To get loans in Nigeria without collateral, you need to have something tangible to replace for the value of a collateral.
In this post, I am going to show you what to use to get loans in Nigeria without collateral
Loans in Nigeria Without Collateral
- Salary Account
- Family and Friends
- Bank of Industry (BOI)
- Grants and Angel investors
- Get a Job
1. Salary Account
If you are employed and you have been receiving a steady salary for the past 6 months, getting a loan from a bank might not be a great hassle, as many banks have loan services that cater to salary earners
The only downside to this is that your salary determines how much funds can be given to you. Also the requirements for the loans are usually adjusted based on your employer.
Federal government workers will need to have an IPPIS number, while Lagos state government workers will need an ORACLE number. If you are employed in the private sector, you may need to have a guarantor.
2. Family and Friends
Getting a business loan from family and friends cannot be entirely easy. You have to earn their trust and they also have the belief in your business idea.
Sometimes you may need to give them a percentage for them to be invested in the business fully
3. Bank of Industry (BOI)
The Nigerian government through the Bank of Industry offers grants to businesses both startups, SMEs and Large enterprises.
To apply for BOI funding, you will have to write a formal application letter, complete some forms and questionnaire and wait for feedback.
4. Grants and Angel investors
With grants and angel investors, you can get capital and business support. Most times you may get the funds in exchange for ownership shares.
5. Get a Job
You can get a job with a monthly pay or a side hustle that you can use to fund your business. The disadvantage is that you may not have enough time to invest in your business which can stunt your business growth phase. The good thing is you don’t have to worry about paying back a loan
Check out how much loan you qualify for, begin your application here.