adminWhile securing a loan in Nigeria is not always easy due to the processes involved, getting a collateral-free loan is even more difficult since there are only a few financial institutions that offer unsecured loans in the country. So, for you to get a financial institution in Nigeria that can offer you a collateral-free loan, you will need to go the extra mile. Hence, it has become imperative for us to discuss how to get a 2 million naira loan without collateral in Nigeria to bring to light financial institutions that give out unsecured loans to their customers
There are commercial banks in Nigeria that offer collateral-free loans to their customers. Some of these banks are Access Bank, Wema Bank, Sterling Bank, etc. However, to be able to get this loan, you must have your salary account with the bank. Once you have this account, you can get a 2 million naira unsecured loan with ease. Interestingly, you can complete the loan application online without needing to visit the physical branch of the bank. On the other hand, there are also government agencies like the Bank of Agriculture and SMEDAN that also offer unsecured loans to interested persons. However, to access a loan from this agency, you will need to present your business plan and proof of business registration, among other things. Since loans from government agencies are always competitive, it is best to write a unique business plan to increase your chances of getting the loan.
So, if you really need an urgent 2 million naira loan to meet your financial needs, then it is best to apply for a loan in any of these lending institutions. However, it is pertinent for you to note that a loan application doesn’t automatically translate to approval. This means that your loan application may be rejected depending on several factors that the lending institution deems necessary.
How to Get 2 Million Naira Loan Without Collateral in Nigeria
There are different ways to get a 2 million naira loan without collateral in Nigeria. Some of the ways are discussed below:
- Commercial banks through salaried account
- Government agencies.
For sake of clarity, we’ll be taking each of the methods one after the other. Let’s get started.
Commercial Banks Through Salaried Account
One of the easiest ways to get a 2 million naira unsecured loan in Nigeria is through the use of a salary account. What happens is that some commercial banks in Nigeria give out loans to their customers who have salary accounts with them. In fact, some banks can even give you more than a 2 million naira loan without collateral depending on your past financial history and your monthly salary.
If your previous transaction history with the bank is in good standing and your salary account has been in good shape too, you can easily get a 2 million naira loan or more from such a bank. However, it is important to note that most of these commercial banks will only give unsecured loans if you use their bank as your salary account. Not only that, before the bank can give you a loan up to that, they will also assess your monthly salary to ascertain whether you will be able to pay off the loan if given. For instance, let’s assume your monthly salary is ₦30,000. It may be a bit difficult for a bank to give an unsecured loan that runs in millions to you because you may find it difficult to repay the loan. From this, you can see that having a salaried account with a bank doesn’t automatically qualify you for a 2 million naira loan without collateral since your monthly salary also plays an important role in the loan amount that you can access at a time.
Now that we have established the bases upon which commercial banks give 2 million naira loans without collateral to their customers, let’s now look at some of the popular banks in Nigeria that offer unsecured loans to their customers who have salary accounts with them. They are Wema Bank, Access Bank, Sterling Bank, etc.; however, each of these commercial banks has a unique application process. So, to get the loan from any of these banks, you will need to follow their application procedure.
How to Get 2 Million Naira Loan Without Collateral from Wema Bank
Wema Bank is one of the popular commercial banks that gives out collateral-free loans to their customers who have salary accounts with them. The Wema Bank unsecured loan is only available for Wema Bank users who have a salary account with them. The loan is designed such that the account owner can get up to a 2 million naira loan without providing collateral. How it works is that once you get this loan, Wema will be deducting it from your salary account on a monthly basis.
However, it is pertinent to note that having a salary account with Wema Bank is one thing; qualifying for the 2 million naira collateral-free loan is entirely different. This means that you can still have a salary account with Wema and still not qualify for the loan. For instance, let’s assume that you previously borrowed money with your Wema salary account and you are yet to repay it all. You won’t be able to access the 2 million naira unsecured loan, but if your salary account with Wema has been receiving payments consistently for 6 or 12 months, you will be able to get the loan with ease. The Wema bank loan application is not difficult since the application process can be completed electronically without endless paperwork.
Application Process for a 2 Million Naira Collateral-Free Loan on Wema Bank
As we noted earlier, the application process can be completed online without needing your physical presence. To apply for this loan, follow the simple steps below to get started.
- Download and install the ALAT app from the Google Play Store or Apple Play Store for Android and iOS users, respectively. If you don’t have it yet.
- After downloading the app, you can create an account using your personal details and other relevant information. You can skip this step if you already have an account
- Login to the Wema ALAT loan portal at alat.ng to start your application.
- Locate the loan section within application portal
- Tap on the ‘’Take a loan’’ option
- Now, view your loan details, like the loan amount, due date, repayable loan amount, interest rate, etc.
