Best Loans in Nigeria for Non-Salary Earners: Top Online Platforms to Get Loans at the Lowest Interest Rates

Are you a business owner or an aspiring entrepreneur in Nigeria looking for financial support to start or expand your business? Or are you a student seeking funds to invest in a business venture? Securing loans can be a challenging task, especially for non-salary earners.

However, with the rise of online banks and microfinance institutions, there are now more opportunities for non-salary earners to access loans without collaterals and at favorable interest rates. In this article, we will explore the top online platforms in Nigeria that offer loans to non-salary earners, helping them achieve their business goals.

1. Branch: Instant Loans Without Collateral

Branch is a leading personal finance app in Nigeria that provides access to instant loans without the need for physical documentation or collateral. It caters to both unemployed individuals and business owners, offering loans that can be repaid over 62 – 180 days with a minimum Annual Percentage Rate (APR) of 360%. The loan amount is determined based on your smartphone data, and the interest rates range from 15% – 34%. Branch is an excellent option for students, the unemployed, businessmen, and salary earners.

2. Carbon: Fast Loans with No Collateral Needed

Carbon is a reputable online platform that offers loans to non-salary earners and business owners in Nigeria. You can get loans of up to ₦1,000,000 without the requirement of collateral or transfer funds. The application process is simple, and once your loan is reviewed and approved, the funds will be deposited into your bank account. Carbon’s loan interest rate ranges from 28% – 31%.

3. Aella Credit: Flexible Loans for Non-Salary Earners

Aella Credit is a pioneering loan app in Nigeria that provides instant loans to both non-salary earners and salary earners. The platform offers loans without the need for collateral, making it accessible to a wide range of individuals. Aella Credit also serves as an investment platform, where you can invest your money and earn interest. The interest on loans from Aella ranges from 6% – 20%, and the loan application process is fast and efficient.

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4. FastCash: Quick Loans for Non-Salary Earners

FastCash, created by FCMB (First City Monument Bank), caters primarily to employees under the Federal Civil Service of Nigeria. However, unemployed individuals can also access the loans. You can apply for the loan using the FastCash app or through their USSD code 32911#. The loan period ranges from 91 days to 365 days, with interest rates between 4.5% – 34% and equivalent monthly interest of 3% – 29%.

5. Fair Money: Licensed Online Lender for Urgent Loans

Fair Money is a licensed online lender that offers instant loans and bill payments to Nigerians. Non-salary earners and business owners can access loans without collateral by signing up on their app. Fair Money provides flexible repayment options, making it a suitable choice for those seeking urgent loans.

6. Short-Term Business and Personal Loans is a loan website that grants short-term loans to non-salary earners in Nigeria. The platform offers loans at flexible rates and also provides investment opportunities for lenders. Investors can earn returns ranging from 12% – 40% on money invested quarterly, bi-annually, or annually. The Kiakia app simplifies the loan application process for easy access to funds.

7. Specta: Instant Loans Up to 5 Million Naira

Specta is an online lending platform owned by Sterling Bank that offers loans up to 5 million naira in just 5 minutes, without collateral or paperwork. It caters to both salary earners and non-salary earners, making it accessible to all individuals in need of financial support. The interest rates on Specta loans range from 25.5% – 28.5%.

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8. Grofin: SME Financier for Business Loans

Grofin is an impact-driven SME financier that provides business loans and support to entrepreneurs. It is designed to help businesses succeed by offering financial assistance and scaling opportunities. To qualify for a loan from Grofin, you need to have a registered business operating in Nigeria for 2 to 3 years and demonstrate proper accounts with an annual turnover of at least 1.5 times the loan amount you are applying for.

9. SMEDAN: Loans and Grants for SMEs

SMEDAN (Small and Medium Enterprises Development Agency of Nigeria) is an agency established to promote the development of the MSME sector in Nigeria. It offers loans and grants to small business owners and non-salary earners in need of financial support. The loan application process is straightforward, and qualified applicants can receive loans within a short period.

10. SokoLoan: Microfinance Institution for Instant Loans

Sokoloan is a well-known microfinance institution in Nigeria that offers loans to non-salary earners and business owners. It provides loans without the need for collateral, and the application process is simple. However, due diligence is necessary, and borrowers should repay loans promptly. The interest rate and service fee on Sokoloan loans range from 4.5% – 34%, with an equivalent monthly interest of 3% – 29%.

In conclusion, access to loans in Nigeria has become easier with the emergence of various online banks and microfinance institutions. As a non-salary earner or business owner, you can explore these platforms to find the best loans tailored to your needs. However, it is essential to conduct thorough research and assess the terms and conditions of each platform before applying for a loan. Remember to borrow responsibly and use the funds wisely to achieve your business goals.


In this article, we have discussed the top online platforms in Nigeria that offer loans to non-salary earners and business owners. From instant loans without collateral to flexible repayment options, these platforms provide various financial solutions for individuals seeking financial support to start or grow their businesses.

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Remember to consider factors like interest rates, loan terms, and repayment plans before choosing a loan platform. By making informed decisions and using the funds wisely, you can utilize these loans to achieve your business goals successfully.


  1. Are these loans available to students in Nigeria?

    Yes, most of these loan platforms are available to students in Nigeria. Students can access loans for their business ventures or personal needs.

  2. Is collateral required to obtain loans from these platforms?

    No, many of these online platforms offer loans without the need for collateral, making them accessible to non-salary earners and individuals without assets.

  3. What are the interest rates for these loans?

    The interest rates vary depending on the platform and the loan amount. Rates typically range from 4.5% to 34%, so it’s essential to check the specific terms of each platform.

  4. Can I apply for loans through mobile apps?

    Yes, most of these platforms have mobile apps that make the loan application process easy and convenient.

  5. How long does it take to get a loan from these platforms?

    The time it takes to get a loan varies from platform to platform. Some platforms offer instant loans that can be disbursed within minutes, while others may take a few days for approval and disbursement.

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