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Loan Apps in Nigeria that Give Loans Without Credit Check

By Oluchukwu Ikemefuna

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An application for an urgent loan in Nigeria is a breeze, isn’t it? Smooth. Instant. Flexible. There is no collateral, no paperwork, no documentation, and no initiation fee. Ahhh, it’s life. You almost wish there was no credit check as well. Because you’ve taken a series of loans over the past few months, and now your credit history doesn’t look so good. 

Are there digital money lenders that can generously grant you a loan without a credit check in Nigeria? You’re not the only one asking. And that’s what we’re here to find out today.

Also read: Nigeria’s Top 10 Tech Brands in 2024

Are There Loan Apps that Can Give Loan Without Credit Check in Nigeria?

Currently, there are no loan apps that give loans without credit check in Nigeria. When loan apps use the term “no credit check,” they mean they don’t run an in-depth analysis of your creditworthiness, nor do they use your credit score to determine your eligibility for a loan, as traditional banks do.

Rather, instant loan apps review other aspects of your creditworthiness, such as proof of work, your annual income, your bank statements, and your debt-to-income (DTI) ratio.

Factors Considered by Loan Apps

Most loan apps that promise to advance a loan without checking your credit history at all are probably scammers – the real loan sharks. Legit instant loan apps usually run a light check on your credit history, for the following reasons: 

  • To determine if you can repay the loan: Since instant loans are unsecured, the loan agency must get at least one guarantee that you will repay the loan. The guarantee that most lenders use is your credit history. If any customer has a long history of debts that he or she has not paid, it is unlikely that the agency would advance any further loan to such a person, unless it’s a consolidation loan. And if they decide to advance the loan regardless, this is where the second point comes in: 
  • To determine how much they will offer: Most loan apps give a loan offer based on the customer’s DTI. For instance, you request a loan of ₦500,000, and your monthly salary is ₦20,000. Chances are very slim that you will be able to refund the ₦500,000 within the stipulated repayment period. Hence, in order not to take chances, the loan agency would offer an amount that they knew you could conveniently repay based on your income.

Even with a check on your credit history, most loan apps in Nigeria still have short processing periods, ranging from five (5) minutes to 24 hours. Verification is done immediately after you submit your information. The agents would then contact you to either give you an offer or to let you know that your loan has been disapproved. This short processing period is one of the main reasons people still pick digital money lenders over traditional banks to secure urgent loan in Nigeria. Below are some of the fastest and most popular loan apps that can offer a loan without credit check in Nigeria (remember, we said “no credit check” usually means no thorough check): 

#1 – Renmoney  

Established in 2012, Renmoney is one of the first instant loan apps in Nigeria and has stayed over 10 years in the Microfinance banking industry. 

Renmoney prides itself in over one million downloads and about ₦132 billion in loans. The loan application process requires no collateral or guarantor. For small, instant loans between ₦5,000 to ₦100,000, no paperwork and no credit check is required. However, minimal paperwork is required for large loan amounts, such as a bank statement, utility bill or any other proof of address. Loans are accessible 24/7 and disbursement takes place between 5 minutes and 24 hours. Follow these steps for a loan without credit check on Renmoney:

  • Install the App from the Google Play Store
  • Register with your email address
  • Insert your details 
  • Select your loan option
  • Submit documents for large loan amounts
  • Await approval, verification and disbursement 

#2 – EasyKash

With over a million downloads on the Google Play store, EasyKash was established by Hollandale Nigeria Ltd. and is now one of the fastest-growing loan apps in Nigeria. EasyKash grants instant loan without credit check in Nigeria. Application can be made in the following simple steps: 

  • Install the EasyKash App from the Google Play Store or the Apple Store
  • Register or log in 
  • Select your loan option and follow the application steps
  • Await verification and approval 
  • Await disbursement

Also read: 8 Illegal Digital Loan Companies in Nigeria You Should Avoid 2024

#3 – FairMoney 

A well-known instant loan app, FairMoney has over 10 million downloads on Google Play Store. FairMoney caters to both personal and business loans. You can secure up to ₦3,000,000 in personal loans, and up to ₦5,000,000 in business loans. To apply for a FairMoney loan without credit check, take the following steps:

  • Download the app on the Google Play Store or Apple App Store
  • Register with your mobile number 
  • Insert the loan amount you need and your monthly income 
  • Insert your BVN and other personal details, proof of income, etc. 
  • Await approval and get your loan in minutes! 

