Top 10 Banks to Apply for Loan in Nigeria (and Requirements)


Applying for a loan is one of the ways we source capital to start a business or expand the business. Sometimes, people visits banks to apply for loan in Nigeria without any collateral in other to take care of urgent and important matters such as paying school fees, health bills, and many other things that requires funding.

However, some people choose to borrow money from agencies that may later become “loan sharks”. These loan sharks are after nothing but your collateral(s) and that’s why it is important to choose where you get your loan appropriately and with peace of mind.

Some banks require collateral before they can give out loan in Nigeria, while a few of them doesn’t need your collateral as long as you meet their other requirements (especially as a reliable customer).

There are more than twenty commercial banks in Nigeria, but the gospel truth here is that: not all these 20+ banks are good in terms of dishing out loans.

Before you visit any of these banks to apply for a loan in Nigeria, you need to know the interest rate and all other features that make a loan look nice on you — although there is nothing like a nice loan when it’s time to repay.

I’ll be revealing top and reliable banks that give loans without collateral in Nigeria.

Top 10 Banks to Apply and Get Loan in Nigeria

1.      First Bank

Don’t get anything twisted here, the name doesn’t make it come first, but the reputation over the years does. First Bank has been in business since 1894 and has continually delivered fresh innovation in all its products and services — they’ve even got an insurance service.

If you need to apply for either business or personal loans in Nigeria, First Bank coincidentally leads the chart in the country, They’ve got different loans for different purposes; education, contract financing, SMEs, mortgages, and more.

Requirements to apply for a Loan at First Bank Nigeria

Applying for a loan at First Bank Nigeria will require the following items;

  • An application letter
  • Proof of payment for the last six months
  • Statement of account for six months
  • Utility bill
  • Means of Identification

All these are to be submitted at any of their branches nationwide.

You can also apply for the loan at First Bank using their online loan channel using this link: First Bank Nigeria >> Banking >> Loan

2.      GT Bank

GT Bank ranks as one of the top banks to apply for loans in Nigeria, which on my list comes second. They offer some of the best loan packages in Nigeria you can think of, from conventional loans to salary advances, and quick credit.

Requirements to apply for loan from GT Bank

  • Applying for a quick credit loan at GTB can done via your smartphone and you will have to be a current account holder with GT Bank.
  • For conventional loans — which can be used for any purpose, the requirements are as follows:
  1. A letter of application
  2. A collateral
  • Bank statements for six months
  1. Proof of employment or income for the last six months
  2. In some cases, a guarantor with a reputable financial history.

You can apply for a loan at GT Bank using their online loan portal via GT Bank >> Personal Banking >> Loans OR apply by visiting any of their branches.

3.      WEMA Bank

We’ve all heard of ALAT by WEMA, well that’s one of their many innovations that sets them above the park. They’ve got nice packages for salary earners, business persons, and the government.

They got one of the best interest rates, with fast disbursement of any amount requested.

IF you need to get quick online loan without visiting any banks in Nigeria or filling any loan application form, you can check out these top 10 loan apps in Nigeria and they can be downloaded free on Android at Google PlayStore and on iOs at AppStore.

All loans from WEMA could be applied online by visiting WEMA Bank >> SME (via a smartphone or PC) and offline (via their business offices).

Requirements to Get a Loan at WEMA Bank, Nigeria:

It doesn’t take much as some requirements remains the same as the two above;

  • An application letter
  • A letter of introduction by your employer
  • Irrevocable letter of salary domiciliation
  • A valid proof of income for at least three months
  • Your current address via a utility bill
  • And valid means of identification

All these can also be submitted both offline and online. And if you meet their requirement, you will get your loan request approved and given to you.

4.      Sterling Bank

Sterling Bank is also known for its numerous innovations and top-class service offerings. One such innovation is its ‘SPECTA’ loan program that offers up to five million naira to salary earners in the country.

For conventional loans, Sterling Bank has also got you covered with loans you could use for any purpose of your choice.

