4 Low Interest Loans for Small Business Owners in Nigeria

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Running a business without adequate funding can be frustrating especially for small business owners.

This article provides a list of loan channels that any business owner can access in order to receive funding for their business.


  • AlAT

  • Moniepoint

  • Renmoney

  • Lendigo Nigeria.


ALAT

ALAT is a digital bank owned by Wema Bank ( one of the prestigious Banks operating in Nigeria) made available to help small businesses access funding options for SME's hassle free.

Whether you're an existing or new business owner, you can access ALAT loan opportunities as long as you meet the criteria.


The criteria are as follows:

  • You must have an ALAT account.

  • You must have a registered business.

  • Your business must have an account with Wema Bank or ALAT that can be used to make and receive payments.

To access this loan opportunity please visit the official website.


MONIEPOINT

Moniepoint has become a household name since the advent of POS business in Nigeria. Moniepoint Microfinance Bank offer loan options for business and personal reasons.

With moniepoint, one can access upto #50,000,000 without collateral. Their interest rate is capped at 10% per annum and loan approval time is around 3 days or less in some cases. 


To access this loan, visit the official website.


RENMONEY

Renmoney Microfinance Bank was founded in 2012 and since it's inception it has been operating seamlessly. Renmoney offers loans upto #6,000,000 with very low interest rates, payable upto 24 months. The approval rate is 24 hours or less. Visit the official website to apply.


LENDIGO NIGERIA

Lendigo Nigeria is an online loan app that offers loan opportunities to SME's without collateral.

According to the above finance company which states on their official website that it has a vision to become Nigeria's leading financial institution dedicated to SME's through technology and innovative practices.

The approval time after loan application is approximately 48 hours.

Lendigo provides list of business loans available on their platform and it includes:

  1. For Distributors

  2. For E-commerce Merchants

  3. For POS Agents 

  4. For SME's.

This is to say that before proceeding to apply for a lendigo loan, you should check whether your business falls under any of the 4 listed business loans on their platform.

You can visit lendigo.ng to apply for a loan and for more detailed information on their terms of operation.

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