Top 22 Best Online Business Loans in Nigeria

Top 22 Best Online Business Loans In Nigeria

Are you in urgent need of a business loan in Nigeria? The fact is that you may not get these loans from commercial banks quickly because you will have to bring guarantors, do lots of paperwork and this may lengthen the loan application period.

This article will provide you with a list of the top 20 best online business loan providers in Nigeria. You can use any of these lending platforms to get instant loans to meet your personal and business needs.

Over the years, commercial banks, microfinance banks, and loanmongers were the major sources of loans in Nigeria. However, there are changes in the system and you can get loans in less than 24 hours.  Online loan providers can provide you with loans to solve unseen and unexpected problems in your business.

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Top 20 Best Business Loan in Nigeria

If you are short of funds and you need money to purchase goods urgently, below we collected Nigeria’s best and fast loan, feel free to contact any of the loan providers below. We advise you to examine the platforms, check for their requirements, interest rates, loan tenor and other essential details before applying for the loan.


SMEDAN is a government-backed organization that provides loans to MSMEs in Nigeria. They work with many organizations to provide credit facilities to entrepreneurs in need of capital for their business. Lack of enough capital is one of the problems of starting a business, SMEDAN intends to solve this problem by offering quick and easy loans to businesses and entrepreneurs in Nigeria.

Apart from funding, they hold workshops and seminars frequently to teach entrepreneurs how to run their business enterprises. Visit the SMEDAN application portal to apply.

2. Zedvance

Zedvance is another provider of online business loans in Nigeria. They are fully committed to offering credit facilities to individuals. You can get up to N3,000,000 to fund your business in less than 24 hours from the Zedvance finance company.

Their loans are strictly for people who are salary earners or employed in a company.  The requirements for the loan is that applicants must have a valid ID, salary account with any bank in Nigeria, email address, employment letter, utility bill and an internet-connected device. The interest rate varies from 4% to 4.5% for 3-12 months.

3. C24

C24 provides funds for individuals in need of quick loans. As a new customer, they allow you to borrow as little as N40,000 while the maximum lending limit is N750,000. As an existing customer, you can get up to 5 million naira.

You can get loans from this online platform when you apply using any internet-connected device in Lagos state Nigeria. The interest rate is 4%/month.

4. Renmoney

Renmoney is a microfinance bank where you can get business loans. They have several loan offers and packages; one of these loans is the Renmoney SME loan. Entrepreneurs and business owners can get loans from N100,000 up to N4,000,000.

However, your business should have a good income statement so that you can be able to make monthly repayment for your loans. You don’t need to present collateral to get the loan, you are eligible for the loan if you are employed or have a business.

5. Lidya

Small and medium business enterprises can get finance from Lidya. Lidya is a digital loan platform that grants unsecured loans to Nigerians. They provide loans between N150,000 to N500,000 with an interest rate of 3.5% per month.

6. Quickteller

Quickteller is a leading fintech company in Nigeria, they have also proven to be effective in lending money to people in Nigeria. You can get loans at little as N1,000 to N10,000 from this platform at a decent interest rate in less than two minutes.

You need to have an account with any Nigerian bank and use an internet-connected device to get the loan. You can apply for Quickteller loans by using the 3226# USSD code or visiting the portal on the internet.

7. Paylater (now Carbon)

Paylater is an online lending platform where you can get loans quick. Even if the loan isn’t meant for business purposes, you are sure of getting a loan from the platform.

The loan amount ranges from N500,000 to N1,000,000 at an interest rate of 5 to 12.6%. Getting the loan depends on your cash flow, unique risk level, creditworthiness linked to your BVN.

8. Branch

Branch International is an online credit platform where you can get loans to grow your business. They provide loans for all purposes, therefore, you can get funds from this platform for different purposes like travel, schooling, food or for urgent purposes.

Applicants are required to download the Branch app and link it with their BVN. You can get loans from N1,500 to N150,000 with an interest rate of 21% per month.

