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How to get Loan in Nigeria without collateral 2016

This article contain how to get Loan in Nigeria without collateral 2016

For some good reason you may want to obtain loan in financing your business, solving medical issues, or even for studying. Especially the current state of Nigeria economy is promoting many small and medium seeking the assistant of loan to keep on going. That is why we have put together this article how to get loan in Nigeria easily. Many banks of Nigeria offer loan but really not helping the growth of small and medium business, as their mode of obtaining loan involve collateral. You maybe asking how do i get soft loan without collateral. i hope this article will help you go a long way.

how to get loan in nigeria

How to get loan in Nigeria and sources that offer soft loan in Nigeria.

There are so many sources to get soft loan in Nigeria but in this article we will be listing only few that worth our trust, they don’t ask for collateral, you can be paying back due to agreement.

Many Organisation have developed a co-operative society to help in efferent challenges and in other to benefit from those corporate society you must join be a member, this mean for you to be able to obtain their soft loan you definitely have to join them. Joining this co-operative society doesn’t really a sweat, it easy and you are not required to deposit thousands.

Micro finance bank

Micro finance is first among all that offer soft loan in Nigeria without collateral, micro finance bank is a financial institute feared for low income earners. They offer small and medium business loan without collateral but with little interest upon it it pay back. They are fair enough assisting small and medium businesses loan to grow better without collateral or much stress.
Note: It will be more easier to get loan from micro finance bank than commercial banks if you have any business involve with. They There is however, a signed agreement capturing a required paid agreed and photo short upon release is been required for maximum evidence of agreement.

We personally recommended micro finance because we have transact with them and they where even much too fair with us. They are good if you can keep to your agreement.

Federal Government Agencies

It seem also easy to get a soft loan from federal government agencies. This aim of this agencies is to offer people venturing to agriculture loan in other for farmers to archive the goals. The federal government has severally schemed of the opportunity of soft loan to people venturing to agriculture. At the present situation of this Nigeria the government are looking for those who are ready to go into agriculture, in other to develop or exportation, in bringing back the value of Naira. Farmers can easily obtain soft loan from the government without collateral and they are allowed to payback in due time based on the agreement. All you have to do is find scheme for small businesses and you will be able to get a soft loan from Government agencies without collateral

Business Angels.

Business angels is another agencies that offer soft loan without collateral. They are not well recognized due to their lack of advertisement and appropriate marketing. Their loan get more easier but dealing with them is based on trust. We haven’t deal with them bus have contacted them severally and make some hard inquires from them, and according some of their testimonials they seem to appear good. Since you are not paying to get loan and you won’t be required of collateral definitely you can give a try because you have nothing to loose despite you meet up with pay back agreement.

Revolving Loan Schemes

Revolving loan scheme is a scheme that have been in existence for long now. it commonly find every where. In Delta and Yoruba it been called “Osusu”, hausa known it to be “Adashe”, while in Igbo is called “Utu”.
This is a form of co-orpretive meeting, a compose group of trusted member who pull funds together in weekly or monthly. Each member contribute an agreed amount daily or weekly. This join many trusted people together in contributing a sum amount monthly or weekly, and at the end of every agreed time the lumb sum is given to one person. This how it will gradually get to the turn of every member of the co-operative before the end of a year. You can obtain collateral free loan from this source easily.

ALSO READ: List of Small Businesses to Start in Nigeria with #5,000 or #10,000 Naira

This is all aspect of How to get Loan in Nigeria we could cover on this article, as mentioned above this are the only reliable collateral free loan sources that we trusted for now. we will keep refreshing this post to stay up to date.

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  6. PLease, I am looking for a place to get loan for farming.
    I will need up to five hundred thousand naira for farming.

      1. How true is your loan Mr. Mark?

  7. I can agree to any other thing but for help to get these money i don’t think it will ever work not from you?

  8. Please i need a loan of 1.5million for expanding my auto parts business.please how i can get it from a micro fianance or an angel donor. I stay in akure ondo state

  9. i need a loan to facilitate a 5000 capacity layers farm. who or where do i go to be able to get this kinda loan sir?

      1. How true is your loan Mr. Mark?

  10. Madukpe, Victor Solomon

    Pls I am an Abuja based business man. I need N200,000 soft loan without collateral and to pay back after 3 months

  11. Please, l need 400,000 loan to set up a business. How can get one without collateral?

  12. if you need a loan email

    1. I need 70000 for business

  13. thanks for the help of loan

  14. The Central Bank of Nigeria (CBN) has approved
    disbursement of about N75billion as loan to
    farmers,business in
    the 36 states and the Federal Capital Territory
    under the Nigerian Incentive-Based Risk Sharing
    Agricultural Lending (NIRSAL). NOTE LOANS
    (100,00) AND MAXIMUM
    OF TWENTY MILLION NAIRA (1,000000.00) .

