Bank loans in Nigeria without collateral play a significant role in the life of Small and Medium Scale Businesses, SMEs, which are a critical sector and the backbone of any nation’s economy, especially developing countries. SMEs are also important contributors to employment, economic and export growth. In Nigeria, SMEs contribute 48% of national GDP, account for 96% of businesses and 84% of employment.
Most SMEs cannot survive without bank loans in Nigeria without collateral as they are incapable of providing the costly collaterals which the traditional banking system requires. Hence it’s important that small business loans without collateral are available to these very important sect of businesses.
Despite the fluctuation and devaluation of the currency which has culminated in capital inadequacy for most SMEs in Nigeria, there are opportunities in the business environment that small businesses can explore to turn the tide.
Why Bank Loans in Nigeria Without Collateral Are Very Important
SMEs and other businesses need loans to sustain their working capital, to invest and expand their productive capacity for better output and increased bottom line. Without the access to bank loans in Nigeria without collateral, small businesses run the risk of becoming stunted, unproductive and unsustainable.
In Nigeria, SMEs contribute 48% of national GDP, account for 96% of businesses and 84% of employment. According to the Nigeria Bureau of Statistics, (NBS), small and medium scale enterprises (SMEs) in Nigeria have contributed about 48% of the national GDP in the last five years.
According to the World Bank, SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP) in emerging economies. Because of this major role, it’s important that each country provides special SMEs loans without collateral for the survival of their econmies.
List Of Top 10 Best Bank Loans in Nigeria Without Collateral
The following form our list of the top 10 best bank loans in Nigeria without collateral in 2022. Apart from specially designed for small and medium scale businesses, their processes are quick, they provide instant cash, and they do not require collateral or any major documentation. Most of these small business loan are completed executed online without the need of physical submission of documents.
- Stanbic SME Loan
- CBN SME Loan For Graduates, Undergraduates
- CBN Anchor Borrowers Programme
- Sterling Specta
- Wema Bank Alat for Business
1. Lendigo SMEs Loan
Lendigo is our 1st pick on our list of the top 10 best bank loans in Nigeria without collateral in 2022
Lendigo is a financial technology firm (FINTEC) dedicated to small business loans through technology and innovative practices. The company prides itself as being Nigeria’s No 1 SME Loan Provider. With Lendigo, You can Secure up to N300,000 – N10m small business loan without collateral in Nigeria.
You can easily apply for a business loan on the Lendigo App at a very low interest rate, and get it credited straight into your account, even if your business is not yet registered.
To begin the application process, download the Lendigo App by CLICKING HERE.
2. Stanbic SME Loan
Stanbic IBTC SME Loan is our 2nd pick on our list of the top 10 best bank loans in Nigeria without collateral in 2022. The loan is a tailored made lending facility that is available to individuals and small businesses without collateral in Nigeria for expanding their productive capacity and meeting working capital in order to achieve business goals.
The bank says the SME loan scheme takes 24-Hour process for eligible customers with little documentation. If you need an SME loan without collateral and zero stress, then the Stanbic IBTC SME Loan is one of your best options.
With Stanbic loan scheme, “you will never lose a deal, and you can get from N50,000 and above to meet financing needs,” the platform claims. However you may need to operate a Stanbic IBTC account to qualify.
Simply fill the form in THIS LINK to apply for Stanbic IBTC SME Loan and the bank will contact you.
3. Lidya SME Loan
Lidya SME Loan is our 3rd pick on our list of the top 10 best bank loans in Nigeria without collateral in 2022. The platform is a USA holding financial institution that provides instant small business loans without collateral in Nigeria and to some other frontier and emerging markets.
The company is spread across 3 continents and 5 countries which are USA, Portugal, Nigeria, Poland and Czech Republic. Lidya says it can grant instant credit between N50,000 to N30m to small businesses in 24 hours.
Lidya SMEs loan give you the opportunity to expand your business and generate more income. Lidya provides financing based on the cashflow in your bank account and without collateral.
You can access this quick online instant loan by simply signing up for growing your business to the next level. With Lidya instant online loan, you don’t need to wait for your invoices to get paid in order to pay your expenses or grow your business. The online loan platform provides the option to turn every invoice into a revenue opportunity
To Apply for a Lidya Business Loan CLICK HERE
4. Zedvance SME Loan
Zedvance is our 4th pick on our list of the top 10 best bank loans in Nigeria without collateral in 2022
Zedvance Finance Limited is a consumer finance company committed to providing consumer credit in the most efficient and convenient manner for small businesses in Nigeria. It offers loan packages that cater to all your financial needs regardless of what they may be. The company claims an eligible individual or small business can get up to N5million quick loan in 5 hours.
According to Zedvance, :”if you have a full-time job and wish to start a side business, with Zedvance you can borrow up to N5 million and repay it over a period of 18 months. No hidden charges.” With Zedvance Instant Loan, you have the choice to a flexible mode of payment almost at the point of need. Depending on who you bank with, you could have the funds in your account within the hour.
Individuals and small business owners in Nigeria can give them a try. Once you are eligible and qualify, you may receive instant cash disbursement after your loan is approved.
To apply for Zedvance SME loan, you have to, sign up first.
5. GroFin SME Loan
Grofin, our 5th pick for bank loans in Nigeria without collateral loan support of $100k to $1.5m for small businesses in Nigeria and more
GroFin, our 5th pick on our list of the top 10 best bank loans in Nigeria without collateral in 2022, is a specialist, impact-driven small and medium scale business loan Nigeria financier. The organization helps entrepreneurs succeed by providing them with small business loans and business support to grow their businesses.
