Top Nigeria Banks to get unsecured loans for business and personal use

If you were told that you can walk to a bank and obtain loan without collateral; an unsecured loan, would you have believed it? You see, knowledge is power. There are more than 10 banks ready to loan you money without asking you for collateral.

So many people are of the notion that Salary advance, payday, overdraft, business loan, personal loan and the likes are not easy to obtain from different banks in Nigeria without terms and conditions. Of course, there must be terms and conditions but most of them do not have collateral.

And although many people frown at those trying to obtain a loan the truth is, sometimes we find ourselves at a dead-end where the only way out is to borrow money. There are different platforms to borrow money in this 21st century and more lenders are rising up. In fact, borrowing money has become so easy these days because you can actually get a loan without any form of human contact with the lenders.

Realising the rise of loans and how these new faces (money lenders) are helping individuals and businesses survive with unsecured loans, many Nigerian banks are now taking up the challenge. Now almost all banks in Nigeria can loan you money up to 5,000,000 without collateral.

I prefer to borrow money from banks than other online money lendings because your profile, privacy, security number etc are safe with banks. I am about to reveal to you the banks that can offer you a loan with collateral but you have the sole responsibility to do more research before you venture to seek out a loan.

Furthermore, don’t think that only small business startups can have access to this bank loan. No! Individuals and large business owners can also access bank loans without collateral.

These are the top banks that can offer you a loan without collateral in Nigeria

FCMB Loan without a collateral

First City Monument Bank (FCMB) Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments. Having successfully transformed into a retail and commercial banking-led group, FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of our customers.

FCMB has the following loans without collateral

  • Auto loan
  • Salary top-up loan
  • Fastcash loan
  • Premium salary loan

FCMB FastCash loan without collateral: is a convenient, paperless credit facility with no collateral required for your emergencies and urgent needs. It is an instant loan and the application is through our USSD code *329#.
FastCash for FCMB Customer

  • Instant access to funds
  • Up to N100,000 loan amount
  • No paperwork required, just apply through *329#.
  • No collateral needed 30 days clean upcycle
  • Customer can apply as many times in a year as he is qualified.

FastCash for FCMB Non Customer

  • Instant access to funds
  • Up to N200,000 loan amount
  • 1 – 3 months’ loan tenor
  • No paperwork required, just apply through *329#, register as a wallet customer and apply.
  • No collateral needed
  • For Salary earners working under Federal government, whose salary is being paid through REMITA payment platform.
  • Customer does not need to open a salary account with FCMB as the loan will be disbursed to his/her salary account wherever it is domicile

FCMB Standard Auto Loan without collateral: It enables customers to purchase vehicles from auto dealers who have been prequalified and have agreed on an SLA with the bank
Features of FCMB Standard Auto Loan without collateral

  • Borrow N500,000.00 to N7,500,000.00
  • Payment over 12 to 48 months
  • Contribute as low as 20% towards the purchase
  • Comprehensive Insurance on the car for the entire loan period
  • No security required
  • Competitive pricing and no hidden charges


  • Installation of free tracking device for auto valued at N3, 000,000 and above (Free for cars above N3milion otherwise, N50,000.00)
  • Buy a car of your choice from our list of acceptable brands and spread payment over a convenient period
  • We have reliable dealers accredited to ensure you buy from a safe source
  • Convenient insurance payment included in the loan repayment amount
  • No residual cost at the end of the loan tenure

Eligibility: Individuals in structured employment Self-employed individuals with regular income.

