This is usually given against your credit/debit card. During application, you’ll be required to input your credit/debit card details. When this is done, no additional document is needed. The disadvantage in this one is that when you fail to repay on time, the lender will and without prior notice, withdraw the loan amount from your account. This type of loan is usually done online and you can get quick loans in just minutes. Curently, Loan against debit/credit card is the quickest and fastest way to secure a loan in Nigeria.
Cash Backed Loans
This type can be backed by fixed deposit or your investment. It’s strictly a non-salary loan. The loan amount is determined by either the fixed deposit or your investment. It’s usually 80% of either your fixed deposit or your investment. The interest rate is 15% while the maximum loan tenure is 12 months.
Loan Against Fixed Deposit
Here, your fixed deposit is the collateral, and it’s secured with same the bank where you have your fixed deposit. The loan amount is usually high. It’s up to 80% of your fixed deposit. They also come as non-salary loans.
Loan Against Investment
This is another type of non-salary loan in Nigeria. It has the investment as the collateral. 80% of your investment is given to you as the loan sum. The interest is higher than your investment when added to the loan amount.
Loan Against Insurance Schemes
This is applicable only if your insurance scheme is eligible for loan. The loan amount can be availed from the insurer, and the investment as the collateral. However, this can only be done after 3 years of commencement of insurance policy.
There are a couple of loans for non salary earners without collateral in Nigeria, Phillipines, France, US etc. These loans are for small business owners. You can get these SME loans without collateral in most financial institutions. Stanbicibtc bank gives SME loans without collateral in Nigeria. Other financial institutions that give loans without collateral include: Renmony, Union Bank, Access Bank, FCMB etc. To get a startup business loan without collateral, you must go to your bank where you have a very good credit history and apply. Your credit score must be high enough in order to get such SME loans. The above listed financial institutions offer business loans in Nigeria without Collateral.
Instant Online Loans without Collateral and How to Apply
In Nigeria, you can apply online and get an urgent loan in minutes through these Lenders websites. Not all online loan applications involve the use of BVN, you can get from some financial institutions loans without BVN. KwickCash offers loans without BVN. Instant online loans are very quick credit loans anyone can get. If you pay back on time and have a very good credit history with any of the financial institutions that offer quick credit loans, your loan limit will keep increasing and growing on daily basis. The fastest way to get an urgent quick loan is through financial institutions that offer instant online loans. Banks and other financial institutions that offer urgent loans in Nigeria include:
1. KiaKia Loan
Mr KiaKia is an online financial marketplace to access and lend out personal and business capital. The platform utilizes installment loans Kentucky psychometric bio-data machine and digital forensics to access individual borrowers thereby obtaining their credit scores and credit risk assessment to provide instant direct personal and business loans to millions of individuals and SMEs without collateral within 24hrs.
2. GroFin Loan
Grofin helps entrepreneurs succeed by providing them with business loans and business support to grow their businesses. They also provide expert advice and continuous guidance. Grofin funds loans between $100,000 to $1.5 million US dollar. If you’re seeking for loan to establish a business, Grofin loan criteria requires you to have an already established business before you can apply. You must complete an online assessment before you can apply. Click Here to fill the Online Application Form for Grofin instant online loan and receive your loans within 24hrs.