Loans For Unemployed In Nigeria (list)

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With the present economic situation of the country, you would agree with me that being unemployed is frustrating. It can affect your finances sooner or later if you do not spend wisely.

Well, no matter how prudent you are in spending, certain emergencies may arise and you will be left with no other option but to spend. Worst-case scenario, when you are unable to solve immediate problems because you have no job.

Unemployment is one of the major problems we face in Nigeria. The majority of the youth have been out of a job for a long time. While some haven’t gotten any decent job since after graduation.Loans For Unemployed In Nigeria

Nevertheless, there are still a few ways you can be financially stable even without a job. Some platforms give loans to the unemployed.

We will be discussing ways you can access loans and everything you need to get started in this article.

Can Unemployed Get Loan In Nigeria?

There are easy ways to get loans as an unemployed. These platforms give quick loans which will enable you to solve urgent problems, and their loans are not long-term.

You can get good loan offers you can leverage, thanks to the Fintech companies. The company’s loan repayment is flexible and easy to apply.

After filling the application form, loans will be released to you in less than 48hrs. The best part of securing loans from these financial institutions is that it does not require you to present any document.

Aella Credit:

This platform is an online app. Here, there are options for quick loans, that are easily accessible. The Aella credit app is specially built to issue loans to those who need it, without need requirements.

You can access up to the #700,000 loan amount. Options for repayment are very flexible and will last for a minimum of two months. Aella Credit’s interest rate is between 4 to 29 percent in a month. The rates are fair enough.


Over time carbon has become one of the most trusted quick loan apps in the country. Their app can be accessed on Androids and iOS. Carbon does not require much from you before releasing funds.

All that is required for you to be able to access a loan is your BVN, and some other detail to confirm your eligibility. Once this is done, you will be getting your loan in less than 24 hours. The loan repayment is easy, with an interest rate of 10%. The minimum amount given as a loan is #5,000.


Here is another reliable platform that loans a certain amount of money that will serve you. If you are unemployed, this is one of the best ways to access quick loans for pressing needs.

With Branch, after filling the loan application form, you can get a maximum amount of #200,000 in a few hours. The interest rates you are charged on the amount of money you ask for, from 15% to 35%. The good thing about this loan app is that they do not require a credit history or any collateral.


Just as their name implies, they grant quick loans, with very flexible repayment methods. This financial institution offers you a #10,000 loan just for a start. Then, over time dealing with them, they will let you access up to #200,000, the maximum loan amount is #500,000.

And you can only pull through with this if your application has been approved. This is done to know if you can be trusted and have no challenge repaying. Interestingly, Quickcheck reduces your interest rates if you are forthcoming with repayment.


This financial organization provides you with loans, maximum of #150,000. For you to access their loans, they require you to provide your debit card and BVN.

They will also request your personal information such as your home address, your contact and most times that of your relatives. Then, they will decide if you would be granted the loan or not. Their loan rates are from 5% to 30%.

Can I Borrow Money With No Income In Nigeria?

As an unemployed, it is possible to borrow money. There are no restrictions to getting a loan when you desperately need it. However, you need to be qualified to get a loan.

Being qualified means having a good credit history or source of income. Only then will you be granted a loan with any lender.

With all this in check, nothing can stop you from borrowing money from lenders or financial institutions in Nigeria. There are certain things lenders consider before releasing loans.

The first is your income. Income is usually the first thing lenders look at before granting the loan. And that is why getting loans can be difficult for most unemployed because they do not have a source of income. However, if you have an alternative source of income, you stand a chance of accessing the loan.

An alternative source of income includes; retirement benefits, spouse’s income, investments, etc.

You can fill in your spouse’s income on your application form to pay up your loan, for those who are married. But first, your spouse will be present before including their source of income. Although most lenders do not permit this, if it works out for you, then it’s all good.

On the other hand, if the alternative source of income is your investments, then the money realized will be used to repay your loan. Investments can be houses, landed properties, etc.

Also, you may be qualified to take a loan if you have retirement benefits. When the benefits are paid, you can use them to repay the money you borrowed from lenders.

Another thing lenders consider is the debt-to-income ratio. This determines if you can repay a loan in due time. The debt-to-income ratio is the total debt payment in a month divided by payroll deductions.

If a lender finds out your debt-to-income ratio is high, they may conclude that you do not have sufficient income to repay a loan, and will not approve your loan application form.

Your credit history is one thing lenders look into before issuing loans. If you are in so much debt, it automatically disqualifies you from getting loans.

How Can I Get A Loan With No Job?

To get a loan without a job is very possible. Your only barrier would be if you do not have strong credit history and of course source/sources of income. But if you do, then you are good to go.

Lenders will only give you a positive response as regards your loan application if you can convince them that there would be no issue repaying at the stipulated time.

To get a loan with any lender, you must have;

• Strong credit history: A strong credit history will show all payment that was made in time, and paid completely. This will build trust, they will see how well you repay debt. Lenders also appreciate a credit history with no negative occurrence like bankruptcy.

• Credit score: Most lenders arrange credit score requirements for different loan types. They keep their best loan offers, loans with the lowest charges, and interest rates for customers with excellent credit scores. They are loan benefits. So, if you have a good credit score, you can get any loan amount.

• Regular income: Lenders will require this to know if you will be able to repay your loan responsibly. You must have one or several sources of income that is enough to pay up your debt and cover other monthly expenditures.


Unemployment has been confirmed as the major problem we face in not only Nigeria but other countries as well. It is survival of the fittest in this country so we must stay strong and have other plans to survive.

Thankfully, financial institutions are offering different loan options to enable you to provide for yourself and your family.

They offer quick loans with flexible payment methods. Once all requirements are met, the money will be paid to your account within 24 hours.