Loan will not only help you to fix some immediate financial crisis when you are down with cash but it gives a boost to your overall finances when there is a need for that.
Having access to loans without collateral in Nigeria seems impossible in the past, thanks to the recent took up by different FinTech financial companies who have come to our aid to help us find a lasting solution to some of our financial services.
It is now things of the history, you can get a loan without collateral in Nigeria easily within a few clicks.
As a business owner or an individual, you can apply for quick online loans without putting up any asset as collateral.
Whether you need a loan for business or a personal loan, in this article I will explain how and where to get a loan without collateral in Nigeria.
How to get a loan in Nigeria
The loan can be gotten virtually through the banks and online providers, no other better places than these two ways.
The online lenders provide you with an instant loan while traditional banks may delay for days if you are looking to get a loan urgently then the best is way to consider the online lenders.
Personal loans are often obtained through online lenders while businesses are best with the bank, whether you like to get your loan through the bank or online lenders, they both give you access to any type of loan.
Visit the platform of the lender you decide to get your loan and apply immediately to get your loan.
Remember time and approval of loan application may vary, bear with the lender and wait patiently until you got a reply to your loan request.
If you meet up with all the requirements by the lender, you will certainly be credited, this is how you can get a loan in Nigeria.
Let go a step further, where are the best places to get a loan without collateral in Nigeria as often the most lenders will request of you to present some assets before the loan can be given.
General Requirements for Online loans Without Collateral
What are the Requirements for loans Without Collateral?
The requirements for each lender differ from each other, whether it is an individual loan or a corporate loan, these are the general asked requirements of most lenders.
For Individual Loan, The Requirements Include:
- Bank Verification Number (BVN)
- Passport photograph
- Employment letter
- Salary account, pension account, or tax ID
For SMEs /Business Loan, The requirements Are:
- Passport photograph
- Identity Card (such as driving license, international passport, national passport)
- The recent statement of bank account
- Certificate of incorporation
- Memorandum of association
- Post-dated NUBAN cheques from the client
Guarantors with the following:
- Letter of confirmation/employment
- One undated NUBAN cheque
- Copy of staff Identity Card
- Filled guarantor form
1. Pay Later
If you are looking to get a fast and reliable loan that doesn’t require you to present an asset, Pay later is here for you, whether you need the loan for a business or personal loan you can get it fast without any collateral.
The site is an online lending platform that gives short-term loans to anyone in need of urgent cash, the amount that can be given to you without providing any collateral is
N500, 000, the larger sum may be needed for a higher amount.
After the successful submission of the application form and upon approval, you will have your funds within 1 – 3 business days.
One-Fi was formerly known as One Credit, this is a platform that gives direct access to short-term consumer loans to credit-worthy individuals with limited access to finance.
The site can loan you up to
N 200,000 without any collateral, if you are seeking to get a lender that provides with you a smaller loan without going through much hassle, One-Fi is there to consider.
Aella Credit is here to help you have access to money, and because of this, they do not request any paperwork from you when you are trying to secure a loan from the platform.
This is one of the best platforms in African, looking to help individuals with money through loan services. They are very fast and reliable once you pass the credit score algorithms test.
The algorithms of the company credit scoring put in place determine the creditworthiness of its users and this is used to give a loan. You don’t need collateral for the loan.
4. Kiakia. co
If you do business in Nigeria, Kia Kia is telling you not to worry about financing, as they are a digital money lender who is ready to help Businesses in Nigeria. They offer very simple and fast solutions for all.
Kia Kia uses psychometry, big data, machine learning, and digital forensics for its proprietary credit scoring and credit risk assessment algorithm in providing loans to millions of individuals and SMEs without credit information.
With Kia-Kia, your business shouldn’t be lacking finances, they are highly effective.
Smedan is backed by the government of Nigeria to offers quick and easy business loans to Nigerian SMEs ’ businesses in need of financing and you are included in this scheme if you have a business.
Since the mission is to promote entrepreneurship among Nigerians and to provide capital to start a business, you can quickly run to Smedan anytime you feel you need their loan.
When you have the fund, needed, Smedan also makes sure you get trained and provide support to help you succeed in the business.
You can access the loan through the Smedan portal to apply for the loan.
6. Lydia. co
Lydia provides businesses with financing, the online platform gives access to a loan of about $500 to $15,000 to medium-sized businesses without stress.
Lydia uses technology and algorithms to assess the risk before granting the loans, this is to make sure that the company will be safe and enable provide low-cost services to businesses.
You want to go for Lydia. co, you can get more funds to run your business easily with them.
GroFin provides Small and Medium Enterprise (SME) finance/business loans across Africa & the Middle East.
The platform gives businesses loans of $100,000 to $1.5 million. There is the criterion to be met, If you think your business has it all, then you can submit an online application for the company loan.
8. Quick check
Quick Check is an online lending platform that never wastes your time when it comes to accessing loan services, this site gives you loans without collateral and guarantor.
Quick Check will give you up to
N 200,000 without doing any documentation.
If you are looking for a business loan, Lendigo is not requesting from your collateral, they give very business loans on their platform.
Lendigo gives business owners to secure a loan up to
N 300,000 without collateral, they are very fast with loan services
Specta allows anyone with a loan up to
N 5 Million in one transaction, without collateral, no paperwork, and no visit to any office.
This online lending platform is labeled Specta to provide personal and business loans, your urgent cash needs are over with this site as they provide you with a loan in under 5 minutes.