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Your independent loan comparison
Business loans
Why should your business close down due to financial hitch? When you can quickly obtain a business loan to salvage your business and keep it running. Business loans can be obtained from many reliable money lending platforms in Nigeria.
Fast information
Properties of this loan
- Online loans up to N150.000
- Term 2 weeks - 8 months
Loan terms
- Duly completed application form
- 2 guarantors
- 2 recent passport-size photographs
- Current electricity bill
- A valid means of ID (national ID, driver's license, voter's card or international passport)
About company
More information about the company LAPO MfB
Fast information
Properties of this loan
- Loans for small and medium businesses
- No collateral
Loan terms
- Letter of employment
- Staff identity card
- Pay slip
- 6 months statement of account
About company
More information about the company NIRSAL National Microfinance Bank (NNMFB)
Fast information
Properties of this loan
- Limit of N5,000.000.00 to individual persons
- Above N5,000.000.00 to corporate organisations
Loan terms
- Current tax clearance certificate
- Last 3 years audited statement of account or statement of affairs required
- Consent to mortgage of the landed property being pledged as security for the loan
About company
More information about the company Bank of Agriculture Ltd.
Fast information
Properties of this loan
- Enterprise loan
- Up to N50.000.000
Loan terms
- Formal Application on letterhead and duly completed loan application form.
- Photocopy of Certificate & Form of Registration
- Business Plan which includes detailed Profile of the Business Enterprise with Curriculum Vitae of the key Management Staff
- Proforma invoice for the items of Equipment to be purchased
- Sources and quotations for Raw Materials expressed in quantity and amount
- Means of Identification of Promoters (a) Four (4) passport photographs and Biometrics Verification Number (BVN), (b) Photocopy of International Passport or Driver’s License or National Identity Card or Permanent Voter’s Card
- Bank Statement of the Business Enterprise for a period of one (1) year (for existing business)
- Declaration of Outstanding Liabilities to other Banks and Individuals, if any
- Two Individual external guarantors with proper means of identification such as BVN, four (4) passport photographs, Identity Cards and Letter of Intent to guarantee the loan
About company
More information about the company Bank of Industry Limited
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Properties of this loan
- Online loans up to N5.000.000
- Term 1 - 60 months
Loan terms
- 18 + years old
- Nigerian citizen
About company
More information about the company Sterling Bank Plc.
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Properties of this loan
- Online loans up to N5.000.000
- Term 1 - 12 months
Loan terms
- You should be between 22 and 55 years
- Applicant must live and/or work in Lagos State
- Be employed (for at least 6 months) and get paid into your bank account
- Have a good credit history
- You must have a verifiable monthly income
- You must have a pension account
About company
More information about the company C24 Limited
Fast information
Properties of this loan
- Online loans up to N200.000
- Term 7 - 30 days
- No collateral
Loan terms
- 18 + years old
- Nigerian citizen
- The bank account provided should be in your name
About company
More information about the company KiaKia
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Properties of this loan
- Online loans up to N2.000.000
- Term 1 - 36 months
Loan terms
- You are a registered business
- You have been operating for 6+ months
- You have a valid invoice and are awaiting payment OR you have a purchase order and need financing to help you complete the job
About company
More information about the company Lidya
Fast information
Properties of this loan
- Online loans up to N5.000.000
- Term 1 - 18 months
Loan terms
- 18 + years old
- Nigerian citizen
About company
More information about the company Zedvance Limited
Fast information
Properties of this loan
- Online loans up to N5.000.000
- Term 1 - 18 months
Loan terms
- You must be in a paid employment or a business owner
- Your age should be between 18 and 55 years
- You must have a savings or current bank account
About company
More information about the company Pennylender Limited
Fast information
Properties of this loan
- Online loans up to N5.000.000
- Term 6 - 12 months
Loan terms
- 18 + years old
- Nigerian citizen
About company
More information about the company Guaranty Trust Bank Plc.
Fast information
Properties of this loan
- Online loans up to N10.000.000
- Term 6 - 24 months
Loan terms
- To access the loan facility You must have a business
- The location must be within our bank’s lending area (Lagos state, Oyo state and Ogun state)
- It must have been in existence within a specific period
About company
More information about the company Baobab SAS
The goal of every business is profitability, but there are times when the financial atmosphere around a business may not be favourable. At such times, taking a loan is a wise decision, as it would help the business thrive despite the inherent financial difficulty.
Taking a business loan is now very easy, compared to the days when, you need to go to banks, submit countless documents, wait for days for it to be processed, and have to put a hard-earned possession at stake (as collateral). The online sources of the loan made taking a business loan that easy. And the ease is enhanced by the technology in use.
They utilise various financial tools, algorithms, and the likes to assess the requested loan, weigh the risk involved, and make calculations of the interest rates and loan tenure. Within a few minutes (say 15 minutes) your requested business loan would land in your account, and your business would be back to life.
General Requirements for Online Buniess loans
The requirements for obtaining a business loan from online money lenders (I.e., a business loan obtained for a small or medium scale business Enterprise (SME’s) include:
- A copy of passport photograph
- A means of identification (this could be drier's license, international passport, national passport)
- Last six-month bank statement of account
- Certificate of incorporation
- Memorandum of association
- Post-dated NUBAN cheques from the client
- A suitable guarantor who would provide the following:
- Letter of confirmation/employment
- One undated NUBAN cheque
- A copy of staff Identity Card
- A filled guarantor form, etc.
While banks may request for specific documents, most online money lending platforms do not require documents to offer you a loan. The choice is entirely yours, whichever source you desire to choose, be sure you would be satisfied with them.
Also, some of the reliable money lending platforms available online do not request for collateral even for high-volume business loans worth millions. However, you must be able to convince the lender of the ability to repay the loan together with the interest on or before the due date.
Popular sources of business loans in Nigeria
- LAPO Microfinance bank: they offer loans within the range of 50,000 -500,000, with a loan tenure of 1-12 months. They also give a grace period of 1 month (for repayment).
- AB Microfinance bank: they offer loans that are up to 20 million naira, based on you the level of risk and meeting the loan requirements. The loan is processed and delivered within 48 hours.
- Stanbic IBTC bank: this bank offers both fixed and revolving business loans which can be repaid in monthly instalments. Another commercial bank that provides business loans is First Bank of Nigeria plc.
- Lendigo: this money lending platforms have a fantastic track record of offering loans to Small or Medium-scale Enterprise (SME's), starting from as high as 300,000 naira. They do not request for collateral, and the loan is sent very fast.
Some tech-enabled platforms render loans to SME's, they include:
- Lydia. co
- Renmoney
- C24
- Kiakia (backed by Sterling bank)
- Pay later
- SMEdan (government-backed)
- Quick Credit
- Fast Credit
- Eazzicash
Conclusion: in place of giving up on your business due to financial issues, taking a loan could help solve the problem and give life to your business. You should, however, make a careful consideration of the source you desire to use, to be sure you agree with all their terms and conditions.
