Popular SME loans without collateral platforms in Nigeria

SME loans without collateral in Nigeria
SME loans without collateral in Nigeria

Very many small business schemes require injecting extra funds or capital which usually come in terms of business loans in order to either expand or keep the business going. However, many small business owners tend to see the lending process as complicated and excruciating especially when approaching banks and other financial institutions for such funding. Since a bank loan takes time to come through, what do you do? This is exactly where online business loan service providers / sme loans without collateral platforms in Nigeria come in to save you.

Where can I get a small business loan in Nigeria?

Usually, when all other means of fund raising for your business has been exhausted, the best alternative to fall back on is to consider accessing an online business loan. FINTECH has thus opened the door to quick and easy short-term loans for small businesses and individuals in Nigeria.

Read on : Home-based business ideas for housewives n Nigeria

Thanks to the increasing number of technology-driven financial platforms, getting quick and instant online loans in Nigeria without collateral is now feasible. What’s more? these loans are low-interest, collateral-free, and can be gotten within 24hrs or just a few minutes. Thus, you can access a small business loan straight from your mobile phone. It’s that simple.

With fintech platforms therefore, a growing number of entrepreneurs and small business owners can now get a loan without collateral in a seamless and fast way.

As the paradigm shifts to tech-enabled platforms, there’s a notable rise of many players in the Nigeria’s #FINTECH industry, there are therefore varying online lending platforms that provide business owners with access to quick loans for their business needs.

This article thus provides you with Top 11 of of such online lending platforms in Nigeria that helps you with quick access to loans for your business needs.

Top 11 small business loans without collateral platforms in Nigeria 2020


Aella-credit is mainly focused on employee lending as well as empowerment. It is designed to help employees access more funds between 1,500 to 700,000 and an interest rate between 4% – 29% monthly. More so, the company has affiliated with three main credit bureau agencies in Nigeria to provide quick and affordable loans with no paperwork to its customers.

Thus, Aella Credit is building platforms that make it alot easier for individuals and business owners in Nigeria and Africa generally to gain quick access to financing. Its loan tenure spans between 1 to 2 months.

Check out : What business can I do with 50 thousand naira or less?

To be noted that Aella Credit uses a proprietary credit scoring algorithm to determine the credit worthiness of its customers. The algorithm, which was built after the team gathered over five years of market data and analysis, processes an applicant’s eligibility status for a loan by taking into consideration both social and demographic factors as well as their debt to income ratio.


The name KiaKia was derived from a Nigerian language which means “Fast Fast”. According to them, they provide a very simple, reliable and fast solution, but highly effective and efficient. Its minimum loan amount starts at N50,000 with an interest rate of 3.5% per month.

This is a notable digital money lender for Nigerian businesses. KiaKia utilises psychometry, big-data, machine learning as well as digital forensics for its proprietary credit scoring and credit risk assessment algorithm to provide direct and peered personal and business loans to millions of individual business owners and SMEs without credit information.


This is another reliable online platform that provides businesses with quick access to finance. It launched in November 2016 with a mission to close the credit gap, both in Nigeria and across emerging markets. The platform thus offers small and medium-sized businesses unsecured loans that ranges between $500 and $15,000.

Lidya provides financing based on the cashflow in your bank account and without collateralns thus giving you the opportunity to expand your business and generate more income.

Quoting the founders, “Lidya uses technology and algorithms to assess the risk before granting the loans, it allows them to offer financial products to these customers at a low cost.”


QuickCheck is a notable modern lending platform for individuals and small businesses. QuickCheck utilizes mobile technology to enable individual loan seekers and small businesses gain quick access to financial credit.

According to the platform, users can access quick and hassle free loans , to the tune of up to 30,000 Naira without any collateral for a period of either 15 or 30 days.

Like other loan platforms, QuickCheck requires your BVN for security and verification purposes; and bank account number for disbursal of your approved loan

5.) Migo

Migo is a platform where you can get a quick loan in Nigeria. With your Bank Verification Number (BVN) and your account number, you can access up to N500,000 instant collateral-free loans.

