Top 14 Ways to Secure a Quick Loan in Nigeria.

Top 14 Ways to Secure a Quick Loan in Nigeria.

How to Secure a Quick Loan in Nigeria

One of the major problems of growing businesses or aspiring entrepreneurs is the inability to raise the required funds needed to grow or kick-start their business.

The truth is that to set up and grow a business, you need money (and if anyone tells you otherwise, maybe they’re simply trying to “motivate you” by taking using the popular line “You don’t need money to make money or grow a business”; my friend, that is a big, fat lie! 

And you can take that to the bank.

It is true that to make money, you need to identify a problem, then proffer a solution for that problem in the form of a product or rendering a professional service. In between identifying the problem, creating the solution for the problem, building platforms, systems and structure to help you get the word out and manage the entire business system, you will spend money- There are no two ways about that.

This is exactly where most small businesses miss it; and as a result, oftentimes, many small businesses may require that extra funding or capital (outside what they were able to generate) in terms of business loans to expand/ or keep the business consistent on the path of growth (especially profit-making). 

As much I strongly stand against “BORROWING” because I have seen loans render some people that I used to know completely useless/ or shattered their families, I lack the power to dictate to anyone what they should do or how that should run their life. I can only give meaning contributions, suggestions or simply advice following what I know to be true about the subject matter.

Therefore, When all other means of generating capital/ or fund to grow their existing business fails, most people without properly thinking it through will always resort to taking a loan as the only option left.

However, a lot of startups/ or small business (even some established business) view the lending process as complicated and frustrating especially when approaching Banks for such finance; and this very problem has created a golden opportunity for many players in Nigeria’s #FINTECH industry, to come in and make a killing from the industry while the greedy ones are busy milking our people dry without pity like the Cash Cow they take them to be.

So, I decided to borrow from some of these platforms myself, paid back, borrowed again and owed them just to be able to find out exactly what their operation looks like (not excluding their interest rates and customer relations); then find out from my friends how a few others operate.

Now, I’m going to list a few online lending platforms here in Nigeria (ranging from The Good, The Bad, to The Ugly) to assist business owners who insist on loan (for expansion and growth) to access quick loans for their business. 

Find below some of the few lending platforms listed below in this post, and see how you can access a quick loan from them (if you must). However, I stand against loan and borrowing. 

  1. FAIRMONEY This one is a loan app’ and with it, you can get instant loans up ₦500,000 without collateral or paperwork (this is what they say but it’s not true; if you’re in doubt, you can check it out all by yourself). 

They give business/ personal loans; all you need to do is just to download the FairMoney app, sign up and follow a simple application process to get an instant loan in only 5 minutes or more.

FairMoney is a fast, secure, reliable and free Android mobile banking app, available in Nigeria. They promised to make getting loans and paying bills fast and easy. You can also earn bonus cash when you invite your friends.

But FairMoney is more than just a loan app. Click here to learn more!

Their loans range from ₦1,500 to ₦500,000 with loan term durations from 60 days and above, with equivalent monthly interest which ranges from 10% – 30%. There are no additional fees or hidden costs for processing your loan.

2. LYDIA.CO This is an online platform that helps businesses to have access to finance. The platform to my knowledge offers small and medium-sized businesses unsecured loans of between $500 and $15,000 but their approach to me is complete bullshit.

According to the founders, “Lidya employs technology and algorithms to help assess the potential ‘risks’ before granting loans; this to some extent allows them to offer financial products to these customers at a low cost” (considering interest rates). Lydia does not require collateral as security for making a loan decision; rather they use your account data to help them access your financial standing and know exactly what you qualify for. However, you can build your credit score with them.

You don’t need to be a staff of any company or institution or organization to qualify for a loan from Lydia; Lydia also has no hidden charges, and this makes it excellent for unemployed persons (so far they’ve made some reasonable amount of money over the years).

