Top 12 sites to get quick loans in Nigeria without collateral

Top 12 sites to get quick loans in Nigeria without collateral




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 repayments.
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 the world especially 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

grofin website
GroFin 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 short.
With 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.

smedan nigeria website

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 nigeria website
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.”

4. AELLA-CREDIT

aellacredit nigeria website
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 main credit bureau agencies in Nigeria to provide quick and affordable loans with no paperwork to its customers.
Aella Credit uses a  proprietary credit scoring algorithm to determine the creditworthiness of its users. The algorithm, which was built after the team gathered over five years of market data and analysis, processes an applicant’s eligibility for a loan by considering social and demographic factors as well as their debt to income ratio.

5. ZEDVANCE

zedvance nigeria website
Zedvance is a consumer finance company committed to providing consumer credit to individuals. You can borrow up to 3 Million Naira in less than 24 hours.
The company specifically provide loans to salary earners but if you are a salary with a side business, you can pick up the deal to finance your business use.

paylater nigeria website6. PAYLATER

Paylater is an easy 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.
With Paylater, you can access up to 500,000 Naira loan with no collateral. Once your application is approved, funds are typically received within 1 – 3 business days. Making on-time repayments can grant you access to higher credit limits for your next loan.

7. KIAKIA.CO

kiakia nigeria website
KiaKia is a digital money lender for Nigerian businesses. KiaKia utilizes psychometry, big-data, machine learning and digital forensics for its proprietary credit scoring and credit risk assessment algorithm to provide direct and peered personal and business loans to millions of individuals and SMEs without credit information.
The name KiaKia was derived from a Nigerian language which means “Fast Fast”. According to them, the solution is very simple and fast, but highly effective and efficient.

8. ONE-FI

onefi nigeria website
Formerly known as One Credit, OneFi is a credit facility company that offers short-term consumer loans to credit-worthy individuals with limited access to finance.
One-Fi loan repayment cycle is typically between 3 – 6 months, with loan amounts up to N200,000 or more.

c24 nigeria website

9. 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.

10. QUICKCHECK

quickcheck nigeria website
QuickCheck is a modern lending platform for individuals and small businesses. QuickCheck uses mobile technology to enable individuals and small businesses to gain access to financial credit.
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.

11. SPECTA

specta loan nigeria sterling bank
Specta is an online lending platform that gives you loans of up to 5 Million in one transaction all within 5 minutes! No collateral, no paperwork and no visit to any office. With Specta, you can take care of urgent personal and business needs anywhere, anytime.
Specta has 2 loan products, MySpectawhich offers individual loan services and Specta4Business which provides quick and accessible loan for corporates and business owners.


fast credit loans nigeria12. 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.
Aside from business loans, they also offer simple and fast ‘all-purpose’ cash loans to employees of corporates such as the banks, TELCOs, Insurance/other financial institutions, FMCGs, Pharmaceuticals, Aviation, Oil and Gas employees etc to enable them urgently meet their consumers needs.

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