Top 10 Banks That Give Instant Loan in Nigeria

Unlike fintech companies that offer quick loans to Nigerians, not all the commercial banks in Nigeria offer instant loans to their customers. Some commercial banks in Nigeria offer quick loans to their customers to help them meet their urgent financial needs. 

However, the loanable amount and interest rate may differ from bank to bank. So, it is important to know the loan terms of a particular bank before opting for their lending services. Meanwhile, some commercial banks only offer instant loans to customers whose salary accounts are domiciled in the bank.

List of Banks That Give Instant Loan in Nigeria

Banks That Give Instant Loan in Nigeria

There are commercial banks in Nigeria that offer instant loans to their users. The banks are outlined below:

1. GT Bank (Quick Credit) 

As far as instant loans are concerned in Nigeria, Guaranty Trust Bank (GTB) is a household name. They offer instant loans to their users without collateral. The GTBank instant loan is called Quick Credit. 

Customers can access up to ₦5 million from GTBank. Applying for the loan is pretty simple, and if you’re qualified, the loan amount will be disbursed to your nominated bank account in less than two hours. The USSD code that you can use to access a GTBank instant loan is *737*11*11#. 

2. Access Bank (Quick Bucks)

Access Bank instant loan is code-named Quick Bucks. Customers can apply for this loan through the Access Bank Quick Bucks app. To apply for the loan, just download and install the app, then apply for the loan using the necessary details. If qualified, the loan amount will be disbursed to you swiftly.

Additionally, there is also an Access Payday loan, which is available to both salary and non-salary earners. Borrowers can apply for an Access Payday loan by using their USSD code, which is *901*11#. Once you dial the code, you will then follow the onscreen instructions to apply.

3. Sterling Bank (Specta)

The Sterling Bank instant loan is called Specta. This instant loan is available for salary earners and non-salary earners, like entrepreneurs.

The loan application process can be completed online since there is no paperwork required. Their loan disbursement is swift, too.

4. FCMB (fast cash)

The FCMB instant loan is called FastCash. There is no guarantor or collateral required to access this loan. The loan application process is quite simple and straightforward; with just a USSD code, you will be able to access the FCMB loan. The code that you can use to access the loan is *329#. All you need to do is dial the code and follow the onscreen instructions to apply for the loan.

 5. WEMA Bank  (Personal Loan)

The WEMA Bank instant loan is called a ‘’Personal loan’’. This loan is available for salary-earners who have an account with WEMA Bank, and the loan is collateral-free. 

The maximum instant loan amount that a WEMA bank customer can get from the financial institution is N2 million. The loan application process is simple, and the loan disbursement can take a maximum of two days. 

6. Zenith Bank 

Zenith Bank has different kinds of loans that customers can choose from, ranging from overdrafts to small and medium enterprise (SME) loans. 

Customers can access this loan without any form of guarantor or collateral. With a Zenith Bnak instant loan, borrowers can access up to 60% of their salary with an interest rate below 5%. The loan application process is simple too and can be accessed with a USSD code. 

The Zenith Bank loan code is *966#.

7. Stanbic IBTC

Stanbic IBTC offers both personal and business loans. It is among the few commercial banks in Nigeria that offer instant loans to their users without a salary account. Additionally, they have a flexible repayment plan ranging from one to five years so that borrowers can repay the loan without hitches. Applying for the loan is simple too.

8. First Bank (FirstCredit)

The First Bank instant loan is called FirstCredit. 

There is no collateral or documentation required to access this loan. Additionally, First Bank also offers FirstEdu loans, which are primarily designed for private school owners who need extra funds to finance their school projects. With FirstEdu, proprietors of private schools can access up to N10 million in loans to fund their school projects. 

However, to access this FirsEdu loan, private school owners must register their school with the Corporate Affairs Commission (CAC). Not only that, the school must have a minimum of 100 active students before the owner can access the loan.

9. Fidelity Bank

Fidelity Bank offers both personal and business loans to interested customers under the Fidelity Easy Asset Leasing Scheme (FEALS). They also offer small and medium enterprise (SME) loans for start-up businesses.

Additionally, Fidelity Bank also offers a payday loan to their customers who have a salary account with them. Applying for the loan is simple since it doesn’t require any form of documentation or collateral. To access this payday loan, you must have operated your salary account with Fidelity for a minimum of three months. To apply for this loan, just dial *770*08# and follow the onscreen instructions.

10. United Bank for Africa [UBA] (No Wahala Loan)

UBA is another household name when it comes to commercial banks that offer instant loans to their customers in Nigeria. The UBA instant loan is called ‘’No Wahala Loan’’. Users can also get a personal overdraft in addition to their instant loan. Just like other banks, the loan can be accessed without collateral.

Leave a comment