A loan is money given to someone or businesses to cater to its financial needs. Most lenders need some form of collateral as security, before giving out loans.
Not every Nigerian can provide substantial collateral in order to receive loans, this is where loans without collateral comes in. Thankfully, there are now online platforms where individuals and businesses can apply for loans without the need to provide collaterals.
One major problem businesses face in Nigeria is the unavailability of capital. With these innovative online platforms, lenders can assess applicants and their ability to pay back the loans within the given time frame, and then go on to approve certain amounts of money for loan, based on their assessments.
Now, let me review ten most popular collateral-free loan platforms in Nigeria for individuals and small businesses.
Paylater is an online platform that provides loans to small businesses and individuals to cover urgent needs or unexpected expenses.
Clients can access up to N500, 000 worth of loan without collateral. Funds are delivered within 1 – 3 working days once approved. Endeavour to repay your loan on time to help increase your credit limits and grant you access to higher loan sums in subsequent loan applications.
This online platform gives businesses access to funding. LYDIA.CO Offers unsecured loans ranging from $500 to $15,000 to SMEs.
According to the founders, Lidya uses technology and algorithm for risk assessment that allows them offer financial services to their clients at low cost.
QuickCheck is an online lending outlet for small businesses and individuals. It helps individuals and small businesses to access financial credit by using mobile technology
According to the platform, customers can quickly and easily receive loans of up to N30, 000 without any collateral to repay within 15 – 30 days.
SMEDAN is more or less a federal government of Nigeria loan service or a government-backed enterprise for Small and Medium Enterprises (SMEs), hence the name (SMEDAN Small and Medium Enterprises Development Agency).
They offer quick and easy business loans to SMEs in need of funding. Their main aim is to promote entrepreneurship and provide startup capitals for businesses in Nigeria
SMEDAN also provides hands-on training and support to business owners. If you’re looking to apply for SMEDAN loan, then visit SMEDAN website and apply on the application portal – https://smedan.gov.ng/.
AELLA-CREDIT has been creating mediums to make funds easily accessible to individuals in Nigeria. The company is associated with 3 leading Credit Bureau Agencies in Nigeria to provide timely and affordable loans to clients. Employee empowerment and lending for business startup is the main focus of AELLA-CREDIT.
AELLA-CREDIT employs credit scoring algorithm, built after five years of market data and analysis had been gathered by the team, to assess the creditworthiness of applicants. The algorithm processes applicants’ eligibility by taking social and demographic factors as well as debit to income ratio of the applicants, into consideration.
Specta is an online lending outlet that offers loans of up to N5 million in one deal, within the space of five minutes, without paperwork, collateral, or visit to any office. They enable users to cater for any urgent business or personal need, whenever and wherever.
Specta offers two loan services, which are (1) MySpecta which provides loan services for individuals and (2) Specta4Business which provides loan services for corporate and business owners.
KIAKIA, taken from the Nigerian pidgin means “fast-fast” is an online lending platform for businesses in Nigeria. They employ the use of machine learning, psychometric, digital forensics, big-data, for credit risk assessments and proprietary credit scoring algorithm to help them provide immediate and compatible loans to numerous individuals without credit information.
Their services are highly efficient and effective in addition to being very simple and fast, hence their name which was derived from a Nigerian language, meaning ‘fast-fast ‘.
Zedvance is a client finance company geared toward providing individuals with consumer credit. They offer loans up to N3 million under 24 hours.
Their services are particularly for salary earners, but you could apply if you’re a salary earner with a side business.
Loan application on FastCredit is backed by guarantors although the loan itself is collateral-free. The validity period for the loan is 6 months maximum. If you are a micro, small and medium enterprises (SMES), then you are eligible to apply for this loan and use the funds to enhance the growth of your business
If you are a small and medium enterprises (SME) in Africa and the Middle East, you may want to consider GROFIN as your choice loan platform.
Looking to grow your business rapidly and you are confident that your business meets the necessary requirements? Then, try GROFIN. This may be the perfect fit for you.
Business can access loans ranging from US$100,000 to US$1.5 million through GROFIN. You need to contact GROFIN and get the requirements. Upon reviewing the requirements and your business meets those requirements, go ahead and apply for the loan online on GROFIN website – https://grofin.com/business-loans/.