Best Online Lending (Borrowing) Platforms for Small Business in Nigeria 2021!

Thinking about how to get a quick loan to start up a business in Nigeria? If so, then this article is for you, this article will provide you with the best online lending platforms for quick and efficient loan services that can meet your needs.

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Online loans provide a automated form of credit that lasts for a specified period of time on fixed-interest terms. The loan can be repaid on a regular installment basis or in full on the redemption date.

The Following Are The Best Online Lending Platforms for Small Business in Nigeria 2021:

1.Paylater: With Paylater, you can access up to 500,000 Naira loan with no collateral. Once your application is approved, funds are typically received within 1 to 3 business days. Making on-time repayments can grant you access to higher credit limits for your next loan.

This Paylater platform is an easy online lending platform that provides short-term loans to individuals and small businesses in Nigeria to help cover unexpected expenses or urgent cash needs.

2. Credit Direct: This is an online money lending platform that provides payroll based customers loans to eligible individuals through their employer. The size of loan and interest rate charged is determined by data provided by your employers such as salary, length of service, and position. The loan can be up to 50% of your Monthly Salary and the loan tenure is from 3 months to 6 months.

The amount borrowed is then deducted from your monthly salary. The minimum amount for a loan amount is N100,000 and the upper limit for a new customer is N2,500,000.

3. Microcred Microfinance Bank: Microcred Microfinance Bank is a CBN licensed institution offering loans for multiple purposes in Nigeria. The services offered include:

• SME loans: This kind of loan provide a loan of up to 20m to help consolidate or invest in your business, which is repayable in up to 24 months. The loan is for use as working capital or for the purchase of fixed assets.
• Microloans: For Microloans, this kind of loan is for entrepreneurs, traders and students to access up to N1m for existing businesses. The interest rate charged by Microcred on loans is a minimum of 7% with the total dependent on the tenure of the loan.

4. KIA KIA: This kind of loan help borrowers who earn financial responsibility trust points over a period of time that are able to access much bigger amounts at longer tenure and more flexible interest rates. Kia Kia is a type of loan that provides direct personal loans at flexible rates, and also matches borrowers with individual or corporate lenders at mutually-agreed rates. They offer loans from N10,000 and N200,000 for a minimum duration of 7 days and a maximum of 30 days.

In summary, however, these platforms may offer quick loans without collateral, it is advisable to read the Terms & Conditions carefully with understanding before going through with the application.

Thank you, have a wonderful day ahead!