How to Borrow Money Online In Nigeria [Explained!]

How to Borrow Money Online in Nigeria Without Any Collateral

Are you looking for information on how to borrow money online in Nigeria without any collateral?

This post will give you 6 detailed steps.

To be completely honest, I never imagined it would be possible to obtain loans in Nigeria using the internet. Pay as you go is the norm in our part of the world, but we’re developing, aren’t we?

In this straightforward article, we will demonstrate to you how to borrow money online in Nigeria without the need for any collateral or documentation.

Understand that this is not simply another list of loan companies in Nigeria that you can throw away. No, there’s more to it than that.

This supplementary but critical piece, which is based on our evaluation and ranking of the 10 best loan apps in Nigeria, walks you through the steps necessary to obtain one of these loans.

In reality, I’ll be sharing my own experience, including the documents submitted, the length of time it took, the interest rate, the service fees, and any other prerequisites for obtaining a loan online in Nigeria.

If you’ve ever found yourself in a predicament of financial incapacity and struggled to keep your head above water while trying to avoid drowning, I understand how you feel.

Sometimes all you have to do is go online and search for “how to borrow money online in Nigeria,” but all you get back is a long list of this and that and nothing more.

Allow me to demonstrate how to do it.

How to Borrow Money Online In Nigeria Explained

There are numerous rapid online lending platforms and loan applications that provide instant loans immediately after application, even when there is no collateral or when the borrower is unemployed, and that offer instant loans immediately after application.

To apply for online loans in Nigeria, you’ll need a smart device (phone, tablet, or other similar devices) in order to access the lending platforms I’ve included in this list.

Once your smart device is ready, you’ll need to visit loan websites, which you’ll find listed below, and prepare to fill out some information, such as the following:

General Requirements of Loan Platforms In Nigeria

You’ll need to provide the following information:

Step - Fill form to apply for loan online
  • Your First Name, Middle, and Last Name
  • Date of Birth
  • Gender
  • Email Address
  • Current Residential Address
  • Type of Residence
  • Phone Number
  • Name of Next of Kin
  • Employment Status
  • Marital Status
  • Monthly Income
  • Real-time Photo of Yourself
  • Bank Verification Number
  • Bank Name
  • Account Number
  • Current Residential Address of Next of Kin
  • Next of Kin’s Phone Number

Why would loan companies in Nigeria request this huge information? It’s simply because they’re providing you with what’s called unsecured loans.

Simply put, they’re taking more risk of providing you short-term loans with no collateral or any form of deposit whatsoever.

So, when you default (which you shouldn’t), they can get in touch with you and take necessary actions.

Steps to Getting Loans Online In Nigeria

Just as stated earlier, you have to go through these steps:

In this case, I’ll use Carbon loan app, because they’re the best so far. I get as high as 259k in loans. You too can.

STEP 1: Ensure You Have A Smart Device

The first step to be able to borrow money online, of course, is to have a smart device.

It could be your smartphone, tab, etc. This is important because most of the loan organizations in Nigeria operate online.

They have their loan websites and most importantly loan apps to provide credit to every qualified individual in need of a loan.

STEP 2: Go to Your Desired Loan Platform

Next, you’ll have to visit any of the best loan companies in Nigeria via their website or mobile app.

For the companies without a mobile app, you’ll have to find the “Register” or “Get a Loan” button, provide the information stated above, and wait.

For loan companies with a mobile app, you’ll have to download their loan app either on Google Play Store for Android users or on Apple Store for iOs users.

STEP 3: Go through Their Loan Tenure, Interest Rates & Terms

Loan tenure available on most loan platforms in Nigeria ranges from 1 – 11 months.

Interest ranges from 15% – 34% with an equivalent monthly interest of 3% – 21% and APR of 33% – 261%, depending on the loan option you choose.

A lot of factors affect the interest rate for a particular loan option, including your repayment history and the cost of lending.

STEP 4: Apply for Loan

To get online loans in Nigeria, you have to provide accurate information when registering on your desired loan platform.


Making mistakes or intentionally providing wrong details about you is a red flag already. This will definitely limit your chance of getting a loan.

So, my advice? Be real and honest when providing details about you, your estimated monthly income, either as self-employed or a business owner.

STEP 5: State How Much and Reasons for Your Loan

Think about it, before commercial banks lend you money, wouldn’t you state the amount and reasons for your loan?

This is important as the amount you request must be logical and reasonable. It must resonate with your monthly income and purpose of the loan.

In most cases, you can be able to borrow loan in the range of #1,000 – #200,000 depending on your credit score.

For first-timers, you can get a first-time loan of around N1,000 or N2,000. Later when you repay your loans on time, the amount you can borrow increases drastically.

I can remember I got #12,000 on my first application one of the platforms and #16,000 on another loan platform. More about this soon.

Step 6: Wait to Get Qualified or Approved

Now, you’ve done your part. The next thing is to wait to get qualified for that loan you requested. Your loan offer will be calculated.

But for how long does the loan approval takes?

Calculating your loan amount offer

Many of these online loan lenders stat that it takes a maximum of 24 hours, but in the actual sense, based on what I’ve tried, it takes a couple of seconds to know if you qualify for a loan or not.

Also, the notification you’ll get will state if you’ll get the exact loan or lesser than you’ve requested.

How is this done?

Don’t forget most of the loan companies use a dedicated loan app.