9. Grofin

Grofin is a lending platform where Small and Medium Enterprises (SMEs) in Nigeria can get finance. Also, you can also get loans from Grofin if you do business in the Middle East and other African countries. This company is quite generous in providing loans, the amount ranges between US$100,000 and US$1.5 million.

10. Fast Credit

Fast Credit provides small business loans to micro, small and medium enterprises in Nigeria. Although they provide unsecured loans, you will be prompted to get guarantors to qualify for their loans. Business owners must show proof of business and provide their residential address. The least loan amount is 100,000, the interest rate is at 4% per month and the maximum loan tenor is six (6) months.

11. Specta

Specta is an online lending platform where Nigerian entrepreneurs can get up to N5,000,000 in 5 minutes. Unlike other loan platforms, they do not require you to have a collateral to get the loan. The entire loan application is processed online. The loan offer ranges from N20,000 up to N5 million while the interest rate is at 26%.

12. PalmCredit

Palmcredit provides loans for personal and business purposes. If you are in search of funds to grow your business, consider giving Palmcredit a try. This platform offers loans between N10,000 to N100,000 and with an interest rate of 20% for 14 days. You will not have to pay any interest rate if you repay your loans in 48 hours after collecting it.

13. KiaKia

Kiakia is one of the best places to get fast loans in Nigeria especially if you are in urgent need of cash, They do not ask for collateral before granting your loan request. Applications are done on their mobile app which is available for download on Google Play Store.

14. Aella Credit

This lending platform provides loans for business owners in Nigeria, Ghana and in the Philippines. They partnered with other credit bureau agencies in Nigeria to make it easy for people to get loans easily in Nigeria.

Their loan offer ranges from N1,500 to N700,000 while the interest rate ranges from 4%-29% every month.

15. Quickcheck

Quickcheck is an internet lending platform that offers loans to individuals and small businesses in Nigeria. You can apply for a loan on this platform after downloading their mobile application on the Google Play store. Anyone can get instant loans of up to N500,000 for a period of 15 to 30 days.

16. One-Fi

This loan company was formerly referred to as One Credit, they have a solid reputation for giving short-term loans to credit-worthy individuals as well as small businesses. You can get loans as high as N200,000 and payback in 3 to 6 months.

17. Okash

Okash is one of the best platforms to get a loan online in Nigeria. The Opay app is a powerful mobile app that can be used for several purposes such as buying airtime, buying data, hiring a bike ride, booking food online etc. It can also be used to get loans; the loan amounts vary from N1,000 up to N200,000 and the interest rate is at 18% for a period of 15 days.

18. PennyLender

Pennylender is a lending platform on the internet which provides loan for salary earners and employees of companies. They provide payroll loans, payment loans and installment loans to borrowers through their employer.

The least amount you can get is N10,000 while the maximum amount to get is N500,000. The interest rate isn’t fixed, it is tied on a number of factors and data provided by your employers such as your salary amount, length of service and position.

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19. ALAT

Alat is a digital bank that was launched by Wema Bank Plc. You can open an account on this digital bank, receive a debit card and run it like a normal bank account. ALAT provides loans up to N200,000 in as little as 10 minutes with an interest rate of 15% per month.

20. FINT

Fint is an online peer-to-peer platform where you can get loans at cheap interest rates. Applicants must be 21 years and above, they must have a reliable income source and they must register for the risk assessment which costs N3,000.  You can borrow between N60,000 to N2 million on FINT.

21. Eazzicash

Eazzicash discovered that a majority of Nigerian businesses are affected by financial problems. For this reason, they implemented a lending platform where SMEs can get access to loans easily. To apply for the loan, applicants must download the Eazzicash mobile app on their smartphones, verify their email and create an account. The maximum loan rate is N5,000,000 but their interest rate is not clearly specified.

22. Page Financials

This is an innovative financial platform where you can get different types of loans including personal loans, business loans, and salary advance loans. Applicants must have a valid ID, utility bill, salary account, BVN, and an employment letter to get this loan. The interest rate is 15% within 3 to 12 months.

This sums up our article on the top 20 best online business loans in Nigeria. You can use any of these platforms listed to get a loan to fund your business.


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