Instant Loans: Banks that gives instant loan in Nigeria
3 mins read
Yes, banks in Nigeria give instant loans. Many commercial banks offer salary-based instant loans, usually only to customers whose salary is paid into an account with them. Renmoney, a CBN-licensed microfinance bank, gives instant loans of up to ₦1 million to salary earners and business owners, with a decision in about 5 minutes and no collateral, whichever bank you use.
It’s not surprising to think that many Nigerians don’t know they can get instant loans from a commercial bank. People still associate bank loans with lengthy application and disbursal processes. So, when you need an instant loan, your first thought is probably a loan app, not a bank.
The reality is that banks offer quick loans too. Some allow eligible customers to apply and receive funds in as little as 10 minutes, without the piles of paperwork.
There’s a catch, though. Many of these bank-backed instant loans are salary-based. You may need to have received your salary through an account with the bank for several months before you qualify. If you’re self-employed or receive your salary through another bank, your options may be limited.
That’s where Renmoney comes in. With Renmoney, you can apply for a loan without needing to have a salary account with us.
Which bank gives instant loans fastest?
Renmoney is one of the fastest and most trusted options. We're a CBN-licensed microfinance bank, and our instant loans give you up to ₦1 million with a decision in about 5 minutes.
Here's what makes the difference:
No need to switch banks. You can apply with a savings or current account at any Nigerian bank.
For salary earners and business owners. We offer both personal and business loans.
No collateral or guarantor. Your offer is based on your identity, credit history and ability to repay.
Clear terms first. You see your rate, fees, repayment dates and total amount payable before you accept.
What do you need for an instant loan application?
You need your BVN, a valid government-issued ID and your bank details. You should also be 18 to 59 years old, with a verifiable income from a salary or business.
Make sure your name and date of birth match your BVN exactly, or your verification may not go through.
How do I borrow money from Renmoney in minutes?
You can complete an online loan application in four steps.
Log on to Renmoney. Open the Renmoney app or website and tell us what you need.
Complete KYC. KYC means "Know Your Customer", the identity check every licensed bank must run.
Review your offer. See your amount, rate, fees, repayment dates and total amount payable.
Accept your offer. Follow the in-app steps to receive your money.
Before you tap accept
Check that each repayment date falls after your payday or your busiest sales week, and that you can pay the total without borrowing again.
Paying off your loan on time builds your credit profile and can help you qualify for a bigger loan next time.
Is Renmoney just a cash loan app?
No. Renmoney is a full microfinance bank, so the app that sorts today's loan needs can also help you with savings, payments, transfers and more.
What you need | How Renmoney helps |
Save and stay flexible | RenFlex: up to 15% p.a., daily interest, withdraw anytime |
Save towards a goal | Smart Goal: up to 16% p.a., with automated savings |
Grow idle money | RenVault: up to 22% p.a., interest upfront or at maturity |
Pay and spend | Transfers, airtime, data, 70+ bill payment options and a free debit card |
Savings rates are subject to change. See how we compare in our savings app roundup, or read more about our high interest savings plans.
Get instant loan from Renmoney
When money can't wait, Renmoney is your money partner. Download the Renmoney app, apply for your instant loan and see your offer in minutes. You can also explore all our personal and business loans.
Frequently asked questions
Which banks give instant loans in Nigeria?
Many commercial banks offer instant loans to salary account holders through their apps and USSD codes. Renmoney, a CBN-licensed microfinance bank, offers instant loans of up to ₦1 million to customers of any Nigerian bank.
Can I get an instant loan without a salary account?
Yes, with Renmoney. You need an account with any Nigerian bank and proof of income on your bank statement, whether you earn a salary or run a business.
Do I need collateral or a guarantor?
No. Renmoney loans are collateral-free and you don't need a guarantor.
