Nigerian Banks that will give you Loan without Collateral: Don't Waste this! - Nigeria Boom

Nigerian Banks that will give you Loan without Collateral: Don't Waste this!

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In Nigeria, there are so many business ideas that never became realistic. There are so many challenges that Nigerians face when it comes to bringing a business dream into reality. One of the major challenges is not having access to funds.

This is a big problem because without funds, it would be impossible to start up any business since a business won’t run on water.

bank loan without collateral in Nigeria

There are so many ways to get access to funds in Nigeria. 

Get Access to Fund your Ideas Now in Nigeria

One of the major ways to get access to fund to finance your business is through securing a loan from the bank.

However, most Nigerians find it very hard to secure a loan from the bank. This is usually due to some reasons. Some of the reasons include; ignorance, a lackadaisical approach to secure a loan, and the issue of collateral.

There are so many potential entrepreneurs in Nigeria who are determined to securing a loan to finance their business. However, because they do not have collateral, their dream of securing a loan remains a dream.

Nigerian banks are faced with a high level of risk giving out loans on a non-collateral base. This is because the issue with finance is a sensitive one especially in a country where almost everyone is corrupt.

Fortunately, some banks in Nigeria do give out loans on a non-collateral base. These banks understand the fact that many Nigerian potential business owners have what it takes to build and manage a business without having collateral or security to secure a loan to sponsor their idea.

Bank Loan without Collateral in Nigeria

bank loan without collateral in Nigeria

Without wasting your time, I would be revealing to you the top Nigerian banks that will give you loans without collateral. 

1.     Guarantee Trust Bank Plc.

Guarantee Trust Bank Plc. provides collateral-free loans to interested individuals. GT bank non-collateral loan is created to facilitate the growth of Micro, Small, and Medium Enterprises (MSME) in Nigeria. In order to enjoy this opportunity, you will have to look at the bank’s SME loan packages and make the best choice that fits your business. GT Bank’s SME loans can be accessed in the form of; Revolving Credit, Installment Loan, Contract Finance and Local Purchase Order (LPO) Finance.

GT Bank provides you with the opportunity to access short and medium-term loans, as well as assets purchased with reduced collateral requirements.

If you are interested in GT Bank loaning services, you should make a direct inquiry at any GT bank close to you.

2.     First Bank Nigeria PLC :

This is the oldest bank in Nigeria which was founded in the year 1894. First Bank Nigeria Plc. offers collateral-free loans to interested Nigerians. This initiative is channeled towards the provision of a non-collateral loan to empower economic growth in the Small and Medium Enterprises (SMEs) sector of  Nigeria through their collateral-free loan services.

Interested entrepreneurs would need to pass through psychometric sort of test, and then, provide the bank with their business plan and financial projection. 

3.     Heritage Bank:

Great news! Heritage bank provides interested Nigerians with loans without expecting any collateral. The bank aims to facilitate the growth of SMEs in the country.

One of Heritage Bank’s major programs is its Youth Innovative Entrepreneurship Program (YIEDP) which is supported by the Central Bank of Nigeria. This program is beneficial to mostly Nigerian youths to support their dream of owning and growing a business through the provision of affordable loan packages.

4.     Stanbic IBTC Bank:

Stanbic IBTC Bank is another top bank in Nigeria that encourages business owners to have access to loan without providing any collateral.

Stanbic IBTC Bank loan area unit is created to enable SMEs to acquire business assets and other facilities. However, these assets become yours once you make the last payment on the received loan.

Repayment is usually made between one to five years. During this period, payment is made on instamentally on a monthly basis .

5.     Access Bank:

Access Bank is one of the most popular banks in Nigeria. This bank is also one of the best banks to obtain a loan on a no collateral basis in Nigeria.

You can have access to multiple low-interest loan options from Access Bank through their Access Bank Quick Bucks. Access Bank Quick Bucks is a mobile app designed by Access Bank to make their loan services easily accessible to interested Nigerians.

You can gain access to a business loan worth N100, 000 to N1 million without providing any collateral. However, in order to qualify for their loan services, you would need to have a corporate account with them and must have been transacting with the account for at least, a period of 6 months.

6.     WEMA Bank:

If you have a Salary Current or Savings Account with WEMA bank, you are likely to qualify for a non-collateral loan from WEMA bank.

WEMA bank gives entrepreneur loan that ranges from N100, 000 to N1 million without any collateral. The goal is to encourage owners of small and medium enterprises to achieve the financial success they dream of in Nigeria.

7.     First City Monument Bank (FCMB) Limited:

This is the last bank to be revealed in this article but certainly not the least. FCMB like other banks revealed in this article, provides access on having access to loans without providing collateral.

FCMB provides the following loan options without collateral; Auto Loan, Salary Top-Up Loan, Fastcash Loan, Premium Salary Loan. Dial the USSD code, *329# to enjoy FCMB FastCash loan without collateral.

See also: Complete List of USSD Codes for Loans in Nigeria

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