13 Loan Firms located in Lagos: Quick Loan for Small Businesses

February 28, 2024

There are loan companies located in Lagos where you can obtain fast and immediate loans to start your journey.

If you are a small business owner, the loan could be utilized specifically to grow your business significantly.

In order to achieve the goals of growing your business, You may need to consider the method of obtaining a loan that raises the issue of obtaining an appropriate loan that comes with an acceptable rate of interest and sufficient time to repay it. You can get loans via various methods: online through a website or via loan applications.

This is the reason we are presenting you with 13 loan providers in Lagos for all types of companies.

The times have changed for business, and there is no need to go through the stressful process of getting loans from banks or microfinance institutions.

Credit can be obtained at your convenience at home in a matter of only a few minutes.

The top 10 applications for loan companies to obtain small business loans quickly and simply are:

Loan spot

It’s one of the most popular loan company applications on the market in Lagos (and across Nigeria). They offer an easier way to obtain fast loans. The platform offers business and personal loans to existing and new companies.

In a matter of a few clicks from your mobile, it is possible to gain access to data that will aid you in comparing loans with other loan providers and also have someone to help you. All of this and more is accessible on the Loan Spot application.

Carbon Loan App

Carbon Loan, which is headquartered in Lagos, is widely recognized as the top loan application in Nigeria. It was earlier called PayLater. The unique benefit is that you don’t require collateral or guarantors, and you can get one million Nigerians. There are also no hidden or late fees costs.

It’s fascinating if you make payments on time, just as they say.

  • Cashback on interest
  • Higher amounts of loans
  • Cheaper interest rates.

This makes loans from Carbon appear like a good investment, which is why it’s the second on our top 13 list of loan firms located in Lagos.

Branch Loan Approval

The Branch app is regarded as the second-best loan app in Nigeria. You can get loans from just NGN 2000 to NGN 500 000 and begin to pay them off in four weeks after collection and continue to pay them off until 52 weeks following collection.

The interest rate for the month is in the range of 1.5 percent and 20 percent. You also don’t have to pay late fees or collateral. The loan is based on your history of repayment as well as an automated analysis of your phone’s details.

It will let them know whether you’re eligible, and you’ll be able to get the loan in a matter of seconds, which makes it among our best 13 loan companies in Lagos.

Fairmoney Loan App

In less than 5 minutes in just 5 minutes, in just 5 mins the Fairmoney Loan app can send cash to you. Additionally, they provide loans that range between NGN 1,500 and NGN 1,000,000. They offer a monthly cost that ranges from 2.5 to 30 percent. The payback time is from 18 to 30 months.

There is no collateral or other documents required; however, in the event of a default on repayment, the risk is losing your account as well as being placed listed on the FirstCentral and CRC blacklists. Like other apps like the Branch application, Fairmoney gives you a fast and seamless transaction, making use of your phone’s information to help them make decisions on whether to offer loans.

Sokolaon Loan App

Short-term loans ranging from NGN 5,000 to NGN 100,000 are available through the Sokolan loan application. It’s instant and doesn’t require collateral. They simply confirm your identity, calculate your credit score, and then approve your loan in just a few minutes.

The term of the loan is between 91 and 180 days, and the interest rates range from 4.5%-34 percent. After you’ve paid off the loan, you are able to extend the loan amount. However, the minimum age ranges from 25 to 50, and you’ll need a permanent job.

This loan is perfect for those who want to begin an online business alongside your current job.

UNCREDIT Loan App

Similar to other loan apps that use UNCREDIT, the loan application is as simple as signing up for and requesting a loan while lying on your couch. There’s no requirement for collateral or any other paperwork.

The loan provided by UNICREDIT is available to help your small-scale company. It is possible to get an amount of NGN 1,500 or a maximum loan of NGN 200,000 over a time of between 4 and 24 weeks. The loan comes with an interest rate ranging from 15% to 34 percent.

Renmoney Loan

Renmoney is an online loaning firm for financial technology with an annual interest of 2.8 percent every month. They offer loans between one hundred thousand Nigerians to six million in naira. But it depends on your credibility and also your credit score.