- Carefully go through the loan terms; if it is suitable for you, you can accept the loan offers with their terms and conditions.
- At this point, you will need to authorize Wema Bank to be taking some percentage of your money from your salary whenever you are paid on a monthly basis.
- Finally, the loan amount will be disbursed to your chosen bank account and that’s all.
How to Get 2 Million Naira Loan Without Collateral from Access Bank
When it comes to commercial banks in Nigeria that offer unsecured loans to their customers, Access Bank is always among the top players. The bank gives out collateral-free loans to their customers across Nigeria who have salary accounts with them. The Access Bnak collateral-free loan is called a PayDay Extra or PayDay loan. Access bank salaried account earners can get up to 2 million without any form of collateral. This offer is only available to people who receive their monthly salary through Acess Bank. This means that if you don’t have a salary account with Access Bank, you won’t be eligible for this unsecured loan. So, even if you have an account with Access Bank but don’t receive your salary through them, you may not be able to get this loan.
If you take this unsecured loan from Access Bank, you will be required to pay off the loan within 90 days. This simply means that you will need to repay the loan within three months. However, you are not expected to pay off the loan once; rather, it will be spread over three months, enabling you to repay them in installments. However, you are required to repay the 2 million naira loan within this period, and if you fail to do that, it may attract negative rewards. So, we strongly recommend that you should do everything within your reach to ensure that you repay your loan as agreed to avoid the consequences of defaulting, which is better imagined than experienced.
Application Process for a 2 Million Naira Collateral-Free Loan at Access Bank
The Access Bank PayDay loan application process is painless and pretty easy since there are different ways that interested individuals can apply for it. Borrowers can access instant PayDay loan through unique USSD code, internet banking, WhatsApp banking, etc.
The code that you can use to access an unsecured loan on Access Bank is *901*11#, *426*11#. Once you input this code on your device, you will be prompted to proceed with the loan application. Ensure that you follow the onscreen instruction carefully when applying for the loan
On the other hand, you can also apply for an Access Bank 2 million naira unsecured loan through their internet banking. To apply through this method, you will need to visit the Access Bank loan portal and complete your application.
The last method on our list that you can use to apply for an Access Bank PayDay loan is through WhatsApp Banking. This involves chatting with an Access Bank customer care agent and requesting a loan. The team will run a quick check on your account, and if you are qualified, the loan amount will be deposited into your nominated bank account.
How to Get 2 Million Naira Loan Without Collateral from Sterling Bank
Are you a salary earner, entrepreneur or corp member who has an account with Sterling Bnak? Do you know that you can access up to a 2 million naira loan from the bank without collateral? Let me burst your bubble. Do you even know that you can access up to 5 million naira in loans at Sterling Bank without paperwork, collateral, etc.? And the best part of it is that you can complete the application process electronically and receive the loan amount in your comfort zone. Unlike other commercial banks discussed earlier that only offer 2 million naira unsecured loans to people who have salary accounts with them, Sterling Bank is different since their own collateral-free loan is available to both salary-earners, entrepreneur and even corp members who are currently serving.
The Sterling Bank collateral-free loan is code-named Specta. It is primarily designed to assist Nigerians who need urgent money to meet their financial needs with ease. The loan application process is seamless since you can complete it online without visiting the bank.
Application Process for a 2 Million Naira Collateral-Free Loan at Sterling Bank
As we noted earlier, the Sterling Bank unsecured loan application process can be completed online without paperwork. And the good thing is that you will still receive your loan amount in your chosen account without you visiting their physical office. The link that you can use to apply for this loan is sterling.ng. Once you click the link, follow the onscreen instructions succinctly to enable you to complete your application with ease. However, if you encounter any problem during the application process, you can reach out to the Sterling Bank customer support unit for assistance and possible guidance.
Government Agencies
In the previous section, we discussed extensively on how to get 2 million naira collateral free from commercial banks in Nigeria. In this section, we’ll be focusing on different government agencies that offer loans without collateral to Nigerians.
There are many government agencies that offer unsecured loans to Nigerians to help them meet their financial needs. However, this loan is targeted at those who have a running business or those who are about to start theirs but lack capital. Although this loan doesn’t require collateral, you may be required to write a detailed business plan before you can access it. The business plan is important because it will clearly state your business vision and how you can actualize it with the loan if given.
Unlike the commercial bank loans that can easily be secured, loans from government agencies are difficult to secure because they are competitive. So, to increase your chances of securing the loan, you will need to design a unique and well-detailed business plan. It is also pertinent to note that this loan is not always available because the government is transitional and their policies affect the loan scheme; the government determines when the loan portal will be opened and they normally have lots of eligibility criteria. It didn’t stop; even the loan amount is not always fixed, but generally, it normally runs into millions. The government gives out loans through its agencies. Some of the government agencies in Nigeria that offer 2 million niara loans without collateral are the Bank of Agriculture through NIRSAL, SMEDAN, etc., so if you want to get a government loan, you will be required to apply through these agencies. Let’s discuss these agencies one after the other.