Salary Top-up loan without a collateral
Salary top-up loan is a credit scheme available to salary account holders. Prequalification is done based on criteria such as up-to-date salary, no missed repayments on loans within the last 6 months and categorized employer.
You can apply for this loan in 2 easy ways:

  • Loan top-up via FCMB Online
  • Salary plus top up at Branch

FCMB Premium salary loan without a collateral
Premium Salary Plus loan provides confirmed staff of commercial organizations more useable funds. The employee’s organization must have been rated on Moody’s with a minimum A- rating, and eligible employees interested in the product must earn a minimum monthly income of N100, 000.00.
FCMB Premium Salary Plus has the following benefits:

  • Free issuance cost for Premium Debit & Credit Cards
  • Premium Cheque book

Features FCMB Premium salary loan without a collateral

  • Maximum Loan: N10 million
  • Minimum Loan: N1 million
  • Maximum Tenure: 60 months
  • Minimum Tenure: 6 months
  • Pricing: Highly Competitive
  • Domiciliation of salary Life Insurance: Total premium: 0.75% ‘Loan Amount’ Tenure (upfront) non-refundable
  • The employee must earn a minimum of N100,000 to qualify for the FCMB Premium Salary Plus Loan


WEMA bank loan without collateral

Wema Bank is the pioneer of Africa’s first fully digital bank ALAT and one of Nigeria’s most resilient banks. With over 73 years in the business of banking, the bank has remained innovative in delivering value to its stakeholders. The Bank is constantly introducing products and services tailored to the needs of its customers at every stage of their lives. It is a proud partner to more than one million individuals, families and businesses across Nigeria, helping them achieve their personal and financial goals.
WEMA bank Personal Loan (Fixed Term Loan)
If you are employed by a recognized organization and you operate a Salary Current or Savings Account with WEMA bank, and you need a loan, you can majestically walk into WEMA bank and request for Personal Loan.
Features WEMA bank Personal Loan

  • Available to existing salary account holders, based on salary domiciliation.
  • New customers, will in addition to salary domiciliation, provide evidence of consistent salary payment for the most recent 3 months.
  • The maximum loan amount is 7 multiples of net monthly salary, subject to a maximum of N2 million
  • Maximum loan tenor of 36 months.
  • Loan Top-up available after 6 months of regular monthly down payments.
  • 48 hours loan disbursement.
  • Available to confirmed employees only.
  • Apply for loans & overdrafts at the convenience of your office
  • Low turnaround time for loan & overdraft disbursement (48 hours)
  • Zero account maintenance fee on the current account
  • Access to mobile & Internet Banking services

Requirements WEMA bank Personal Loan

  • Duly completed loan application form & executed offer section
  • Letter of Introduction signed by an authorized signatory of employer
  • An irrevocable letter of salary domiciliation (duly executed by employer’s authorized signatory). Please note that the signatories must be independently verified by a representative of Wema Bank
  • Proof of income (3 months’ pay slip or 3 months account statement)
  • Proof of address (Physical visitation and report by bank representative) supported with a copy of recent utility bill

WEMA bank unsecured business loan
WEMA bank also offers unsecured business Loan designed to boost the working capital of an existing business in order to aid its growth.
The requirement for WEMA bank unsecured business loan

  • Completed loan Application Form.
  • Two passport photographs
  • Company profile
  • Executed Personal and/or Corporate Guarantee form by an acceptable Guarantor
  • Statement of net-worth-duly completed by the Guarantor
  • At least three (3) months bank account statement from Wema Bank and three (3) months from previous/other banks (s). Other banks’ statement must be on letterhead and signed by the bank official with stamps
  • Residential Utility bill and Customer Visitation form for borrower and guarantor.
  • Business Utility bill and Customer Visitation form for borrower and guarantor.
  • Business Questionnaire form (To be completed by the Relationship manager/ officer
  • Customer should provide a guarantor who will submit undated cheque covering the value of the loan
  • Customer to submit undated cheque covering the loan valve (where necessary)

Stanbic IBTC Loan without collateral

Another Nigerian Bank that offers unsecured business or personal loans is Stanbic IBTC. As a salary account holder or a business that needs help with working capital financing – overdrafts, LPO financing or invoice discounting, you get access to loans to help you meet your needs with minimal fuss.
They can provide you with a business loan which you can repay over one to five years. You repay the loan in monthly set instalments. Whatever your business plans, their fixed or revolving business loans can help you reach your goals.

