Loan companies in Lagos that you can get a quick and instant loan to get starter.
Loans are very instrumental in the growth of your business, regardless of its current level. As a small business owner, especially, a loan can be used to extensively expand your business.
To accomplish the aim of your business’s growth, you may have to think about the procedure of obtaining a loan, which raises the question of getting a loan that has a good interest rate and enough time to pay it back. Loans can be gotten through different means: onsite, through a website, or on loan apps.
This is why we bring you 13 loan companies in Lagos for all kinds of businesses.
The times have changed in business, so you do not need to go through the nerve-racking process of obtaining a loan from banks and microfinance institutions.
Loans can be obtained from the comfort of your home in minutes.
The 10 top loan company apps to get small business loans quick and easy are:
It is one of the most loved loan company apps in Lagos (and in Nigeria). They can provide you with a simpler way to get quick loans. This platform gives personal loans and business loans to new and existing businesses.
With just a few clicks on your phone, you can also get access to information that will help you compare loans from other loan facilities and someone to assist you. These and more are available on the Loan Spot app.
Carbon Loan App
Carbon loan, based in Lagos, is widely regarded as the best loan app in Nigeria. It was previously known as PayLater. Its unique selling point is that you do not need guarantors or collateral, and you get a million naira. They also have no late fees or hidden charges.
It becomes interesting if you repay a loan on time, as they promise.
- Cashback on your interest
- Larger loan amounts
- Cheaper interest rates.
This makes taking a loan from Carbon seem like an investment, thus making it second on our list of 13 loan companies in Lagos.
Branch Loan App
The Branch app can be seen as the second-best loan app in Nigeria. You can obtain loans for as little as NGN 2,000 to NGN 500,000 and start to pay them off four weeks after collection until 52 weeks after collection.
The monthly interest rate is between 1.5% and 20%. Here, you also do not need to pay any late fees or collateral. The loan only depends on your repayment history and an automatic analysis of your phone’s data.
This will help them check if you are eligible, and you will get the loan within a few seconds, making it one of our top 13 loan companies in Lagos.
Fairmoney Loan App
Within 5 minutes, the Fairmoney Loan app can send money to you, and they offer loans ranging from NGN 1,500 to NGN 1,000,000. They have a monthly interest rate of 2.5 to 30%. They also have a payback range of 18 months.
There are no collateral or documents, but if you default on payback, you risk losing your account and being on the FirstCentral and CRC blacklists. Just like the Branch app, Fairmoney gives you a seamless and quick transaction by using data from your phone to make their decisions to give you loans.
Sokolaon Loan App
Short-term loans ranging from NGN 5,000 to NGN 100,000 can be collected from the Sokolan loan app. It is instant and does not require any collateral; they just verify your identity, determine your credit score, and approve your loan within minutes.
The duration of this loan is 91–180 days with an interest rate of 4.5%–34%. Once you repay a loan, you can stretch your loan limit, but the age requirement is between 25 and 50, and you need a fixed job.
This loan is great if you want to start a side hustle with your job.
UNICREDIT Loan App
Just like others, using the UNICREDIT loan app is as easy as signing up and requesting a loan while sitting on your bed. There’s no need for collateral or documents.
The loan from UNICREDIT can be used for your small business. You can get a minimum loan of NGN 1,500 and a maximum loan of NGN 200,000 within a duration of 4–24 weeks with an interest rate of 15%–34%.
Renmoney is a financial technology loaning company that has an interest rate of 2.8% every month. They give loans within the range of one hundred thousand naira to six million naira. However, this depends on how credible you are and your credit score.
All you require to get a Renmoney SME loan advance is a stable monthly income and a strong financial history.
The loan has a 2-year repayment plan, which makes it part of a list of 13 loan companies in Lagos. They give out business loans and personal loans. They are easy to access through their website.
Lagos On-Site Loan Companies
Apart from loan app companies, there are also onsite loan companies you can visit to get a good loan and interest rate in Lagos. People think that loan apps are faster and cheaper, but let’s look at the best onsite loan companies in Lagos.
Baobab Microfinance Bank
With an interest rate percentage of 7–16, Baobab Microfinance Bank allows you to obtain a loan for the sum of NGN 20,000–NGN 20,000,000.
Small and medium-sized businesses and mini-businesses with owners between the ages of 22 and 58 who live in Lagos can get this loan.
Bank of Agriculture (BOA)
Agriculturists and farmers are not left out. The Bank of Agriculture offers loans strictly for farming and other agro-related businesses. It is sponsored by the government to give loans and funds to farmers to help them with machinery, processing, storage, and export finance. With an interest rate of 7–21%, BOA gives loans up to 5 million naira.
However, it requires:
- an already existing farm
- an already signed letter from the bank
- An initial deposit of NGN 3,000 is required.
- a copy of your most recent utility bills
- a properly filled-out application form
- 3 passport photos
LAPO Microfinance Bank
This microfinance institution gives short-term loans to entrepreneurs and small and medium-sized business owners. Lapo is a loan company present in Edo, Delta, and Lagos States, and you can easily get a loan from them with the following:
- application letter for a loan
- 2 guarantors
- a means of identification
- current utility bill
- Late visa photo
- Npower enrollment
AB Microfinance Bank
In contrast to the others listed above, the age limit for obtaining a loan from AB Microfinance Bank is 21 years.They also give personal loans to individuals with low incomes and business loans to small and medium businesses.
It is a foreign microfinance company, but it is a great loan company in Lagos, and you must be a Nigerian to get it.
The ALAT of Wema Bank
Wema Bank created the computerized ALAT application to provide loans. To be eligible for this loan, you must have a typical ALAT account. Your record has to be reviewed for qualification, including transactions, and updated.
This makes Wema Bank another good loan company in Lagos. You can easily visit a Wema Bank branch to get more information.
Zedvance microfinance bank
Zedvance Limited is a financial organization that the CBN has authorized to provide lending services in Nigeria. They provide instant loans to employees, independent contractors, SMEs, and business owners in Nigeria. Cash loans are offered through Zedvance in Lagos State.
They are also a loan company in Lagos that gives cash loans to people and organizations as well as point-of-sale (POS) funding for Nigerian retailers.
For people in small businesses who require quick cash to get more products or services to sell out during a season, Zedvance is excellent.
The correct response is that no reputable loan application in Nigeria will agree to grant you a loan without first requesting your BVN. Why? The reason is straightforward: without the BVN, anyone could make up false names and forge information to defraud the company.
The BVN is used to verify your identity.
Defaulting on a loan is a civil offense rather than a criminal one, which means you won’t go to jail. However, if it is determined that you want to intentionally default on a loan, the court may rule against you. Additionally, lying to obtain the loan is fraud, which is a crime.
Loan companies help ease the stress of getting money to expand your business in Nigeria. Loan apps have made it easy, quick, and instant. This will help you fulfill your goal and plan your business.
Remember that you should only take a loan to scale what you already have.
So, make sure you properly plan your business and go through our list of loan applications to find the best loan company in Lagos or Nigeria.