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Nigerian Banks that offer loans without collateral

Small and medium enterprises (SMEs) no doubt need loans to expand their businesses. This has been a great challenge, especially with collateral that usually comes as conditions for giving out loans.

According to the CBN’s latest consumer credit report, the demand for unsecured credit cards lending rose to 9.4 index points in the fourth quarter (Q4) of 2020 from 4.9 points in the first quarter of the same year. This simply means that the demand for unsecured lending has been on the rise but lower than the demand in the pre-COVID-19 years.

Good news is that some Nigerian Deposit Money Banks (DMBs) are now pushing for unsecured lending, a loan that does not require collateral.

“Whether you are a school owner, a health practitioner or you are into IT, or any other business you can access up to N10 million without collateral,” according to the banks.

BigNaira did some digging into some DMBs in Nigeria that offer loans without collateral and found on their respective websites the loan amount one can source without collateral.

Below are some of the banks that offer loans to SMEs without collateral

Union Bank Plc: Offers up to ₦50 million

Guaranty Trust Bank: Offers up to ₦30 million

Standard Chartered Bank: Offers up to ₦20 million

Access Bank Plc: Offers up to ₦10 million

Fidelity Bank Plc: Offers up to ₦10 million

Zenith Bank Plc: Offers up ₦10,000

First Bank Plc: Offers up to ₦10,000

Polaris Bank: Offers up to ₦10,000

What you should know

Loans no doubt are important source of financial relief as they provide an alternative source of income that assists in meeting personal needs as well achieving business goals.

However, BigNaira, strongly advice individuals and SMEs to carefully study and understand the terms and conditions of the loan on offer, to assist them in choosing loan offers that are best suited to their financial capabilities and needs. It is very important to note that all loans taken must be repaid in accordance with the terms and conditions of the offer.

NOTE: BigNaira sourced the information of banks that offer loans without collateral from the official websites of the above listed banks. Some of these offers may be removed or cancelled at any time by the banks which is why we strongly advice you take this information as an educational guide only and contact any of the banks of choice for a direct enquiry.

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