Loans For Unemployed People In Nigeria

Are you an unemployed Nigerian looking for a loan? You might be surprised to know that several banks in Nigeria offer Loans for unemployed people in Nigeria.

In Nigeria, getting access to financial assistance can be quite challenging, especially for unemployed individuals. 

This difficulty is further compounded by the need for a Bank Verification Number (BVN), which is a mandatory requirement for most loan applications in Nigeria. 

However, there is good news for those seeking Loans for unemployed people in Nigeria.

 Several banks offer loan schemes for unemployed individuals even without the need for BVN, and these loans can be used for various purposes, such as starting a business or paying for education. 

In this post, we will explore the requirements for applying for Loans for unemployed people in Nigeria.

As well as Nigerian banks that offer these loan schemes, and how to apply for them. 

Requirements Needed to Apply for Loans for Unemployed People in Nigeria

Before you apply for a loan, there are certain requirements that you need to fulfill. 

Firstly, you must be a Nigerian citizen and have a valid means of identification, such as a National ID card, International Passport, or Driver’s License. 

Secondly, you must be over 18 years of age and possess a valid phone number and email address.

In addition to these requirements, some banks may require you to provide collateral or a guarantor before they grant you a loan. 

This is usually to ensure that they can recoup their money if you default on the loan.

List Of Banks That Give Loans For Unemployed People In Nigeria

1. Access Bank: 

Access Bank offers Loans for unemployed people in Nigeria without the need for collateral, and the loan amount ranges from N1,000 to N50,000.

2. First Bank: 

First Bank’s loan scheme for unemployed individuals is known as the “Youth Empowerment Scheme” (YES), and it offers loans of up to N5 million.

3. GTBank: 

GTBank’s loan scheme for unemployed individuals is known as the “Quick Credit” scheme, and it offers loans of up to N5 million without collateral.

4. Polaris Bank: 

Polaris Bank offers loans of up to N1 million to unemployed individuals without the need for collateral.

5. Sterling Bank: 

Sterling Bank’s loan scheme for unemployed individuals is known as the “Specta Loan,” and it offers loans of up to N5 million.

6. UBA: 

UBA offers loans of up to N5 million to unemployed individuals without the need for collateral.

7. Zenith Bank: 

Zenith Bank’s loan scheme for unemployed individuals is known as the “ALAT Loan,” and it offers loans of up to N200,000.

8. Ecobank: 

Ecobank’s loan scheme for unemployed individuals is known as the “Xpress Loan,” and it offers loans of up to N1 million.

9. Fidelity Bank: 

Fidelity Bank’s loan scheme for unemployed individuals is known as the “Fidelity Youth Empowerment Scheme” (FYES), and it offers loans of up to N3 million.

10. Keystone Bank: 

Keystone Bank’s loan scheme for unemployed individuals is known as the “Pink Network Loan,” and it offers loans of up to N3 million.

11. Union Bank: 

Union Bank’s loan scheme for unemployed individuals is known as the “Union Bank SME Loans,” and it offers loans of up to N15 million.

12. Wema Bank: 

Wema Bank offers Loans for unemployed people in Nigeria known as the “Wema Bank SME Loans,” and it offers loans of up to N10 million.

13. SunTrust Bank: 

SunTrust Bank offers loans of up to N500,000 to unemployed individuals without the need for collateral.

14. Providus Bank: 

Providus Bank’s loan scheme for unemployed individuals is known as the “MySalaryAdvance” scheme, and it offers loans of up to N2 million.

15. Coronation Merchant Bank: 

Coronation Merchant Bank also gives Loans for unemployed people in Nigeria known as the “Personal Loan ” scheme, and it offers loans of up to N15 million.

16. Heritage Bank: 

Heritage Bank’s loan scheme for unemployed individuals is known as the “Youth Innovative Entrepreneurship Development Programme” (YIEDP), and it offers loans of up to N10 million.

17. Jaiz Bank: 

Jaiz Bank’s loan scheme for unemployed individuals is known as the “Jaiz Quick Cash,” and it offers loans of up to N250,000.

18. Stanbic IBTC Bank: 

Stanbic IBTC Bank’s loan scheme for unemployed individuals is known as the “Youth Entrepreneurship Development Programme” (YEDP), and it offers loans of up to N3 million.

19. FCMB: 

FCMB’s Loans for unemployed people in Nigeria is known as the “FCMB Flexx” scheme, and it offers loans of up to N3 million.

20. Heritage Bank: Heritage Bank’s loan scheme for unemployed individuals is known as the “Youth Innovative Entrepreneurship Development Programme” (YIEDP), and it offers loans of up to N10 million.

How to Apply for Loans for Unemployed People in Nigeria

To apply for a loan as an unemployed individual in Nigeria, you will need to follow these steps:

• Identify the bank that offers the loan scheme that best suits your needs.
• Visit the bank’s website or visit a branch to get more information about the loan scheme.
• Fill out the loan application form and submit it along with any required documents.
• Wait for the bank to review your application and approve your loan.

Final Thought on Loans for Unemployed People in Nigeria

Getting Loans for unemployed people in Nigeria is possible, and several banks offer loan schemes for unemployed individuals. 

However, before you apply for a loan, it is important to ensure that you meet the requirements and choose the loan scheme that best suits your needs. 

By following the steps discussed in this post, you can apply for Loans for unemployed people in Nigeria and get the financial assistance you need.

Frequently Asked Questions

Can I get a loan without BVN in Nigeria?

Yes, several banks in Nigeria offer loans to individuals without the need for BVN.

What are the requirements for getting a loan as an unemployed individual in Nigeria?

You must be a Nigerian citizen, have a valid means of identification, and be over 18 years of age. Some banks may also require collateral or a guarantor.

What is the maximum amount of loan I can get as an unemployed individual in Nigeria?

The maximum amount of loan you can get varies from bank to bank. 

Some banks offer loans of up to N5 million, while others offer loans of up to N15 million.

How long does it take for a loan to be approved?

The time it takes for a loan to be approved varies from bank to bank. Some banks may take a few hours to approve a loan, while others may take a few days.

Is it possible to get a loan without collateral?

Yes, some banks in Nigeria offer loans to individuals without the need for collateral.

Can I apply for a loan online?

Yes, most banks in Nigeria allow individuals to apply for loans online.

What is the interest rate on loans for unemployed individuals in Nigeria?

The interest rate on loans for unemployed individuals in Nigeria varies from bank to bank. 

Some banks may offer low interest rates, while others may offer higher interest rates.

Can I get a loan if I have a bad credit score?

Some banks may be willing to offer loans to individuals with bad credit scores, while others may require a good credit score.

What happens if I default on a loan?

If you default on a loan, the bank may take legal action against you and you may be blacklisted by credit bureaus, which can make it difficult for you to get loans in the future.

How can I increase my chances of getting a loan approved?

To increase your chances of getting a loan approved, make sure you meet all the requirements, have a good credit score, and provide all the necessary documents.