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How to Get A Quick Loan for Business or Personal Needs



How to Get A Quick Loan for Business or Personal Needs


Sometimes, we find ourselves in situations where we need funds temporarily to cover issues that we have to deal with. To cover these situations, we typically resort to using money that has been saved for a rainy day but in cases where savings are not available, we may have to consider borrowing money for a short term. We can borrow money from friends and family or borrow from professional businesses or organizations that specialize in lending money.

In Nigeria, there are different categories of businesses and organizations that lend money. Some types of lenders are:

• Esusu

• Salary Advance

• Cooperative

• Microfinance

• Banks

• Short-term loan


Esusu is a traditional form of cooperation in African societies whereby individuals contribute a certain amount of money daily or weekly to the association for their mutual benefit. The practice is believed to have originated from the Yoruba people but the practice now cuts across different societies. Esusu can also be called "Ajo". A lot of small business owners and traders have benefited from this saving and loaning scheme. To get an Esusu loan, you will need to be a member of the saving group, although they also lend money out to other people based on trust or if you are a business owner with a good reputation. Esusu means "mutual financing". This saving/loaning scheme has saved a lot of people in dire need. The Esusu/Ajo scheme is one of the oldest saving and loaning scheme and has been proven to be reliable and efficient.

Salary advance

It is not unusual that sometimes employees may need financial help. A salary advance is a loan you can give to an employed person. The advance comes from the wage you will pay the employee in future. It requires your employer's permission and sometimes some companies restrict the circumstances under which they will give an advance, which means most of the time it only has to be an emergency. Also, you can borrow up to N500,000 although some lenders restrict the first loan they will offer. The loan can last up to a week and even run to months depending on the repayment terms. To be able to apply for a salary advance, you will need to be currently employed so that the lenders will be sure you will be able to pay back. As a salary earner or worker, this is another way you can get money when you have a financial emergency. 


Cooperatives are made up of up to 11 to 12 individuals or more who reside in the same geographical area with common interest registered by the government. As a small business owner, being a member of a cooperative will make your business organized, give it a sense of belonging and enable you to be in touch with other business owners in your field. Joining a cooperative can give you access to loans. You will need to be a member of a cooperative before you can have access to their loans, although they also ensure that money gets to the right people outside the cooperative that need it to boost their business. Loans are given to their members to support the expansion of micro and small businesses. The cooperative federation of Nigeria appeals to farmers to join cooperative societies in their various localities to enable them to benefit from the Central Bank of Nigeria's (CBN) new lending rate to agriculture. 


Microfinance banks assist micro-entrepreneurs to have better access to credit. They offer business owners of small and medium-sized enterprises (SMEs) the opportunity to access loan products in a quick, transparent and efficient way. There are three Microfinance banks that offer loans without collateral. They are:

1. LAPO Microfinance bank limited

2. AB Microfinance bank Nigeria &

3. Mainstreet bank Microfinance bank ltd

In order to have access to these loans, the borrowers do not need to have saved money in the bank and all that they need is an existing, viable business. And of course, if you get such a loan, you will need to prove that you spent it on the purpose or purposes it is meant for.

Here is a list of Microfinance banks you can find on NgEX


A lot of the time, individuals, start-up entrepreneurs and small business owners do not like to apply for loans from the bank because you will need to provide collateral. Interestingly, some Nigerian banks have awakened to this reality and are now willing to offer small to longtime loans without collateral to business owners or entrepreneurs that need them. The bank's non-collateral loans are designed to stimulate growth for the micro, small and medium enterprises in Nigeria. Here are five banks in Nigeria that you can get a loan from without collateral: 

1. Diamond Bank: Diamond bank has about 5 SME friendly accounts you can open to start with. These loans are accessed in the form of revolving credit, instalment loan, local purchase order( LPO) finance and contract finance. 

2. Wema Bank: Wema bank has more dealings with retail business. Also, you need to have a Corporate account with steady transactions for 6 months before you can qualify for their loan offer. They grant businesses loans of up to N100,000 to 1M without any collateral.

3. First Bank of Nigeria: First Bank of Nigeria recently signed a memorandum of Association with Microsoft Nigeria to support Nigeria's SMEs. First bank unsecured loans are easily accessible to business owners irrespective of business size, location or type of business. All you need to do is undergo a psychometric test and provide the bank with a business plan and financial projections after you have passed the test. 

4. Heritage Bank: One of the major programs of Heritage bank for SMEs is the "youth innovative entrepreneurship programme" (YIEDP), it is committed to the SMEs and youth development. They offer loan to businesses and individuals with entrepreneurship spirit. Some of the beneficiaries of this programme include youth corp members, market women, traders and whoever desires access to business finances. 

5. Fidelity Bank: Fidelity Bank has been supporting Nigeria's SMEs with various activities. They partnered with international funding agencies and venture capitalists and made available N500M for SMEs in Nigeria. They also have different products business owners like: 

- Fidelity small business account( FSBA) to help businesses grow and attain greater heights

- Fidelity pharmacy support facility (FPSF) that assists eligible pharmacists meet the working capital they need and help them purchase stock

- Commercial support short term loan (CCST) a 90 day loan product that grants loans to business owners without collateral.

