Are you looking for startup business loans with no collateral in Nigeria? If yes, then this article is for you. A significant portion of the lack of loans in Nigeria is not due to the fact that there aren’t any loans. In fact, loans are available to businesses throughout Nigeria.
However, they are subject to strict requirements for qualification and criteria; so, it’s for this reason they are believed to be unobtainable. One of the biggest hurdles startups have to overcome is the need to provide collateral to secure loans. It is because startups generally do not have assets, which means they are not eligible to receive the bulk of commercial loans.
However, here’s a listing of establishments that provide startup business loans with no collateral in Nigeria.
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What are the Institutions That Provide Startup Business Loans with No Collateral In Nigeria?
The institutions that provide startup business loans with no collateral in Nigeria are listed below:
· Kiakia.co
Kiakia.co does not look at your credit history to give you loans. Instead, they employ sophisticated machine learning and digital forensics algorithms to score your credit. If you’re successful, you’re granted access to huge amounts for the business loan. Kiakia offers loans to millions of people and SMEs in the country.
· Carbon (formerly paylater)
Paylater which was later changed to Carbon is a totally internet-based lending service that permits the borrower to take out loans for their startup business with no collateral. Additionally, the loan can be up to N500,000 and does not require collateral. The application process is easy and they will disburse funds within a period of 1 to 3 days after submitting the request. Additionally paying your loan back in time allows you access to a greater limit on the next loan.
· Grofin
It is an institution that offers startup business loans with no collateral, with investment services across Africa in the Middle East. Additionally, their services include South Africa, Nigeria, Ghana, and Ivory Coast to name a few. It also provides funding to small and medium-sized companies. In terms of context, Grofin offers a maximum amount of $1.5 million.
· Kiwipay – Startup Business Loans with No Collateral
kiwipay is among the most reliable online money lenders, offering business and individual loans by way of their employees. Additionally, they subtract the amount of money borrowed from your salary. Additionally, kiwipay offers up to N2 million in loans which are quite impressive.
Aella credit
Aella Credit is a mobile Fintech institution that leverages the potential of technology to help SMEs in the field of loans. Additionally, they aim to develop products and be the first to pioneer financing inclusion within Nigeria as well as other West African countries. Their reach continues to grow each day.
· Smedan
Talking about another institution that grants startup business loans with no collateral, here comes Smedan. Smedan has financed and thus created medium and small-sized enterprises. They don’t just oversee, but they also coordinate, develop, and formulate policy concepts for companies in these industries which helps their growth.
· Lydia.co
Lydia is an online lending platform that offers startup business loans with no collateral. The loans are available in Nigeria, Europe, and the US. This is why Lydia provides you with the opportunity to grow your company and earn more. The loans can be obtained in three easy steps, and provide amounts that range into the millions.
· Zedvance
Another lender that does not require collateral is Zedvance; Zedvance lets you apply for up to N5 million, with the possibility of a term between 18 and 24 months. Amazingly, you can finish the entire process and be credited in just a few only a few minutes.
· C24 – Startup Business Loans with No Collateral
C24 is a microfinance company that was founded with the sole goal of helping businesses to realize their ambitions. C24 does this by offering access to the needed financing without collateral. Additionally, C24 loan time is significantly faster than traditional rates. You can also apply on the internet for quick access.
· One Fi (Formally One Credit)
One Fi is another lender that grants startup business loans with No collateral. They are previously known as one credit. One Fi offers to provide short-term needs to SMEs. However, they conduct an assessment of your background and creditworthiness before they approve. Their loan tenure ranges from 3 – 6 months and can be as high as N200,000.
· Sterling Bank (Specta)
It is among the loan platforms that are rapidly growing that provide financial assistance for SMEs as well as individuals with the help of startup business loans with no collateral. Specta is part of Sterling Bank. It gives you the chance to get access to N5 million in just 5 minutes. Additionally, it is accessible to entrepreneurs and corporate owners.
· Fast credit – Startup Business Loans with No Collateral
Fast credit gives you short-term credit to help with the growth of your business. It is however mandatory that the loans are secured by guarantors but no collateral is required. In addition, it offers a maximum term of six months for businesses that are eligible to receive the loans.
Branch
Branch is another lender that provides startup business loans with no collateral, this branch’s limits are N150,000 which is quite a bit. They do however offer loans to individuals and startups who want to fill any financial gaps that are urgent demands.
Conclusion
The listed institutions have made it much more accessible to citizens to obtain startup business loans with no collateral in Nigeria. If you are planning to begin an enterprise, you should definitely consider one of these institutions to get startup business loans with no collateral.
Note: A crucial thing to keep in mind is that you should take the time to research other aspects of the loan, before thinking of committing, and seek advice from an expert in financial matters.