Are you trying to raise funds for a new business in Nigeria? The experience can be terrible. I have been there many times. Access to capital for starting a business or expanding is one of the main problems in Nigeria. Many dreams have been shattered, because many people have been delayed for too long because of small business. Today, stories change very quickly. There are many online lending platforms that provide quick lending so that business owners can fulfill their business and financial obligations. In most cases, lenders require property to be set aside as collateral for repayment. Not all entrepreneurs can do this.
8 Websites To Get Finance For Your Business in Nigeria
Fortunately, with the new quick and easy online funding options, business owners can apply for quick online loans without putting up their assets as collateral.
Lenders evaluate creditworthiness and ability to pay back within a stipulated time frame and may approve an amount of loan based on that assessment.
Today, I want to share with you the top websites in Nigeria that offer quick loans to small businesses and individuals without collateral.
1. Grofin
GroFin is a pioneering private development finance institution specialized in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East by combining medium-term loan capital and value-added business support.
With GroFin, businesses can access business loans between US$100,000 and US$1.5 million. If you think that you have a checklist that you need, Visit grofin online application here.
Grofin has partnered with more than 30 international development finance institutions , development organizations and other private funders, and have raised cumulative funds worth US$ 500M towards the ten funds and programmes managed by GroFin. Since their inception in 2004, they have invested in 675 SMEs and sustained 86,190 jobs across a wide spectrum of business activities within 14 countries in Africa and the Middle East with their headquarters in Mauritius.
2. Smedan
SMEDAN - is a Government support funding for quick and convenient financing of business by Nigerian SMEs who need funding. The main powers are: to promote, monitor and coordinate the development of the MME sub-sector; Start and formulate political ideas for growth and development of SMEs. SMEDAN debt financing also supports and promotes development and support programs to accelerate the development and modernization of SMEs.
Access Smedan online applicationto get started.
3. Lydia.Co
Lydia is a financial services platform that expands access to credit and finance in border markets and developing countries, starting in Nigeria.
Launched in November 2016, with a mission to close that yawning credit gap, both in Nigeria and across emerging markets where there is a $2.6 Trillion SME credit gap worldwide.
Businesses who are looking for $500 USD to $50,000 in working capital are able to apply online or via their mobile phone and get a decision in 24 hours. To assess credit risk, Lidya uses close to 100 data points to evaluate businesses, build a credit score unique to each business, and disburse loans in 24 hours or less.
4. Aella Cedit
Aella Credit creates a platform that helps Africans gain access to finance. The company is mainly engaged in providing loans to employees and their authorization and has three major credit bureaus in Nigeria to provide fast and affordable unsecured loans to its customers. After the team collected market data and analytics for five years, the algorithms process the qualifications of applicants for credit, taking into account social and demographic factors and debt ratios.
5. Zedvance
Zedvance is a consumer finance company that seeks to provide consumer loans in the most efficient and convenient way, providing best practices.
With Zedvance you can borrow up to 3 Million Naira in less than 24 hours. Zedvance apply a risk-based pricing to determine repayment on loans.
Requirements
* You must be in a paid employment
* Your age should be between 22 and 55 years
* You must have an active salary account
* You must have a pension account
The company offers several loans for non-profit wages, but if you have employees with secondary jobs, Zedvance is a good way to get the money you need.
6. Pay later
Paylater is a simple and complete online lending platform that provides quick and short-term loans to individuals and small businesses in Nigeria to meet unexpected expenses or urgent cash needs.
With Paylater, you can access up to N500,000 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. QuickCheck
QuickCheck is a modern platform for providing loans to individuals and small businesses. QuickCheck uses machine learning to predict consumer behavior and evaluate loan applications.
With Quickcheck, you 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.
8. KwikMoney
Kwikmoney is an online lending platform for personal and small business loans.
Whether you need working capital for your small business or need to handle a family emergency, kwikmoney lets you get an instant loan of up to N500,000 direct to your bank account. Typically the quick loan tenor is 14-30 days, with an interest rate between 5% and 15%.
And that's it guys!
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