Top Instant Online Personal Loans in Nigeria (November 2021) without Collateral; Compare Lenders


The importance of access to instant personal loans cannot be overstated, especially in the face of the current inflation in the country. Needless to say, it has been underwhelming for the middle and lower classes. One way to get by these hardships is by taking an instant online personal loan without much documentation and collateral. But remember, every Kobo must be repaid at an agreed time to continue enjoying these wonderful instant online personal loans.

Are you searching for a life-saving instant Naija loan without collateral to sort your expected or unexpected bills without rigorour documentation? Just make sure that you meet your lender’s 5 C requirements to be considered. You’ve got your answers here.

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What to Consider When taking an Online Personal Loan in Nigeria

During negotiation or when signing off on a Naija online loan document, there are some indicators to consider. These indicators will determine if you are about to get financial assistance or a financial burden. Here are some of the indicators to consider when taking a personal loan:

APR – Annual Percentage Rate.

This refers to the total cost you will pay on a loan per year. APR is an addition of the interest rates of the loan to be taken and the fees to be charged.

It’s very important to pay close attention to your APR even before signing off on the loan. Lenders are also very careful to not overburden their borrowers about fees and interests.

DTI – Debt-to-Income Ratio

DTI compares how much you owe each month to how much you earn. Simply put, it’s the percentage of your gross monthly income (before taxes) that goes towards payments for the personal loan. To calculate your debt-to-income ratio, add all your monthly debt payments and divide them by your gross (including taxes) monthly income.

This is why lenders have generally placed a 33.333333% DTI cap on all the facilities that they are giving out – that is, the entire cost of the loan must not exceed 33.34% of the borrower’s expected income.

Int – Interest Rate

This is the amount charged on top of the principal by a lender to a borrower for the use of a disbursed loan. As a borrower, it is very important that you pay close attention to the interest rate that you are being offered cos you are going to be paying that for the entire duration of the loan.

However, lenders also consider the current market realities and the personal loan conditions before mapping an interest to a loan.

Choice of Lender

Another important thing to consider is your choice of lender. You, a potential borrower, must consider the corporate character of your potential lender. Read them up before taking their personal loans. Some lenders have been rumoured to hack into their obligors’ phone contacts to send unsolicited messages about details of their clients’ loans to random contacts.

Review of Best Instant Online Personal Loans in Nigeria (November 2021)


Below is a table of the current metrics for the best instant online personal Naija loans in Nigeria (November 2021).

Hold on, I think it’s important that I explain some terms that you may see on the table:

  • TAT – Turnaround Time means the amount of time taken to complete the process of the loan from application to disbursement.
  • Tenor – The length of time until your loan is due.

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After a careful review of many reviews industry-wide, we have put the table below together. It contains the best urgent loans in Nigeria without documentation or collateral in November 2021:

LenderInterest RateLoan Amount (Min - Max)TenorTAT

2% - 30%N2,000 - N500,0001 - 12 months<5 minutes

15% - 34%N1,000 - N200,0001 - 10 months<1 business day
Fair Money

10% - 30%N1,500 - N500,0001 - 12 months<5 minutes
Aella credit

6% - 20%N2,000 - N1,000,0001 - 3 months<5 minutes
Palm credit

14% - 24%N2,000 - N100,0003 - 6 months<1 business day

2.76% - 9.33%N50,000 - N6,000,0003 - 24 months<1 business day

5% - 25%N500 - N500,00014 - 30 days<5 minutes

12%N5,000 - N500,0003 - 6 months<1 business day

3.5%/monthN150,000 - N1,000,0001 - 12 months1 - 3 business days
Kiakia Loan

5.6% - 24%N10,000 - N200,0001 - 12 months<1 business day

Pros and cons of Online Personal Naija Loans

These instant online personal loans below have their advantages and demerits. Only that its pros outweigh its cons. Here are a few:


  • Convenient
  • Quick and fast
  • Accessible


  • More expensive
  • Small amounts not available
  • Prone to spammers

TAGS: get loans in minutes in Nigeria, ussd code for loans in Nigeria, urgent loan in Nigeria without collateral, urgent loan in Nigeria without documentation, Naija loan

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