Stanbic IBTC Unsecured Business loan
If your business needs short-term financing then a Fixed Term Loan (FTL) may be useful. It’s a loan that offers you the same interest rate and repayments throughout the term of the loan. This type of loan does not need any collateral and you will know the exact date on which the repayments end.
Benefits of Stanbic IBTC Unsecured Business loan

  • Where you use the loan to buy an asset, the asset becomes yours when you make the last payment.
  • The repayments are structured to suit your business’ cash flow.
  • You’ll get access to affordable insurance for your loan.

Requirements for Stanbic IBTC Unsecured Business loan

  • The full names and capacities of those who will sign
  • A CV of each member of the management team.
  • The reason why you need finance.
  • Your business’ financial statements, including an income statement, balance sheet and cash flow statements.
  • Personal statements of assets and liabilities of all the partners, members or directors.
  • A 12-month cash flow forecast.
  • The amount of your own contribution and the source of the funds.
  • If you do not have a business account with Stanbic IBTC Bank you must provide the business’ bank statements for the past six months

Stanbic IBTC unsecured Personal loan
If you need short term financing then a Fixed Term Loan (FTL) is for you. It’s a personal loan that offers you the same interest rate and repayments throughout the term of the loan. This type of loan does not need any collateral and you will know the exact date when the repayments end.
Benefits of Stanbic IBTC unsecured Personal loan

  • Low-interest rates
  • You can access credit of up to 100% of your income

Requirements for Stanbic IBTC Unsecured Personal loan

  • You must have been with your current employer for six months or longer.
  • Your salary must be domiciled with us.
  • You need to be permanently employed or be a contract worker at an approved company with valid contract terms.
  • You have to be a Nigerian citizen with permanent residency.
  • You should earn a minimum net monthly income of N20,000.
  • Must be 21 years or older (but not older than 60 years on the expiration of the facility).
  • You must have a satisfactory credit bureau report.


Zenith Banks loan without a collateral

Ideas capable of reshaping our world often require vast sums of money to bring to life. If you have a business idea, then Zenith bank invites you to obtain an unsecured loan. Zenith Bank Plc, founded by Jim Ovia in 1990, has since grown astronomically to become one of the leading financial institutions in Africa. Zenith Bank Plc currently ranks as the 6th biggest bank in the continent.

Zenith bank loan includes SME Loans, Overdraft, Receivable Discounting / Invoice Discounting, LPO Finance, Import Finance Facility, Export Finance Facility, Term Loan, Lease, Bonds & Guarantee and Retail Loans for Schemes.

For example; Zenith bank LPO Finance is a special kind of loan made available to borrowing customers to finance the supply of materials or execution of specific supply contracts to reputable organizations while Overdraft is a type of loan which allows the borrower/obligor to draw a certain amount in excess of the credit balance in their current account within a specified tenor usually not exceeding Twelve months.

And if you’re into Beauty/Style, Confectionery and Fitness, you can get a loan with 12-month tenor Loan tenor. You must have a business account with Zenith bank of not less than 6 months old and must be categorised in any of the approved sectors.

Fidelity bank loan without collateral

Fidelity bank recently won accolades as the Best SME Friendly Bank, Best in Mobile Banking and the Most Improved Corporate/Investment Bank among several industry awards and recognition. The Bank was also ranked the 4th Best Bank in the Retail Banking Segment in the 2017 Banking Industry Satisfaction Survey conducted by KPMG.

Fidelity Easy Asset Leasing Scheme (FEALS)
Fidelity bank through their Fidelity Easy Asset Leasing Scheme (FEALS), offers unsecured business or personal loans is customers. FEALS has been designed for the acquisition of household appliances, brand new vehicles, generators, inverters, laptops and much more.

