5 ways to get quick loan in Nigeria without collateral.We live in very interesting periods! Occasionally, mans can be so broke that you will be looking for even 2,000 to borrow and you won’t find. That’s the period your colleagues will be saying things like, “guy I don’t have o.my last 200 naira I take buy beans cook make we chop so.” The most painful part of this type of financial dryness is that you realize that in few days you have an unfailing payment coming, like your salary or a customer paying up for work you’ve delivered. Inside this “borrow me 5k there”, someone will now allow you tell all your life’s problem and still tell you they don’t have. Hey God! Let’s not even talk about the sizing and see finish that will come next shortly after.
Anyway this article is to reveal to you how to pull through these sort of dry days. I will show you how to get micro loans quickly with zero collateral, zero documentation, even if you don’t have a Andriod phone or an active data plan on your phone. I discuss and breakdown all you need to know about accessing mini-loans using five credible USSD codes with a simple straight forward loan application method.
- GTBank Quick Credit – 73751*51#
You can allow to get between N10,000 to N500,000 loan or over, via Guaranty Trust Bank’s USSD loan service, Quick Credit.
Requirements: A Nigerian mobile number and a salary account with GTBank.
Upside: Repayment can be done over a 6 – 12months interval. No Collateral or documentation is expected.
Downside: Very high interest percentage. Don’t be trapped in the hype, because the bank publicizes an interest rate of 1.75% monthly, the caveat being “monthly”. If you do the math, you will find that you are cumulatively charged between 10.5 – 21% interest paid at the time of loan repayment.
- Instant Cash – 3226#
Requirements: A Nigerian mobile number, a functional bank account and a useful ATM debit card.
Upside: One of the preferences available to just about anyone who has access to financial services in Nigeria and no outstanding loan at the period of request. It is aery fast too; if you were cooking an egg while applying for this loan, you’ll get the credit alert before your egg is boiled hard.
Downside: The maximum amount accessible to first time client is N20,000. However, with a good credit score built over time and early repayments you can access up to N100,000. The very short loan tenure (14days) and outrageous interest rate too is a bummer! For example, if you were borrowing N7,000 for two weeks, you’ll reimburse back N8,050, which is a whopping 15% interest. Are you guys joking
- KwikMoney (*561#)
Requirements: A Nigerian mobile number and reasonable bank details.
Upside: You don’t wish to be a salary earner to access this loan, anyone with a Nigerian bank account and telephone number can apply for this loan.It takes about 1-5 minutes to finalize the application procedure and get the loan.
Downside: Very huge interest rate of 15% and very short term of 14days. Also, just like Instant cash, you will have to grow your credit score over time to qualify for the result loan amount of 100,000.
5 ways to get quick loan in Nigeria without collateral
- FCMB FastCash – * 329#
Requirements: A Nigerian mobile number and a repeatedly used FCMB account of a worker or trader.
Upside: Fast method and applicant will be assessed using their BVN. Convenient paperless micro-credit that expects no collateral and perfect for emergency needs. You can select to repay the loan from the next credit you receive on your account or select to pay on or before the end of 30-day cycle.
Downside: Short repayment duration. No data online about interest rate
- PayDay Loan Access Bank – 90111#
Requirements: Works much like a salary advance. A Nigerian mobile number and a salary account open at Access Bank.
Upside: Very acceptable interest rate of 5.51%. Suitable repayment timeline, which is a maximum of 31days or salary payment day (whichever comes first). The loan will be automatically debited from your account instantly your salary is disbursed.
Downside: Only accessible to salary earners.
There are others like Aledin *903# that expect you to have a mobile money account, which you can also investigate. Don’t say I didn’t do anything for you. Go forward and tell me thank you by sharing this article on your social media platforms and with those pals who are constantly asking you for loans.