FinancingSmall Business

How to get a loan without collateral in nigeria

If you’ve been struggling on how to get a loan without collateral in nigeria for your business or personal needs, We understand how fraustrated you might have been feeling.

The most important things for a small business owner are to grow the business and meet the needs of the people who use it.

Because I need money to reach my goals, you’re not alone. Small business owners have written to me about the same things.

The thought of giving up something as collateral makes it hard to get a loan for your business, right?

Please note that Gistmeblog is not a loan service provider before you go any further. So, all requests for loans and other services will be turned down.

A loan is a financial tool that both businesses and people can use to meet their financial obligations.

However, most lenders often ask for some kind of collateral before they give out a loan to make sure it will be repaid.

Every person in Nigeria doesn’t have something they can use as collateral to get a loan. This is why loans with no collateral are so important, because they help people who need money. Today, business owners and people can get quick online loans without putting up their assets as collateral.

Doing business in Nigeria is hard because there isn’t enough money to do it. With the new quick and easy online funding options, lenders look at a person’s creditworthiness and ability to pay back a loan in a certain amount of time and may give them a loan amount based on that.

People in Nigeria can get quick loans without having to put up any money. In this post, we talked about the top 10 websites in Nigeria that do this.

1. GROFIN

Grofin loan platform
Grofin loan platform

GroFin is a company that helps small and medium-sized businesses (SME) get money or get business loans in Africa and the Middle East. If you have good numbers and you want to grow your business, GroFin is the best short for you.

If you want to get a business loan from GroFin, you can get one for up to $1.5 million. If you think your business meets all of the requirements, then you can apply for a business license here.

2. AELLA-CREDIT

aellaapp loan platform
aellaapp loan platform

Aella Credit is building platforms that make it easier for people in Africa to get money. The company was a part of three major credit bureaus in Nigeria, which meant it could give its customers quick and cheap loans with no paperwork.

Aella Credit uses a unique credit scoring algorithm to figure out how creditworthy its users are. The algorithm, which was made after the team looked at market data for five years, looks at social and demographic factors, as well as debt to income ratios, to see if someone is eligible for a loan.

3. ZEDVANCE

zedvance loan platform
zedvance loan platform

Zedvance is a consumer finance company that tries to help people get consumer credit. You can get up to 3 million Naira in less than a day.

The company only lends money to people who make a lot of money. If you make a lot of money but have a side business, you can still get a loan from the company.

4. PAYLATER

paylater loan platform
paylater loan platform

In Nigeria, Paylater is a simple and completely online platform that lends short-term loans to individuals and small businesses in order to help them pay for unexpected costs or urgent cash needs that arise.

With Paylater, you can get a loan of up to 500,000 Naira without having to put up any money. Once your application is approved, funds are usually sent to you in 1 to 3 business days. Making on-time loan payments can give you more credit for your next loan.

5. KIAKIA.CO

kiakia loan platform
kiakia loan platform

KiaKia is a money lender for businesses in Nigeria that lends money through the web. It uses psychometry, big data, machine learning, and digital forensics to make its own credit scoring and risk assessment algorithm, which it uses to make loans for personal and business loans to millions of people and businesses who don’t have credit history.

KIAKIA, which means “fast and fast” in Nigerian, is the name of the company. It is very simple and fast, but very effective and efficient, they say.

6. ONE-FI

OneFi used to be called One Credit. It is a credit facility company that gives short-term consumer loans to people with good credit who don’t have a lot of money.

People who take out One-Fi loans usually pay them back in three to six months. Loans of more than N200,000 are usually paid back in this time. Trying out OneFi, you would have a big chance to get a loan without collateral in nigeria.

7. SMEDAN

As a government-backed project, SMEDAN gives quick and easy business loans to small businesses in Nigeria that need money. This is the last on the list. The main goal of the organization is to help people start businesses in Nigeria and to help them get the money they need to start them.

Besides giving businesses money, SMEDAN also gives them hands-on training and help to run their businesses. Click here if you want to apply for the job.

8. QUICKCHECK

QuickCheck is a modern way for people and small businesses to get loans. QuickCheck uses mobile technology to help people and small businesses get money.

It says that users can get quick and easy loans of up to 30,000 Naira without having to put up any collateral for 15 or 30 days. Using Qickcheck, you can easily get a loan without collateral in nigeria.

9. SPECTA

You can get loans of up to 5 million dollars in just 5 minutes with Specta, an online platform that lends money to people who need it. Neither party needs any collateral, paper work, or a trip to the office. As long as you have Specta, you can take care of personal and business needs at any time and from anywhere.

Specta has two loan products: MySpecta, which helps people get personal loans, and Specta4Business, which helps businesses and corporations get quick and easy loans.

10. FAST CREDIT

FastCredit gives small business loans to micro, small, and medium-sized businesses to help them grow. In order to get the loans, the guarantors have to sign off on them. The loans can be taken out for up to 6 months for business owners who meet the criteria.

People who work for companies like banks, TELCOs, insurance companies, FMCGs, pharmaceuticals, aviation and oil and gas companies can get simple and fast “all-purpose” cash loans from them to help them meet their customers’ needs right away, as well as business loans.

11. C24

C24 Limited is a microfinance institution that was started with the goal of giving people a way to make the opportunities around them come true by giving them cash loans when they need it.

C24 understands that people need quick cash loans and that they need loans to be processed quickly. They’ve made their online loan process easier so that applicants don’t have to deal with the stress that comes with other lenders.

People Also Read: Simple Business Idea in Africa

12. Carbon’s SME loans

You can use Carbon’s SME loans to “grow your small business with affordable, collateral-free loans,” which is what they say they do. As long as there is no collateral, no guarantors, and no paper work, small businesses can get up to 1,000,000 without having to put up any of that.

Conclusion:

Before you do anything else, make sure you know that Gistmeblog is not a loan service provider. So, all requests for loans and other services will be turned down.

In Nigeria, it’s hard to do business because you don’t have enough money. With the new quick and easy online funding options, lenders look at a person’s creditworthiness and ability to pay back a loan in a certain amount of time and may give them a loan amount based on that.

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