It is advisable to first and foremost check for the terms and conditions before applying for a loan from the bank and look at the bank's SME loan packages and pick the one that is best for your kind of business.

Here's a list of Banks on NgEX online business directory 

6. Development bank of Nigeria loan: DBN provides funding and risk sharing guarantees to eligible financial institutions for lending to micro small and medium enterprises, MSMEs. This means that it lends through financial institutions which it refers to as participating financial institutions (PFIs). It is important to note that the loan beneficiary must be a customer to the eligible financial institution. You will need to visit your bank which must be one of the approved PFI's to indicate that you want to apply for a loan. Your bank will then assess you by knowing your business and loan purpose and if the assessment is favourable, the bank applies to DBN for funding and the money gets to you through your bank. You can access a DBN loan through one of the following banks: Access Bank, Diamond Bank, Ecobank, Fidelity Bank, FCMB bank, UBA Bank and Wema Bank.

Short terms loans

Short term loans are a type of payday loans designed for you to pay back over a short amount of time and that you receive quickly in other to deal with your financial emergency. If you're in need of fast cash, the short term loan is your ticket. Have you been short of cash for your business or do you have days when you have a financial emergency and you have no money, these loaning platforms can help you get quick cash in hours and even minutes if you meet up with their requirements? They sometimes require documents such as voters card, ID card, drivers license, staff ID card and even employment letter. Age too can also be important. The amount of loan you want to request for can also determine the documents they need.

There are different types of lending companies such as salary/payday loans, general loans, social loans etc. Below are different types of short term loans, their minimum and maximum lending prices, their time limit and the system they use in granting credit.

1. Pay later: Pay later is an online lending platform that provides short term loans to individuals and small businesses in Nigeria to help cover urgent cash needs. With pay later, you can access up to N500,000 loan with no collateral. It is possible to get a loan in 20 minutes once your application is approved. Pay later is a convenient online mobile app that allows users to get short term loans. You need to check for their terms and conditions first before applying for a loan.

Click here to find Paylater on NgEX

2. QuickCheck: Quick check is a lending and credit system which is designed for small businesses and individuals to have access to quick loans. You can get loans of up to N30,000 for a period of 15-30 days without providing any collateral in exchange. The QuickCheck system is accomplished by machine learning in which a computer is used to make suitable predictions with the data being fed to it. QuickCheck uses this information to foresee an individuals behaviour and estimate application for loans.

3. Zedvance: Zedvance is a money lender operating in Lagos state. They offer cash loans to individuals and business owners. The company specifically offers loans to salary earners but if you're a salary earner with a side business, you can apply for a loan to finance your business. You can borrow up to 3million naira in less than 24 hours.

Click here to find Zedvance on NgEX

4. RenMoney: RzenMoney is a consumer finance organization under a unit of Microfinance banking, they help provide simple money solutions. They offer cash loans (with no collateral) of up to 4 Million naira for a tenor of up to 3-9 months for new customers and returning customers enjoy up to 12 months. Customers can either be salary earners or self-employed as long as they can provide a verifiable source of income.

Click here to find RenMoney on NgEX

5. KiaKia: KiaKia is an online lending digital platform that offers loans to individuals and business owners for as low as N10,000 to N200,000 with no collateral and 7-30 days tenor. "KiaKia" implies quick in Yoruba and this means they enable people to receive loans as quickly as possible. The platform makes it easier for business owners to receive loans easily. KiaKia uses personality assessment, big data, machine learning (using data fed to a computer to foresee individual behaviour) and digital forensics for credit scoring and credit risk assessment to provide personal and business loans to millions of individuals and SMEs without credit information.

6. Mamamoni: Mamamoni is a social enterprise started in 2014 by Nkem Christiana Okocha. It empowers low income rural and urban slum women to break the chain of poverty. The lending platform provides women with free vocational skills and mobile loans to help them on their way to become financially independent. The company also provides loans to female entrepreneurs. Over 100 women have been empowered by this loan in 2018. The women are always grouped in different units with a head assigned to each unit, the loans are expected to be paid back weekly with each head making sure that members pay regularly.

Click here to find Mamamoni on NgEX

What are Credit Bureaus Association of Nigeria (CBAN)?

Credit Bureau Association of Nigeria (CBAN) is an incorporated not for profit and non- governmental business organization formed to promote a credit reporting culture, they are set up to gather information about people's loan performance. The information gathered includes a previous loan that has already been paid, a new loan that has been collected, how the loans are being paid and if there are any outstanding balance. It also includes the contact address of the borrower. They gather information on a borrower, both positive and negative.  It is established for individuals and organizations to carry out credit checks before engaging in any credit agreement.

Purpose of a credit reporting system:

1. To enhance the creation of new loans which would lead to better access to finance.

2. To encourage or reduce information discrepancy in the lending industry.

3. To promote responsible lending and borrowing.

4. To provide credit information upon request.

5. To provide a central and reliable storage of all the information collected.

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