The cornerstone of every successful business is financial resources. Yes! Money is significant, whether funding, capital, venture capital, loans, or other resources.
One of the easiest ways to access funding for your business is through loans. While loans are essential to several firms, they can take time to acquire for several reasons.
A primary reason people fail to acquire loans is the need for sufficient collateral for the lender to estimate their creditworthiness. Fortunately, online loans offer an alternative to the complicated conventional loan process.
Online lending is a fast-growing field that gives businesses access to capital with low interest. Corporate access to finance for starting and expanding firms does not get any easier than online fintech companies, with hundreds of loan apps in Nigeria alone.
With online loan sites, businesses can acquire quick loans with low-interest rates that require no collateral or physical errands.
If you’re seeking a loan to start up or advance your business, consider this an excellent opportunity because your search is over! We have compiled a list of 12 of the best platforms from which you can obtain online loans for your business, along with guidelines on how to go about it.
Top 12 Online Loans for Your Business
1. Aella Credit
Aella Credit tops the charts as one of the best platforms for online loans, having launched in 2015. For starters, businesses can borrow from as little as 1500 naira up to a million naira and repay between one and three months.
How to Get a Loan From Aella Credit
- First, download the Aella app from your preferred app store.
- Create an account on the app.
- Fill in the required fields with the corresponding authentic and verifiable information. They’ll need information such as your bank verification number (BVN) to verify your identity and review your transaction history.
- Find the option to check your borrowing eligibility on the app and determine your chances.
- Then, go ahead and apply for the most suitable loan.
Your chances of getting the loan depend on your credit history, location, bank details, etc.
2. Lendigo
Lendigo is a fintech company that offers online loans without collateral to small and medium businesses that meet their requirements. With Lendigo, businesses can borrow up to 20 million naira and pay within six to twelve months, depending on the Ts and Cs as well.
How to Get a Loan From Lendigo
- Visit the Lendigo website or get the app from your app store.
- Fill in your contact information and information about your business.
- Apply for a loan. Here, you’ll provide additional information on your business’s cash flow, registration certificate, financial performance, etc.
- Wait for Lendigo to review your application within two days and send you a loan offer containing information about the loan amount, interest rate, and repayment.
- Accept the offer if you find it sufficient, and sign documents with your e-signature.
- Upon agreement, Lendigo will disburse your funds within a week.
Read Also: What is Capital: How to Raise Capital for Your Business
3. Fairmoney
Fairmoney is a leading Nigerian microfinance bank that offers loans to qualified candidates, lending up to 5 million naira in SME loans to businesses.
How to Get a Loan From Fairmoney
Like the others, downloading the app, signing up, filling in the required details, and confirming your identity will put you in the queue for a loan. People usually receive their loans within 24 hours of accepting the offer. However, there are a few strict requirements you must adhere to.
Requirements for Getting Fairmoney Online Loans
- Submit your statement of account within the most recent six months.
- A valid ID card and documents to prove your address are required.
- Your BVN number.
- CAC documents for registered businesses.
- Your passport photograph.
- All applicants must be between 22 and 65 years old.
4. KiaKia
This loan company grants online loans to small businesses. KiaKia online loans range from 10,000 to 200,000 naira. You are expected to pay back between 7 and 30 days, with an interest rate of as low as 6.5%
Requirements for Borrowing From KiaKia
- You must reside in Nigeria.
- Applicants must be at least 21 years old.
- You must have a verifiable income source.
- Submit proof of income alerts through images, screen records, and others.
- You must have a valid BVN from any commercial bank.
To obtain a loan from KiaKia, you also need to create an account and then go through the verification process before you apply for it. Submit your government-issued identification and desired loan amount, then wait 24 hours for the vetting. Upon approval, KiaKia will disburse your loan to your bank account.
5. QuickCheck
QuickCheck is a reliable Nigerian loan company that gives loans from 1500 to 10,000 naira at first and up to 1 million after you prove your creditworthiness. After creating an account with QuickCheck, you’ll need to undergo verifications similar to those of other loan companies. Key points you need to know about QuickCheck loans include:
- You must be at least 18 years old when applying for the loan.
- The monthly interest rate starts as low as 5% for first-timers and continues from 2-30% subsequently.
- The loan term lasts from 91 days to one year.
- Your ability to repay your loans increases your credit score. In essence, it increases the amount of money you can borrow subsequently.