It’s a simple, digital-finance-management platform that provides fast cash loans to help cover unexpected expenses or urgent cash needs.

See : 7 business insurance policies in Nigeria you should know

You can access Migo’s lending services via their web interface, or the loan app. If you don’t own an internet-enabled device, you can use the Migo USSD code.

Depending on how much money you borrow, Migo charges 5 – 15% on loans and you have to repay between 14 – 30 days.


GroFin is well known for providing Small and Medium Enterprise (SME) finance/business loans across 14 African countries & the Middle East. According to them, “We believe that a growing SME sector which creates sustainable jobs is the most powerful driver of social and economic development that truly improves people’s lives.”

Thus, If you have investible numbers and you are looking to expand your business enterprise, then GroFin is your best bet.

With GroFin, businesses can access business loans that ranges between US$100,000 and US$1.5 million. Therefore, If you think your business ticks the required checklist, then you can submit your application.


SMEDAN is a government-backed initiative that offers quick and easy business loans to Nigerian SME’s businesses in need of financing. The core mission of this organisation is to promote entrepreneurship among Nigeria populace and as well provide capital to start the business.

Coupled with funding, SMEDAN also provide business owners with hands-on training and support to help them run their business. If you would like to apply, click here to access their online application portal.

Read along : Best digital marketing strategies for businesses in Nigeria

• Minimum Loan Amount: N100,000
• Interest Rate: 4%/month

8.) ONE-FI

Formerly known and called One Credit, OneFi therefore is a credit facility company that offers short-term consumer loans to credit-worthy individual loan seekers with limited access to finance.

One-Fi loan repayment cycle is typically between 3 – 12 months, with loan amounts ranging from N40,000 – N2 million. You can apply here.

9.) Branch

Branch is another platform that offers quick online loans in Nigeria. You can get access to loans from ₦1,000 to ₦200,000 within 24hrs, with a repayment period of 4 to 40 weeks.

It is regarded as one of the most reliable platforms where you can get an online loan because of its mode of operation. Its interest rate rages from 15% to 34%.

Interest rates are determined by a number of factors, including the lender’s repayment history and the cost of lending for Branch.

Branch has thus made it easy for Nigerians to access loans from anywhere in the country without physical engagement or collateral.

10.) C24

C24 Limited is a microfinance institution that was established with the sole mission of creating a reliable avenue for people to actualize opportunities around them, by simply helping them access quick cash loans when they need it.

C24 aptly understands the need for quick cash loans and the necessity of quicker loan processing time. Thus, their online loan process has been optimised to help applicants avoid the hassle associated with other loan companies.

See more : How to make money freelancing in Nigeria for beginners

They have a flexible repayment structure which means you don’t have to break the bank to payback.

11.) CARBON (formerly PAYLATER)

Carbon (formerly Paylater) is notably an easy and entirely online lending platform that provides short-term loans to individual loan seekers and small businesses in Nigeria to help cover unexpected expenses or dire cash needs. This platform thus prides itself as “a simple digital finances management platform” that provides instant online loans to help you cover urgent and unexpected cash needs.

With Carbon, you can access loans up to the tune of 500,000 Naira loan with no collateral. Their rates range from 5 –15%, and this depends on the loan repayment period and the amount of money you wish to borrow.

To be noted that once your application is approved, funds are typically received within 1 – 3 business days. More so, making on-time repayments can grant you access to higher credit limits for your next loan.


No doubt, most of these sme online loan platforms claim to offer quick loans without any form of collateral but it is highly recommended that you carefully study their Terms and Conditions (T&C) and find same suitable for you before submitting an application.

Another notable factor worthy of consideration is the interest rate as well as duration for repayment. This is usually so because as a small business owner, going for loans with very short repayment periods may not be favourable unless you are sure you will earn and repay the loan within the agreed time limit.

Leave a Reply

Your email address will not be published. Required fields are marked *

Mini importation business in Nigeria

How to start a viable mini importation business in Nigeria

small business ideas from home

Small business ideas from home with low startup costs (new)