In this article, you would be learning the different loan platforms that offer credit facilities to people who need it without a need for them to bring collateral.
We know that collateral is very common with our traditional banks. They don't offer loans without Collateral and this has made it difficult for those who need a loan but do not have any tangible thing they can present as collateral very difficult for them to have access to funding options. The bank uses collateral as a means to hold the loan applicant accountable until they repay their loan otherwise they'd lose any of the property that was used as a loan to the bank.
In recent times, technological advancement has made it easy for people seeking loans, especially in small amounts like two thousand naira (2,000) - fifty thousand naira (50,000) to access funding without providing anything as collateral or even visiting any physical office. Everything will take place online and within some days in some cases, the applicant request will be approved and he or she will receive the loan into the account details they provided.
We would be listing and briefly explaining some of the loan platforms that offer loans to eligible applicants without the need for a collateral.
List Of Loan Apps That Offer Loans Without Collateral
Firstmonie
Renmoney
Access Bank
ALAT
Palmpay
Branch
Renmoney
Renmoney gives upto 6 million naira. Accessing a loan from renmoney does not require a collateral before interested applicants can access the loan. They also have a very low interest rate and a short approval time for their loan upto 24 hours after application have been submitted and it could be lesser in some cases. The company has been around since 2012 making it something worthy of note when accessing the longevity of any company.
ALAT
ALAT by Wema Bank is also another digital finance app that provides loans to businesses without collateral. Some of the requirements to access ALAT loan is that you must have an account with Wema or ALAT, you must have a registered business with the Corporate Affairs Commission (CAC) and your registered business must have an active account with Wema for sending or receiving funds.
Firstmonie
Firstmonie is owned and operated by First Bank of Nigeria (FBN). Through firstmonie applicants can have access to loan options available in the platform. Accessing this loan does not require collateral but it requires that you have an account with First Bank or by creating a firstmonie wallet.
Access Bank
Access Bank is also giving collateral free loans to their customers. It requires that any interested applicant must have an account with Access bank. People who usually have access to this loan are those that have a salary account with the bank.
Palmpay
Palmpay is another digital financial company that offers loan opportunities to registered persons on their platform. These applicants must submit all the necessary information required before any loan is approved. Interested applicants must first have an account with them before they can apply.
Branch
Branch is also another platform that offers loan opportunities to people registered on their platform. Applicants do not require collateral to access the loan from Branch.
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