At one point or the other, you have needed to obtain loans. Usually, there are many reasons why you have need for loans. It could range from personal needs, to health, business or even educational needs. However, before most Nigerian banks or loan givers could give you loans, they would ask for collateral. And this discourages many from seeking loans. However, we will show you the best sites you can obtain loans without collateral in Nigeria.

A collateral is what you give in exchange for the loan you want to obtain. And usually, the value of the collateral is higher than the total sum of loan you are applying for. The reason for collateral is to compel the borrower to fulfil their loan terms and repay. But most times, the terms and the interest rates are so unfavourable to the borrower.

Also See: Bank of Agriculture Loan Application Requirements & Processes

As a result, when you fail to remit your loans, you will lose your collateral. There is hope. In here, we want to show you where you can obtain loans without having to do away with a collateral.

Best Sites For Loans Without Collateral

Below are some of the sites you can obtain loans without collateral.

Paylater

Main Site Address: paylater.ng

Paylater offers quick online loans without collateral to entrepreneurs, small businesses and anyone in need.  All you need to access a loan on Paylater is an android phone and internet connection. You should also have your bank details and BVN ready.

Download the Paylater app from Google play store and you can apply for a loan anytime. They promise to give a quick loan from 5 minutes after application but sometimes, it can take up to two days. With Paylater, you can get up to N1 million. Please note that the quicker you repay your loan, the better interest rates and amount you can get next time. You don’t need collateral or any paper work.

Also See: Bank of Agriculture Loan Application Requirements & Processes

Smedan

Main Site Address: cip.smedan.gov.ng/personal-loans

SMEDAN stands for Small and Medium Enterprises Development Agency of Nigeria. It was created by the government to support Small businesses. If you are looking for loans online related to starting a business, growing your business or paying school fees, you will stand a good chance. SMEDAN is a good choice not just because it is backed by the government but because they also offer training, to help you succeed if your purpose is to run a business.

To get a loan from SMEDAN, you need to fill a quick online form. You will be asked what you need the loan for, how much you need, your location and more. After this, you can check availability of loan.

Also See; How To Obtain SMEDAN Loan In Nigeria

Rapid Cash

Main Site Address: rapidcash.ng/web/

Rapid Cash offers quick online loans in Nigeria. They promise to pay within minutes after approval. But you should only consider this option if you need a little money.

The initial loan offer is N5000 and the maximum is N30, 000. The interest rate on each loan is 30%. All you have to do is sign up with Facebook or Twitter. You will have to select a guarantor from your Facebook list. No collateral is required.

Also See: How To Obtain Development Bank Of Nigeria Loan – Step by Step Guide

Ren Money

Main Site Address: renmoney.com/loans/cash-loan/

Renmoney offers fast loans online up to N4 million without collateral or guarantor. They have good interest rate and flexible payment structure from 1 month to 12 months.

The company operates as a Microfinance bank with over 25,000 customers. But they are more popular for their loan facilities. Whether you need a loan to pay your rent, school fees, buy a TV or generator, Renmoney has a plan for that. They also offer smart phone loans, work loans, POS loans and school fees loans.

Also See: 5 Practical Ways To Obtain Business Loans In Nigeria

KwikCash

Main Site Address: www.kwikmoney.com

There are times that something just happens and you need a quick cash that you can pay back in a week or so.  You know those situation where you know you are expecting money buy you need money right now before that one you are expecting comes. That is where Kwikcash comes in. They promise to loan you quick cash in 60 seconds. Well, not exactly but that is after approval.

Kwikcash is a partnership between banks, mobile network operators, and technology companies to help people have access to quick cash online.

Conclusion

We have given you the sites you can obtain quick loans without collaterals in Nigeria. Visit these sites and check out things for yourself.

Got questions? Use the comment box below.