6. Renmoney
Renmoney is a fintech company that offers SME loans up to six million naira for an interest rate of 30-90% per annum and 2.9–34.17 monthly. The tenure for Renmoney loans is between three months and two years.
Requirements for Renmoney Loans
- You must be between 22 and 59 years old.
- Your source of income should be stable and verifiable.
- Your credit history should show that you are diligent with loan payments.
- You will provide your statement of accounts within six months, a recent passport photograph, and your national identification card.
7. Palmcredit
Palmcredit is a convenient online loan fintech company that can help small businesses secure easy loans without needing collateral or guarantors. With Palmcredit, eligible businesses can borrow up to 300,000 naira on their first try, provided that they can prove their trustworthiness.
For starters, you can download the Palmcredit app from your available app store and sign up to receive benefits. Some requirements for loan eligibility include:
- The applicant must be a Nigerian resident between 18 and 60 years old.
- One requires a good source of income.
- Applicants must provide a means of identification, like a government-issued ID card.
- Applicants will present their NIN and BVN.
The interest rate for Palmcredit is 4-4.7% monthly, and the loan tenure is between 91 and 365 days.
8. GroFin
GroFin online loans are a great opportunity for small and medium business (SME) loans across Africa. Its services are best for already established businesses wanting to expand their horizons. GroFin gives online loans between 100,000 and 1.5 million naira, expecting payback within three to eight years.
Read Also: Venture Capital: Meaning, Types, Benefits, Stages/Phases and How It Works
Requirements for GroFin Loans
- The business must operate in Nigeria, Kenya, Uganda, Rwanda, Ghana, Senegal, South Africa, Zambia, Egypt, or other supported countries.
- The business should be established reasonably, with a yearly turnover of 1.5 times the loan amount after two to three years.
- For ease, your business should operate in education, agriculture, manufacturing, agri-processing, energy, waste, or water recycling. Growfin will thoroughly consider businesses in other sectors.
- Your business should make a positive social impact, for example, by creating job opportunities or benefiting the environment.
To get started, follow the norm by filling in the information fields after signing up on their website.
9. Carbon
Carbon is a banking platform that offers various financial services, including loans. The platform provides online loans to help small business owners handle unexpected expenses.
One good thing about the loan app is that it’s accessible 24/7 and allows users to borrow up to 30,000 to 200,000 naira at first within 5 minutes of checking the requirements.
Also, since they have a noteworthy credit history, Carbon lets businesses borrow 500,000 to 1 million naira after the fourth successful loan process.
The duration of loan repayment depends on the loan value, and interest on carbon ranges from 1-21% monthly. For their requirements, they are similar to other online loan platforms.
10. Branch
Branch is an online platform that offers online loans to people and businesses, and its app is one of the most downloaded loan apps on the Google Play Store. Like the others, they determine eligibility and hand out loans accordingly.
The average monthly interest in Branch is about 1.5-15% on loan offers ranging from 2000-500,000 naira. It takes about 24 hours to approve loan applications. However, you can borrow smaller amounts at first and build up your loan capacity as they prove your creditworthiness.
11. OKash
Okash is an extension of the famous fintech company Opay, allowing people to apply for and receive online loans. OKash can approve applications within minutes and even give loans up to 1 million naira.
Download the Okash app, register, and complete the required information fields to get your loan. You will receive a call upon approval and instantly receive the money after the e-sign. Okash loans are 91-365 days long, and the interest rate is calculated daily from 0.1-1%. The required age for applicants is between 20-55 years old.
12. Zedvance Limited
Zedvance Limited offers online loans that allow salary earners to borrow up to 5,000 to 5 million naira for 18 months in the private sector. Zedvance can grant you a loan within 24 hours of your application with a monthly interest rate of about 3.5%.
Read Also: What is Business Finance: Classifying Your Business Source of Funds
Zedvance Limited verification is similar to other loan apps, and its loan range for the public sector for two years is within 20 to 3 million naira.
Conclusion
As mentioned above, finances are the foundation of successful businesses. However, traditional loan processes are typically time-consuming and difficult to access.
Fortunately, online loans have transformed this landscape, offering swift access to capital with less paperwork. With the array of reliable online platforms mentioned in this article, you can be sure to access quick loans at low rates and without complex collateral requirements.
Even better, your business can now easily secure vital financial support to drive its growth and operations.
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