In Nigeria, there are so many business ideas that never became realistic. There are so many challenges that Nigerians face when it comes to bringing a business dream into reality. One of the major challenges is not having access to funds.
This is a big problem because without funds, it would be impossible to start up any business since a business won’t run on water.
There are so many ways to get access to funds in Nigeria.
Get Access to Fund your Ideas Now in Nigeria
One of the major ways to get access to fund to
finance your business is through securing a loan from the bank.
However, most Nigerians find it very hard to secure
a loan from the bank. This is usually due to some reasons. Some of the reasons
include; ignorance, a lackadaisical approach to secure a loan, and the issue of
collateral.
There are so many potential entrepreneurs in Nigeria
who are determined to securing a loan to finance their business. However,
because they do not have collateral, their dream of securing a loan remains a
dream.
Nigerian banks are faced with a high level of risk
giving out loans on a non-collateral base. This is because the issue with
finance is a sensitive one especially in a country where almost everyone is
corrupt.
Fortunately, some banks in Nigeria do give out loans
on a non-collateral base. These banks understand the fact that many Nigerian
potential business owners have what it takes to build and manage a business
without having collateral or security to secure a loan to sponsor their idea.
Bank Loan without Collateral in Nigeria
Without wasting your time, I would be revealing to you the top Nigerian banks that will give you loans without collateral.
1. Guarantee Trust Bank Plc.
Guarantee Trust Bank Plc. provides collateral-free
loans to interested individuals. GT bank non-collateral loan is created to
facilitate the growth of Micro, Small, and Medium Enterprises (MSME) in Nigeria.
In order to enjoy this opportunity, you will have to look at the bank’s SME
loan packages and make the best choice that fits your business. GT Bank’s SME
loans can be accessed in the form of; Revolving Credit, Installment Loan,
Contract Finance and Local Purchase Order (LPO) Finance.
GT Bank provides you with the opportunity to access
short and medium-term loans, as well as assets purchased with reduced collateral
requirements.
If you are interested in GT Bank loaning services, you should make a direct inquiry at any GT bank close to you.
2. First Bank Nigeria PLC :
This is the oldest bank in Nigeria which was founded in the year 1894. First Bank Nigeria Plc. offers
collateral-free loans to interested Nigerians. This initiative is channeled
towards the provision of a non-collateral loan to empower economic growth in the
Small and Medium Enterprises (SMEs) sector of
Nigeria through their collateral-free loan services.
Interested entrepreneurs would need to pass through psychometric sort of test, and then, provide the bank with their business plan and financial projection.
3. Heritage Bank:
Great news! Heritage bank provides interested
Nigerians with loans without expecting any collateral. The bank aims to
facilitate the growth of SMEs in the country.
One of Heritage Bank’s major programs is its Youth Innovative Entrepreneurship Program (YIEDP) which is supported by the Central Bank of Nigeria. This program is beneficial to mostly Nigerian youths to support their dream of owning and growing a business through the provision of affordable loan packages.
4. Stanbic IBTC Bank:
Stanbic IBTC Bank is another top bank in Nigeria
that encourages business owners to have access to loan without providing any
collateral.
Stanbic IBTC Bank loan area unit is created to
enable SMEs to acquire business assets and other facilities. However, these assets
become yours once you make the last payment on the received loan.
Repayment is usually made between one to five years. During this period, payment is made on instamentally on a monthly basis .
5. Access Bank:
Access Bank is one of the most popular banks in
Nigeria. This bank is also one of the best banks to obtain a loan on a no
collateral basis in Nigeria.
You can have access to multiple low-interest loan
options from Access Bank through their Access Bank Quick Bucks. Access Bank
Quick Bucks is a mobile app designed by Access Bank to make their loan services
easily accessible to interested Nigerians.
You can gain access to a business loan worth N100, 000 to N1 million without providing any collateral. However, in order to qualify for their loan services, you would need to have a corporate account with them and must have been transacting with the account for at least, a period of 6 months.
6. WEMA Bank:
If you have a Salary Current or Savings Account with
WEMA bank, you are likely to qualify for a non-collateral loan from WEMA bank.
WEMA bank gives entrepreneur loan that ranges from N100, 000 to N1 million without any collateral. The goal is to encourage owners of small and medium enterprises to achieve the financial success they dream of in Nigeria.
7. First City Monument Bank (FCMB) Limited:
This is the last bank to be revealed in this article
but certainly not the least. FCMB like other banks revealed in this article,
provides access on having access to loans without providing collateral.
FCMB provides the following loan options without
collateral; Auto Loan, Salary Top-Up Loan, Fastcash Loan, Premium Salary Loan.
Dial the USSD code, *329# to enjoy FCMB FastCash loan without collateral.
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