How to apply for Online Loans in Nigeria

Apr 23rd, 2021

Last updated on May 28th, 2021 at 09:12 am

Technology has brought everything closer to us, leaving it at the mercy of our click or call or text. Basically, you can browse the internet to order anything you want, and more. More importantly, it allows individuals and business to access loans, especially in Nigeria where loans are not readily available. Today, there are a good number of platforms offering online loans in Nigeria that completely changes the narrative.


What are the benefits of online loans in Nigeria?

Obtaining online loans in Nigeria has the following benefits:

  • They are easy to access with a quick response time
  • No collateral or guarantors required
  • Fast disbursement time
  • No paperwork or stressful application processes

How can I access online loans in Nigeria?

Some of the top providers of online loans in Nigeria are:


this is an institution that provides investment services to businesses all around Africa and the Middle East. Also, their coverage includes South Africa, Nigeria, Ghana and Ivory Coast to name a few, and funds small and medium-sized enterprises. In context, Grofin offers a maximum amount of up to $1.5 million.


smedan exists finance and consequently develop small and medium-sized enterprises. However, they don’t only monitor, but also coordinate, initiate and articulate policy ideas for businesses in these sectors, helping them grow as a result. 

this is an online lending platform for startup business loans with no collateral in Nigeria, Europe, and the US. Therefore, Lydia offers you an opportunity to expand your business and earn more. Their loans are available in three simple steps and offer amounts running into millions.

Aella credit: 

allea credit is a mobile Fintech institution that harnesses the power of technology to reach out to SMEs in the area of loans. Furthermore, they have a goal to build products and become the forerunner of financial inclusion in Nigeria and other West African countries. Their reach keeps expanding by the day.


this is another loan lending institution that does not demand collateral. Zedvance allows you to apply for all to N5 million with a tenor of up to 18 months. Amazingly, you can complete the whole process and get credited in minutes. does not consider your credit information to offer you loans. Instead, they make use of a complex machine learning and digital forensics algorithm to credit-score you. If successful, you are granted access to considerable sums for your business loan. Kiakia currently provides loans to millions of individuals and SMEs in the country.  

One Fi: 

One fi or previously known as one credit, is a loan company that offers short-term services to SMEs. However, they carry out a background check on your creditworthiness before granting approval. Their loan tenor is around 3 to 6 months and has a maximum amount of N200,000.


C24 is actually a microfinance institution that was established with the sole purpose to help business realize their dreams. They do this by providing access to needed finance without collaterals. Also, C24 loan time is much quicker than conventional rate, and you can do their application process online for easy access.  

Specta by sterling bank: 

this is one of the rapidly rising loan platforms that offers financial services to SMEs and individuals. Specta is owned by Sterling bank and offers you an opportunity to access up to N5 million in 5 minutes. Furthermore, it is easily accessible and obtainable by corporate and business owners.  

Fast credit: 

fact credit offers you short term loans to support your business growth. However, it is compulsory that the loans are backed by guarantors although no collateral. Furthermore, it has a maximum tenor of 6 months for businesses who qualify for the loan.


although they offer startup business loans with no collateral, branch has a maximum limit of N150,000, which is considerable little. However, they offer loans to startups and individuals who are looking to plug in urgent gaps in financial needs.   

Carbon (formerly paylater): 

paylater, which was later renamed to carbon, is a completely online lending platform that allows you to obtain loans as a startup. Also, the loan spans up to N500,000 and does not require collateral. Amazingly, their application process is smooth, and funds are disbursed within 1 to 3 days of application. Also, repaying your loan on time unlocks access to a higher maximum amount on your next loan.


kiwipay is one of the best online money lenders that provide loans for businesses and individuals through their employers. Furthermore, the amount borrowed is then deducted from your monthly salary. In addition, kiwipay offers up to N2 million in loan, which is very impressive.


As an individual or business personnel, you can conveniently access online loans and Mobile loans in Nigeria. This can be done either through the company’s application or their web platform. Also, it is easy, has a quick disbursement time, and mostly requires no collateral or guarantors.

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