Top 15 Loan Companies in Nigeria

Smartphones have made it possible to get quick online loans in Nigeria. Gone are the days when you had to wait endlessly in banks just to access a business or personal loan.

There are lots of online lending platforms now that even have a zero-collateral and low-interest-rate policy. With this, petty traders and students can get a quick cash loan of as low as N5,000 within minutes.

General requirements of personal loan companies in Nigeria

In as much as most loan companies require no collateral or guarantor, there are basic documents that these companies request from borrowers in order to assess creditworthiness.

They vary according to different companies. Here are the major requirements:

  • Valid ID
  • Employment letter
  • Salary account
  • Utility bill
  • Official email address
  • Bank Verification Number
  • Bank Statement

Top Loan Companies in Nigeria

Listed below are the top lending platforms to easily access quick loans alongside their interest rates and requirements.


Lidya is an online lending platform which renders small and medium-sized businesses quick access to loans. The loan for these categories of business ranges from $500 to $15,000.

As a fin-tech company, the platform employs the use of technology and algorithms to evaluate the possible risks involved in rendering loans. This methodology helps the company offer financial support to borrowers in record time.

2. GroFin

GroFin is a financial institution that grants Small and Medium Enterprise’s (SME) across Africa and the Middle East access to loans. For business owners or companies who seek huge loans for expansion, GroFin could be your preferred platform.

GroFin offers a loan range for business between US$100,000 and US$1.5 million.


Aella-Credit is a multinational financial institution committed to building lending platforms across Africa. This financial institution is affiliated to three major credit agencies in Nigeria. Its focus is mainly on employee financial access.

Aella-credit is available to you if your businesses located in Nigeria, Ghana, or the Philippine. Its credit range is between N2,000 and N1,000,000 with an interest rate of 4% to 29% monthly. Its loan tenure is within 1 to 3 months.


Kwik Cash is a fin-tech online lending platform which collaborates with commercial banks, tech companies, and mobile network operators to render quick and easy financial services to Nigerians.

It offers USSD loan options – that means you can request a loan from your phone. Kwik cash offers loans between N15,000 and N500,000 at an interest rate of 5% – 15%. The loan tenure is between 14 to 30 days of payment.


Zedvance is a financial institution which provides a platform for finance/business loans. It is majorly for fixed income earners in the country. There are no fixed interest rates, as its interests rates are determined by the level of risk involved in the loan, and your ability to make a good bargain.

Zedvance’s loans are determined by your net pay and creditworthiness. It offers loans for as much as N3, 000, 000. Its interest rate is between 4% – 4.5% based on the amount of the loan received, with a loan tenure of 3-12 months. Its loan services include travel loans, personal loans, and group loans.


This lending platform provides you with easy loan access. Its core mission is to provide easy and quick short-term loans to individuals or businesses in need of money urgently when faced with unseen circumstances or unexpected expenses.

Paylater offers up to N500,000 loan without collateral. Once an evaluation has been carried out by the lender, and the loan approved a direct deposit will be paid directly into the borrower’s account within 3 business days, maximum.


Renmoney as an online lending platform renders quick loans of as low as N40,000. Renmoney’s interest rate on loans depends on several factors.

Some of the factors considered by Renmoney in interest rate calculation include:

  • The company you work with,
  • And your credit score

Renmoney has an age limit of 22-59 years though. Some of their other requirements include:

  • a steady source of income,
  • active bank account,
  • and a valid ID.

Even though there’s no collateral needed, applicants are often asked to provide a few important documents like proof of monthly income, and credit report, if any.

Loans could go as high as N6,000,000 with a tenure of 12 months.


This is a government-supported scheme that gives easy and quick business loans to Small and Medium Enterprises (SME’s). The focus of this scheme is targeted at entrepreneurs and small business owners who require financial aid to start up their business in order to promote entrepreneurship.

SMEDAN also offers business owners and entrepreneurs training opportunities and financial support for their businesses.


Kiakia is a money lending platforms which mostly offers its services to SME’s. Kiakia evaluates creditworthiness and credit risk by using digital forensics, psychometry, machine learning and big data to run its checks.

This platform offers business loans as high as N5,000,000 with a loan tenure of 30 days for new borrowers, and 18 months for existing clients.


This is another quick lending platform that mostly focuses on giving salary advance loans. It also gives personal loans to individuals in need. Nonetheless, a steady source of income is mainly required before a loan can be given.

Page Financials is one of the few lending platforms which comes with a debit card called Pledge Finance. It is usually pre-loaded with certain amounts which could be as high as N500,000. It has a 0.5% daily interest rate per day.

Borrowers are being charged with a one-time payment of N1,500 for card maintenance. The general interest rate is from 0.5% to 15% monthly.

11. FINT

Fint is one of Nigeria’s leading loan platforms that offer quick loans with no collateral. However, a risk assessment is carried out on borrowers to test authenticity, credibility, and creditworthiness.

A verification fee of N3,000 for risk assessment must be paid by the borrower for a start. While 8% of the loan is still expected to be paid by the borrower as a closing fee before the lender can release the full loan amount to the lender.

Fint offers loans from N60,000 to N2,000,000 with a loan duration of 3 to 12 months. Its interest rate varies according to the amount of the loan involved.


A quick loan lending platform in Nigeria which offers about N70,000 loan or more with about 4% to 6% interest rate. It has a loan tenure of 4 months.

This lending platform is focused on giving consumer loans or personal loans to income earners. It requires no collateral. Before giving out a loan, the borrower is expected to have an active source of income, be between 21-58 years of age, and provide necessary documents like a valid ID, salary account, bank statement, etc.

13. ONE-FI

OneFi was formally known as Onecredit, offers quick loans for as high as N200,000.

OneFi is a financial institute which grants quick loans to individuals with a short loan tenure of about 3 to 6 months. Its mission is to make funds available to individuals with a steady source of income especially, salary earners in need of salary advance, and petty traders with limited funds.


Specta is a lending platform created by Sterling bank to provide loans. It offers both business and consumer loans for as high as N5,000,000 with favourable interest rates.

It is one of the few financial institutions in the banking sphere that offers online loans without collateral or documentation.


This is an international lending platform that gives loans to applicants in Nigeria, Tanzania, Kenya, and Mexico. Like other online lending platforms, Branch requires no collateral or signatures for approval.

Branch provides its clients with easy access through a mobile app. The borrower would be required to fill a loan application forms and within a few minutes gets a response from the lender.

Branch offers consumer loans between N1,500 and N150,000 with a loan tenure of 4- 16 months as the case may be.


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