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Seven Online Lending Platforms That Give Quick Loans To SMEs

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Over time, small businesses have expressed frustrations in their inability to secure extra funding or capital to start, run and grow the business. After all options have been exhausted, it now seems the only logical means is to get a business loan. But the difficulty in securing these loans have left many business owners hopeless as the process can be viewed as exhausting, complicated and frustrating.

With the emergence of many players in the FINTECH industry, there are some online lending platforms that give quick loans to small business owners with little requirements and less effort.

Below are nine online lending platforms that give quick loans:

1. Aella Credit

Aella Credit is a platform that focuses mainly on employee lending and empowerment. It uses credit scoring algorithms to determine the credit worthiness of loan applicants, which was built after the team gathered over five years of market data and analysis. The algorithm was built to process eligibility of applicants by considering social and demographic factors as well as their debt to income ratio.

  • Loan amount: Up to N720,000
  • Interest: 20-27% for out of network loans 1-14% for in networks loans 

2. Carbon-Carbon for Business

Carbon (formerly Paylater) offers short term loans to both individuals and small businesses to help cover urgent cash needs.

Small businesses and individuals can access up to N500,000 loan without collateral. Funds are received 1-3 business days after your loan application has been approved. To access higher credits, repayments should be made at the stipulated time.

  • Loan amount: Up to N20 million
  • Interest: Varies 

3. Grofin

GroFin focuses on Small and Medium Enterprise financing and business loans across Africa and the Middle East.

As a small business you can access business loans between $100,000 and $1.5m. If you have investible numbers and you looking to expand your business, then GroFin is your best short. you can submit your online application here, If you think your business ticks the required checklist

4. Kiakia

KiaKia is a digital money lending platform that gives access to personal and business loans. This platform allow borrowers and lenders to negotiate interest through intuitive conversations. Kiakia uses machine learning and digital forensics for its credit scoring and risk assessment algorithm. This allows the platform to provide direct and peered personal and business loans to millions of individuals and SMEs without credit information.

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  • Loan amount: N50,000+
  • Interest rate: 3.5%. 

5. Lydia

Lidya is a leading online lending platform that provides small and medium businesses access to finance. Businesses can access between $500 and $15,000 in working capital.

Lidya utilizes a technology and algorithms that assesses the risk before granting the loans, it allows them to offer financial products to these customers at a low cost.

  • Loan amount: N150,000+
  • Interest rate of 3.5%.

6. Quickcheck

QuickCheck is a modern lending platform that allows both individuals and small businesses access loans. QuickCheck uses mobile technology to enable individuals and small businesses gain access to financial credit.

According to the platform, users can access quick and hassle free loans of up to 30,000 Naira without any collateral for a duration of either 15 or 30 days.

  • Loan Amount: N1,500 – N500,000
  • Loan Interest: 5% per month 

7. One-Fi

OneFi is a credit facility company that offers short-term consumer loans to credit-worthy individuals with limited access to finance. It was formerly known as One credit

One-Fi loan repayment cycle is typically between 3 – 12 months, with loan amounts ranging from N40,000 – N2 million. You can apply here.

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