Nigerian Banks That Gives Business Loans Without Collateral
Years before now, putting up the title “bank loan without collateral in Nigeria” would have seemed unbelievably ridiculous. Fast forward to a few years later; we can confidently compile a list of traditional banks in Nigeria providing this service.
A large number of Nigerian banks do not require you to fill out a mountain of paperwork or sign away your life in order to obtain a loan. In reality, small businesses in any financial situation can now receive funding from a variety of sources. This provides the lender with peace of mind if the borrower is unable to repay the loan. And what if your small business doesn’t have any assets to back it up? You may be thinking that an uncollateralized loan is already out of your price range. But don’t worry, there are lenders who will lend you money even if you don’t have any collateral!
Here are some of the top Nigerian Banks That Gives Business Loans Without Collateral
STANBIC IBTC BANK
United Bank for Africa
List of Banks Offering Instant Loans Without Collateral in Nigeria
Nigerian Banks That Gives Business Loans Without Collateral
1. FIRST BANK NIGERIA PLC
First Bank is the first bank on our list of banks that offer non-collateral business loans. All businesses should look into this bank for loans, as well as savings and investment opportunities.
First Bank has non-collateral business loans strategies in place to provide firms and entrepreneurs with the financing they require.
These loans are available to entrepreneurs and business owners of all sizes, types, and locations. To obtain these loans, go to your nearest bank outlet/branch with your business idea and a solid business strategy, give in to their demands, and then move on.
2. GUARANTEE TRUST BANK
Are you looking for creative financing options for your business? GTBank is the place to go if you’re looking for financing solutions to help you start and grow a business from the ground up. This bank offers entrepreneurs unsecured business loans.
With a flexible SME loan package, you can request and receive a loan quickly without the need for a local purchase order (LPO), revolving credit, or installment loan.
3. WEMA BANK
Wema Bank is just another bank that is completely committed to assisting the Nigerian business sector’s productivity growth. Many businesses benefit from commercial bank programs that are based on these strategies.
Wema Bank is heavily invested in the growth of its customers’ businesses and recently completed a transaction with a small firm. They are also willing to make business loans of up to $1 million with no collateral required.
By opening a collaboration account with Wema Bank, business owners can apply for collateral-free loans. Normally, this loan is available after 6 months of consistent transactions.
4. STANBIC IBTC BANK
Stanbic IBTC is another Nigerian bank that offers higher interest rates on fixed deposits. They also give Nigerian businesspeople the option of applying for and receiving lines of credit without the need for collateral.
Stanbic IBTC designed these loans to make it easier for small and medium-sized businesses to carry out their operations.
5. ZENITH BANK
The Zenith bank is one of Nigeria Banks that provides loans and services such as SME Loans, Overdrafts, LPO Finance, which are just few to i have listed. Borrowing clients, for example, can use the Local Purchase Order (LPO) to fund the delivery of supplies. Overdrafts, on the other side, provide the borrower with a credit balance in their current account that is more than their credit balance. This is set to a specific tenor, which is usually not more than twelve months.
All of these are available to you without the necessity for collateral from the bank. By visiting Zenith Bank’s website, you can learn how to apply for a loan.
6. FIDELITY BANK
Fidelity Bank is a small business-friendly bank that has received numerous honors and accolades on its way to becoming a retail banking leader.
The banking firm’s Fidelity Easy Asset Leasing Scheme (FEALS) is a commercial and personal financing program. FEALS can be used to buy household goods, new vehicles, generators, inverters, computers, and other items. It has a minimum contribution of 20% and a 48-hour approval time.
7. UNITED BANK FOR AFRICA
The United Bank for Africa, or UBA, lends money with no collateral. The bank is well-known for its “No Wahala Loan” as well as Personal Overdraft.
Lenders who have the former can spend a little more on whatever they want. Additional funds may be required to repair your vehicle, pay medical bills, or deal with other unexpected expenses. You have complete control over how you spend your loan.
8. HERITAGE BANK
Heritage Bank offers collateral-free business loans to both small and large firms, regardless of size or location.
Heritage Bank presently conducts a youth innovative Entrepreneurship program, which is funded by the Central Bank of Nigeria, all in the name of promoting entrepreneurship in Nigeria.
BANK LOANS IN NIGERIA WITHOUT COLLATERAL: FREQUENTLY ASKED QUESTIONS
Some frequently asked questions about how to acquire a loan without collateral are included below.
What do banks check before giving a loan?
Most banks start by checking your credit rating and history. Depending on how shinny or poor it is, they then make a decision on your loan application. However, they also consider other factors like your income, place of work, assets, net worth, and more. The exact parameters they consider varies from one bank to another.
If you’re in need of a platform to get loans without difficult checks, then loanspotafrica is your go-to spot. They offer legit loans with one of the most minimal background checks and qualifications.
HOW CAN I TELL IF I’M ELIGIBLE FOR A LOAN?
Typically, this data can be obtained on the bank’s website or in the loan requirement. Everything you have to do is go to their website and look over the requirements. Several advance lenders let you create a profile or provide your BVN and instantly see if you’re qualified for a loan.
HOW DO I CONVINCE A BANK TO GET A LOAN?
How do I convince a bank to get a loan?
You cannot exactly convince a bank to give you a loan. This is because each loan product usually has minimum requirements that you must meet in order to be successful in your application. Most times, except you’re of high net worth or have valuable collaterals to lay down as part of the bargaining chip, you can’t exactly convince a bank to give you loans.
On the bright side, you do not need to do any convincing at all with loanspotafrica as they offer one of the easiest loans to access.
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