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How To Get Instant Loan In Nigeria

There are many ways to get a quick/urgent/instant loan in Nigeria. With the ever increasing number of digital service financial platforms providing quick loans to prospective customers, you can now get an instant online loan within 24hrs or sometimes in less than five minutes on different loan websites.

What is a loan?

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.

It is a widely known fact that not every person in Nigeria has what they can use as collateral to easily access a loan. This is the major reason why loans without collateral are very important. The good news is that today, a lot of business owners and individuals can now apply for quick online loans without providing any of their assets as collateral.

One of the major problems of doing business in Nigeria is lack of capital. Fortunately, with the new easy and quick online funding options, potential lenders are able to evaluate individuals/businesses creditworthiness and ability to pay back collected loan within a stipulated time frame and may approve an amount of loan based on that assessment.

In this article, we would be discussing 10 websites in Nigeria that offer quick loans to small businesses and individuals without collateral.

Top 10 Websites That Gives Quick Loans Without Collateral In Nigeria

1. Zedvance

On the Zedvance website you can get quick funding that works for you.

There are four major steps to get a loan on Zedvance

1. Create an account –Register through Zedvance website, MoneyPal app or by chatting with Zee on WhatsApp
2. Apply for a loan – Select the loan package that fits your needs. (There are 3 loan packages- Zedvance Nano, Zedvance Payroll and Zedvance for Business)
3. Answer a few questions – Tell them a little about you.
4. Receive funds in minutes – Get your credit alert in less than 10 minutes

Zedvance nano

Zedvance Payroll

How to Apply for a loan on Zedvance Website– Go to www.zedvance.com

2. GroFin

GroFin is a specialist, impact-driven financier. They help entrepreneurs succeed by providing them expert advice, continuous guidance, and financing to grow their businesses.

GroFin clients are entrepreneurs and business owners that want to grow their existing business or start a new business. They are committed to their business and need an understanding financier that is prepared to work with them to grow their ventures.

GroFin Investment Criteria

1. Countries Supported – Your business operates in countries where we have an office: Kenya, Uganda, Tanzania, Rwanda, Ghana, Nigeria, Ivory Coast, Senegal, South Africa, Zambia, Egypt, and Oman.
2. Loan Amount – You require medium-term loan capital for your business: between US$100k and US$1.5m for a loan duration of 3-8 years.
3. Business Operations – You have an established business: operating for 2-3 years and has an annual turnover of 1.5 times the loan amount. We do consider startups on a case-by-case basis.
4. Business Sectors – Your business operates in one of our preferred sectors: Education, Healthcare, Agri-Processing, Manufacturing, or Key Services (Energy / Waste / Water / Recycling). Other sectors can be considered on a case-by-case basis.
5. Economic Impact – Your business is making a positive social and economic impact: E.g. Creating Jobs, Sustaining Livelihoods, Empowering Women, Benefiting the Environment.

How to Apply for a loan on GroFin Website– Complete an online assessment – Go to www.grofin.com

3. Carbon Paylater

Carbon (Paylater) empower individuals with access to credit, simple payments solutions, high-yield investment opportunities and easy-to-use tools for personal financial management.

Paylater is a simple, entirely online lending platform that provides short-term loans to help cover unexpected expenses or urgent cash needs.

How to Apply for A Loan On Carbon Paylater

4. KiaKia

KiaKia is a website that gives you access to personal and small business loans and also enables savers to lend out funds at negotiated interests through intuitive conversations.

The name KiaKia was derived from a Nigerian language which means “Fast Fast”. As they have rightly said, the solution is very simple and fast, but highly effective and efficient.

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.

How to Apply for Loan On KiaKia

5. C24 Capital

C24 Capital is a financial institution which provides retail loans for consumers in need of quick financial solutions. You can now get quick online loan without collateral in Nigeria.

C24 Capital offers 3 categories of loans

1. Personal Loan
2. Business Loan
3. Quick Cash Loan

Their online loan process has been optimised to help applicants avoid the stress associated with other loan companies.

How to Apply for Loan on C24 Capital

The loan application process takes about 5 minutes and you get a reply from them. Go to c24capital.com

6. Specta

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, MySpecta which offers individual loan services and Specta4Business which provides quick and accessible loan for corporates and business owners.

How to Apply for Loan On Specta

Go to www.myspecta.com and select the type of loan you need.

7. QuickCheck

QuickCheck uses machine learning to predict borrower’s behaviour and instantly evaluate loan applications. The platform is seamless and easy to use.

With the QuickCheck platform, you can get cash in minutes.

How To Get Loan on QuickCheck

1. Create a Profile – Sign up for an account
2. Apply for a Loan -Apply (QuickCheck will instantly run your credit score and let machine learning decide if you qualify).
3. Get Cash – If you qualify, your cash will be disbursed within minutes to your bank account.

Go to quickcheck.ng

8. Fast Credit

Fast-Credit offers business loans to micro, small and medium enterprises to support business growth.  If you need to fuel your dreams by getting a loan of up to 3-5 million in less than 24 hours with low interest rates, flexible repayment tenor of up to 15 months and instant loan disbursement, you may want to consider Fast Credit.

How to Apply for Loan on Fast Credit

There are 3 categories of loan you can apply for on FastCredit-

1. Private Worker
2. Public Worker
3. Small and Mid-size enterprise (SME)

Go to fastcredit-ng.com

9. Lidya

Lidya is the leading platform for small & medium business finance in fast growing economies. Businesses that are looking for 50,000 NGN to 30,000,000 NGN in working capital are able to apply online or via their mobile phone and get a decision in 24 hours.

How to Get Loan on Lidya

There are four steps involved in getting loan from Lidya in Nigeria

1. Visit the Libya website to sign up
2. Upload your transaction history
3. Understand your transaction data
4. Be qualified for a loan
5. Get loan

Go to www.lidya.info

10. Aella Credit

Aella offers Instant Loans In No Time. Whatever your needs, personal or business, you can rely on Aella for a quick, and simple application process to access funds. With Aella you can access non-collateralized loans of up to N1,000,000.