Did you know that it’s not just your credit score that a lender looks at when you apply for a loan? A common misconception is that people without credit scores are out of luck. Didn’t we just say banks don’t take your credit into consideration during the application process? But, we’re about to reveal something even more interesting: it’s possible to get an instant loan without a credit score. Are you curious how this is possible? It’s easy — read on!
What is a Credit Score?
A credit score is a number, ranging from 300 to 850, that indicates the likelihood of whether or not you will pay back your debts. A low score means there is an increased risk that the borrower may default in payment, while high scores represent strong creditworthiness. The scores are ranked as excellent, good, average or poor; simply put: a credit score represents your financial reliability.
Below are credit worthiness scales;
- 720 and above: Excellent credit
- 690-719: Good credit
- 630-689: Fair credit
- 300-629: Bad credit

Lenders and creditors often use the credit score for various risk assessment purposes ranging from market expansion, pre-qualification of customers, to credit evaluation.
>> MORE: How to check your credit score in Nigeria
How to Get a Personal Loan without credit/ Credit Score?
Applying for a loan without credit score is difficult, but flypay makes it easy: they give loans to individuals even without a credit or credit score.
Opt for Collateral Based Loans
The most important thing to remember about a personal loan is that it does not require security or collateral. However, this only applies in the case where you have good or high credit score.
If you don’t have a credit score, flypay will ask for security on a loan. You can pledge any valuable assets as collateral to get one from them—this makes it easier for borrowers without scores to access loans.
Prove your Creditworthiness
Lenders approve loan applications from creditworthy borrowers. If you have a stable source of income, then you can easily apply for a personal loan from flypay. You can obtain a loan even if you have no credit score or low credit score. In this case, you should attach a copy of your most recent salary slip and bank statements to prove that you are able to repay the amount due on time.
Get a Guarantor/ co-applicant for the Loan
When applying for a personal loan, you can get co-applicants or guarantors to help pay off your debt if necessary. However, make sure that the person helping is financially stable enough to handle this burden.
Once a co-applicant completes the KYC process with flypay’s easy-to-use app, they check your bank statements and credit history. If you meet their criteria, your loan application is more likely to be approved.
Apply for a Lower Loan Amount
If a lender doubts your ability to pay back the loan, they may be reluctant to give you more money than you originally asked for. But flypay charges low-interest rates on such loans. This ultimately increases your chances of getting the loan approved.
>> MORE: 7 Benefits of a Good Credit Score in Nigeria
Bonus Tip: Do it The flypay way
flypay makes things easier for you. You will no longer have to wander from bank to bank since it’s challenging to get an instant loan approval without a credit score online in Nigeria. We aim to be one of the most user-friendly instant loan apps in Nigeria. These are the five documents you need to avail an instant loan online with flypay:
- BVN card
- Android phone
- Selfie
Individuals can apply for an Instant Loan without credit score at flypay. You can also explore more Money Management, Investment, Instant Personal Loans, And Financial Wellness Ideas on flypay for all your needs.
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