How to Get Collateral-Free Loan from Bank of Agriculture
The Bank of Agriculture is one of the federal government agencies that offers collateral-free loans to Nigerians through NIRSAL. As the name implies, a loan from BOA is only meant for those who are in the agricultural sector. Although Nigerians, especially farmers, can access this loan without needing collateral, they are always required to provide personal guarantor before they can get the loan. In addition to that, beneficiaries of Bank of Agriculture loans are also required to adhere strictly to NIRSAL guidelines as it regards loans.
However, one of the problems that people normally have with loans from government agencies is that most Nigerians always think that it is free money, hence they misuse it, and when the repayment time comes, they find it difficult to repay it since they didn’t invest it wisely. So, anytime you receive a loan from government agencies, ensure that you use the loan for the intended purpose to enable you to repay it with ease.
Application Process for Bank of Agriculture Collateral-Free Loan
To apply for this loan, you will need to:
- Visit Bank of Agriculture portal
- Locate the ongoing lending program for farmers, like the Anchor Borrowers program or a related program.
- Complete the application form by entering your details, including personal, residential, and financial details.
- Upload supporting documents, like your business plan, if they ask for it.
- Wait for your loan application to be reviewed; if you are selected, the loan amount will be sent to your personal account through NIRSAL.
Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)
Another government agency that gives unsecured loans to Nigerians is SMEDAN. If you have a small or medium-scale business, you can take a loan from this agency. SMEDAN is saddled with the responsibility of financing micro and small business enterprises. They offer loans without collateral to small business owners. The loan amount can be up to 2 million naira or even more depending on the level of your business. To get this loan, you will need to show proof of your business registration and a business plan showing the roadmap of your business. The loan is not always easy to get because it is always competitive due to the number of people who want to get the loan.
Applying for a SMEDAN loan is not difficult; all you need to do is visit their official website and start your application. The most important thing during the application process is your business plan and proof of your business registration to ensure that you are already running a business.
How to Properly Use the 2 Million Naira Collateral-Free Loan
Now that you have received the loan, the next thing is to channel the loan to a productivity venture to enable you to repay it when the time comes. Some of the measures that you can adopt to maximize your 2 million naira loan are listed below:
1. Define Clear Goals for the Loan
Before even accessing the loan, it makes sense to outline exactly what you need it for. Whether it’s for expanding your business, starting a new venture, covering emergency expenses, or funding a project, just ensure that you have a clear purpose to avoid using the loan on non-essential projects.
2. Develop a Budget and Plan
Break down how you want to spend each naira. If it’s a business loan, plan out areas such as:
- Inventory purchase for businesses in retail or manufacturing.
- Operational costs like rent, utilities, and staff if you’re starting a new venture.
- Marketing expenses for gaining customers if you’re building brand awareness.
For personal expenses, prioritize what’s essential, such as educational fees, medical expenses, or asset acquisition, over luxury items to avoid spending the money on unnecessary items.
3. Invest in Income-Generating Activities
Consider channels where the loan can generate income. For example:
- Agriculture or agribusiness because there is high demand for agricultural products in the country.
- SMEs: If you’re investing in a small or medium-sized enterprise, use the loan for assets or inventory that will boost your profits.
- Freelance/Side Business Ventures: Consider starting a small side business in fields like photography, e-commerce, or digital services if you’re skilled in them.
4. Set aside Emergency Fund
Set aside a small portion of the loan, maybe 5-10%, as an emergency fund for unexpected emergencies or costs. This will help you stay prepared and prevent you from spending your working capital.
5. Track your Expenses and Loan Utilization
Keep a record of how you spend the loan. Monitoring each expense will not only prevent you from wasting the money but it will also show you whether you are using the loan properly or not. If you are using the loan to run businesses, keep a ledger or use simple accounting tools to track ROI.
Conclusion
Securing a 2 million naira loan without collateral in Nigeria is absolutely possible. These unsecured loans can be accessed through commercial banks and government agencies that are focused on supporting individuals and businesses. Some of the commercial banks and government agencies that offer collateral-free loans in Nigeria are Access Bank, Wema Bank, Sterling Bank, SMEDAN, Bank of Agriculture, etc., so you can get the loan from any of these financial institutions.
However, it’s important to understand that meeting each lender’s unique requirements is essential for loan approval; be it a salary account, a solid business plan, or even a good credit history, they are all important. Finally, applying for an unsecured loan in Nigeria is not difficult since it can be completed online with ease. Meanwhile, don’t forget that a loan is not free money, so use it responsibly when you get it to enable you to repay it with ease.
