Accessing business loans without collateral in Nigeria can be a major hurdle for small and medium-sized enterprises (SMEs), startups, and self-employed professionals. While many financial institutions demand tangible security before offering loans, a growing number of banks and financial service providers have introduced unsecured loan packages tailored for entrepreneurs and business owners. These loans typically come with competitive interest rates, flexible repayment plans, and minimal paperwork, though eligibility is often based on steady income flow, business performance, and credit history.
In this guide, we’ll highlight the leading banks and financial institutions in Nigeria currently offering business loans without collateral, alongside a brief overview of their loan types, maximum amounts, and application requirements.
Banks and Financial Institutions Offering Collateral-Free Business Loans:
1. Access Bank – QuickBucks Loan
- Loan Type: Digital personal and business loan
- Maximum Amount: Up to ₦5 million
- Requirements: BVN, active Access Bank account, satisfactory credit history
- Application: Via QuickBucks app or *901# USSD code
2. First City Monument Bank (FCMB) – FastCash Loan
- Loan Type: Instant digital loan for business owners and salary earners
- Maximum Amount: Up to ₦200,000 (for first-time applicants, higher for repeat)
- Requirements: Active FCMB account, regular transaction inflow, BVN
- Application: Via *329# USSD code or FCMB mobile app
3. Stanbic IBTC Bank – EZ Cash Loan
- Loan Type: Instant loan for individuals and SMEs
- Maximum Amount: Up to ₦5 million
- Requirements: Active Stanbic IBTC account, good credit score, BVN
- Application: Via *909# USSD or Stanbic IBTC mobile app
4. Fidelity Bank – FastLoan
- Loan Type: Instant loan for businesses and individuals
- Maximum Amount: ₦500,000 – ₦3 million
- Requirements: Active Fidelity Bank account, BVN, satisfactory credit report
- Application: Via Fidelity Bank USSD code *770# or FastLoan portal
5. Zenith Bank – Salary Advance & SME Digital Loan
- Loan Type: Salary-backed loan for business owners or SME operators with structured cash inflow
- Maximum Amount: ₦100,000 – ₦5 million
- Requirements: Active Zenith Bank account, BVN, consistent transaction history
- Application: Via *966# USSD or Zenith Bank mobile app
6. GTBank – QuickCredit for Small Business
- Loan Type: Unsecured digital loan for SMEs and individuals
- Maximum Amount: ₦500,000 – ₦5 million
- Requirements: Active GTBank account, BVN, satisfactory credit standing
- Application: Through GTWorld app or *737# USSD
7. Carbon (formerly Paylater)
- Loan Type: Digital loan for businesses and individuals
- Maximum Amount: Up to ₦1 million
- Requirements: Valid ID, BVN, active bank account, consistent financial records
- Application: Through Carbon app
8. FairMoney
- Loan Type: Digital microloan for individuals and businesses
- Maximum Amount: ₦1,500,000
- Requirements: Valid ID, BVN, steady bank transaction record
- Application: Through FairMoney app
9. Branch
- Loan Type: Mobile loan platform offering business and personal loans
- Maximum Amount: ₦500,000
- Requirements: Active BVN, verified identity, transaction history
- Application: Through Branch app
10. Aella Credit
- Loan Type: Digital loan for business owners and professionals
- Maximum Amount: ₦1,500,000
- Requirements: BVN, active financial records
- Application: Through Aella app
| Bank/Platform | Loan Type | Maximum Amount | Requirements | Application Method |
|---|---|---|---|---|
| Access Bank | QuickBucks Loan | ₦5 million | BVN, Access Bank account, good credit history | QuickBucks app / *901# USSD |
| FCMB | FastCash Loan | ₦200,000+ | FCMB account, regular inflow, BVN | *329# USSD / FCMB mobile app |
| Stanbic IBTC | EZ Cash Loan | ₦5 million | Stanbic IBTC account, good credit record, BVN | *909# USSD / Stanbic mobile app |
| Fidelity Bank | FastLoan | ₦500,000 – ₦3 million | Fidelity account, BVN, credit report | *770# USSD / FastLoan portal |
| Zenith Bank | Salary Advance / SME Digital Loan | ₦100,000 – ₦5 million | Zenith account, BVN, steady cash inflow | *966# USSD / Zenith mobile app |
| GTBank | QuickCredit for Small Business | ₦500,000 – ₦5 million | GTBank account, BVN, credit standing | *737# USSD / GTWorld app |
| Carbon (Paylater) | Digital Business/Personal Loan | ₦1 million | Valid ID, BVN, financial history | Carbon app |
| FairMoney | Digital Microloan | ₦1.5 million | Valid ID, BVN, steady bank transaction record | FairMoney app |
| Branch | Mobile Business/Personal Loan | ₦500,000 | BVN, verified identity, transaction history | Branch app |
| Aella Credit | Business/Professional Loan | ₦1.5 million | BVN, financial records | Aella app |
While these loans don’t require traditional collateral like property documents or vehicles, lenders typically assess your income stability, account transaction volume, and credit history before granting approval. It’s important to compare interest rates, repayment periods, and service charges before applying. Digital-only lenders such as Carbon, FairMoney, and Branch are particularly suitable for startups and micro-businesses needing quick, hassle-free loans.
