So you’ve started and are running your business, but have now reached a moment where you need something crucial to take it to the next level; funding.
The problem here is a lot of small business owners in Nigeria face the very same problem and find it extremely difficult to access the finance required to take their businesses to the next level from banks and private investors.
While banks and other financial institutions offer loans to businesses, the conditions to these loans are mostly difficult to meet by small business owners, as they mostly require a form of collateral, guarantee, or in many cases, unreasonable cashflow activity on their bank accounts.
While this has been a serious challenge, there are many options now available that make accessing finance a lot easier for small businesses. These options are fast-rising in popularity and are loan apps in Nigeria providing quick finance in no more than 48 hours to small businesses.
To know what they are, ten finance applications in Nigeria that offer small business owners’ loans are in 48 hours are:
See Also: How To Choose The Best Source of Finance For Your Business
1). Kia Kia:
Kia Kia is a Nigerian digital lending company that offers quick loans to small business owners in Nigeria. Supported by Sterling Bank, the peer-to-peer investment platform is a lender platform where savers lend out funds to needy individuals or businesses at negotiated interest rates.
As of mid-2020, the minimum loan amount is N10,000, and the maximum loan amount is N100,000,000, the tenure of the loan is between 30 days to 24 months, and the interest rate is around 6.5%.
To apply for their loan service, open an account with Kia Kia, and within minutes of loan approval, your loan gets disbursed into your business account.
Kia Kia claims to have lent out over N4.5 billion through its peer-to-peer loan program.
2). Carbon (formerly Paylater):
‘The Carbon for Business’ initiative by Carbon is a business loan service open to serve small business owners with loans to boost their businesses. The application process for the loan is done online and does not require you to produce a guarantor or collateral before the approval of the loan.
It takes about five working days for your loan request to get approved. Within 48 hours after your loan gets approved, you will receive the credit in your account.
The loan app allows for flexible weekly payments. There are no surprises, no hidden charges, or rollovers.
Your business loan request stands a better chance of approval if you meet the following requirements:
Make a minimum sales of a million naira a month
Have a corporate or business bank account that is active for a year or more
And the company is operational in Nigeria.
The maximum loan amount is N20 million. The interest rate is 5% per month. The loan tenure is a month to three months for new customers and three months to six months for returning customers.
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This user-friendly mobile loan app offers swift loan services for several kinds of small businesses. Unlike commercial banks, it does not require a guarantor or collateral before the loan request gets approved.
The service aims to help SME owners to get closer to achieving their business goals by offering digital financial services such as loans.
What you need to access a loan with QuckCheck are a smartphone and a good internet connection.
The minimum loan amount is N1500, and the maximum loan amount is N500,000. The interest rate ranges from 1-21%. The loan tenure is between 91 days to a year.
Renmoney provides small business owners with loans climaxing at 6 million Naira for a maximum duration of two years. To get a loan from this online loan company, you need a positive credit score and good income streams.
They have flexible loan tenures and once your loan gets approved, within 24 hours, you get the finance.
The least amount you can request for is N100,000 and the interest rate on a loan is set at 2.8% per month.
As part of the requirement for your loan application, you will need to upload the bank statement for your business.
See Also: 5 Ways To Finance Your Small Business
EazziCash is an innovative online loan service that offers small business owners loans for their businesses. Its loan offering includes the EazziPawn.
The EazziPawn allows SME owners to pawn their valuable items and use them as collateral to secure loans. The minimum loan sum is N100,000, and the maximum loan sum is N6,000,000. The loan tenor is flexible, with the maximum set at six months.
To apply for loans, download the app, open an account, and fill the information in the application form.
6). Branch Loan:
Branch loan app is a loan service for quick short term loans. The mobile lending platform offers loan services to both individuals and businesses.
It’s a fast online lending platform that disburses approved loans in minutes. It doesn’t require collateral, and it runs 24/7 without any interruptions.
The only essential requirement is to have a good credit score for your loan request to get approved.
The minimum loan amount you can apply for is N1000 and the maximum loan amount is N200,000. The tenure of the loans ranges from 4 to 40 weeks. The interest rate is 20% or lower, depending on the repayment history and other factors.
To apply for a loan from Branch, you have to download the Branch app.
See Also: How To Get Bank Loans In Nigeria With And Without Collateral
FairMoney provides instant loans to customers, including small business owners. The requirements are simple to achieve for start-ups with little or no business credentials. They also don’t ask for collateral.
The minimum sum that is loanable by FairMoney is N2,500, and the maximum sum N150,000. The loan tenure is flexible between 4 to 26 weeks. Also, its interest rates are flexible and set between 5% to 28%, depending on the duration of the loan.
To apply for loans, download the FairMoney mobile app on your phone’s app store. The next step is the answering of the FairMoney application form, set the amount you want to borrow and the loan tenure.
Palm Credit is another popular loan app in Nigeria that offers loan services to small business owners. The maximum sum you can lend from Palm Credit is N100,000, and the minimum amount is N2,500.
The loan tenure lasts between a period of 91 to 180 days and the interest rate is around 4.7% per month.
You do not need any collateral. There’s no rollover charge and no paperwork.
To request a loan, you have to download the PalmCredit app from your mobile app store. Register your account and then apply for loans.
See Also: How To Pick The Best Bank For Your Small Business
9). Alat by Wema Bank:
Alat, a banking initiative by Wema Bank, is another excellent avenue for small business owners to source for loans with little requirements needed.
Alat allows you to do a wide range of banking services such as to receive money and transfer money, earn interests and apply for loans.
Application for a loan on Alat by Wema is easy. It does not require any paperwork, no hidden charges, and no collateral. You can access the loan service without having to visit a Wema Bank branch. All you have to do is download the Alat app on your mobile phones’ appropriate stores, register an account, navigate to loans, and apply for a loan.
You can loan up to N200,000 on the platform. Once your loan gets accepted, your account will get credited with the loan sum.
Note that on the due date of repayment, Alat holds the right to debit your account with them of your loan sum.
10). Page Financials:
Page Financials is an online loan service based in Nigeria that offers quick access to loans for small business owners and individuals. The minimum amount of loanable is N200,000, and the maximum is as high as N5,000,000.
You do not need collateral and will have to present your bank statement on the platform for a review to access its loans.
To benefit from the Page Financials loan service, download its mobile app from the appropriate app stores.
See Also: 10+ Ways To Make More Money While You Sleep
To Sum It Up
While these ten loan apps offer quick and accessible loans to small business owners without any collateral, it’s wise to thoroughly go through their terms and conditions and be sure that you agree to them before applying.
Before taking on a loan for your business from any of these loan sources, consider their interest rates and the loan tenure to determine if you can comfortably payback.
Late repayment of loans will harm your business credit score and hinder its chances of receiving loans in the nearest future.
Lastly, ensure the amount you are borrowing is something you can pay back on time.
Which of these loan apps have you used before and which would you be trying out first? Do let us know by leaving a comment below.
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