8 Best SME Loans Without Collateral In Nigeria 2021/2022

If you are a small business (SME) owner  and need extra funds to invest into your business, then you got to exactly where you should be. Today QUICK LOAN ARENA reports on the 8 best SME loans without collateral in Nigeria.

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, account for 96% of businesses and 84% of employment. It’s therefore important we analyse the top SME loans without collateral in Nigeria. So interested applicants know where to go.


Top 8 SME Loans Without Collateral In Nigeria

The following are a list of the top 8 SME Loans without collateral in Nigeria. Apart from being specially tailored for small businesses, their lending processes are quick and seamless, they provide instant cash, and they do not require collateral or any major documentation.

SME loans without colateral in Nigeria
SME loans without colateral in Nigeria
  1. Lidya SME Loan
  2. Stanbic SME Loan
  3. Lendigo SME Loan
  4. Zedvance SME Loan
  5. GroFin SME Loan
  6. Sterling Specta
  7. Smart Business Loan (SBL)
  8. Wema Bank SME Loan

1. Lidya SME Loan

Lidya is a USA holding financial institution that provides instant SME loans without collateral in Nigeria and to some other frontier and emerging markets. Lidya says it can grant instant credit between N50,000 to N30m to small businesses  in 24 hours.

With Lidya SME Loan:

  • Businesses can obtain between N50,000 to N30,000,000 million in working capital.
  • All applications are online or via official mobile phone.
  • No colateral or physical documentation required
  • You can get decision in 24 hours.

Lidya’s fintech platform, according to forbes.com lets small and medium-sized businesses (SMEs) register online for loans from $500 and get that credit within 24 hours. This process helps SMEs build a credit history for the first time.

To Apply for a Lidya Business Loan CLICK HERE

2. Stanbic SME Loan

Stanbic SME Loan is the 2nd on our list of top 7 SME loans without collateral in Nigeria and it is a tailored made lending facility for small businesses in Nigeria for expanding their productive capacity and meeting working capital. The bank says the SME loan scheme takes 24-Hour process for eligible customers.

To Apply, Simply FILL the form in THIS LINK  and the bank will contact you.

3. Lendigo SME Loan

Do you provide Retail and Professional services? Are you a trader of merchandise such as Electronics, Computing, Phones, Fashion and Apparel, Household Goods among others? If you are in these categories and in need of SME Loans without collateral in Nigeria to increase your productive capacity and sustain your working capital, then Lendigo may be able to help you out.

This is because Lendigo offers business loans from N300,000 – N10,000,000 without collateral.

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 access their loan offers, first register on their platform and fill their form, CLICK HERE FOR MORE DETAILS.

4. Zedvance SME Loan

Zedvance offers SME 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. It’s the 5th on our list of SME loans without collateral in Nigeria.

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.

To apply for Zedvance SME loan, you have to, sign up first.

5. GroFin SME Loan

GroFin is a specialist, impact-driven small and medium scale businesses SMEs loans without collateral in Nigeria financier. The organization helps entrepreneurs succeed by providing them with small business loans and business support to grow their businesses. It’s the number 5 on our list of top 8 SME loans without collateral in Lagos.

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.

GroFin only supports and finances loan for small businesses with the following features:

  1. Your SME or growing business operates in a country where GroFin has an office: South Africa, Nigeria, Ghana, Ivory Coast, Senegal, Uganda, Tanzania, Kenya, Rwanda, Zambia, Egypt, Iraq, Jordan or Oman.
  2. Your business is in one of our preferred sectors: Education, Healthcare, Agri-Processing, Manufacturing, or Key Services (Energy/ Waste / Water / Recycling).
  3. Your business is making a positive social and economic impact: e.g. creating jobs, empowering women, benefiting the environment, Sustaining Livelihoods.
  4. You require medium-term loan capital for your business: between US$100k and US$1.5M for a loan duration of 3-8 years.
  5. You have an established business: operating for 2-3 years and has an annual turnover of 1.5 times the loan amount. We do consider startups on a case-by-case basis.