#4 – Branch 

Branch is a high-rated app for urgent loan in Nigeria. Boasting over 40 million downloads, Branch gives you a fast and secure loan. The application process is 100% digital: it requires no collateral or documentation, no loan origination fees, processing fees, or hidden costs. Below are the simple steps you will take to secure a loan without credit check in Nigeria from Branch:

  • Download the Branch app on the Google Play Store
  • Register with your mobile number and a verification code 
  • Allow the app to access your location, contacts and SMS. 
  • Fill out your personal information and BVN 
  • Take a selfie to verify your identity 
  • Based on your financial history, you will be given a loan offer
  • Accept the offer, and await approval and funding. 

#5 – Aella

With 1M+ downloads on the Google Play Store, this loan app has an average of 3.2-star rating as of 2024. The Aella App was launched in 2019 and continues to prove itself as one of the most reliable means of securing an easy loan in Nigeria. The procedure for getting your loan credit alert is swift and straightforward. Below are the brief steps you need to boast of a loan without credit check from Aella:

  • Download the App from the Google Play Store or Apple App Store 
  • Register and update your profile
  • Check your eligibility
  • Choose your loan amount and insert relevant details
  • Await approval and funding 

Some other loan apps that grant loan without credit check in Nigeria are Palm Play, Opay, Okash, Carbon and New Credit. 

Also read: Top 10 Online Banking Apps in Nigeria 2024

Frequently Asked Questions 

Do These Loan Apps Operate 24/7?

Yes. All loan apps are accessible 24/7. This means you can submit your loan application even in the middle of the night. However some apps do not employ AI, thus if you tender an application after working hours, it might take a longer period for an agent to approve your application and funding. Some apps may also face technical issues that limit your access.

Where Can I Get Urgent Loan in Nigeria?

Several digital money lenders grant urgent loan in Nigeria. Some include Palm Play, Opay, RenMoney, Carbon, FairMoney, Alat,. Aella, Branch, and New Credit. These apps and more are available on Google Play Store and Apple Store. Processing and disbursement time ranges between 5 to 60 minutes. 

What Do I Need to Secure an Urgent Loan in Nigeria?

The requirements for an urgent loan in Nigeria vary by service provider. However, what is usually required is proof of work, proof of stable source of income, an identification card, proof of citizenship and residency in Nigeria and your Bank Verification Number. 

Why Was My Application for a Loan Without Credit Check Disapproved?

Your application for a loan without credit check in Nigeria may be rejected due to no proof of work, insufficient monthly income, no guarantor, recent bankruptcy, and the like. To ensure you get your loan, put all these necessities in place before making your application. 

What is the Interest Rate for an Urgent Loan in Nigeria?

Interest rates for an urgent loan in Nigeria vary based on your loan provider, the loan amount, and the reimbursement time. Your APR could be as low as 24%, or as high as 360%. While the monthly interest rate ranges from 0.1% to 24% or more. 

Ready to Take Your Loan Without Credit Check?

Now that you understand more about loan without credit check in Nigeria, you can boast about it. But more importantly, you know what to look out for to guarantee you’re taking a secure loan, and not falling into the trap of loan sharks. You also know the specific apps that offer loan without credit check in Nigeria. 

So take your first step to securing that loan without credit check. And to boost your credit history for future purposes, ensure you clear your debts as and when due. Finally, remember you can always return to our blog for more healthy financial insights. 

Follow us for more on X or Twitter, @SiliconAfriTech.

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Oluwajuwon Oladiti
Oluwajuwon Oladiti

Oladiti Oluwajuwon is an ardent reader and a voracious writer who is passionate about informing the public with first-hand, authentic information. His writing expertise has spanned over 5+ years, an odyssey that began in 2018. Over the years, he has crafted pieces across multiple domains, including religion, education, politics, and tech. There are two principles at the core of his writing: information must be genuine and accurate, and there is nothing erudite about speaking in terms people don't understand. While maintaining technicality, messages must be passed in a way that resonates with the readers.

Oluwajuwon is also a software engineer who specializes in backend development with Python, and he has an unwavering passion for music, pop genre especially.

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