One of the biggest challenges face small businesses in Nigeria is capital; this is because every business needs it to kick start. Unfortunately Nigerian commercial banks are not yet the best place to when you need loan to financing your business, solving medical issues, or even for studying because of the ambiguous process of obtaining loan and collateral, that does not in any way mean that banks are not helping small businesses.
The current state of Nigeria economy is promoting many small and medium seeking the assistant of loan to keep on going. This article will guide you on credit sources 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 Organisations have developed a co-operative society to help in efferent challenges and in other to benefit from that 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 that entire 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 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 were 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 are 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 inquiries 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 lose despite you meet up with pay back agreement.
Revolving Loan Schemes
Revolving loan scheme is a scheme that has been in existence for long now. it commonly find everywhere. 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-operative meeting, a compose group of trusted member who pull funds together in weekly or monthly. Each member contributes 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.
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.