  • Attractive rate with a flexible repayment plan
  • Minimum contribution as low as 20%
  • Flexible repayment plan
  • 48hours approval time
  • Choose from a variety of vendors/dealers and manufacturers nationwide
Fidelity Personal Loan Scheme (F-PLS)
Fidelity bank through their Fidelity Personal Loan Scheme (F-PLS), also offers you access to funds to meet personal financial obligations such as; house rent, school fees, hospital bills, travel expenses, etc.

  • The tenor is up to 60months
  • An attractive interest rate with a flexible repayment plan
  • Provision for enhancement( top-up) after part liquidation
  • Provision for the loan buyback
  • 48 hour approval time

Fidelity bank Instant Salary Advance Scheme (ISAS)
Don’t get caught under the weight of mid-month expenses. With ISAS, you can access up to 50% of your monthly against your next payday.

  • Minimum required documentation
  • 12 hour approval time

Fidelity bank Retail Mortgage: Own your dream home with Fidelity Retail Mortgage!!!

  • Repayment up to 10years
  • 10% minimum equity contribution


First Bank loan without collateral

First Bank of Nigeria Limited (FirstBank) is Nigeria’s premier commercial bank and most valuable banking brand. With over 10 million active customer accounts and more than 750 business locations, we provide a comprehensive range of retail and corporate financial services to customers and investors wishing to explore the vast business opportunities available in Nigeria and our business locations across Africa, Europe, Middle East and Asia.

FirstEdu unsecured Loan
FirstBank which remains one of the apex banks in Nigeria also offers unsecured loan to school owners. This Loan is called FirstEdu loan and it is available to Private schools owners who require extra funds for the smooth running of their school operations.
Features of First Bank FirstEdu loan

  • The tenor is up to 90 days.
  • Maximum Loan Amount is N10m.
  • Collateral is undertaking to domicile school fees with FirstBank.
  • The school must have been in account relationship with FirstBank for a minimum period of 9 months.
  • Available only to private schools that are duly registered with CAC.
  • The school must have a minimum student population of 100.

Benefits of FirstEdu loan

  • Convenient means to finance working capital needs.

Accompanying Documents

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

Who Can Apply for First bank FirstEdu loan?

  • Private pre-primary, primary, secondary schools, A’ level Tuition Providers registered with both the State Ministry of Education and Corporate Affairs Commission


Polaris bank loan with a collateral

Another Nigerian Bank that offers unsecured business or personal loans is Polaris Bank. Nigeria’s top financial institutions with over 373 branches and cash centres across Nigeria offering premium financial services. It operates as a group that provides facets of financial products and services powered by a purpose-built technological framework that supports the service delivery process to customers.

This bank supports different forms of loan called SBG Fast-track such as SME loans, retail loans for parents and teachers, auto loans, salary advancement etc. Nurturing businesses for growth means bridging identified gaps in your client’s business. One of those gaps is the funding gap and as such, Polaris Bank has the following loan solutions for SME customers;
The maximum loan amount is N10 million per obligor at every given time

Loan TypePricingPurpose
Asset FinancingSME friendly
Equity Contribution: 20%
Tenor: Max. 36 months
To purchase school buses or generating set not less than 15KVA
Short Term LoanSME friendly
Tenor: Max. 12 months
Max. loan amount must not be tied to more than 20% of annual turnover subject to a maximum of N10 million
To purchase laboratory equipment, furniture, books for the library, pay rent
AdvanceSME friendly
Tenor: Max. 90 days with an option of 45 days or 30 days to fee collection
Max. loan amount must not be tied to more than 50% of the school collections for a term, subject to a maximum of N10 million
To provide working capital to schools for payment of salaries, purchase of stationery, repairs, etc

 Retail Loans for Parents and Teachers
Polaris Bank also offers a range of retail loans to address the funding needs of parents to pay school fees and also for teachers to bridge working capital against their salaries. The following are the retail loans and their features
Personal Term Loan: This can be used by parents, who work in well-structured organizations, to pay school fees.
Features of Polaris bank Personal Term Loan:

  • Maximum loan amount of N5million.
  • Maximum facility tenor of 36months.
  • Pricing is highly competitive.
  • Repayment shall be from salary domiciliation.

