Many small businesses and entrepreneurs ay require extra funding or capital in terms of business loans to expand or keep the business going. When all other means of raising fund for your business has been exhausted, the best alternative is to consider getting a business loan. But many small business owners view the lending process as complicated and frustrating especially when approaching Banks for such finance.
With the rise of many players in the Nigeria’s #FINTECH industry, there are few online lending platforms that help business owners with quick loans for their business. Here are a few:
KiaKia is derived from a Nigerian language which means “Fast Fast”. Kiakia is a digital money lender for Nigerian businesses. KiaKia understands the terrain, versatility and socio-cultural dynamics of the average Nigerian MSEME. They leverage careful research and experiences which enables fast operation and swift decision-making process and providing critically needed credit at the right offer and timing. According to them, the solution is very simple and fast, but highly effective and efficient.
GroFin provides Small and Medium Enterprise (SME) finance/business loans across Africa & the Middle East. Grofin Clients are entrepreneurs and business owners that want to grow their businesses or start a new business. If you have investible numbers and you looking to expand your business, then GroFin is a good choice.
With GroFin, businesses can access business loans between US$100,000 and US$1.5 million. If you think your business ticks the required checklist, then you can submit your online application here.
Formerly known as One Credit, OneFi is a credit facility company that offers short-term consumer loans to credit-worthy individuals 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. Apply here. If you need a loan for your business.
Carbon (formerly Paylater) is an easy and entirely online lending platform that provides short-term loans to individuals and small businesses in Nigeria to help cover unexpected expenses or urgent cash needs.
With Carbon, you can access up to 500,000 Naira loan with no collateral. Once your application is approved, funds are typically received within 1 – 3 business days. Making on-time repayments can grant you access to higher credit limits for your next loan.
QuickCheck is a modern lending platform for individuals and small businesses. QuickCheck uses mobile technology to enable individuals and small businesses gain access to financial credit.
According to the platform, users can access quick and hassle-free loans of up to 30,000 Naira without any collateral for a duration of either 15 or 30 days.
Things to Note
While most of these platforms claim to offer quick loans without any collateral, it is advisable to carefully study their Terms & Conditions (T&C) before applying for a loan for your business. Another factor to consider is the interest rate and payback period. As a business, you will not want to go in for loans with very short payback period except you very sure you will earn back the money in no-time.
Also, have ready a realistic business plan to show credibility and eligibility of your business and you are good to go.