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

6. Sterling Specta

Specta is our number 6 on our list of SME loans without collateral in Nigeria. It is an online lending platform that claims to give loans of up to 5 Million in one transaction all within 5 minutes! According to the organization, you don’t need any collateral, no paperwork, no guarantors and no visit to any office. Digital lending from Specta are available to take care of urgent personal and 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.

Specta has different packages but the two relevant to this article are:

  1. Non-Salaried Individuals – You can access a loan if you are self-employed, a business owner, a professional, a trader etc., with accounts in any other bank or with Sterling Bank.
  2. Specta4Business – Boost sales with Specta by signing up to start receiving payments from customers with Specta spending limits. You can also get up to N2M to start or grow your business.

To get more information about Sterling Specta SME loan , CLICK HERE.


7. Smart Business Loan (SBL)

Smart Business Loan (SBL) is a product of Standard Chartered Bank and it provides you access to credit of up to N20million for your SMEs loans without collateral in Nigeria.


  • No Collateral Required
  • Available to both Existing and New Clients (no waiting period)
  • The repayment plan can be structured to suit your business and flexible for up to 2 years
  • Easy access to the loan through our digital application forms and automated repayment process.
  • If you need additional financing during your loan tenor, we can offer you a top up after 12 months if regular repayments are made.

To apply for Smart Business Loan, CLICK HERE.

8. 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. It’s our 8th and last top  SME loans without collateral in Nigeria.

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.

ALAT for Business is the internet banking platform designed to help corporate customers and entrepreneurs manage their business accounts optimally and stay on top of their finances from anywhere and anytime.

It’s a low-interest quick loan platform by the deposit money bank, for salary earners whether such person is an existing customer or not and has been in operation before this additional feature for businesses was launched.

Frequently Asked Questions (FAQs)

1. Which is the most reliable loan app in Nigeria?

Carbon. Carbon is our first in the list of the 5 best digital lending apps in Nigeria. The loan platform claims to give up to N1m unsecured credit. Carbon, formerly known as Paylater, gives instant loans to its customers and you do not require any collateral, guarantor or documentation to access its loans.

At your first try, you may not be able to access big funds, you start by borrowing small, and paying back as at when due, then you can have      to bigger funds. The loan platform is available 24/7. You can apply on weekends and holidays and get instant access to loan credited to your bank account.

2. Is Palmcredit approved by CBN?

Palmcredit is owned and managed by Newedge Finance Limited (RC No: 1585793) and it is fully licensed by the Central Bank of Nigeria (CBN) to operate as a finance company in Nigeria. Palmcredit is CBN-approved.

3. Which app gives loan faster?

QuickCredit. QuickCredit, our second in the list of the 5 best digital lending apps in Nigeria and it gives loan up to N100,000 instantly and fast with no paperwork.

QuickCredit is a simple, technologically deployed digital lending app in Nigeria that provides micro loans for short- terms duration to help meet and cover unexpected emergency expenses and urgent cash needs.

With QuickCredit, getting loans is a simplified process and you can apply for up to ₦100,000 with loan tenors of up to 90days and have your money sent straight to your bank account in minutes.

QuickCredit super-fast loan solution comes with no paperwork and no delay to meet your urgent financial needs within 24 hours.

4. Where can I borrow money urgently in Nigeria?


FairMoney is the third in our list of 5 best digital lending apps in Nigeria for quick, seamless instant loans. Its procedures and excellent customer service are of great benefits.

5 Best Digital Lending Apps In Nugeria

This platform gives loans ranging between ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%)

5. Where can I borrow money immediately?

Branch loan app. This digital lender which is the fourth position in our list of 5 best digital lending apps in Nigeria makes it easy for people in Nigeria to get quick and instant access to loan immediately up to ₦500,000, and to transfer money for free, and enjoy investment yields of 20% per annum.


To download the app from Google Play Store and apply for loan, CLICK HERE.

Email: quickloanarena@gmail.com
Whatsapp: +234 0915 382 1578

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.


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