One of the yardsticks of country development is the number of SME in that countries if a country economy shrinks check the SME you will have a clue and number one thing that can make SME go out of business is lack of finance.
Well the old thing has pass away the booming of Fintech in Nigeria has brought with it easy access to loan, there are now deferent Fintech company offering SME loan without collateral to their customer and you know what, this loans are hassle free without just a click on your phone your bank account will be credited isn’t that good.
They are far better than bank loan that will request for business plan and huge collateral that will even be more than the loan you want to take.
But as the saying once there is original there will actually be fake , the booming of loan industry also attract scammers who use loan app to cover they, will request for some money before they give out loan, which when people pay they will not give out the loan nor the processing fee and unfortunately many small business has fallen into their plot.
As one of the top entrepreneur site in Nigeria we decided to go out, research and write down the top company that give SME loan in Nigeria, our list contain professional loan company that will not request for upfront payment or shame you with embarrassing text in your friends dm.
Before taking SME or business loan
I will like you to write than your business plan and carryout feasibility study if it is a new business this will let you know the amount you need and amount of revenue you will get per month which will let you choose loan company with best payback time.
For existing business check your business well how much are you earning per month and how much you will be making if you inject fund into it, will you be able to pay back the monthly interest from the revenue if yes go ahead if no please keep grinding.
List of SME loans without collateral in Nigeria
Renmoney
The first on our list of Loan Company that give out SME loan without collateral in Nigeria is Renmoney they are a reliable loan company that give out minimum loan of #100,000 to startup business in Nigeria.
Renmoney has one of the best interest rate in Nigeria at 2.8% per month. The pay back time depend on the amount you loan and the longer the payback time the high the interest rate.
They are popular in Nigeria you can ask one or two people around you; they will surely tell you more about them. To get their loan head over to play store or app store download their app, register and request for loan if you meet their requirement your loan will be disbursed in minutes.
But before applying you should get your cash flow and bvn ready and make sure you have a good credit score.
Renmoney does not only deal with loan you can also invest and save with them.
Carbon
Carbon is another reliable loan company in Nigeria though their focus is on personal loan but you can also get loan for your small business they can loan you up to 20 million naira but as a first timer you won’t get this kind of loan and as you continue to take loan from them the amount to loan will be increase.
Their interest rate is between 5% and 15% depending on the pay back period and amount you loan.
Carbon is professional they are know how to collect their money from defaulter without invading peoples privacy.
Like renmoney carbon also has a payment option where you can save, make transfer and invest. You can have 11% interest rate on your investment annually.
Aella Credit
Aella credit give loan of up to #700,000 to existing or startup business in Nigeria, they are easy and hassle free.
You dont need any collateral or guarantor to get loan from them with just a tap on your phone the loan will be disbursed in minutes but ensure you have a bvn and good credit score.
Their interest rate is between 15% to 30% depending on the amount of loan you take and the pay back time which ranges between 1 to 2 months.
Their loan is easy and hassle free. You can also invest with them and if you do, you will revive 26% interest per year.
Aella credit will check your credit score with algorithm so ensure you have not defaulted on loan before applying, if you do don’t even bother applying. Currently that have presence three countries which are Nigeria, Ghana and Philippines.
Zedvance
Zedvance is a loan company that focus on salary earner in Nigeria if you have a job with a reputable organization in Nigeria you can apply for their loan and use the loan to start your business. With zedvance you have a chance of taking #3 million loan and it will be disbursed in 24 hrs.
Like others above it is easy but you need to provide your bvn and income statement and reside in Nigeria.
The interest rate depends on the amount you loan and the payback time.
Fairmoney
If you are looking for small fund perhaps you just want to boost your business you can apply to fairmoney where you can access up to #500,000 without collateral or paper work.
The interest rate is between 5% and 28% and the pay back time is between 4 weeks to 26 weeks. Their loan is fast once your application is successful your account will be credited within 24rs.
Fairmoney also have feature where you can save , transfer and pay bill it is more of a mobile money.
To apply head over to play store or app store to download Fairmoney app, register with your details and request for loan, within 24hrs your loan will be disbursed.
SMEDAN
SMEDAN is a an organization back up by government with the sole aim of helping small business in Nigeria, they provide quick loan to Nigeria business, you can access up to 1 million naira loan.
