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As an aspiring entrepreneur, getting access to money for the execution of your business plans can be a high source of energy that could boost your confidence and helps you to forge ahead.

Having an idea for a business is not enough. You equally need to make plans for the availability of ingredients that can make your business dream become a reality. That is one of the problems young Nigerians entrepreneurs face regularly.

Before now, getting a loan for your business plans was not an easy thing. You will have to visit the commercial banks and the microfinance banks for the loans, this will require several visits to the bank with the provision of documents and collateral for the loan you intend to take. When it has finally been given to you, a specific interest will be attached to the loan either per month or when you are paying it back.

By now you should understand how tedious it was to get even small loans from the bank. However, the modernization of loan methods has given options to borrowers thereby reducing the stress on the bank to issue loans.

Currently, there are many ways you can instant loan to finance your business plans even if you do not have collateral. However, you will need to carefully read the terms and conditions attached to the loan when filling the application to be sure you are comfortable with the terms and conditions.

The list below, are the name of Banks, and offline/online platforms that can issue you the loan instantly without collateral. Nevertheless, these loans are for small businesses, it is meant for young entrepreneurs who may be having problems starting their business or financing an existing business because of lack of fund.

The following platforms have opted to offer such a service to such a category of people.



First Bank is one f the oldest bank in Nigeria and beyond. The bank has proven a high level; of stability while offering a range of services to their customer. To add more oil to their services and customer satisfaction, the bank is providing loans to business startups that are below N500 million.

According to the information on their loan rending page, the “SECURED TERM LOANS” states; “Does your business have an annual turnover of N500 million and below? This loan facility is aimed at supporting your business to finance capital projects.”

This loan can be issued without any collateral meanwhile you must take your time to read the terms and conditions associated with the loan or possibly visit any of the bank branches for more details concerning the loan.




Access bank is one of the popular commercial banks in Nigeria with a long history of existence. The bank is offering a range of services to their customer and has proven records of good customers’ satisfaction. The bank is equally offering an easy loan assessment service for women who are entrepreneurs.

Though it is meant for women, if you are a man and wishes to engage in the easy loan assessment you can visit any of the Access bank branches to make enquiries in that regard.

Access bank listed some mandatory qualification for anyone intending to apply for the loan. They include;

The female entrepreneur must have a workable business plan

The female entrepreneur must have registered the business with the corporate affairs commission and/or any legal identity

The female entrepreneur must open a corporate account in Access bank and use the corporate account

The applicant must be able to organize her financial records

The loan applicant must be able to join a business community and build her network

The female entrepreneur should be open to advisory services

The loan applicant should be social and information-driven

The female loan applicant must be clear on what she requires

Click here to read full details concerning this Loan Conditions




Another bank that offers you access to easy loan without collateral is the Stanbic IBTC Bank. The bank has good records in terms of services and is one of the commercial banks in Nigeria. To help empower their customers and those who are not their customer, the bank is offering an empowerment scheme for small and medium scale enterprises making it possible for them to access loan without collateral.

The loan is meant for Small and Medium enterprises to acquire business assets, business facilities, and sales supplies. Until you pay the loan completely, those properties acquired will remain the bank property even though they are in your custody, which is one of the rules regarding these loans.

If you are interested in this loan, you have to provide the bank with the following details about you and the business:

Those who will sign the loan, their full names, and capacities.

The management team of the business and their Curriculum Vitae (CVs).

The bank financial statements (including income statement, balance sheet, and cash flow statement) of the business.

The members and company directors’ personal statements of assets and liabilities of all the partners.

The payback source for the loans and the shareholders’ equity contribution.

The business financial projections for twelve-months. i.e. the forecast for cash flow.




Guarantee Trust Bank Plc (GTB) is one of the commercial banks in Nigeria. The bank has a good number of branches and offers a number of services including issuing of loans to entrepreneurs.  The loans are meant for Micro, Small, and Medium Enterprises in Nigeria and you can actually get the loans without collateral.

GTB’s easy loans programs are:

Revolving Credit

Instalment Loan

Local Purchase Order (LPO) Finance

Contract Finance

These loans can be accessed either as short term or medium-term working capital, and assets purchase.

Further requirements and conditions regarding these loans can be found on GTB’s website or visit any of the GTB branches for details.



Heritage Bank has one of the most effective loan programs for the youth. Their loan programs include the “Youth Innovative Entrepreneurship Program (YIEDP)”. The program is backed by the Central Bank of Nigeria for the sole development of Youth and SME.

Heritage Bank also has other loans programs aimed at promoting access to the market for SMEs. Regarding the Youth Innovative Entrepreneurship Program (YIEDP), it provides quick and cheap loans to aid SMEs.

The YIEDP program also helps the NYSC members who intend to start a business with small capital or market women that need to expand their businesses. Besides the few mentioned category of persons, the loans program is still open to anyone who desires to get a financial grant for short-term borrowing purpose.



Lendigo Nigeria is a private enterprise located on the 1st Floor, Lagos City Mall, Onikan, Lagos Island, Lagos that specialized in lending loans to small business. The company uses its website for the registration of the loans. In other words, you need to visit and read all the terms and conditions associated with the loan before applying.

