List of Loans in Nigeria Without Salary Account is a topic of great interest to many individuals who may not have a salary account, but are in need of financial assistance.
In Nigeria, there are various types of loans available to individuals, including those without salary accounts. These loans can be accessed through various financial institutions and lenders, and may have different requirements and interest rates.
Understanding the different loan options available can help individuals make informed decisions and choose the best loan for their needs.
This article will discuss the various loans in Nigeria without a salary account and how to activate them.
What You Should Know About Loans in Nigeria Without Salary Account
Before taking a loan on any instant loans platforms that do not require a salary account, here are a few things you should know about them.
Convenience
One of the fantastic features of these loan platforms that do not require a salary account is how fast you can access the loan from anywhere. You don’t need to visit their physical offices, meet with their workers, or sign lots of paperwork; you can get loans from the comfort of your home or any other location.
Flexible time frame
Instant loan platforms have different repayment time frames and schedules for all amounts, so you can choose a plan that matches your financial schedule.
Multiple platforms
You have a wide range of different loan platforms at your disposal; this makes it easier for you to compare their repayment plans, terms and conditions, and interest rates before making your choice.
Quick loan approval process
With instant loan platforms, you can get a loan as fast as 5 minutes, which is quicker than traditional banks that take days or even weeks to approve a loan request. With loans without a salary account, you only need to fill out the online form, get it approved in a few minutes, and the money will be sent to your account almost immediately.
Higher interest rates
One downside to loans without a salary account is that they have much higher interest rates than traditional loan banks. The increased interest is due to the clients needing a credit history, which can be risky. To insure themselves, these loan platforms charge higher interest rates to cover their money in case of default by the clients.
9 Loans in Nigeria Without Salary Account
Here are some of Nigeria’s reliable and best loans without a salary account.
Carbon
Carbon is the first on our list, not only because you can get up to N1,000,000 without any collateral or salary account, but you can also earn a cashback in interest if you pay back the loan within the agreed time. Carbon allows customers to carry out many other transactions like saving money, which comes with high interest, paying utility bills, and transferring funds to others.
To access the loan, you only have to download the app from Google Play Store or IOS App Store, read the terms and conditions, and apply for any loan plan; you will get the desired funds within minutes after approval.
Features and Benefits
- Low-interest rates
- Flexible repayment options
- Seamless application processes,
Carbon Loan USSD Code: *1303#
Contact Details
Email: support@payl8r.com or info@paylater.ng
Tel: +233240108580
Fairmoney
Fairmoney is a digital platform that does not only give out instant loans but allows users to perform other activities like paying utility bills and transferring funds to multiple accounts with 100 free transfer bonuses.
With Fairmoney, you can get up to N1,000,000 and relay between 61 days to 18 months. Clients who pay faster than the repayment schedule enjoy a 90% loan discount.
Features and Benefits
- Instant loan disbursement
- Competitive interest rates
- No collateral required
- Flexible repayment options
- Intuitive user-friendly mobile application
Fairmoney Loan USSD Code for: *566*15#
Contact Details
Email: help@fairmoney.in
Tel: 01 7001276 / 01 8885577
Branch App
Another reliable loan in Nigeria without a salary account is Branch App, a fintech company whose operations run across four countries, including Nigeria. This platform allows users to get loans between N2,000 to N500,000 and repay within a specified time. The earlier you repay the loan, the higher your loan limit will increase.
The criteria for getting a loan on Branch App is you must submit your Nigerian phone number, BVN, account number, and Facebook account. The app is available on Google Play Store or the IOS App Store; sign up, select loans from the options, fill in the forms, and apply.
Features and Benefits
- User-friendly interface
- Flexible repayment options
- Low interest rates
- Instant loan disbursement
Contact Details
Email: nigeria@branch.co
Tel: +254 711 995555
Aella Credit
With Aella Credit, you can get loans without submitting any collateral or having a salary account. This platform gives out loans up to an amount ranging from N1,500 to N1,000,000, which can be paid back within three months.
Aella Credit also has other features like payment of bills, reliable and genuine investments, and insurance. You must download the app on the Google Play Store or IOS App Store to access these loans and other characteristics.