It’s important to state here that there’s ‘’ and ‘Lydia App’. Now, you must understand that both are not the same. is an online lending platform which claims to give an unsecured loan for your small and medium business investments while Lydia-app is an international payment processing platform, designed to assist people in making small cashless payments anywhere, anytime.

3. OKASH This is Opay’s automated lending service focused on increasing access to credit financially under-served/ excluded individuals around Africa.

Loan decisions are provided within 15 seconds and if approved, the applicant receives funds within 5 minutes. 24 hours a day, 7 days a week. The loans are delivered via an Android mobile app, with lending decisions provided almost instantly. 

The usual amount for new borrowers is N10,000. However, If you want to develop heart attack from wicked and greedy interest rates, then go for this one. Don’t just mess around with these people’s interest rate. You can also apply here online.

Lest I forget, they’ll call and text you till you forget your name if you default in making payments (Lol).

4. KIAKIA.CO This is a digital money lender specifically for Nigerian businesses. It makes use of psychometry, big-data, machine learning and digital forensics for its proprietary credit scoring and credit risk assessment algorithm to make available direct and peered personal and business loans to millions of individuals and SMEs without credit information.

The name ‘KiaKia’ was derived from a Nigerian language which means “Fast Fast”. According to them, the solution is very simple and fast, but highly effective and efficient.

However, they’ll not grant your request sometimes and the process is usually not as easy as it sounds. You can also invest in loans and share profit with them.

5. SOKOLOAN Also known as Naijacash is a simple, entirely online lending platform that provides short-term loans in Nigeria to help cover unexpected expenses or urgent cash needs. You can apply for a Sokoloan loan 24 hours a day, 7 days a week with their quick application process that lets you know your status within minutes. For online loans in Nigeria without collateral, fast loans and quick loans in Nigeria, you might consider downloading and applying for a loan through the Sokoloan quick loan platform.

However, I would like to be sincere here; you see this very company? You can make your research or go on Google apps to check sincere reviews from users.

Sincerely, I don’t think this is a company you should be messing with. If you owe them, they will embarrass you (that I can assure you) by sending messages to all your contacts and on social media, they’ll send threat messages even to people who are not your guarantors. They’ll crash your phone with calls, messages and insults. This very company is the pure definition of the term “Scum bag”. If you go to their Facebook page, you’ll see a lot of people complaining about their account being debited for no reason by this very company even after clearing their loans.

They also have the worst customer service in Nigeria, very uncouth and careless with words. I would say their staff are not trained at all!

If you don’t want to be embarrassed, then avoid this very company by all means. Better look for a property of yours to sell than take money from the devil.

6. GROFIN This one provides Small and Medium Enterprise (SME) finance/ business loans across Africa & the Middle East. If you’re looking for ways to expand your business, then GroFin could be a better option.

They can help businesses to access business loans between US$100,000 and US$1.5 million. If you think your business has got all it takes to access this type of fund, then visit the Online Application page to see if you qualify. 

7. ONE-FI This was formerly known as ‘One Credit’, OneFi is a credit facility company that offers short-term consumer loans to credit-worthy individuals with limited access to finance.

One-Fi loan repayment cycle is typically between 3–6 months, with loan, amounts up to N200,000 or more; and they offer you a credit facility through the company known as ‘Carbon’. 

You can use my Carbo referral code to apply for your loan: Referal code: UGOC98K1.

8. SMEDAN This one is a government-backed initiative that offers quick and easy business loans to Nigerian SME’s businesses that need financing. 

The core mission of the organisation is to promote entrepreneurship among Nigerians as well as provide capital for them to kick-start their business.

Outside funding, SMEDAN also boasts of providing business owners with hands-on training and support to help them run their business. If this sounds like what you need, then click here to access their online application 

9. C24 LIMITED This is a microfinance institution that was established to help people to actualize opportunities around them, by helping them access cash loans when they need it. C24 understands the very need for quick cash loans and the necessity of quicker loan processing time. Their online loan process is also highly optimised to assist applicants in avoiding the stress associated with other loan companies.

