Many small people in Nigeria with business ideas or that own small businesses often have the challenge of finding the capital or funds to either start something or expand.
In Nigeria there are loan firms that offer as little as 10,000 Naira loans up to as much as 500,000 Naira and with reasonable repayment plans. But for the purpose of this article we will highlight five of these money lending platforms that offer N100,000 loans.
This is a micro-lending platform owned by Blue Ridge Microfinance Bank Limited. Once you are registered, you can access quick collateral-free loans ranging from 3,000 Naira to 500,000 Naira.
OKash provides loans 24/7, and the whole process is entirely online. To borrow money from OKash download the app from Google Play and set up their loan account in seconds.
Lendigo is a finance provider for small and medium scale enterprises in Nigeria. The platform offers users business loans from N100,000 Naira up to N1,000,000.
Simply visit app store to download the loan App on your smartphone, and apply for loan at low-interest rate even if your business is not registered.
Branch offers services to users in Nigeria and Kenya. Getting loans from this platform is quick and instant.
The loan app allows you to borrow from N1,500 to N150,000. Loan terms range from 4 – 64 weeks. Interest ranges from 14% to 28%, with an equivalent monthly interest of 1% to 21%, depending on the selected loan option.
PalmCredit is a virtual credit card which enables its user to access a loan anytime and anywhere.
You can get as much as N100,000 within minutes on your mobile phone and all you have to do is apply on the app and take as many instant loans as you need. As soon as you repay, your credit score is updated. It is important to note that a user who repays on time can have their limits grow.
Carbon is a loan app formally known as PayLater, which provides short-term loans to individuals and small businesses in Nigeria.
A user access up to a 1,000,000 Naira loan on Carbon without collateral. Once your application is approved, funds are typically received within 1 to 3 business days. Also, on-time repayments can grant you access to higher credit limits.