Best SME Loans in Nigeria

sme loans without collateral in nigeria - sme loans in nigeria

If you’re an ambitious entrepreneur seeking to take your venture to new heights, you’re in the right place. We understand the challenges faced by small and medium-sized enterprises (SMEs) in accessing the necessary funds for expansion and operational needs.

In this informative and engaging article, we’ll demystify the world of SME loans in Nigeria, breaking down the jargon, and providing you with actionable insights.

Discover the top lenders offering SME loans, learn about the application process, and understand the eligibility criteria. We’ll also share expert tips to boost your chances of securing the funding your business deserves.No more sleepless nights worrying about financial constraints – let’s explore the world of SME loans together and pave the way for your business success!

Growing your company and satisfying the requirements of your customers should be your top priority as a small business owner. That’s why SME loans in Nigeria are important for Small business owners.

As demand from SMEs and families grows, certain Nigerian Deposit Money Banks (DMBs) are pushing for unsecured lending, which is a loan that does not need security.

Standard Chartered Bank has announced the Smart Business Loan (SBL), a non-secured lending product aimed at helping small businesses develop. Head of consumer, private, and business banking, David Idoru, made the point.

If you need money for your company, getting a loan is a possibility, but the notion of having to put up collateral is daunting, right? That is why we have compiled a list of five collateral-free small business loan options in no particular order.

So without any further ado, let’s dive in.

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List of Best SME Loans in NIgeria

Here’s the list of best SME loans in Nigeria without collateral:


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, SMEs may borrow up to $1,000,000.


smedan loan application how to apply for Smedan loan (1)

SMEDAN is a government-backed project that provides fast and cheap business loans to Nigerian SMEs 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. Learn how to apply for SMEDAN Loan in Nigeria.

4. Kiakia

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.

learn how to apply for a Kiakia loan for your small business

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.”

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6. FastCredit 

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: loan for business

Brass Microfinance Bank Limited is a CBN-approved firm that provides financial services to micro-entrepreneurs and low-income earners in a sustainable, ethical, and lucrative way. Their headquarters are in Niger.

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

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 fast and easy loans.

12. Prospa

prospa small business loan

Prospa is a cutting-edge Nigerian Fintech solution designed to assist businesses and freelancers increase 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.

For businesses looking for credit in Nigeria, Credpal’s loan is one of the best SME loans in Nigeria to consider

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 to escape the stress that comes with dealing with other lenders.

15. QuickCheck


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 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 Business.

Looking for great SME loans in Nigeria. You should definitely consider GTB Business Loan

17. Access Bank Business Loan

An access bank loan is one of the most sought-after SME 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 Business loan maximum account is N5 million. FCMB offers a wide variety of business loans in Nigeria like;


FCMB business loans are one of the best SME loans in Nigeria for any type of business.

19. UBA Business Loan

UBA Loan How to get Loan from UBA Bank Nigeria

UBA business 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).

20. Starta Business Loan

Starta offers low-interest loans to businesses in Nigeria that are looking to expand their operation. This definitely one of the most low-key SME loans in Nigeria

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

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

21. Lapo SME Loan

How to apply for lapo loan types lapo microfinance bank loan

Lapo SME loan is one of the most sought-after SME loans in Nigeria. This Loan product is designed for small and medium scale Enterprises in Nigeria (SMEs) looking to expand their businesses. With the Lapo SME loan, you can get up to ₦ 10,000,000 in credit facility with an extendable duration of 12 months should be 18 years and above to apply for this loan. 

What is an SME Loan in Nigeria?

SME loans in Nigeria are loans made available to businesses for their working capital needs in their goals to expand and grow their business.

How much does it cost to open a business account in Nigeria?

Depending on the bank or fintech company, opening a business account in Nigeria costs between  N10,000 to N100,000 for banks. For fintechs business accounts, you can get most of them for free.

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