10. ZEDVANCE This is a ‘consumer’ finance company geared towards providing consumer credit to individuals. The boasts of the ability to borrow up to 3 Million Naira in less than 24 hours to their applicants.

It’s also very important to specify here that this company is majorly focused on providing loans to salary earners but if you are a salary with a side business, you can pick up the deal to finance your business use.

11. QUICKCHECK This very platform was designed for individuals and small businesses. QuickCheck uses mobile technology to enable individuals and small businesses to secure access to financial credit.

Going by what the company promises, users can access quick and hassle-free loans of up to 30,000 Naira without any collateral for a duration of either 15 or 30 days; but this is usually not the case with all of them. They mention high figures to entice you and when you apply, they’ll start you with little money. One thing I can say about them is that they have a very beautiful and catchy user interface but not money to give out.

They’ll hardly give you money!

12. PAYLATER Now known as CARBON is a very simple and easy 100% online lending platform that provides short-term loans to individuals and small businesses in Nigeria to help cover unexpected expenses or urgent cash needs; with Carbon, you can access up to 500,000 Naira loan with no collateral (that is what they’re saying but it’s not true).

Once your application is approved, funds are typically received within 1–3 business days. Making on-time repayments can grant you access to higher credit limits for your next loan. You can use this promo code: UGOC98K1 for a better result for your application.

13. AELLA CREDIT This is another platform that will promise you what they’re not ready to deliver but they’ll tell you that they’re making it easier for individuals in Africa to gain access to financing (when you apply, you’ll understand what I’m saying). 

According to them, they’re mainly focused on employee lending and empowerment, the company has affiliated with three main credit bureau agencies in Nigeria to provide quick and affordable loans with no paperwork to its customers.

This very platform uses a proprietary credit scoring algorithm to determine the credit-worthiness of its users for a loan by considering social and demographic factors as well as their debt to income ratio.

14. BRANCH This from my assessment is the best of all, Their customer service is second to none; and very considerate too. If you must take a loan from any of these platforms, then this is your best bet (but their initial loan offer is very small; you must understand this).

They offer loans from ₦1,000 to ₦200,000 (but they’ll start you from a very low amount and allow you to build your credit score as you take loans and repay on time). 

Their loan terms range from 4 – 40 weeks. Interest ranges from 15% – 34% with an equivalent monthly interest of 3% – 21% and APR of 33% – 261%, depending on your loan option. There are no late or rollover fees and no collateral necessary. 

Interest rates are determined by a good number of factors, including your repayment history and the cost of lending for Branch. Standard SMS and data charges by your mobile carrier may apply.


Irrespective of the fact that most of these platforms claim to offer quick loans without any collateral, it is very important that you carefully study their Terms & Conditions (T&C) before applying.

Secondly, you also need to seriously consider the “interest rates” and “Payback period” of all these companies some of them are off the roof and I don’t think it’s something you’ll want to mess with.

As a businessman, if you ask me, sincerely I would say: DO NOT TAKE A LOAN for whatsoever reason, especially in Nigeria (even if you’re dying). If it comes to the worst where you’re left with no choice, please look for a small property of yours and sell… period!

Do not go for loans with a very short payback period except you very sure you will earn back the money in no-time otherwise, you’ll be shooting yourself on the foot; like they usually say in WWE “Please, do not try this at home” LOL; not even with a company like Sokoloan also known as Naijacash. They’re the most useless in the industry with the worst customer service that I’ve ever seen in my entire life; they’ll insult you and your entire generation (this is not a company you should take money from… DO NOT TRY IT!). 

If you want to die of High BP from calls and messages, then take a loan from Okash or Carbon. They’ll kill and bury you with their high-interest rates, text messages and calls.

Finally, immediately your loan gets approved, go straight to CRC Credit Monitors (CONplus) and subscribe to monitor how your lender reports your repayments to the credit bureau.


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