A loan is a financial instrument that helps both businesses and individuals to meet financial obligations. However, most lenders often require a form of collateral to serve as security before they give-out the loan to ensure its repayment
Not every individual in Nigeria has what they can tender as collateral to access a loan. This is why loans without collateral are very important. Fortunately today, business owners and individuals can apply for quick online loans without putting up their assets as collateral.
Lack of capital is one of the major problems of doing business in Nigeria. With the new quick and easy online funding options, lenders evaluate creditworthiness and ability to pay back within a stipulated time frame and may approve an amount of loan based on that assessment.
In this post, we talked about the top 10 websites in Nigeria that offer quick loans to small businesses and individuals without collateral in Nigeria.
1. GROFIN
They provides Small and Medium Enterprise (SME) finance/business loans across Africa & the Middle East. If you have investible numbers and you looking to expand your business, then GroFin is your best shoSmedth GroFin, businesses can access business loans between US$100,000 and US$1.5 million. If you think your business ticks the required checklist, then you can submit your online application here.
2.Smedan
Last on the list is SMEDAN, a government-backed initiative to offers quick and easy business loans to Nigerian SME’s businesses in need of financing. The core mission of the organization is to promote entrepreneurship among Nigerians and also provide capital to start the business.
Aside funding, SMEDAN also provide business owners with hands-on training and support to help them run their business. If you would like to apply, click here to access their online application portal.
3. LYDIA.CO
Lidya is an online platform that provides businesses access to finance. The platform offers small and medium-sized businesses with unsecured loans of between $500 and $15,000.
According to the founders, “Lidya uses technology and algorithms to assess the risk before granting the loans, it allows them to offer financial products to these customers at a low cost.”
