Online Loan Platforms for Small Businesses in Nigeria
Top 10 Online Easy Business Loans in Nigeria 2021
You’ve heard the old saying; you need to spend money to make some. It’s true, you know. You have to pay tons and tons of money to get your business, making some in return. Marketing, real estate, transportation, industrial plants, and numerous other things just don’t come cheap. You have no business if you have no money, and you have no money if you have no business.
Guess how you can get money without making a single sale. Right, either by equity or loan. As you might have already guessed from the title, we’ll be talking about loans in this article.
That’s precisely why, in this post, we listed the top 10 online lending platforms in Nigeria for quick access to business loans.
We start with Lidya. Being one of Nigeria’s leading loan companies, it is an online platform that provides businesses access to finance. The platform offers small and medium-sized enterprises unsecured loans of between $500 and $15,000 with an interest rate of 3.5% per month.
Business owners seeking a loan through Lidya can apply online or via their mobile phone and receive a decision within a few hours if all requirements are satisfied.
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.” with a mission to close the credit gap, both in Nigeria and across emerging markets.
KiaKia is a digital money lender for Nigerian businesses. Its app gives you access to personal and small business loans and enables savers to lend out funds at negotiated interests through intuitive conversations.
KiaKia is derived from a Nigerian language, which means “Fast Fast.” According to them, the solution is straightforward and fast, yet highly effective and efficient.
Its interest rate is 3.5% per month and its minimum loan amount is N50,000.
All you need is to visit the KiaKia official website anytime to start your loan process. There is an assigned virtual personalized agent ready to attend to you anytime.
Carbon is an easy-to-use and entirely online lending platform that provides short-term loans to individuals and small businesses in Nigeria to help cover unexpected expenses or urgent cash needs.
You can get up to 500,000 Naira loan through Carbon without any collateral. Once your application is approved, funds are typically available within 1–3 business days. Making on-time repayments can also lead to higher credit limits on your next loan.
You just have to download the Carbon App to get quick and flexible loans at affordable rates.
Plamcredit is a virtual credit card that makes quick online loans very easy and fast, anytime and anywhere. With just a few steps, then you have everything in your control to get the loan you want. With Plamcredit, you can get a loan for as low as N2,000 and as high as N100,000 straight from the app.
With Plamcredit, applying for a mobile loan is easy. Apply for your credit limit in minutes, then take as many loans as you need without further approval steps. It’s a credit revolution!
When you repay on time, your credit score grows to N100,000.
Visit their website here — Plamcredit.
It is a simple, yet powerful mobile loan app in Nigeria and Kenya that allows you to open an account, apply for a loan, and receive your money right into your account. It is a fast, convenient, and reliable way to access credit when you need it.
You can get access to loans from ₦1,000 to ₦200,000 within 24hrs, with a period of 4 to 40 weeks to pay back. Interest ranges from 14% — 28%, with an equivalent monthly interest of 1% — 21%, depending on the selected loan option.
As a borrower, you don’t need any collateral or income-generating assets to get a loan. Interest rates are determined by several factors, including the lender’s repayment history and the cost of lending for Branch. Money borrowed from Branch can be used for anything you prefer to use it for, and no one will ask you about that, not even Branch Officials.
Download the Branch app and get access to loans anywhere in Nigeria without having to physically show up.
QuickCheck allows you to borrow money instantly straight into your bank account, even when you’re out of the country. It’s one of the best Nigerian loan apps, and it works because of how easy it is to borrow money here.
According to the platform, users can access quick and hassle-free loans of up to 30,000 Naira without any collateral for a duration of either 15 or 30 days.
Early repayment of loans ensures lower interest rates and higher amounts. In addition, interest is only charged for the days you use the loan.
Like other loan platforms, QuickCheck requires your BVN for security and verification purposes; and bank account number for disbursal of your approved loan.
You can get their app here — QuickCheck.
Aella Credit is building platforms that make it easier for individuals in Africa to gain access to financing. Mainly focused on employee lending and empowerment, the company was affiliated with three central credit bureau agencies in Nigeria to provide quick and affordable loans with no paperwork to its customers.
Aella Credit makes it easy for you to get instant loans everywhere you are. All you have to do is download the app from the Google play store and fill in your necessary information to use the app.
Aella Credit is an app-only platform for getting quick online loans in Nigeria. It is designed to help employees access more funds between 1,500 and 700,000 and an interest rate between 4% and 29% monthly. Aella Credit is available in Ghana, Nigeria, and the Philippines. Like other platforms, the Bank Verification Number is one of its requirements. Its loan tenure spans between 1 to 2 months.
Download Aella Credit App from here to get started.
FairMoney provides short-term loans to help cover sudden expenses, bills, business, and much more. You can apply for loans anytime and anywhere with their quick application.
FairMoney packages include personal loans, education loans, business loans & more. With the effective use of technology, they can provide a speedy and efficient loan app to all our esteemed customers.
FairMoney is a licensed loan app that offers quick loans to cater to needs like bill payments. It requires your Bank Verification Number and your debit card to obtain a loan (from ₦2,500 to ₦150,000). Loan interests on FairMoney start at 5% and grow up to 28%, depending on your borrowing. Also, it runs a loan term duration of 4–26 weeks.
When you pay your credit on time, you will get more benefits from using FairMoney. FairMoney also lets you spread out your repayments in multiple installments to have greater flexibility.
You can visit their website here — FairMoney.
Pennylender is an online moneylender that provides single payment loans, installment loans, and payroll loans for borrowers through their employer. The amount borrowed is then deducted from your monthly salary. The minimum amount for a loan is N10,000, and the upper limit for a new customer is N500,000.
The size of the loan and interest rate charged is determined by your employer’s data, such as salary, length of service, and position. The loan can be up to 50% of your Monthly Salary, and the loan tenure is from 3 months to 6 months.
Once you decide on the amount you want and set up your repayment schedule, money is instantly sent to your salary bank account.
You can visit their website here — Pennylender.
Renmoney is a leading fintech company, which provides loans to businesses as high as N4 million at an interest rate of 4.9 percent. Loan types vary as well as repayment plans for the different categories offered. Applicants can access the service online via the website.
You will need to submit a six-month bank statement, utility bill, and a recent passport photo. Applications might take 24 hours to get approved.
Once approved, the money will be paid into the account of the beneficiary as provided. Applicants are expected to pay back loans within the stipulated time to enable them to enjoy a favorable rating and access a higher sum when applying next time.
Visit their website — Renmoney.
While most of these platforms claim to offer quick loans without any collateral, make sure you read and understand the terms of guiding each loan apps you want to use.
Another factor to consider is the interest rate and payback period. As a business, you will not want to go in for loans with a very short payback period, except when you are sure you can earn back the money in no-time.
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