Loans as financial instruments are important for both individuals and businesses in order to meet some financial obligations. One peculiar thing with most lenders however is the fact that more often than not, they require some form of collateral before giving out loans.
These collaterals are forms of security so as to ensure borrowers pay back the given loan. However, not all business owners can afford to self-fund a business, neither do they have access to collaterals.
With the recent outbreak of the COVID-19 pandemic, most business owners have seized this lockdown period as an opportunity to scale up their businesses. For those who are looking to start out new businesses, this is also a great time to do so.
While the idea of starting out a business is great, the money with which to do so can pose a challenge. It doesn’t have to be a limitation however as there are loan options available for Nigerian business owners to try out this period.
Some of these include:
- Carbon (Paylater)
Carbon is a loan app which was formerly known as Paylater. It has over time become one of the most popular choices where loans are concerned. Carbon gives out loans to anyone whether working class or not. This makes it a viable option for business owners in Nigeria.
Not only does Carbon make loans available at any point in time, getting the money requested for is also very fast. In fact, funds can get credited into your account in a matter of minutes.
Another good thing about the Carbon loan app is the fact that it doesn’t require any guarantor or collateral. This makes it even perfect for business owners to take advantage of during this pandemic.
One thing to keep in mind with Carbon, however, is the fact that the more you repay loans on time, the higher your chances of increasing your subsequent loan amounts. With Carbon, it is stress-free as all activities are being managed directly from the Carbon app. Moreover, no technical know-how is required. The app is designed in such a way that makes it easy for users to find their way around.
- GroFin Fund
GroFin is a development financier that invests in small and growing businesses. Businesses to be considered should have the ability for sustainability and should be able to create a positive impact in whatever communities they operate from.
GroFin gives out five different types of funds; they are:
- The Growth Africa Fund
- The Aspire Nigeria Fund
- Small Growing Business Fund
- Aspire Growth Fund
- Aspire Small Business Fund
As for The Aspire Nigeria Fund, Small Growing Business Fund, and the Growth Africa Fund, they tend to all parts of Nigeria except Niger Delta.
For the Niger Delta, the Aspire Small Business Fund and the Aspire Growth Fund cater for that area. With GroFin, funds are mostly provided for a period of six years.
- Branch Loan
Branch Loan is one of the best and most used loan apps in Nigeria. To make it even better, its operation is not restricted to Nigeria alone. It works just as well in other countries like India, Kenya, and Mexico.
With Branch, business owners have easy access to loans any time and from anywhere, including the comfort of your homes. Once you apply for a loan and meet up with the necessary requirements, it gets credited directly into your bank account provided.
The Branch loan app is easy and very convenient to use. It provides loans as low as N1000 and as high as N200,000. The interest to be paid back on money borrowed is quite affordable, it, however, varies based on countries.
- Fair Money Instant Loans
Fair Money is another loan app which offers instant loan payments in Nigeria. Small business owners can put this opportunity to good use and get the loan needed to kickstart their businesses.
Fair Money offers quality service which makes accessing loans quite easy. Loans applied for can be as much as N150,000 and this can be accessed without collateral or paper works. Furthermore, repayment of loans can be made in instalments. This is done so as to offer customers some flexibility when it comes to paying back loans.
When loans are paid back on time, it leaves room for more benefits such as increased loan amounts. However, there are certain terms and conditions attached to getting a loan request approved with Fair money instant loans. Once these conditions are met, getting loans become really easy.
Specta is a lending platform online that gives users loans of up to five million naira in the space of just one transaction. It doesn’t require any collateral or paperwork; in addition, it grants you the luxury of getting a loan from the comfort of your home without having to go to any office.
MySpecta offers individuals with loan services while Specta4Business is available for business owners who need loans for their businesses. Specta4Business also helps you as a business owner to secure a credit line with your investments or savings if you have fluctuations in your seasonal cash flow.
With this comes a low-interest rate with no demands on your inflow. In addition, your investment or personal savings can be pledged into corporate debt. This will help to facilitate the approval and lower the credit cost. Your business/business idea does not have to die down or go down the drain as a result of lack of funds. The above-listed loan options are sure ways to start out and take your business to the next level.