Top 15 SME Loans Without Collateral in Nigeria

sme loans without collateral in nigeria - sme loans in nigeria

Updated on July 29, 2023

Are you a budding entrepreneur in Nigeria, looking to take your small business to the next level? The journey of turning your dreams into reality often requires financial support. But what if you don’t have the collateral to secure a traditional bank loan? Fret not! We’ve got some good news for you.

Welcome to the world of SME loans without collateral in Nigeria! Yes, you read that right – there are financing options specifically designed to cater to the needs of small and medium-sized businesses, without the burden of collateral requirements.

Whether you’re starting a new venture or expanding your existing business, these loans offer a ray of hope and opportunity. Growing your company and satisfying the requirements of your consumers should be your top priority as a small business owner. That’s why SME loans without collateral in Nigeria are important.

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.

Banks like Standard Chartered Bank have announced the Smart Business Loan (SBL), a non-secured lending product aimed at helping small businesses develop.

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 collateral-free small business loan options in no particular order.

In this comprehensive guide, we’ll walk you through the ins and outs of SME loans without collateral. You’ll discover the top lenders and platforms that provide these loans, the application process, eligibility criteria, and tips for increasing your chances of approval.

Say goodbye to the hurdles of traditional loans and say hello to a brighter future for your business! Let’s dive in and explore these SME Loans together.

Top SME Loans Without Collateral in Nigeria

If your SME needs a quick loan without having to provide collateral here are the best SME loans without collateral in Nigeria to apply with:


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 salaried individuals as well as SME loans without collateral in Nigeria. You may use Zedvance to fund your side business if you are a salaried individual with a side business.

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2. Carbon 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.

Carbon SME loan is definitely one of the best SME loans without collateral in Nigeria.


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

SMEDAN is a government-backed project that provides fast and cheap SME loans without collateral in Nigeria to businesses 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 find out what it takes to apply for a 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.

Definitely, one of the top SME loans without collateral in Nigeria to consider. Learn how to apply for a Kiakia loan in Nigeria.


lydia small business loan

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 

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.

As one of the more low-key SME loans without collateral in Nigeria but if you have willing guarantors it can be quite a smooth process.

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.

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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.

Brass definitely offers one of the best SME loans without collateral in Nigeria, alongside a business account and other business tools

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

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

Specta is an online lending platform that can provide you with business 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.

Definitely, one of the SME loans without collateral in Nigeria to try as this loan product is backed by Access bank.

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.

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 fast 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 loan

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.

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