Startup & Small Business Loans in Nigeria [cy]

small business loans in nigeria

last Updated on October 2, 2023

Growing your business and satisfying the requirements of your consumers should be your top priority as a small business owner.

That’s why small business loans in Nigeria can be important for you as a business owner.

As demand for capital from Businesses grows, unsecured lending, which is a loan that does not need security (collateral) is becoming the norm in Africa.

If you need money for your business in Nigeria, then getting a business loan is a good option, especially collateral-free business loans in Nigeria, right?

382 People are Reading: Best Businesses to Start with 100k in Nigeria

That is why we have compiled a list of five collateral-free small business loan options in no particular order.

Let’s dive in.

Startup & Small Business Loans in Nigeria without Collateral

Whatever your business needs are, there’s a business loan for you.

Here are the best low-interest business loans in Nigeria that are available to small businesses and startups:


zedvance loan

Zedvance is a consumer finance firm that specialises in extending loans to consumers. In less than 24 hours, you may borrow up to 3 million Naira.

The organisation specialises in providing loans to salaried individuals, but you may utilise the offer to fund your side business if you are a salaried individual with a side business.

2. Carbon’s SME Loans

carbon business loan for sme

SME loans from Carbon enable you to “develop your small company with inexpensive, collateral-free financing.” Without collateral, guarantors, or paperwork, Businesses may borrow up to $1,000,000. for Carbon.

3. SMEDAN Loan

SMEDAN is a government-backed project that provides fast and cheap business loans to small and medium-sized business in Nigeria in need of capital. The organization’s main goal is to encourage Nigerians to create businesses and to offer financing to help them get started.

SMEDAN not only provides cash but also hands-on training and assistance to help company owners operate their operations. If you’d like to apply, go to their online application gateway by clicking here.

4. Kiakia Loans

kiakia loans

Kiakia positions itself as “the financial marketplace to access and lend out personal and corporate cash,” which might be just what you’ve been searching for to help your company grow.

5. Lidya


Lidya is a web-based platform that connects companies with lenders. Small and medium-sized firms may apply for unsecured loans ranging from $500 to $15,000.

“Lidya employs technology and algorithms to analyze risk before giving loans,” the founders explain.”This allows them to provide affordable financial solutions to these customers.”

6. FastCredit SME Loan

fastcredit sme loan

FastCredit provides business loans to micro, small, and medium-sized businesses to help them expand. For company owners who match the requirements, the loans are secured by guarantors and are for a maximum of six months.

7. Aella Credit

aella credit loan

Aella Credit is developing systems that make it simpler for Africans to acquire credit. The firm was associated with three major credit bureau agencies in Nigeria to give rapid and inexpensive loans to its consumers with little paperwork. Its primary emphasis was employee financing and empowerment.

Aella Credit uses a proprietary credit rating algorithm to assess the creditworthiness of its customers. 

The algorithm, which was developed after the team collected over five years of market data and research, considers socioeconomic and demographic characteristics as well as a borrower’s debt-to-income ratio when determining an applicant’s loan eligibility.

8. QuickCredit for Small Business

quickcredit GTbank loan

If you own a GTBank account and your company is in the education, healthcare, trade, or service sectors, you should look into QuickCredit for Small Business, a time loan product designed to help SMEs with their working capital requirements.

9. Brass

brass banking loan

Brass Banking is a digital lender approved by the CBN that provides financial services to micro-entrepreneurs and low-income earners in a sustainable, ethical, and lucrative way.

You may also make payments and examine any payments that need your attention, as well as accept or reject pending payments.

Checkout: What Business Can I Start with 150k in Nigeria?

10. EZ cash for SMEs

stanbic IBTC EZ cash loan

The Stanbic IBTC Bank’s EZ cash for SMEs is an immediate loan available to small company owners that match specific conditions.

Customers may choose a payback period ranging from one to twelve months.

11. Specta

specta loan by sterling bank logo

Specta is an online lending platform that can provide you with loans of up to $5 million in only 5 minutes!

There was no collateral, no paperwork, and no office visit. You may take care of important personal and commercial issues anywhere, at any time, using Specta.

Specta offers two loan products: MySpecta, which provides individual loan services, and Specta4Business, which provides corporate and company owners with a fast and easy loan.

12. Prospa

prospa small business loan

Prospa is a cutting-edge Nigerian Fintech solution designed to assist businesses and freelancers in increasing their productivity and efficiency.

The Prospa app enables you to open a bank account for your company (corporate account), make invoices, create sub-accounts for other people, add team members to handle your cash, send and receive money, and much more all from a single dashboard.

13. Credpal

credpal review

CredPal is a consumer finance company that provides credit cards and loans to customers. Users may purchase things and divide payments into instalments, while retailers can enhance income by using the Buy Now Pay Later option from merchants on its Marketplace.

These services, as well as the ability to pay electricity bills, buy airtime and data subscriptions, and transfer money to your bank account, are all available via the Credpal app.

14. C24 Capital

c24 capital

C24 Limited is a microfinance organisation that was founded with the express purpose of enabling individuals to take advantage of possibilities that exist around them by assisting them in obtaining cash loans when they are needed.

C24 recognises the demand for rapid cash loans as well as the need for a faster loan processing time.

Their internet loan application procedure has been optimised to assist candidates in escaping the stress that comes with dealing with other lenders.



QuickCheck is a cutting-edge financing platform that caters to both consumers and small companies.

QuickCheck makes financial credit available to people and small enterprises using mobile technologies.

According to the portal, customers may get fast and easy loans of up to 30,000 Naira for 15 or 30 days without putting up any collateral.

16. GTBank Business Loan

gtbank business loan code - How to apply for business loan from gtb

GTbank loans are very popular in the country. GTbank business loans are a wide array of business loans that are suitable for different SMEs in Nigeria.

GTBank Business loans include: Like Build or Buy Loans for Schools, Fashion Industry Credit, SME Invoice Discounting Finance (SME IDF), Overdraft & QuickCredit for Small Businesses.

17. Access Bank Business Loan

Types of Access bank Loans

An access bank loan is one of the most sought-after bank loans in Nigeria. Access bank business loan service provides capital.

Access Bank business loan service offers loans like Access Bank Creative Sector Loan, Access Bank Lending Against Turnover (LATO), Term and Time Loans, Fleet Financing, Plant & Machinery Financing, Contract Financing, Overdraft, Working Capital Finance and Access bank W Power Loan.

18. FCMB Business Loan

fcmb internet banking

FCMB Business loan maximum account is N5 million. FCMB offers a wide variety of business loans in Nigeria like:


See: How to Register for FCMB Internet Banking

19. UBA Business Loan

uba nigeria

The UBA loan service offers an array of credible credit financing options for businesses in Nigeria.

Some UBA business loans include Working Capital Loans, UBA Asset Finance, UBA School Loans, UBA Health Loan and Young Entrepreneur Finance Scheme (YEF).

See: How to Register for UBA Internet Banking

20. Starta Business Loan

Starta offers low-interest loans to businesses in Nigeria that are looking to expand their operation.

Starta has supported over 8,000 business ideas with more than N5.6 billion worth of loans since the company started.

Starta business loans range from N100,000 to N10,000,000.

How to get a Business Loan in Nigeria

To get a business loan in Nigeria, decide which lender you want to borrow from that you meet their requirements and that you’re okay with their loan terms. Then apply for a business loan.

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