Online Lending Platforms In Nigeria: There lots of people who have ideas on various businesses, some have already started but they need some fundings to push the business up, however there is always am impediment to these things and what are they? Capital others known as money. Some times, you may have met as many as you can meet to raise funds for you to build your business ideas but there isn’t people out there to trust you with their hard earned money. So when this happens, what is then your best shot? Loan houses. But, can you just walk straight to bank and get a loan? Is it that simple? In fact, many business owners, do seethe the bank lending procedures as a very complex matter which is so frustrating because it has to do with money.
But today, the story have changed for the good. Many loan houses have sprouted up and today, many small medium entrepreneurs, no longer need the services of the backs again regarding loans. With the Advent of many players in FINTECH industry here in Nigeria, we have seen some lending platforms and that can be of help to small scale business owners. These loan platforms are very quick in delivering their services and guess what? You don’t even need to meet with them one on one. In this article, we will be listing the top 10 online lending platforms in Nigeria that can guarantee you a quick access to business loans.
Lidya is an online platform that has the capacity to provide your businesses access to financial loans. Unlike some other platforms that only offers small sized unsecure loans, this particular platform offers medium-sized businesses unsecured loans of between $500 and $15,000.
The founders of the platform Lidya “uses technology and algorithms to assess the risk involved in the transaction before granting the loans, and this allows them to offer financial products to these customers at a very low cost.”
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This particular money lender platform is for home based. KiaKia is a digital money lender platform, that can only be accessed by Nigerian firms or businesses. According to the initiators, KiaKia uses psychometry, big-data, machine learning and digital forensics for its proprietary credit scoring and credit risk assessment algorithm which provides a direct and peered personal and business loans to millions of individuals and SMEs without credit information in return.
Does the name KiaKia sound familiar, it was actually gotten from a Nigerian language which means “Fast Fast”. They said, the solution your borrowing have been made easy and fast fast with them onboard and highly effective and efficient too.
For those who wants to expand their businesses and companies, then you should give this particular GroFin lending Platform a shot. They provide both Small and Medium Enterprise (SME) finance/business loans across Africa & the Middle East.
With the GroFin lending Platform, your businesses can access business loans that ranges between US$100,000 and US$1.5 million. For those who thinks or feels that their businesses fits into the required checklist, then you can submit your online laon application here.
This lending Platform was initially known as One Credit, but as at now, they are known as OneFi. This platform is a credit facility enterprise that offers short-term consumer loans to credit-worthy individuals with who has limited access to finance.
The One-Fi loan repayment system is typically within 3 – 12 months, with loan and the amounts they can lend you ranges from N40,000 – N2 million. Click here to apply.
5. C24 Limited
The C24 Limited lending Platform, was established with the purpose of creating a way for people to actualize opportunities around them. The C24 credit platform is a microfinance institution whicb helps business owners to access cash loans when they are in need of it.
According to the founders, they came up with C24 initiative because they do understand the need for a quick cash loan and the necessity of quicker loan processing time. They have built their online loan process which has been optimised in such a way that it will help applicants avoid the stressful procedures that comes with other loan companies.
This platform was recently created to help business owners both Small and medium sized business owners to have access to Quick laons. QuickCheck is a modern credit platform which uses mobile technology to help people and small businesseses have access to financial credit loans.
According to the Quickcheck credit platform, those who are interested in making use of the platform can fet free loans of up to 30,000 Naira without any form of collateral for a duration of either 15 or 30 days.
7. Carbon (formerly PAYLATER)
This platform is one of the most popular credit platform in the country. It was formerly known as Paylater. This platform is an easy and entirely online lending platform which provides short-term loans to individuals and small businesses in Nigeria. The aim of this credit platform, is to help cover unexpected expenses or urgent cash needs from people and trust me, they have been true to their words.
According to the Carbon, individuals and small businesses owners can access up to 500,000 Naira loan with no collateral attached to it. After Application and your application is approved, your funds will typically get to you within 1 – 3 working business days. when you pay back your loan on-time, it can grant you access to higher loan limits for your next loan application.
8. Aella Credit
The Aella Credit is Majorly focussing on employee lending and empowerment. It is a building platforms which was created to make it easier for people across the entire Africa to gain access to finance. The company has affiliation with three main credit bureau agencies in Nigeria and this was done to be able provide quick and affordable loans with no paperwork or collatera to her client.
The Aella Credit platform as it were uses a proprietary credit scoring algorithm which enables it to determine the credit trust of its customers. According to the founders, the algorithm was built after the company’s team gathered over five years of market data analysis, and processing an applicant’s eligibility for a credit loan by considering social and demographic factors which also includes their debt to income ratio.
The Zedvance credit platform is a consumer finance Limited lending company whose sole aim is to provide consumer credit to people. For those who are interested in making use of this platform and have met their requirements, cou can be eligible to borrow up to 3 Million Naira in less than 24 hours.
The category of persons this company specifically provide the loans to are salary earners. However, if you are a salary earner who has a side business, you can go for it to finance your business.
The SMEDAN platform, a government-backed initiative which was created to offer quick and easy business loans to Nigerian SME’s businesses who are in dire need of financing. Since it is an initiative of the government, we should then know what the core mission of the organisation is, and it is to promote entrepreneurship among Nigerians and also provide capital to start small businesses.
There is something so very special about the SMEDAN platform. It also provide business owners with hands-on training and also support a them to run their business profitably. For those who are very much interested in to apply, click here to get access to their online application portal.
Before applying for any of these lending Online Lending Platforms In Nigeria platforms, it will be strongly advised that you read and understand their Terms & Conditions (T&C) before throwing in an application. Although most of these platforms claim to offer quick loans without any collateral, ensure you carefully read and understand their terms and conditions.
There is another important factor that must be considered before applying for the loans and that is the interest rate and payback time frame. Remember you are a business owner and the money or loan is for your business so you don’t want to get a loan with very short payback time frame unless you very sure you will pay back the money in no distant time frame.
When you are getting the loan, you will be asked some series of questions and one of such important one is that you present a business plan. Should in case you need a standard business plan, you can check out the List of Business Plan and other business plans too on our website and use any.
For those who wants us to develop a unique or customized business plan, you can check out our business plan.
Online Lending Platforms In Nigeria