All you need to apply for a Renmoney SME loan advance is a steady monthly income as well as a solid financial background.

The loan is a 2-year repayment plan, making it one of 13 loan firms in Lagos. They offer personal and business loans. They are accessible via their website.

Lagos On-Site Loans Companies

In addition to loan app firms in Lagos, there are also local loan firms that you can visit for a great rate of interest and loan in Lagos. Some people think they are more efficient and more affordable; however, let’s take a look at the top onsite loan firms in Lagos.

Baobab Microfinance Bank

With an interest rate of 7-16, Baobab Microfinance Bank offers a percentage that ranges from 7 to 16, allowing the borrower to take out loans for NGN 20,000 to 20,000,000.

Small and medium-sized enterprises, as well as mini-businesses owned by owners between the ages of 22 and 58 who reside in Lagos, are eligible for this loan.

Bank of Agriculture (BOA)

Agriculturists and farmers will not be excluded. They can avail of the Bank of Agriculture, which offers loans specifically for farmers and other agro-related companies. It is funded by the government to provide the farmers with loans and money to assist them with equipment processing, storage, and export financing. With a rate of interest between 7 and 21 percent, BOA gives loans up to 5 million naira.

It is, however, dependent on:

  • An operating farm that is already in operation.
  • Collateral
  • A letter that the bank has signed
  • An amount of NGN 3,00 is required.
  • A copy of your most recent utility bills
  • A properly filled-in application form
  • 3 passport photos

LAPO Microfinance Bank

Microfinance institutions offer short-term loans to individuals as well as small or small-sized business owners. Lapo is a loan business located across Edo, Delta, and Lagos States, and you are able to take out a loan with Lapo using the following criteria:

  • an application letter to apply to apply for the loan
  • 2 Guarantors
  • A method of identification
  • Current utility bill
  • Late visa photo
  • Npower enrollment

AB Microfinance Bank

Contrary to the other institutions mentioned above, the age to obtain the loan offered by AB Microfinance Bank is 21 years. They also offer personal loans to people with low incomes, as well as business loans to medium and small companies.

It’s a foreign microfinance firm, but it’s an excellent loan provider located in Lagos, and you must be a Nigerian to be eligible.

It is the ALAT of Wema Bank

Wema Bank created the computerized ALAT application to offer loans. To be eligible for this loan, you need to have an ALAT account. Your account must be scrutinized for qualification as well as transactions and then updated.

This means that Wema Bank is another good loan business in Lagos. You can visit any Wema Bank branch to get more details.

Zedvance microfinance bank

Zedvance Limited is a financial company that is a member of the CBN and is authorized to offer loans in Nigeria. They offer instant loans to individuals, contractors, small and medium-sized enterprises, and entrepreneurs in Nigeria. Cash loans are provided via Zedvance, located in Lagos State.

They also have a loan business located in Lagos that provides cash loans to individuals and businesses as well as point-of-sale (POS) financing for Nigerian retailers.

For small-sized firms that need quick cash to purchase additional items or services that they can sell to customers during the time of season, Zedvance can be a great option.

FAQs

What Nigerian loan apps can provide loans that do not require BVN?

The correct answer is that no legitimate credit application from Nigeria will grant a loan without soliciting your BVN. Why? The answer is simple: Without the BVN, any person could conjure fake names and falsify details to defraud the business.

The BVN can be used to confirm your identity.

Is defaulting on a loan a crime?

The act of defaulting on a loan is not a criminal offense, but criminal, and you will not be in jail. If, however, it’s established that you plan to purposely not pay back the loan, the court can decide against you. Furthermore, lying to get the loan is a fraud, which is an offense.

Conclusion

Loan companies can reduce the stress of seeking the money you need to expand your business in Nigeria. Loan apps make it simple and fast. This will allow you to achieve the goal you set and organize your business.

Be aware that you should only use a loan to increase the amount you have.

Therefore, ensure that you effectively plan your business and look through our collection of loan applications to locate the best loan service in Lagos as well as Nigeria.

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