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Five Online Instant and Collateral-Free Loans

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Today, business owners can apply for loans online and get them instantly without the need of any collateral.

Access to finance has increased with new quick and easy online funding options.

These lenders evaluate creditworthiness and the ability to pay back within a stipulated time frame. Also, they approve or disapprove an amount of loan based on their assessment.

Below is a list of platforms that offer instant and collateral-free loans:

 

ALAT by Wema Bank

collateral free loans

  • Requirements: Means of identification and bank details
  • Platform: Web
  • Interest rate: Dependent on loan amount
  • Minimum/Maximum amounts: ₦200,000

 

Carbon(Paylater)

  • Requirements: Means of identification and bank details
  • Platform: Android
  • Interest rate: 5% monthly on the first loan
  • Minimum/Maximum amounts: ₦1,500 to ₦1,000,000
  • Tenure: Four to 64 weeks

 

Creditville

collateral free loans

  • Requirements: Means of identification(international passport, drivers license or national ID), Passport photographs, six months statement of account, Certificate of Incorporation, Memorandum of Association, Post-dated NUBAN Cheques from the client, and a suitable guarantor who will provide the following: Employment/Confirmation Letter, One undated NUBAN Cheque, Copy of Staff ID card, Filled guarantor form provided by Creditville Limited
  • Platform: Web
  • Minimum/Maximum amounts: N100,000 to N4,000,000
  • Interest rate: Dependent on loan amount
  • Repayment Period: 12 months
  • Repayment Channel: Cheques, deposit or transfers

 

Lidya

collateral free loans

  • Platform: Web
  • Interest rate: Dependent on loan amount
  • Minimum/Maximum amounts: Between $500 and $15,000.

 

Palmcredit Loan App

  • Requirements: BVN and bank details
  • Platform: Android
  • Interest rate: Zero percent if loan can be paid back in two days
  • Minimum/Maximum amounts: N15,000 to N100,000
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