Loans for Unemployed People in Nigeria

Nigeria’s current economic situation prompts frustration among unemployed people, with the rise of fuel subsidies, hike in tuition fees, depreciation of the naira, and among other factors, posing a threat to the cost of living of an average unemployed Nigerian.

It doesn’t matter how discreet you are in spending, when emergencies arise you must spend, it is very one when these emergencies arise and you have nowhere to source funds because you are unemployed.

In today’s Nigeria, one of the major problems is the skyrocketing rate of unemployment, which has been for a very long time. Youths find themselves in a situation whereby; finding a decent job after graduation becomes near impossible.

Can Unemployed People Get Loan In Nigeria?

Certainly Yes, individuals who are unemployed can secure a loan in Nigeria, there are several platforms, where one can register, apply for a loan, and be credited within an hour.

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These platforms provide solutions to people who are urgently in need of money for emergency purposes, despite the fact, it’s a short-term loan, their loan repayments are flexible, with very low interest.

One of the most enjoyable parts of this platform is that you don’t need any collateral or paperwork to get your loan approved, provided you have a valid mobile number and a BVN, then you are good to go.

List of Loan Apps that Give Loans to Unemployed People in Nigeria

After affirming that; it is very possible for unemployed people to get a loan in Nigeria, I have also decided to drop some few platforms where one can easily obtain a loan and get disbursed easily, in order to support my claims;


FairMoney is a digital platform that provides quick loans to unemployed individuals in Nigeria. Leveraging artificial intelligence and machine learning algorithms, FairMoney analyzes various data points to determine an applicant’s creditworthiness.

While employment is not a condition, FairMoney considers alternative factors such as educational background, financial history, and social media presence to evaluate an individual’s creditworthiness.


Carbon (formerly Paylater) is another notable fintech platform that offers loans to unemployed individuals in Nigeria. Through its mobile application, Carbon allows users to access instant loans without collateral. 

While employment status is not strictly required, Carbon assesses an individual’s creditworthiness based on factors like transaction history, spending patterns, and previous loan repayment behavior. Carbon’s user-friendly interface and flexible loan terms have made it popular among unemployed Nigerians seeking financial assistance.


Palmpay is a multifunctional mobile payment platform in Nigeria that also provides loans for unemployed individuals. Palmpay evaluates loan applications based on factors such as spending behavior, transaction history, and other relevant financial indicators. Unemployed individuals can access loans through the Palmpay app, enabling them to meet their financial obligations and pursue income-generating activities.


Okash, a product of Opera Group, is a digital lending platform that offers loans to unemployed individuals in Nigeria. Operating through its mobile application, Okash provides quick loans without collateral, targeting individuals who may not have a steady source of income. By leveraging advanced risk assessment algorithms, Okash evaluates an applicant’s creditworthiness based on data such as phone usage patterns, transaction history, and behavioral analysis.

Aella Credit

Aella Credit is a fintech company that provides loans for unemployed individuals in Nigeria. While Aella Credit primarily caters to salary earners, it also offers loans to unemployed individuals through its innovative credit scoring system. By considering factors beyond employment status, such as educational background, financial habits, and repayment history, Aella Credit aims to include the unbanked and unemployed population in its lending ecosystem.

Read Also:  How to get loan without BVN in Nigeria


QuickCheck is a digital lending platform in Nigeria that provides loans to unemployed individuals without collateral. By leveraging artificial intelligence and machine learning algorithms, QuickCheck assesses creditworthiness based on alternative data sources such as smartphone data, transaction history, and social media activity. This enables QuickCheck to offer loans to unemployed individuals who may lack traditional credit history.

Loans for Unemployed People in Nigeria

However, other than the above platforms, there are still some alternative available for unemployed people, if they choose not to use any lending platform, some of which includes;

Government loans

Nigeria’s government has varieties of loan programs that are focused on supporting business starters, small businesses, entrepreneurs, and so on, after the submission of your info, you would be required to submit a business plan, which will now determine whether you would be considered or not.

It is vital to apply for loans like this, when there is about to be an outgoing government, the reason behind this is that there is a high tendency of the incoming government to scrap the particular loan program, so with this, you would not have to repay the loan.

Loans from Family and Friends

One of the most convenient ways an unemployed individual can obtain loans, without paperwork, collaterals, or any sort of documents, is to get from family and friends. Here all needed to do is just to go into a formal agreement, and fulfill repayment terms.

Risks of Taking a Loan As An Unemployed in Nigeria?

It is very vital to understand that; there are many risks attached to taking a loan in Nigeria as an unemployed;

  • There is a high tendency, for the repayments terms won’t be followed, which could lead to penalties and additional interest, this is very bad for an individual with no job.
  • Late payments could cause severe harm to the borrower’s credit score, hindering him/her from obtaining a future loan.
  • There are high tendencies, desperate unemployed borrowers might get scammed, by a dishonest lender.
  • Another implication of these is that; borrowing might land one in great debt when they are no means to pay it back.
  • It could lead to serious legal action if an unemployed person can’t meet the repayment terms.


Which loan app gives 10000?

Yes, FairMoney is a loan app in Nigeria that offers loans as low as 10,000 Naira. While they provide loans ranging up to 500,000 Naira with repayment periods of up to 6 months, they also cater to borrowers in need of smaller amounts like 10,000 Naira.

FairMoney’s loan application process is typically quick and straightforward, and they do not require collateral for loan approval.

How much can I borrow from FairMoney for the first time?

For a first-time borrower on FairMoney, the minimum loan amount available is N10,000 (Nigerian Naira), while the maximum limit is N40,000. This means that as a new customer, you can borrow any amount within this range without the need for collateral or a guarantor.

The specific loan amount offered to you within this range will depend on your individual profile, creditworthiness, and other factors determined by FairMoney’s lending criteria.

How to borrow 20k from PalmPay?

To borrow 20,000 Naira from PalmPay, complete the registration process on the app. Once logged in, go to your Account dashboard and select “Loans.” The app will display the loan amount you are eligible for. Follow the instructions, ensure all requirements are met, and if approved, PalmPay will disburse the loan to you.

Why is FairMoney not giving me loan?

To improve your chances of loan approval from FairMoney, repay previous loans promptly, maintain a low debt-to-income ratio, provide accurate information, build a positive financial profile, and establish a history of responsible borrowing. These efforts can positively impact your credit score and increase the likelihood of loan approval.

How much can FairMoney borrow me?

FairMoney can borrow you up to N3,000,000 with a repayment period of up to 24 months. The specific loan amount and repayment period offered depend on your lending history and positive behavior. A better lending history increases your chances of accessing higher loan amounts and longer repayment periods.


Loans for unemployed people in Nigeria can provide a crucial lifeline in times of financial hardship, offering opportunities for self-sustainability and economic empowerment. However, it is essential to ensure that these loans are accompanied by comprehensive support programs, job training, and skill development initiatives to enhance the chances of successful repayment and long-term financial stability. 

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