If you’re struggling to meet individual or business financial obligations, a loan is a great start. However, people find it hard to secure loans because a good number of lenders require collateral as a form of security before they give out loans.
Not every individual or entrepreneur in Nigeria has a possession that they can put down as collateral when they want to borrow money or get a loan. But the lending landscape is changing. Business owners and employees can apply for instant loans online even without collateral.
For this reason, here is a rundown of 7 online platforms in Nigeria that offer loans to individuals and small businesses without collateral in Nigeria.
- Renmoney: With Renmoney, customers can secure loans up to N4,000,000. Here, loans can be repaid within nine months. Best believe you don’t need to tender a guarantor or collateral. To bag a loan on Renmoney, you need to meet specific requirements. Applicants should be between the age of 22-59 and have a functional saving or current bank account, regular source of income and a means of identification.
- FairMoney offers instant loans for individuals and business owners who need urgent cash. FairMoney grants loans from N1,500 to N150,000 for a maximum of three months. Your lending history and timely repayment open you to more opportunities for longer the period! Here, no document or collateral is needed. All you need do is to share your BVN during application and connect your ATM card to the platform.
- GroFin provides loans for Small and Medium Enterprise (SME) in Africa and the Middle East. If you want to expand your business or your outfit has investible numbers, GroFin is a trusted option. GroFin offers business loans from US$100,000 to US$1.5 million. If you think your business stands a chance, submit your application here.
- Zedvance is a consumer finance company that provides consumer credit to salary earners, business owners or entrepreneurs without collateral. In less than a day, you can lead up to 3 Million Naira. Although this financial institution primarily provides loans to salary earners, you can opt for this if you run a side business.
- Paylater is a pretty straightforward lending platform. Paylater’s services are online. The platform that gives short-term loans to small businesses and entrepreneurship in Nigeria. If you need to cover unexpected expenses or want to urgent cash, Paylater offers a collateral-free lending service. You can get up to 500,000 Naira loan once your application is approved. You receive within 1 – 3 business days. Best believe, punctual repayments opens to higher credit limits for future loans.
- FastCredit is a platform that offers business loans to small, micro, and medium business enterprises to help them business growth. The loans offered by FastCredit are supported by guarantors. The maximum tenure for business owners to repay is 6 months. FastCredit offers more than business loans and grants ‘all-purpose’ cash loans to employees of corporates institutions such as banks, Pharmaceuticals, PTELCOs, Insurance/other financial institutions, FMCGs, Aviation, Oil and Gas employees, and many more. The aim is to help businesses and employees meet their urgent consumer needs.
- Specta is an online lending platform that offers loans of up to 5 Million in a single transaction. This can be achieved in a record 5 minutes! There’s no need for collateral, paperwork and you need not visit any office. Specta allows you to take care of urgent business and personal financial needs. Specta offers two loan products. One is MySpecta which provides individual loan services. Secondly, there’s Specta4Business which gives accessible and fast loans for corporate employees and business owners.
Let us know if you have tried any of these online lending platforms. We also want to know if you’ve tried others.