Top 7 Online Platforms to Apply for Business Loans in Nigeria : How I got 500,000 naira for my POS Business

Let’s be honest—running a business in Nigeria isn’t a walk in the park. Between dealing with rising costs, managing operations, and finding new customers, the last thing you want to worry about is funding. But what if I told you there are platforms designed to make it easier for Nigerian entrepreneurs like you to access business loans?

These online platforms are fast, convenient, and flexible. No more endless queues at the bank or mountains of paperwork. If you’re looking to expand your business, buy new equipment, or improve your cash flow, this guide is for you. Let’s explore seven amazing platforms where you can secure a business loan in Nigeria today.

1. Renmoney

Let’s kick things off with Renmoney. If you’ve been searching for a platform that offers quick loans without collateral, Renmoney might just be your best bet.

What’s Special About Renmoney?

• Loan amounts range from ₦50,000 to ₦6,000,000—perfect for both small and medium-sized businesses.
• You get up to 24 months to repay, giving you enough breathing room to manage your cash flow.
• Zero collateral required.

How Do You Qualify?

• Be between 22 and 59 years old.
• Have a verifiable source of income.
• Provide a valid ID and a recent utility bill for address verification.

How to Apply

All it takes is a visit to the Renmoney website, where you’ll fill out a quick form and upload your documents. They’re fast—approvals usually take less than 24 hours.

Pro Tip:
Renmoney also offers great customer service. If you’re unsure about the process, their team is happy to guide you.

2. Carbon (Formerly Paylater)

If you love convenience, Carbon is the way to go. It’s an app-based lending platform that’s quick, reliable, and perfect for small business owners.

Why People Love Carbon

• Loan amounts go up to ₦1,000,000.
• No need for collateral for smaller loans.
• You can repay over flexible terms, and returning customers often get even lower interest rates.

How Do You Qualify?

• You need a BVN (Bank Verification Number).
• A bank account that can receive the loan.

How to Apply

Simply download the Carbon app, sign up, and apply for a loan in minutes. The app uses your banking history and phone activity to determine your creditworthiness.

Pro Tip:
Use Carbon’s additional features, like bill payments and savings, to build a positive credit history with them. This can improve your chances of getting bigger loans in the future.

3. Branch

Here’s another fantastic app-based platform—Branch. Unlike traditional lenders, Branch uses technology to assess your creditworthiness, so you don’t need to provide a ton of paperwork.

What Makes Branch Unique?

• Loan amounts range from ₦1,000 to ₦500,000, making it great for small business needs.
• Zero paperwork and collateral.
• Quick repayment terms of up to 6 months.

Who Can Apply?

• You’ll need a smartphone with the Branch app installed.
• A valid BVN and bank account.
• Consistent phone activity and income.

How to Apply

Download the Branch app from the Play Store or App Store, sign up, and apply. You’ll typically get a decision within hours.

Pro Tip:
Branch rewards users with better loan terms the more they borrow and repay on time.

4. Lidya

If you run a small or medium-sized enterprise (SME), Lidya is a platform built with you in mind. They specialize in helping businesses grow with larger loans.

What Does Lidya Offer?

• Loans range from ₦150,000 to ₦10,000,000.
• Flexible repayment plans tailored to your business’s cash flow.
• No need for collateral.

Who’s Eligible?

• You’ll need a registered business (CAC certificate required).
• A bank statement showing your business’s financial health.

How to Apply

Head to the Lidya website, create an account, and submit your loan request. They’ll review your application and bank statement before making a decision.

Pro Tip:
Lidya values businesses with consistent cash flow. Make sure your bank statement reflects steady income and minimal overdrafts.

5. Aella Credit

Aella Credit is another app-based lender that provides loans to individuals and businesses in Nigeria. They stand out for their transparent fees and user-friendly app.

Why Choose Aella Credit?

• Borrow up to ₦1,000,000.
• Competitive interest rates, especially for frequent users.
• Fast approval—loans are often disbursed in minutes.

How Do You Qualify?

• You need a BVN and an active bank account.
• Social media accounts may also be verified.

How to Apply

Download the Aella Credit app, sign up, and apply for a loan. It’s as simple as that.

Pro Tip:
Build trust with Aella Credit by starting with smaller loans and paying them back on time. This can help you qualify for larger amounts.

6. FairMoney

FairMoney is all about speed and simplicity. Whether you need a small loan to cover immediate expenses or a larger one for your business, FairMoney has you covered.

What’s on Offer?

• Loans start from ₦1,500 and go up to ₦1,000,000.
• Flexible repayment options of up to 12 months.
• Instant loan approval for most users.

Eligibility

• You need a BVN and a bank account.
• Regular income flow is a plus.

How to Apply

Download the FairMoney app, sign up, and request a loan. The app processes your application and sends the money directly to your account.

Pro Tip:
FairMoney works best for short-term cash flow needs. Use it to bridge financial gaps without overextending yourself.

7. KiaKia

True to its name, KiaKia (which means “fast fast” in Yoruba) provides speedy loans to entrepreneurs. It’s one of the few platforms that offer peer-to-peer lending, where individuals can fund your loan.

Why You’ll Love KiaKia

• Loan amounts of up to ₦1,000,000.
• Competitive interest rates.
• Peer-to-peer lending gives you more options.

Who Can Apply?

• You’ll need a valid ID and BVN.
• Proof of business operations or income.

How to Apply

Visit the KiaKia website, sign up, and apply for a loan. Approval can be as fast as a few hours.

Pro Tip:
KiaKia’s peer-to-peer lending is perfect if you’re struggling to get approval from traditional lenders.

FAQs

1. Can I apply for loans on multiple platforms?
   Yes, but make sure you can manage repayments from all platforms to avoid debt issues.
2. Do I need collateral for these loans?
   Most of these platforms don’t require collateral, especially for smaller loans.
3. What’s the interest rate like?
   Interest rates vary but typically range from 2% to 10% per month, depending on the platform and loan amount.
4. How fast can I get the money?
   Many platforms disburse funds within minutes to 24 hours after approval.
5. Are these platforms safe to use?
   Yes, reputable platforms like Renmoney, Carbon, and Branch use secure systems. Always verify a platform’s authenticity before applying.

With these platforms, securing a business loan in Nigeria has never been easier. Take your time to explore your options, read the terms, and choose the one that best suits your needs. Good luck!