5 Low-Interest Loans You Can Get Without Collateral in Nigeria

a more detailed and elaborate version of the article on “5 Low-Interest Loans You Can Get Without Collateral in Nigeria”, including requirements, interest rates, repayment terms, conditions, and moratoriums (if any):

5 Low-Interest Loans You Can Get Without Collateral in Nigeria

Access to affordable credit without collateral is a game-changer for many Nigerians, especially young entrepreneurs, salary earners, and SMEs. Fortunately, several institutions now offer low-interest, unsecured loans with flexible repayment terms.

Here are 5 reliable options, including what you need to qualify, how to apply, and the fine print:

1. ALAT Instant Loans by Wema Bank

Overview
ALAT by Wema Bank offers a digital instant loan to both existing and new customers—no collateral required. It is targeted at salary earners and self-employed individuals with steady income.

Loan Amount
₦50,000 to ₦4,000,000

Interest Rate
2% per month (on a reducing balance)

Tenure
3 to 24 months

Moratorium
No moratorium; repayment begins immediately the following month after disbursement.

Requirements

• ALAT account with salary inflow or regular credit transactions
• Valid BVN
• Completed KYC
• Good credit score
• No default history on other loan apps

How to Apply

1. Download ALAT app (Android or iOS)
2. Register or log in
3. Go to “Loans” section and select “Instant Loan”
4. Choose amount, tenure, and submit

Website: https://alat.ng

2. FairMoney Loan App

Overview
FairMoney provides fast, no-collateral loans using AI credit scoring. It’s perfect for students, entrepreneurs, and traders needing quick cash.

Loan Amount
₦1,500 to ₦1,000,000

Interest Rate
2% – 30% monthly (depending on credit profile)

Tenure
61 days to 18 months

Moratorium
Short-term loans typically start repayment within 15-30 days

Requirements

• FairMoney mobile app
• BVN and phone number
• Good credit history
• Regular income source (not always verified)
• No paperwork required

Conditions

• Late payments attract penalties
• Early repayment improves your credit limit

How to Apply

1. Download FairMoney app
2. Register with your BVN and phone number
3. AI algorithm determines eligibility instantly
4. Accept offer and get funds in minutes

Website: https://fairmoney.io/ng

3. GTBank Quick Credit

Overview
GTBank Quick Credit is a low-interest loan available to salary earners and self-employed customers with steady account inflows. It’s one of the most accessible loans offered by a commercial bank in Nigeria.

Loan Amount
₦10,000 to ₦5,000,000

Interest Rate
1.66% monthly (approx. 20% per annum)

Tenure
Up to 12 months

Moratorium
No moratorium. Monthly repayment starts the next billing cycle after disbursement.

Requirements

• GTBank salary or business account (active for at least 6 months)
• Minimum monthly salary: ₦20,000
• BVN and no loan default record
• Must be between 18–59 years

How to Apply

• Via *737# USSD: Dial *737*51*51#
• GTWorld or GTBank app: Navigate to “Quick Credit”
• Select amount and tenure, get credited instantly

Website: https://gtbank.com

4. Carbon (formerly Paylater)

Overview
Carbon is one of Nigeria’s oldest and most trusted loan apps. It offers collateral-free loans with dynamic interest rates based on your repayment behavior and income patterns.

Loan Amount
₦5,000 to ₦1,000,000

Interest Rate
5% to 30% monthly, based on credit score and tenure

Tenure
1 to 6 months (extendable)

Moratorium
No official moratorium; repayment terms are fixed at disbursement

Requirements

• Android phone with Carbon app
• Valid BVN
• Verified identity (NIN or driver’s license)
• Debit card and bank account
• Regular source of income

Conditions

• Frequent users with good repayment history get lower rates
• Business loans also available up to ₦5 million (with more documentation)

How to Apply

1. Download Carbon app
2. Register and verify BVN
3. Apply for loan, select terms, and receive cash instantly

Website: https://getcarbon.co

5. Mutual Trust Microfinance Bank – Salary Advance Loan

Overview
Mutual Trust MFB offers Salary Advance and QuickCash loans to civil servants and formal sector employees, with zero collateral. Disbursement is fast, and loan conditions are clearly defined.

Loan Amount
₦20,000 to ₦10,000,000 (based on salary)

Interest Rate
1.5% to 3% monthly

Tenure
Up to 36 months (depending on amount and employer)

Moratorium
Typically 30-day grace period before first repayment

Requirements

• Employment in government or structured private firm
• BVN, official ID card, and employment letter
• 3–6 months’ salary account statement
• Passport photograph

Conditions

• Loan repayment is deducted directly from salary
• Salary domiciliation may be required
• Top-up loans available after 50% repayment

How to Apply

• Visit https://www.mutualtrustmfb.com
• Call customer service or visit any branch nationwide
• Fill application form, submit required documents
• Disbursement within 24–72 hours

Final Thoughts

When applying for collateral-free loans, always:

• Read the loan agreement carefully
• Confirm the total interest & fees
• Check for early repayment penalties
• Keep your credit score clean by repaying on time

With the right approach, these loans can be powerful tools to manage cash flow or grow your business.