Their loan disbursement is not that fast and you will have to secure some document like BVN, cash low, email address and others.
The advantage of SMEDAN is that you will be thought rudiment of business and how to move your business forward.
Lidya
Lidya is One if the loan company in Nigeria that focus on SME they give loan of up to #150,000 to SME without collateral though the amount they give out depends on the credit score of the requester .
The ingest rate is 3.5% per months and the payback time depend on the amount of loan borrowed.
They are easy fast and hassle they do not request for collateral or guarantor with just a click on your phone your loan will be disbursed in minutes.
Before applying pay up whatever loan you owe and clear your name because they will check your credit score before giving you loan also have a cash flow statement of your business spanning 6 months.
Branch
Branch focus on personal loan but you can divert the money into your business. They give out loan of #200,000 naira without collateral or guarantor and their loan is fast and easy.
The interest rate is between 15% and 30% depending on the amount of loan taking and the pay back time which can ranges been 4weeks to 40 weeks.
They also a have a feature where you can save and earn, if you save with them you can up to 29% interest rate per month. You can also pay bill and make transfer.
C24 loan
C24 loan focus on both personal and business loan, they give loan of up to 1 million naira at a go but they are not hassle free you need to provide your bvn, income statement and other important document before they can give you loan and also they will check your credit score.
Their interest rate depend on the amount of loan you take and the pay back period. Only thing that is good about c24 is that they disbursed loan as soon as you applied. Within minutes of submitting your application the loan will be disbursed.
Grofin loan
Grofin loan is a big fish it is an international loan company that focus on Africa and Middle east they give loan to SME in Nigeria without collateral but the business must be an existing one, they give between $1000 to $1.5 m.
Their loan is hassle free but their approval is hard even if you have all their requirement they may not approve your application because they have a lot of people requesting for loan.
Fast credit loan
As their name implies they are very fast in approving and disbursing loan within minute of submitting application they will credit your account. Fast credit loan have one of the best payback time in Nigeria which is about 15 months
Their focus is on business and you can get millions of loan from them without collateral, but ensure you have a good credit score.
Oneif
Onefi give loan between #40,000 to #2 m without collateral in Nigeria. Their payback is between 3 to 12 months depending on the amount of loan taking. They are fast easy and hassle free.
To apply head over to play store to download the app, request for loan and within 24rs your loan will be disbursed.
Specta
Specta also give SME loan in Nigeria, they are fast and once your application is approved your loan will be disbursed in minute.
Before applying you need to get your income statement spanning 6 months and bvn ready, also you need to have a good credit score because they will check it and if it is not good they will not approve you
They give out up to #2 million to business in Nigeria and the pay back time depend on the amount borrow.
To apply head over to play store or app store , download and request for the loan within minutes your account will be credited.
Lendigo
Lendigo sole purpose is to give out loan to business in Nigeria so as to bridge the credit gap and improve Nigeria economy. So far they have disbursed up to #6billon loan, they are fast. easy and hassle free, they do not request for collateral or guarantor.
With Lendigo you can access up to 10 million naira loan but you need to have a good credit score before applying.
They have deferent type of loan targeted at deferent business
- Ecommerce
- Pos agent
- Distributors
- And others
Advans loan
As a starter on advans you will have access to #750,000 naira loan without collateral or guarantor and the pay back time range from 6 months to 12 months.
They are a reliable loan company that give easy and hassle free loan in Nigeria. They do not take time once your loan application is approved your account will be credited immediately.
Smart business loan
Smart business loan is another loan company that give SME loan in Nigeria without collateral or guarantor they are easy and fast in disbursing loan. They give up to #20milon loan in Nigeria and the pay back period can be as long as two years.
They also give top up on the loan if you are repaying well. This is how their top up work; let say you obtain a loan of 100,000 to pay back everything in 12 month if you pay back regularly you can request for another #50,000 when you reach 6 months and above.
Conclusion
Capital is no longer a problem for business in Nigeria as you can see there are a lot of loan app you can take business or SME loan from in Nigeria, so stand up and start that your dream business.
It is high time you move away from wantrepreneur and come to Startuppreneur club.
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