Top 5 Digital Loan Providers For Small Businesses In Nigeria

With the rise of digital lenders, many small businesses in Nigeria are flocking to digital loan providers to get the capital they need to grow their businesses.

These digital lending platforms have revolutionised the way small businesses access capital by leveraging technology to streamline the loan application process, making it the more accessible and efficient alternative to traditional institutions for entrepreneurs.

In this article, we will explore some of the top digital loan apps and lenders in Nigeria and highlight how small businesses navigate their loan application processes and requirements.

Top 5 Digital Loan Providers In Nigeria

How To Apply

To apply for the FairMoney Business Loan, fill out this form and upload the documents listed above.

2. Carbon

Another prominent player in Nigeria’s digital lending space is Carbon. They offer user-friendly interface and quick loan approval process that have attracted many small business owners in Nigeria. Carbon’s data-driven approach to credit assessment helps it provide loans to entrepreneurs who lack traditional collateral or credit history. With Carbon, small businesses can access up to 9.5 million Naira with up to 6 months tenor at an interest rate of 4.5% to 30%.

Eligibility Criteria For Loan Application

Customers must provide the following documents to be eligible for a Carbon business loan:

3. Lidya

Founded in 2016, is a fintech company that has since become popular as one of the leading digital loan providers in Nigeria. They offer unsecured business loans to SMEs, allowing business owners to apply for loans quickly and conveniently, with decisions made within 48 hours. Initial loans are renewable within 30 days at an interest rate of 3.5% per month.

Eligibility Criteria For Loan Application

Customers must do the following to be eligible for a Lidya business loan:

4. RenMoney

Renmoney is another digital lender that has gained traction in the Nigerian market for offering unsecured business loans, and other financial products. Renmoney’s focus on using alternative data sources, such as mobile phone usage and social media activity, to assess creditworthiness has enabled it to serve a broader range of borrowers, including those with limited access to traditional banking services. Renmoney offers business loans of up to 15 million Naira for 12 months with interest rates ranging from 2.9% to 34.17% per month.

Eligibility Criteria For Loan Application

Customers must provide the following information to be eligible for a RenMoney business loan:

5. Aella Credit

Aella Credit is a digital lending platform that has been empowering Africans by providing seamless, secure, and accessible digital solutions through cutting-edge technology platforms, and innovative credit solutions. With Aella Credit, small business owners can access working capital loans of up to 10 million Naira at an interest rate ranging from 2% to 20% per month.

Eligibility Criteria For Loan Application

Customers must provide the following information to be eligible for an Aella Credit business loan:

These digital loan providers in Nigeria have become increasingly popular due to their speed, convenience, and accessibility, especially for small businesses that may have difficulty obtaining traditional bank loans. By harnessing technology and alternative data sources, these lenders can reach a wider pool of borrowers and provide much-needed capital to support the growth of the Nigerian SME sector.