A loan is a type of financial aid that enables both individuals and corporations to meet their financial responsibilities. To ensure that the loan will be repaid, most lenders, however, frequently want some kind of security in the form of collateral before they provide the loan.
Not every person in Nigeria possesses the assets they can offer as collateral to obtain a loan. For this reason, unsecured loans are crucial. Thankfully, today’s quick online loan applications allow both business owners and individuals to submit them without having to pledge any assets as security.
One of the biggest issues with doing business in Nigeria is a lack of finance. 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.
The websites listed below provide small enterprises and individuals in Nigeria with rapid loans without collateral.
SMEDAN
SMEDAN is a government-backed program that provides quick and simple business loans to Nigerian SME companies who require funding. The organization’s primary goal is to encourage Nigerians to start their own businesses by offering funding.
In addition to money, SMEDAN offers assistance to business owners in the form of support and training.
GROFIN
Small and Medium Enterprise (SME) financing and company loans are offered by GroFin across Africa and the Middle East. GroFin is your greatest short if you have investable figures and want to grow your company. Businesses can obtain business loans from $100,000 to $1,500,000 with GroFin.
LIDYA
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.
AELLA CREDIT
Aella Credit is developing systems that make it simpler for African citizens to acquire credit. The organization, which primarily specialized in employee financing and empowerment, was associated with Nigeria’s three major credit bureau companies to offer its clients quick, reasonable loans with no paperwork.
To assess a user’s creditworthiness, Aella Credit employs a unique credit score system. The algorithm evaluates a borrower’s eligibility for a loan by taking into account social and demographic aspects as well as their debt to income ratio. It was developed after the team gathered and analyzed market data for more than five years.
FAST CREDIT
FastCredit offers business loans to micro, small and medium enterprises to support business growth. The loans are backed by guarantors and are for a maximum tenor of 6 months for business owners that meet the criteria.
SPECTA
With the help of the online lending platform Specta, you may get up to $5 million in loans in only one transaction and within 5 minutes! No paperwork, no collateral, and no trips to any offices. You may handle urgent personal and professional demands anywhere, at any time, using Specta.
MySpecta, which offers personal loan services, and Specta4Business, which offers quick and convenient loans for corporations and company owners, are the two loan products offered by Specta.
C24
C24 Limited is a microfinance institution that was established with the sole mission to create an avenue for people to actualize opportunities around them, by helping them access cash loans when they need it.
C24 understands the need for quick cash loans and the necessity of quicker loan processing time. Their online loan process has been optimised to help applicants avoid the stress associated with other loan companies.
