Searching for an extensive manual about Websites that Provide Quick Loans Without Collateral? Start by reading this article and the accompanying business plan.
A loan is one financial instrument that helps individuals and organisations fulfil their financial obligations. However, most lenders usually want collateral of some kind before granting a loan in order to ensure loan repayments.
Not every Nigerian has the assets required to be put up as collateral in order to get a loan. Uncollateralized loans are essential because of this. Fortunately, individuals and business owners can now apply for quick internet loans without needing to provide any collateral.
Lack of funding is one of the biggest problems with doing company in Nigeria. With the new, easy online financing options, lenders look at clients’ creditworthiness and ability to repay loans within the specified period. These assessments could result in their giving a specific amount of credit.
In this post, we covered the top 10 Nigerian websites that offer quick loans without collateral to small businesses and jobless individuals in Nigeria.
GROFIN
GroFin provides business loans and finance for small and medium-sized enterprises (SMEs) across Africa and the Middle East. If you have investable figures and want to build your firm, GroFin is the perfect choice. GroFin offers business loans to companies in the US$100,000 to US$1.5 million range.
SMEDAN
SMEDAN, a government-backed programme, offers small and medium-sized businesses (SMEs) in Nigeria that want capital easy and speedy business loans. The organization’s primary objectives are to support new businesses and to promote entrepreneurship among Nigerians. Apart from financial support, SMEDAN provides hands-on training and guidance to entrepreneurs to aid in the management of their businesses.
LYDIA.CO
Companies can use the Lidya online platform to get loans. The website offers small and medium-sized businesses unsecured loans in the $500–$15,000 range. According to its developers, “Lidya uses technology and algorithms to assess the risk before granting the loans in order to offer financial products to these customers at a low cost.”
AELLA-CREDIT
One of the websites offering quick loans without collateral is Aella Credit. They have promised to create mechanisms that make it easier for African residents to obtain financing. The company primarily focused on financing and empowering employees; in order to provide its clients quick, simple, and paperless loans, it partnered with three significant credit bureau organisations in Nigeria.
Aella Credit uses a proprietary credit score system to assess a user’s creditworthiness. In addition to debt to income ratio, the algorithm considers social and demographic factors when determining a loan applicant’s eligibility. It was created following the team’s collection of more than five years’ worth of market research and data.
ZEDVANCE
Zedvance is a consumer finance startup whose goal is to make consumer credit available to everyone. You can borrow up to 3 million naira in less than a day. Even though the company mostly lends to salaried people, if you receive a salary and also operate a side business, you can take advantage of the offer to finance your business needs.
PAYLATER
Paylater is a straightforward, entirely online lending platform that provides small businesses and individuals in Nigeria with short-term loans to meet unforeseen expenses or pressing financial needs. With Paylater, you can obtain an unsecured loan up to 500,000 Naira. In one to three business days, if your application is approved, you should receive the money. If you are able to make your loan repayments on time, your credit limit for the next loan can get up.
KIAKIA.CO
KiaKia is a digital currency lender that serves Nigerian companies. Through its own credit scoring and credit risk assessment algorithm, KiaKia uses a combination of psychometry, big-data, machine learning, and digital forensics to provide direct and peer-to-peer personal and business loans to millions of individuals and small and medium-sized enterprises (SMEs) without credit information. The name KiaKia comes from the phrase “Fast Fast” in a Nigerian language. They assert that the answer is not only incredibly successful but also quick and simple to put into practice.
ONE-FI
Previously called One Credit, OneFi is a provider of credit facilities that allows credit-worthy individuals with limited access to finance short-term consumer loans. The payback period for One-Fi loans with amounts up to N200,000 or higher typically lasts three to six months.
C24
A microfinance company called C24 Limited’s main objective is to provide people with access to loans when they need them so they may take advantage of opportunities nearby.
Quick cash loans and loans with quick approval timeframes are in high demand, and C24 is aware of this. Their internet lending process has been optimised to help applicants avoid the stress that comes with interacting with other loan organisations.
QUICKCHECK
QuickCheck is a state-of-the-art funding tool for individuals and small businesses. QuickCheck uses mobile technology to provide financial credit to individuals and small businesses. According to the web, anyone can quickly and easily get a loan of up to 30,000 Naira with terms of 15 to 30 days without requiring any collateral.
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