You’d have to visit any of their offices or online using Sterling Bank >> Personal >> Loans

The Requirements to Get a Loan at Sterling Bank, Nigeria

  • An application letter
  • Proof of payment/statement of account for at least six months
  • Proof of employment
  • And some additional paperwork which will be revealed to you there.

5.      Zenith Bank

Here is another lion among the top banks to apply for a loan in Nigeria, Zenith Bank.

The bank is well recognized locally and internationally with many prestigious awards to their names. The loan program offered by Zenith is one of the best in the country. The loan varies from salary earners to business persons and government organizations.

Zenith Bank’s loans can be applied both online via Zenith Bank >> Personal Banking >> Loan and offline.

Requirements to get a loan at Zenith Bank, Nigeria;

  • A valid means of identification
  • Proof of employment/income
  • Account statement of at least six months
  • And your bank verification number.

6.      UBA Bank

United Bank for Africa is another top brand that offers one of the best loan packages to individuals of all categories, and this add to their prestigious service as they also offers a very special prepaid VISA card you can use for any online shopping.

They offer loans of various amounts with the competitive interest rates.

UBA Bank loans can be applied by visiting any of their nationwide offices. Application form could be gotten via the bank’s website: UBA >> Nigeria >> Banking Banking >> Loan Payment or by visiting their offices.

Requirements to Get Loan at UBA Bank:

  • A valid ID
  • Proof of employment/income
  • And a guarantor (a person of good standing in the society with good financial background).

7.      Access Bank

Access bank is one of the top banks in the country presently and their loan packages is one of the best in Nigeria. Their loan vary from personal loans to business and even mortgages. And the bank has been very active than ever since they acquire Diamond Bank, this has added to their reputation and reliability in Nigeria.

Access bank offer flexible loans with competitive interest rates.

Requirements to Get Loan at Access Bank, Nigeria:

Before applying, you need to provide the following at any of their offices or online via the portal Access Bank >> Personal Banking >> LOANS

  • Your Bank Verification Number (BVN)
  • An application form
  • Letter of confirmation of employment
  • Valid means of identification
  • And letter of lien.

8.      EcoBank

EcoBank provides good loan packages for all your needs, be it business, purchasing that home or executing that project. The loans are flexible to all categories of persons.

Requirements vary according to type of loan, you can get more information by visiting any of their branches or online via


Penultimate bank on this list is STANBIC IBTC bank, despite their ranking here, they still find a way of delivering competitive loans in all categories.

Requirements to Get Loan at Stanbic IBTC Bank, Nigeria:

Some of the initial requirements are as follows;

  • The applicant must be above 21 and not older than 60 at the expiration of the loan’s tenure
  • Proof of employment or income for the last six months
  • Good credit report
  • And for personal loans; you need to have an account with STANBIC.

For more, you can visit STANBIC IBTC loan portal via

10.  Union Bank

Last but not the least is Union Bank, offering one of the best loan packages with great value on interest.

They offer all types of loans including loans for homes, salary earners, government and are at competitive prices. The requirements are as the same as above and you need to visit any of their offices or online using this link >>

Wrapping Off – Top Banks to Apply for Loan in Nigeria

Applying for loan in Nigeria from these banks are easier than ever. But I will strongly advise you to learn more about each bank’s policies before you request for loan from them.

And it’s important you know your ‘why’ before you think of applying at all.

DISCLAIMER: Please kindly note that this post is not for ‘Ranking’ purpose or the numbers aligned above defines how best the bank are, which it comes to granting personal or business loan in Nigeria. But this post is ‘only’ for educational purpose – to enlighten you about the best banks you can get loan in Nigeria and their requirements.

So here are the top 10 banks to apply for loan in Nigeria, which do prefer and do you have any question? Let me know in the comments!

Stephen Gbolagade
Stephen Gbolagade
Stephen is a Frontend engineer, technical writer, owner and part-time blogger here at Gbolamedia, incoming data scientist, an enthusiastic cynophilist, and a curious introvert. Stephen is currently available for full-time, part-time or contract-base role. Contact him here: on WhatsApp or check him on Linkedin


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