GroFin believes that a growing SME sector which creates sustainable jobs is the most powerful driver of social and economic development that truly improves people’s lives. Headquartered in Mauritius, GroFin offers financing and support to SMEs in 14 countries in Africa and the Middle East. It’s supported by 34 international finance institutions, development organisations, and private funders who have committed nearly $540 million in capital to the funds. Since its inception in 2004, GroFin has invested in 761 SMEs and sustained nearly 84,500 jobs.
HOW TO APPLY FOR GROFIN LOAN
- The application for Grofin loan is done via the official website. It starts with the Pre-qualification Assessment
to make sure you’re qualified for the loan.
- STEP 01 – Pre-qualification Assessment
- STEP 02 – Application Form
- STEP 03 – Documents Check-up
- STEP 04 – Approval
- STEP 05 – Disbursement
- To apply, go to the Grofin loan application portal.
- Fill the application form with valid and verifiable information about yourself and your business.
- Submit the application and wait for approval.
6. CBN SME Loan For Graduates, Undergraduates
CBN unveils small business loans without collateral in Nigeria at 5% (N5m individuals, N25m corporate) for graduates, undergraduates without Collateral
The Central Bank of Nigeria (CBN) as part of its policy measures to address rising youth unemployment and underemployment unveiled business loans for graduates and undergraduates of Nigerian polytechnics and universities at a single digit interest rate of 5%.
The business loans which comprises N5million for individual projects and N20million for partnership and company’s projects are designated the Tertiary Institutions Entrepreneurship Scheme (TIES), and executed in partnership with Nigerian polytechnics and universities to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria.
The beneficiary must apply on the dedicated online portal and provide all requisite documentation to support the application, the CBN document says.
TO APPLY for the SMEs loan scheme N5m (individuals) and N25m (partnerships/company) at 5% interest rate for graduates and undergraduates, CLICK HERE.
7. SukFin SME Loan
SukFin, our 7th pick for top 10 best bank loans in Nigeria without collateral, provides a free and easy way for businesses to research and find finance for their working capital. The organization employs the use of tech and expertise to match SMEs with a variety of lenders — giving access to a number of funding products across Nigeria. It’s easy to apply and as long as you provide them with requested information — funds can be in your account quickly and instantly.
How SukFin Small Business Loans Without Collateral Works
1. Tell how much money you need and what it’s for
2. SulFin will match your requirements with their lenders
3. They will get your loan approved and your small business financed
SukFin SME Loan Scheme understand that getting finance for your business in Nigeria can be incredibly frustrating. It is upon this foundation that SukFin was founded — to make it easy for business owners to find the right finance products.
The company works with numerous lenders across the whole business funding market. They claim to have helped many of their customers find unsecured loans, invoice financing, equipment leases, startup loans and more.
To apply for SukFin Small Business Loan, CLICK HERE.
8. CBN Anchor Borrowers Programme
The Central Bank of Nigeria (CBN) in line with its developmental function established the Anchor Borrowers Programme (ABP). The Programme which was launched by President Muhammadu Buhari (GCFR) on November 17, 2015 is intended to create a linkage between anchor companies involved in the processing and small holder farmers (SHFs) of the required key agricultural commodities.
The programme thrust of the ABP is provision of farm inputs in kind and cash (for farm labour) to small holder farmers to boost production of these commodities, stabilize inputs supply to agro processors and address the country’s negative balance of payments on food. At harvest, the SHF supplies his/her produce to the Agro-processor (Anchor) who pays the cash equivalent to the farmer’s account.
Interest rate under the ABP shall be guided by the rate on the N220 billion MSMEDF, which is currently at 9% p.a (all inclusive, pre and post disbursement). The PFIs shall access at 2% from the CBN and lend at a maximum of 9% p.a. 1.10. Tenor The tenor of loans under the ABP shall be the gestation period of the identified commodities.
To apply for the CBN Anchor Borrowers Programme, (ABP), CLICK HERE.
In Septrember 2021, the Anchor Borrowers Programme was revised. To read details of the updated copy and application procedures, CLICK HERE.
9. Sterling Specta
Specta is an online lending platform that claims to give loans of up to 5 Million in one transaction all within 5 minutes! The platform is one of our online loans in Nigeria without collateral.
According to the organization, you don’t need any collateral, paperwork or guarantors and no visit to any office required. Digital lending from Specta are available to take care of small business loans without collateral in Nigeria arising from urgent business needs.
Specta claims that once application is complete, scoring is instant, and disbursement can be done in less than 5 Minutes. Specta is opened to everyone irrespective of occupation and bank.
To get more information about Sterling Specta SME loan , CLICK HERE.
To Apply, CLICK HERE.
10. Wema Bank ALAT for Business Quick Loan
Wema Bank’s digital platform, Quick Loan is set up to assist entrepreneurs, startups and SMEs customers fund their businesses.
The digital lending product hosted on ALAT for Business, its corporate internet banking platform, will help small and medium-scale enterprises (SMEs) and corporate customers access quick loans between the range of N100,000 and N10 million.
Quick Loan, the bank claims, will be accessed virtually from any location without the need to locate a physical branch. And it will only be available for ALAT for Business customers. This implies that to access this SME Loan, you must be or ready to become a Wema Bank Customer.
The ALAT for Business Quick Loan is open to new and existing customers registered on the ALAT for Business platform and does not require cumbersome paperwork.