The apps apply machine learning technology, creating an algorithmic approach to determine credit worthiness via customers’ smartphones.

While this tech-forward approach requires transparency and trust, it also enables a fair, secure and convenient path for customers to build capital and save for the future.

So, in a couple of seconds, you’ll get the verdict whether your loan is approved or not.

Which Are the Best Loan Platforms & Apps (I Rated Them Accordingly)

Which are the best loan platforms and apps for quick online loans in Nigeria?

See My Ratings:

#1. Carbon Paylater Loan

#2. Branch International Loan

#3. Palm Credit Loan

#4. C24 Loans

#5. FairMoney Loan

#6. RenMoney Loan

#7. Fint Loans

#8. Kiakia Loans

#9. CreditVille Loans

#10. Okash Loans

You can check the review and features of each loan company listed above.

How To Make Sure these Loan Companies Borrow You Big Money On Your First Application (Trick)

In very many cases, people complain about getting very little amount of loan in their first try.

That’s true. It could be #1,500, #2,000, #5,000 that you’ll get in your first try.

Don’t forget I said loan companies will automatically increase the amount you can borrow if you payback the little they’ve granted you in the first place.

So, how much did i get as my first loan?

I used the Carbon app (it was paylater back then), and my first loan disbursement was N12,500 and I have borrowed as high as #259,000.

How to borrow money online - Loan history

Now, I borrow as high as #259,000! and the best part is, even before completing repayment of the loan, I still can borrow as high as the previous amount. Isn’t that cool? That’s the benefit of a good credit report.

Not that I do need the funds, but my goal is to test out the services of loan apps, and present reliable information to you. More so, I hope to build my eligibility to be able to get as high as 1 million Naira loan.

When I tried other loan platforms, the amount was low.

What to Do, The Trick

Don’t forget I told you that most of the loan organizations/companies deploy loans to individuals through loan apps.

The apps apply machine learning technology, creating an algorithmic approach to determine credit worthiness via customers’ smartphones.

Now, one of the ways the app determines your worthiness is by scanning through your SMS text messages.

It goes without saying that the area of interest will be bank transaction messages.

So, DON’T DELETE your bank alert notifications for a very long time. The loan app scans through these sms, amount involved in your transactions, dates, etc.

If you have no bank alert SMS on your phone, the loan application assumes a predetermined laon amount and that’s what you’ll get in your first loan application.

Another tip is the “reasons for your loan” selection.

You must have filled in your personal details and other necessary information when registering on your desired online loan companies app.

If you chose ‘student’ in the employment status, and now you want to apply for loan and your loan reason is for medical, household, travel, or rent, how easy to payback is the question?

If self-employed and your monthly income is has been stated, applying for a loan that’s way above your income would also raise questions.

So, the trick is getting your record straight from the beginning, and making sure the account details you input, to repay back your loan is one that you transact regularly with.

Why I Tried More Than 10 Nigerian Online Loan Platforms (Real Life Experiences)

My quest for information on how to borrow money online in Nigeria without any collateral or paperwork, made me try out a hand full of online money lenders.

Which has the lowest interest rate? Which has the most suitable payback period? Which one of these credit platforms disburses loans in minutes?

Those are few of the questions I wanted to find answers to, for myself and for you of course.

Also, let me say “I’ve always been an hustler.” Not quite long when I completed NYSC, staying at home doesn’t just cut it.

You’d need something doing. I started rabbit farming and needed some quick cash to setup. That led me into searching for how to get loans online.

So far, I’ve tried more than 10 loan platforms and reviewed them here on My quest has led me into discovering more.

There’s more. Did you know that you can borrow money using USSD codes in Nigeria, where you get funds into your bank account in minutes?

Why I Borrowed Quick Cash WIthout Paying Back Because No Collateral Was Involved (Not Good)

I have experience is different from I have an Idea

You may watch people fall and learn from it, that’s having an idea.

Going through something and experiencing every bit of the feeling means having the experience.

Many of the loan platforms state their measures to getting borrowers to payback on their website or apps.

One of the strategies is sending you a text message some days before the due date to payback your loan, and another is calling you.

One embarrassing strategy is to call your most called contacts. They report you to those you call the most or your next of kin, as you’ve provided.

How would it feel if a loan company calls your girlfriend, your supervisor at work or your congregation member? Embarrassing, isn’t it?

I wanted to know what defaulters go through when they don’t pay back and I had the experience. Remember, as you’ve seen from my loan history, I pay back each of the loans I get.

My advice? Pay back your loans on time.

If you’re a corps member currently serving, you can read our post on how to get NYSC loans available, though it comes with some form of collateral.

infographic on steps to borrow money online in nigeria

How to Borrow Money Online In Nigeria (Summary)

Here’s a quick recap of the steps to follow if you’ve also wanted to know how to borrow money online in Nigeria:

  • STEP 1: Ensure You Have a Smart Device
  • STEP 2: Go to Your Desired Loan Platform
  • STEP 3: Go through Their Loan Tenure, Interest Rates, and Terms
  • STEP 4: Apply for Loan
  • STEP 5: State How Much and Reasons for Your Loan
  • STEP 6: Wait to Get Qualified or Approved

Did you really find this post helpful? It took a while to put all this together, so I’d appreciate it if you like, share this post.

Got questions? Let’s have them, and your opinion in the comment box below.

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