Features and Benefits
- Fast and convenient
- Flexible loan terms
- Competitive interest rates
- Credit scoring system
- No hidden charges
Contact Details
Email: support@aellacredit.com
Grofin
Grofin offers loans in Nigeria without a salary account; however, this loan is only for entrepreneurs and business owners 2ho need funds to enlarge their businesses or start new ones.
The platform does not need a salary account, but you must have an established business that has been in operation between two to three years and an annual turnover that can equal the loan from one to five times.
Features and Benefits
- Flexible loan terms
- Quick loan approval
- Competitive interest rates
Contact Details
Email: lagos@grofin.com
FastCash
FastCash is established by First City Monument Bank (FCMB) to help their existing customers access instant loans without collateral. No paperwork is needed, and you can get up to N200,000 for urgent needs.
The first step towards accessing this loan is to have an account with FCMB, then dial *329*11# on your mobile phone or download the app on Google Play Store or IOS App Store. Follow the instructions on the app or the prompt response to get approval and have your money.
Features and Benefits
- Fast and Convenient
- Easy Application Process
- Flexible Repayment Options
- No Collateral Required
- Competitive Interest Rates
Fastcash USSD Code for Loan: *329*11#
Contact Details
Email: customerservice@fcmb.com
Tel: 01-2798800 , 07003290000
Specta
Sterling Bank formed Specta, another online loan in Nigeria without a salary account that helps people get loans up to 5 Million without collateral, paperwork, or visit to the physical bank branches. This transaction can be done in 5 minutes. You have between 12 to 36 months to repay the loans depending on the amount.
To qualify for the loan, you have to submit your bank account number, BVN, valid email address, and valid means of identification like an identity card, driver’s license, or voter’s card. Download the app on Google Play Store or IOS App Store to access the loan.
Features and Benefits
- Quick loan disbursement
- No collateral required
- High loan amounts
- Flexible repayment terms
- Competitive interest rates
Contact Details
Email: specta@sterling.ng
Tel: 01-7004271
KiaKia
KiaKia allows small entrepreneurs and business owners to get loans in Nigeria up to N500,000 without a salary account, and the interest rate is negotiated through a conversation with the platform managers.
One fantastic feature about KiaKia that gives it an edge over other platforms is the peer-to-peer feature that allows customers who wish to get a loan to meet potential investors for their business. Download the app on Google Play Store or IOS App Store to start the loan process.
Features and Benefits
- It is Secure and reliable
- Flexible repayment terms
- Competitive interest rates
- Quick and easy application process
- Flexible repayment terms
Kia Kia USSD Code for Loan: *448#
Contact Details
Email: 1helpdesk@kiakia.co
Tel: 08092245588, 09055111140.
SMEDAN
The Federal Government of Nigeria established SMEDAN to help small and medium-scale business owners, and entrepreneurs get loans in Nigeria without a salary account. This loan platform aims to encourage small and medium-scale businesses and help them grow.
SMEDAN loan is specifically targeted at small and medium-sized enterprises (SMEs) in Nigeria.
Features and Benefits
- Designed for small business owners
- Low interest rates
- No collateral required
- Flexible repayment terms
Contact Details
Email: info@smedan.gov.ng
Frequently Asked Questions
Can I get a Loan without a Salary Account?
Yes, getting a loan in Nigeria without a salary account is possible. You only have to compare the different loan platforms and check their interest rate and repayment plan before making your choice. We have listed some reliable and best loans in Nigeria without a salary account, scroll up and read about each of them.
Do the Platforms Give Out Loans to Unemployed People?
Even if you are unemployed, you can get loans in a few minutes, provided you have a good credit history and a means of payment or source of income. These platforms are open to more than employed people; you only have to meet the requirements set out by each loan app and get approval.
Bottom Line
Taking loans from apps can be termed “life savers” as they allow users to get loans of specific amounts within a few minutes without a salary account, paperwork, or collateral. However, many unreliable and fake loan apps exist, so you can research more about each before accepting any loan.