Polaris bank Salary Advance: This can be used by teachers to bridge personal funding gap against next payday.
Features of Polaris bank Salary Advance

  • Maximum loan amount of 70% of monthly net income.
  • Maximum facility tenor of 30 days.
  • Pricing is highly competitive.
  • Repayment shall be from salary domiciliation.

Polaris bank Salary Overdraft: This can be used by teachers to augment personal cash flow as the need arises.
Features of Polaris bank Salary Overdraft:

  • Maximum loan amount of 100% of monthly net income.
  • Maximum facility tenor of 12 months with a 30-day cleanup cycle per tranche.
  • Pricing is highly competitive.
  • Repayment shall be from salary domiciliation.

Polaris bank Auto Loan for Business Owners

  • Maximum loan amount of N10 million
  • Maximum tenor of 36 months
  • Minimum equity contribution of 30%
  • Pricing is SME friendly.
  • Repayment shall be from salary domiciliation.
  • Equal and consecutive monthly instalment
  • Obligor’s business must be domiciled with the Bank

Other loans processed on Polaris bank SBG Fast-track platform are itemized below;

Loan TypePricing
Short Term Working CapitalMax. Amount: N15 million
Tenor: Max. 180 days
SME friendly
Mgt. Fee: 1% flat
Commitment Fee: 1% flat
Asset Financing FacilityMax. Amount: N20 million
Tenor: Max. 36 months
SME friendly
Equity Contribution: 30%
Types of assets:
Motor Vehicles, Buses, Generating Sets (15KVA upwards).
Equipment or Machines used for the production process in Manufacturing Companies (subject to approval).
Turnover of obligor must be adequate for timely repayment
LPO Financing FacilityMax. Amount: N20 million
Tenor: Max. 180 days
SME friendly
Invoice DiscountingMax. Amount: N20 million
Tenor: Max. 180 days
SME friendly

Please note that all other loan amounts above the specified maximum limits can still be accessed subject to our minimum risk acceptance criteria.

UBA loan without collateral

Another Nigerian Bank that offers unsecured business or personal loans is UBA. This bank is ready to assist you with constant cash support, month in and month out, longer-tenure credit, flexible payment plan and lower equity. UBA offers several unsecured loans but the most popular loans are No Wahala Loan and Personal Overdraft.

UBA No Wahala Loan
The UBA “’No Wahala’ Loan” is a personal loan that means just that: “no problem”. With this loan, you have the freedom to spend a little more on what you really want. You may need some extra cash to fix your car, pay medical bills or take care of other exigencies. How you chose to use your loan is up to you.
Benefits UBA No Wahala Loan

  • No deposit and invoices are required
  • Fast, simple and convenient
  • Convenient repayment terms
  • Competitive interest rates

Who Can Get a No Wahala Loan

  • Anyone with a UBA salary account

UBA Personal unsecured Overdraft
Personal Overdraft is a short-term facility that allows you to overdraw your current account for 6 months, up to a maximum amount of N3 million. You repay only 5% of the amount borrowed every 30 days when your salary is paid.

Benefits UBA Personal Overdraft

  • By having to repay 5% every month till the end of the 6 months tenure, when you have to repay the total outstanding, you are assisted in managing your finances
  • Gives you the money you need when you do not have sufficient funds in your account

UBA Personal Overdraft is meant for these categories of individuals

  • Executives, partners and mid-level management staff of reputable organisations in the private or public sector who are confirmed and earn an after-tax annual income of N5 Million or above
  • Individuals whose salaries have been paid through UBA for at least 3 months

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