Lendigo can offer loans from N300, 000 and above without collateral. You need to sign up on the website page and apply for the loan.


Check for the possibility of your business obtaining a loan by typing the name and clicking the “Check” button.

If your business is qualified to get an easy loan, click on the website menu and click on the “Apply for Loan” button. You will choose to either register an account or Sign in. the first option is for the first-timers while the second option is for those who have an existing account already.




BAOBAB Nigeria is a private firm located at 16E Amhmadu Bello Way, CB Finance House, Kaduna and 360, Murtala Muhammed Way, Yaba, Lagos, Nigeria. The company specializes in issuing loans both in offline and online methods.

Baobab Nigeria issues loans ranging from N20,000 to N40, 000, 000 within 72 hours. The loans is repayable in 1 to 24months time.

The process of getting the loan has minimum administrative procedures. For every loan you collect you will start paying 15% of the loan every month, you can get more details on the company’s website at  and you need to sign up on the website page to access the loan.


GROFIN Nigeria

Grofin Nigeria is a private SME financing firm located on the 4th Floor, 23 Oba Akinjobi Way, G.R.A., Ikeja, Lagos, Nigeria and Plot F16C, Deborah Lawson House, Sani Abacha Road, G.R.A. Phase 3, Port Harcourt, Rivers State, Nigeria.

The company offers financial supports to businesses including issuing loans to individuals and groups running a business. It has other branches spread across African countries.

To access loan from Grofin Nigeria visit their website at for details and to read the terms and conditions associated with their loans.




This is an online platform that provides loans to those who signed up (Created an account) and applied for loan on the website. They are purely into digital money lending for small and medium enterprises between the ranges of $500 to $15,000. Lydia can be a good option if you can meet the terms associated with the loan.

You can visit to read the terms and conditions associated with the loans.




KiaKia is another digital money lender that gives loans to SMEs. In terms of assessing the risk for the loans, KiaKia uses machine learning, Psychometry, digital forensics and big-data for the proprietary credit scoring and credit risk assessment.

Without credit information, KiaKia lends loans to millions of people and companies within Nigeria. It is one of the fastest and simple ways of getting a loan. Meanwhile, you still need to visit their website at for more details and to read the terms and conditions associated with the loan.




ONE-FI is the formal One-Credit you might have heard of or just knowing now. The former name for ONE-FI is One-Credit. The platform is a company that specialized in granting loans to short-term consumer and credit-worthy people with low access to money.

You can visit their office at GetCarbon, Adeyemo Alakija Street, Victoria Island, Lagos.

The repayable period for loans issued on this platform will not exceed 12months and the money ranges from N40,000 to N2,000,000.

Visit for details and to apply.




C24 is a private that specialized in rending loans to individuals and SMEs. The company is located at; No. 4 Adenubi Close off Majekodunmi Street, off Allen Avenue, Ikeja, Lagos.

C24 is a registered microfinance institution aimed at making loans easy to individuals and corporate bodies without collateral. The online platform has made the process very easy and fast. All you need to do is to visit read all the terms and conditions associated with the loans and apply for the loans.




QuickCheck is a very easy and fast means of accessing loans. The platform offers mobile loan assessment that can last up to 30days at the maximum of N30, 000 without collateral.

It is purely an online rending platform that will grant you loans within a few minutes of application. You still have the option of downloading the App from the website at to gain access to quick services from the platform.




Carbon is the new name for the loans rending platform known as “PayLater”. The platform has an easy and quick loans obtaining method and it’s purely online. The loans obtained from the Carbon platform is basically short-term meant to solve an emergency or urgent need for money.

You can borrow up to N500, 000 without collateral and the money has to be returned with when it is expected to give you access to higher credit limits next time.




With no paperwork, you can obtain loans from Aella-Credit Company. The firm focused on employee lending and empowerment and is affiliated with three main credit bureau agencies in Nigeria.

The loan is fast and affordable. As an online-based platform, Aella Credit employs the proprietary credit scoring algorithm to know the creditworthiness of its users.

Visit to read the terms and conditions associated with the loans. You can also download the mobile app which can give you easy access to the platform directly from your phone.



This is an online finance company centred in the business of providing instant loans o millions of Nigerians. This company can issue up to N3, 000, 000 to individuals in less than 24hours. However, the loans provided on this platform is for individual with successful business/businesses with clear income records and regular salary earners.

You can visit to read more details about the loans and the terms and conditions associated with them.




SMEDAN is a federal government-supported program geared at providing cheap and fast loan to SMEs across the country. The program aims to promote entrepreneurship among Nigerians by providing startup capital to those in need of finance.

The government-supported organization also offers training and advisory support to business startups/entrepreneurs to know how to run their business.

You can visit to read more details about the program and how to apply for it.




By now you supposed to have gotten many options available for you to apply for the loans you are looking for, however, you still need to take your time and read the terms and conditions associated with each rending platform before accepting the loans.

If you have any question or contribution to make please make use of the comment form to share it with us.

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