Where to Get Instant Loan Without Interest | PhoneReporters

Where to Get Instant Loan Without Interest

There are a few questions to ask yourself when looking for where to get an instant loan without interest.

Some of these include:

  1. Who is the lender?
  2. How much are they offering?
  3. What are their loan terms?

A no-interest loan is simply one where the borrower is only required to pay back the principal (initial) money borrowed from the lender.

You can apply for an instant loan without interest via a variety of places, especially with the rise of a huge number of retailers that now offer their own kind of financing.

Where to Get Instant Loan Without Interest

The best kind of loan without interest comes in the form of an overdraft. This can come in pretty handy, especially for small business owners and startups.

Thus, the following are the best places to go when looking for where to get instant loan without interest:

  1. Standard Chartered Bank Nigeria
  2. UBA Group
  3. Kuda
  4. Traditional retailers

#1: Standard Chartered Bank Nigeria

The Standard Chartered Bank Nigeria is one of the best places to get instant loan without interest.

This loan comes in the form of a bank overdraft where you can withdraw as much as N1.8million in funds, with zero maintenance charges and a no minimum account opening balance.

The loan is structured in a way to allow you easy access to cash, whenever, and whenever you need it.

You get access to cash based on the current size of your salary. Thus, qualified applicants are evaluated for their salaries for a 12 months (one-year annual) period, and are only allowed to borrow up to 50% of that amount.

That goes to say, if you earn the minimum requirements of N50,000 for the offer monthly, your total salary for the year will sum up to N600,000. Now, with this loan program, you’ll only be allowed to borrow as much as N300,000 (half the total amount of your salary for the year).

Minimum Requirements:

To qualify for this kind of funding offer, you must:

  • Have your salary account registered with Standard Chartered Bank Nigeria (SCB).
  • Must earn a minimum salary of N50,000.
  • Work in either a government-based or private company.
  • Must be above 21 years old to even qualify to apply

#2: UBA Group

UBA is also another good place to go when looking for where to get instant loan without interest. You get access to as much as N3million in your account for up to six (6) months.

The loan program is also structured in such a way to suit your everyday living and convenience.


As discussed earlier, the loan offer spreads over a total length of six (6) and you are only required to pay just 5% of the loan amount after every 30 days (until your next payday), until the entire loan length elapses.

To apply, you have to first complete the UBA Consumer Loan application form which can be done online by downloading and filling everything out digitally or via one of their physical branches. After which, you are to submit your application physically to the Customer Service Officer in your branch.

Minimum Requirements:
  • You must be an account holder in UBA
  • You must have had your salary paid to you via the bank over the last three (3) months
  • You must not have a history of returned cheques as a result of insufficient funds
  • Your annual salary for the year after taxation must not be less than N5million
  • The company you work for must be either in the private or public sector

#3: KUDA

KUDA is one of the notable places to go when looking for where to get instant loan without interest.

The online bank lets you borrow money for a short period to deal with urgent issues.

Now, KUDA does not actually offer 100% no-interest loans, but the interest being charged on their loan offers is presumably so small, that it almost counts as zero (0) at all.

KUDA charges customers as less as 0.3% daily on each amount borrowed.

That is, let’s say you borrow as much as N50,000 from the bank, you’ll only get to pay back an additional N150 daily, for the entire length of the loan offer.

Normally, a traditional bank will charge you between 5-25% in interest for a loan offer.

KUDA also offers customers some other exceptional features on their platform such as:

  • High-interest rates of up to 15% annually for fixed deposit holders
  • Zero (0) transaction fees for up to 25 transactions in a month
  • Zero card maintenance and stamp duty fees
Minimum Requirements:

The qualification requirement for a bank overdraft with KUDA is automatic, but still, you will need to meet the following minimum requirements:

  • You must own an account with KUDA
  • You must use KUDA regularly for all your daily transactions

#4: Traditional Retailers

If you are looking for where to get instant loan without interest, your everyday traditional retailers can be a pretty good place to go.

Rather than you going to take an interest-based loan from all these other lenders to settle a purchase, you actually go and meet your retailer directly and negotiate a payment term that will be favorable for both of you.

So, for example, let’s say you want to purchase a piece of new furniture for your home improvement, rather than taking up an interest-based loan that’s most likely going to lead you into more debt for making that little purchase, you can just head over to your retailer and negotiate a payment term that works best for the both of you.

Thus, the retailer loans you the nice piece of furniture, to be paid back in full, cash, for the next XYZ days or week.


No-interest loans do exist, but most of them consist of fine prints that make them not as good as free as they sound.

What this means is that, let’s say an emergency situation comes up, and you are unable to pay back the loan settlement in full by the end of its promotional period, your lender could charge you interest on the loan balance retroactively (sometimes even at a much higher interest rate than the normal regular everyday loans).