7 Online Lending Platforms to get Small Business Loans in Nigeria

7 Online Lending Platforms to get Small Business Loans in Nigeria

April 26, 2021 0

Every business requires funding to start, sustain and scale it and you can raise such funds from online lending platforms.

Most often, many business owners require some extra funds to expand their business. When other sources of funding are exhausted, taking a loan can become another source of interest. 

Business owners tend to think that getting small business loans in Nigeria can be very complex. However, with the rise and evolving of the FINTECH industry in Nigeria, getting small business loans have become a walk in the park. You can now access loans easily on several online lending platforms at a quick rate. 

These platforms provide digital forms of credits which have fixed interest rates and last for a specified period of time. These loans can be repaid on an installment basis or in full.

Are you thinking of getting a loan to start up your business? Or perhaps you need some extra funds to expand your business to the next level?

Find out 8 of the best online lending platforms to get small business loans in Nigeria. Let’s dive in!


Renmoney is known as one of the leading Fintech companies in Nigeria. With Renmoney, you can access loans as high as N4 million naira with an interest rate of only 4.9%. There are various loan types and repayment plans for various categories. 

To apply, you will need to submit a six month bank statement, utility bill as well as a passport photograph. Once approved, (which may tae up to 24 hours), it will be credited into your account. 

7 Online Lending Platforms to get Small Business Loans in Nigeria
Business owners can find loans from different online lending platforms

To get access to higher loans and get better ratings, it is best to repay within the stipulated time period. You can apply on the Renmoney website or call the customer care service to get started with the application process.

Kia kia

Kia Kia is derived from the Nigerian language which means “fast”! And just like the name applies, this digital lending platform is fast and efficient. Kia kia is an online money lender for Nigerian business. Its app gives out small business loans as well as personal loans.

This app also allows savers to lend money at a negotiated interest. It’s interest rate is 3.5% and gives a minimum loan amount of N50,000. You can visit their website to get started with the process. You also get access to a virtual agent available at any time. 


Lidya.co is one of Nigeria’s leading loan companies providing access to finances for small and medium enterprises. With Lydia, you can access unsecured loans between $500 and $15000 with an interest rate of 3.5% per month. Lydia uses its technology to access risks before giving out loans. You can apply online or with a mobile phone and get a response in a few hours if all criterias are met.  


Carbon is an easy to use online lending platform. It provides short term small business loans to individuals and business owners to help them cover unexpected expenses and meet urgent financial needs. 

Carbon offers up to N500,000 without collateral and is available within 1-3 business days. To access a higher credit limit on your next loan, it is important to make on time repayments. You can download the Carbon app to get started with the loan process. 

Quick Check

Quick check is one of the best online lending platforms in Nigeria, allowing you to access funds instantly. You can get funds straight into your bank account even if you are outside the country. You can access loans up to N30,000 completely hassle free without any collateral for a period of 15-30 days. 

Quick check requires your BVN for verification and security purposes and your bank account for disbursing the loan. Early repayment of loans qualifies you for lower interest rates and higher amounts. You can download the Quick Check app to start your loan  application process. 

Fair Money

Fair Money is a licensed app that offers quick loans to cover unexpected expenses, business and so much more. With its technology, Quick Check can offer loans quickly and effectively to all it’s customers. Such loans include; personal loans, educational loans, small business loans, and so on. 

It requires your BVN and debit card to get loans from N2500 to N150,000. Interest rate starts from 5% to 28% depending on the loan borrowed. It also runs at a duration of 4-26 weeks. 

When you repay your loans on time, you get access to higher credit limits and loan amounts. To apply, you can download the Fair Money app and start your loan application process. 


Branch is an easy to use, yet powerful mobile loan app available in Nigeria and Kenya. It allows you to open an account, apply for a loan and receive money right into your account. It is both fast and reliable! 

With Branch, you can access loans from ₦1,000 to ₦200,000 within 24hrs, to pay back within a period of 4 to 40 weeks. You do not need any collateral to get loans from Branch. Interest rates go between 14% – 28% with a monthly interest rate of 1%- 21% depending on the loan option. These interest rates are determined by several factors. You can get loans for your business at any time, anywhere. To get started, simply download the Branch app.


So there you have it! There are several online lending platforms that offer small business loans in Nigeria. It is important to check for the terms and conditions before applying for loans. Also, take note of the interest rate and payback period. 

Do you have any questions or suggestions on SMEs in Africa? Kindly drop them in the comment section below!

Shannon Okubor
Shannon Okubor
Shannon Okubor
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