    1. I’m also interested in a business loan. I have collateral if needed.

      1. If you have a collateral then try some of the Nigeria banks if their interest rate if not too much for you. Try to meet with micro finance bank.

  15. I need a loan of N150,000, which microfinance is the best option, pls help

    1. have u approach micro finanace bank abt it. do if you have not.

  16. I need a loan for agriculture please how do I get loan from business Angels?

  17. Hello my name is samsul for the past two years money have not been easy but thanks to a good friend of mine who help me with a loan form the on going FEDERAL.GOVERNMENT.2016/2017.EMPOWERMENT.LOAN.FOR.ENTREPRENEUR.(NATION.WIDE.)in Nigeria now my business is growing daily all thanks to Alex who helped me out this is a life time luck to anyone who need it. contact him on his via email [email protected] com good people of nigeria

  18. i need about #20,000, for my business, with no collateral, PLEASE which Bank can i get it from, i only have ECOBANK.

  19. i don’t know, am a boy of 22yrs and i have this business plan that i want to carry out but i don’t have the capital to start the project,i don’t know if i go to this money lending firms would they be able to accept me and give me what i requested for?

  20. thanks, please which micro finance bank can i apply for a loan of 500k with good interest

  21. please how can we meet the business angels in Nigeria

  22. Please I seriously need a soft loan of 1.5m for the establishment and farming of 5000 fish fingerlings, grass cutter rearing and 1000 birds ( chicken). I have available land and booming market proximity, Aba-Umuahià-Uyo and Portharcourt
    Please direct me to a donor or lender. My phone numbers are: +2348132838212 and +2348095880042

    1. Try to approach banks. You will surely get good respond if you have something to give as collateral.


    Banks take into consideration dozens of factors when reviewing a loan application and it can be difficult to fit their exact criteria and get approved. However, there are still options out there for you. Here are 2 alternative options you can pursue that may help you find exactly what you’re looking for.

    (1)Small Business Administration (SBA) Loan Programs
    While the government is not the direct lender, it works with microloan providers, banks, and other institutions both local and international and supports entrepreneurs by laying down certain regulations for the lending procedures. You can choose from the SBA 7(a) Loan, equipment loans, short-term loans, and more.

    (2)Alternative Finance Sources
    There are several lending institutions that offer small business loans without the strict criteria that banks have. They may be open to funding your business loan despite low credit scores, lack of collateral, or insufficient monthly revenues.

    Banks are no longer your only option to obtain working capital; and you don’t need to wait for long processing times or submit elaborate paperwork to get approved. Instead, consider using one of the many alternative lending institutions so you can get the small business loan that best fits your business and its needs.
    Whether it’s an SBA loan you’re after, or an alternative finance source, KIVA GLOBAL FUNDING can help you wade through the options and get you the loan you need.

  24. I have used micro finance bank before, i even have account with and their loan is a bit easy to get. My problem with them is not getting a loan of up to 1 million, business folks are not after 60,000 to 500,000. For me i need good loan of up to 5 million and i will pay back within 18 months, my intention is remiting 250,000 monthly. I don’t really care if collateral is required or not, i have a house and land in a develope enviroment in which i can use as collateral. Please any idea which service i can archive this loan from. And if posible any individual loan me this amount. I hope to get urgent relivant reply pls.

    1. Soon we will be posting an article on how to get huge amount of loan from some nigeria banks without huge collateral

  25. Please how can i meet with the business Angels?

    1. Hi @Sarah please can you make ur question specific and more clear a little bit clear? So we can answer your question.

    2. We will be posting their number here soon after granting permision to.

  26. I have a question, but i notice no answer given to those above. Will this site be kind enough to answer some of this qeustions?

    1. You are free to ask your questions, we are here to respond to you your question soon as posible

  27. Thanks a lot informationhood, please where can someone find the Federal Government Agencies in my state, or should i go to the area cancile here?

    1. go to your local government secretariat to get that done

    2. Hello my name is samsul for the past two years money have not been easy but thanks to a good friend of mine who help me with a loan form the on going FEDERAL.GOVERNMENT.2016/2017.EMPOWERMENT.LOAN.FOR.ENTREPRENEUR.(NATION.WIDE.)in Nigeria now my business is growing daily all thanks to Alex who helped me out this is a life time luck to anyone who need it. contact him on his via email [email protected] com good people of nigeria

  28. wow thanks a lot, i have been going to first bank for over two weeks now without any positive result, please can micro finance bank release up to 1m for a paybacj withing a peried of 1year? what is the mood of payback. please help, and i appreciate if drop some of their number which you listed here. i reside in Ogun state, i will like to try micro finance.

    1. sorry for la reply, you can easily go to micro finance bank and open an account with them, they will tell you the total process of getting loan. micro finanace bank is almost in evry city of Nigeria

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