institutions and the largest in Africa. In 2018, the bank completed the acquisition of Diamond Bank. The bank first opened its doors in 1989. Downloading the Access More mobile app, which enables users to access loans from the platform on which it is hosted, provides access to the bank’s loan products. You can also acquire the loan by dialing *901*11*1#; the loan does not demand any collateral and does not require any documents. The following are some examples of the loans that can be obtained from the bank:

Personal loans

This loan is geared toward wage earners; the loan amount is up to 75% of the applicant’s total annual salary and up to 50% of the applicant’s yearly salary, depending on whether or not the applicant is receiving terminal benefits. Applicants must have a valid ID card issued by the company or firm in which they are employed, in addition to an account with Access Bank linked with their BVN, to be considered for the loan.

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Access Bank Personal loan requirement

  • Loan Application Form
  • Confirmation Letter or Promotion Letter
  • Letter of Authority or Irrevocable letter of Domiciliation
  • Offer letter
  • Executed Term sheet
  • Letter of Lien/Set-off
  • Credit Checks
  • Means of Identification
  • Document Attestation
  • Salary bank statement/Payslips (New to bank customers)
  • Standing instruction for renewal of Credit life insurance

Visit the bank’s website, download the loan application form, and bring it, along with the relevant papers, to the access bank closest to you to apply for the loan. Visit the banks’ homepage to get started on your application or the Access bank closest to you to obtain more information on additional loans such as the Advance school fees loan, the maternal health service loan, the creative sector loan, and the car insurance loan.

4. United Bank for Africa

The bank, which started its operations in 1949 and is also known as UBA, has branches in twenty different nations across Africa and offices in London, Paris, and New York. The following types of loans are made available by the bank:

In addition to providing business owners with working capital loans totaling over 50 million Naira, the company offers school loans and participates in the Young Entrepreneur Finance Scheme (YEF), both of which have simple application processes.

5. WEMA Bank

The bank was founded on 2nd May 1945 and is Nigeria’s largest digital banking system. The bank offers the following loans:

  • Personal loan
  • School fees Advance

Personal loan

This loan is for salary earners or if you are self-employed. The application process is simple and quick, and the loan amount is up to five million Naira, with three years and six months of repayment.

Documents required

  • Duly completed loan application form & executed offer section
  • Letter of Introduction signed by an authorized signatory of the employer
  • Letter of pay domiciliation that cannot be revoked and must be duly executed by an authorized signatory of the employer. Please note that the signatories need to have their identities independently verified by a Wema Bank representative.
  • Proof of income (3 months’ payslip or 3 months’ account statements)
  • Proof of address (Physical visitation and report by bank representative) supported by a copy of the recent utility bill
  • Proof of identity (Staff ID is acceptable, but National ID, International Passport, or Driver’s License may be required where necessary)

Visit the bank’s website to obtain an application form, fill it out, and then submit it to apply for the loan.

School fees Advance

Customers who have a salary or are self-employed and want to borrow money to pay for their child’s education are eligible for this loan. The loan amount ranges anywhere from 50,000 Naira to 10,000,000 Naira at the very least.

Documents Required

  • Completed School Fees Advance application form
  • A letter of introduction: This is to determine the employment status of the parent or guardian.
  • Letter of permanent domiciliation from the employer that cannot be revoked: This is done to assure that the parent’s or guardian’s pay will continue to be held by Wema Bank until the advance is completely paid off.
  • Invoice of school/tuition fees
  • Employment ID is not sufficient proof of identity (driver’s license, national ID, international passport, or voter’s card).
  • Proof of address, i.e., utility bill
  • Last three months’ payslip
  • Six months’ salary statement of account (for customers whose salary accounts cannot be or are not domiciled with Wema Bank)
  • Admission letter from the school if the school is in the diaspora
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To submit your application for the loan and the relevant papers, please visit the bank’s website and follow the application instructions there. In addition, the bank provides the Wema asset acquisition scheme to clients interested in purchasing homes. Customers interested in learning more about this program should visit the bank’s webpage.

6. Zenith Bank

Jim Ovia was the original founder of the bank back in 1990. The bank provides a wide range of loans, including the following:

Z-Woman Business Package (SME Loans)

This loan is available to female business owners whose companies have more than fifty percent of their shareholders also be female. The loan is for 10 million naira, with repayment terms ranging from 12 to 24 months. Visit the Zenith Bank location that is most convenient for you to obtain further information about the documentation required to process the loan, or email [email protected].

The bank also offers a loan called the LPO, which stands for “local purchasing order.” LPO Finance refers to a loan made available to clients who borrow money to finance the supply of materials or the execution of particular supply contracts to respectable businesses. In addition to these types of loans, the bank provides import and export finance facility loans, time-limited loans, and education loans, amongst others. Visit the Zenith Bank location that is most convenient for you to obtain additional details regarding these loans.

7. Standard Chatereed Bank

The Standard Bank of South Africa and the Bank of West Africa combined in 1965, after which both companies acquired enterprises, one of which was a banking operation in Nigeria that had been in operation since 1894. The bank became known as the Standard Bank of West Africa. Four years after the merger, Standard Bank Nigeria was established as a separate entity in Nigeria to take over the operations there. Until 1996, Standard Chartered became a shareholder in First Bank of Nigeria.

Standard Chartered Bank Plc, which has its headquarters in the United Kingdom, re-entered Nigeria in 1999 and re-opened its doors to customers on September 15, 1999, as a wholly-owned subsidiary of Standard Chartered Bank Plc.

The bank makes the following loans available to customers:

Personal loan

This loan is available for you to use for whatever purpose, whether it is to finance a project or purchase a property. You could receive a loan of up to 20 million Naira, with the repayment period spanning 20 months. Nigeria’s applicants must have a monthly income of at least 30,000 naira.

Documents required

  • Completed application form
  • Bank statements for the last 3 months
  • Payslips for the last 3 months
  • Letter of Awareness from employer to domicile your salary with Standard Chartered Bank

Visit the location that is most convenient for you and bring the necessary paperwork to apply for the loan. Additionally, the bank provides an overdraft loan geared more toward income earners whose salaries exceed $50,000. You can initiate the loan application and process it directly through the bank’s website.


Some online financial services, like banks, offer quick loans and the best loan apps in Nigeria. These services include Jumia, OPay, Specta, Carbon, Branch, and Renmoney. There are many other similar services, but most of them require that you have a decent credit score. There are many different kinds of loans that you may apply for, even if you do not have a job. Some examples include the Quick Teller Loan, the Ren Money Loan, and the Fast Cash Loan, but there are many more that you could investigate that have favorable interest rates.

Most of these loan applications are processed within a day, meaning you can submit an application and receive the money immediately. Certain short-term loans are simpler to apply for and qualify for, requiring little or no documentation and collateral in some cases.

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