Top 8 Small Business Loans Without Collateral

small business loans

In this post I am going to be showing you the top 8 places where you can get quick small business loans that is available for everyone without providing any collateral.

We have talked about top 10 loan apps earlier where I showed you where you can get instant loans on your phone, but what if you need higher amount of credit facility of between N200,000 to about N5,000,000? then you definitely need small business loan and that is what this post is about.

Nearly everybody starting another business venture is searching for cash to begin. In Nigeria, one of the most effortless and least expensive approaches to get funds for your business is by applying for private venture loans. Yet, sadly, there aren’t really that numerous Nigerian administrative or common government grants accessible for small or independent businesses.

The general criteria for getting to these funds is to have a business. These firms infrequently finance ideas since ideas are untested and untried. You should have a business and guarantee that it is providing a solution to an issue in the society.

Next is to have a bankable and practical business plan. All the more along these lines, the entrepreneur ought to be sure about where he/she needs to be in near future and have the option to describe the market he/she plays. The entrepreneur must also have a record so as to accurately know his/her income and the consumption.

Top 8 Small Business Loans For Quick Loans In Nigeria

Here are the top small business loans opportunities you can get in Nigeria.

SEAP Loans

There are different categories of loans which SEAP offers to it customers which include:

MSP Loan

This is a loan dispensed to singular members of a group with repayment residency of 40 weeks. Interest rate 15% with one week ban.

Members of a specific group are required to meet once in seven days. One outside guarantor and 6 guarantors within the group must be given before a clients can get access to this loan. The required savings deposit for first loan is 10% while the main amount is between 10,000 to 50,000.

Education Loan

SEAP is helping her members to pay their children school fees and savings deposit before getting access to the loan is between 25% and 30% for amount above N200,000.

Interest on loan is 10%, repayment period is 16 weeks (4months) and loan applicant must have 2 guarantors – (one of whom must be a government worker of at the very least level 12.

Agricultural Loan

SEAP offers loan to farmers that are into poultry, angling or piggery, savings deposit is 25% and 30% for any amount above N300,000 while interest rate is 15%.

The moratorium (grace period) for this item is 2 months while repayment mode can be either weekly or monthly based on the idea of farming business. Repayment period is 10 months (40 weeks).

To get to this loan, 2 guarantors are needed, one must be a government employee least of level 12 evaluation. There are a lot of other loan plans available at the bank or you can visit their website for more information.

LAPO Loans (Lift Above Poverty Organization)

LAPO (Lift Above the Poverty Organization) began as a non-legislative and non-productive structure planned for helping the individuals who are the most vulnerable and poor. In 1993, it turned into a partner of the Grameen Bank. In 2010, it has transformed into a Microfinance bank itself, holding the principle exercises under the charge of LAPO NGO (non-governmental organization).

Needy individuals, particularly ladies who need money related assistance to improve their social and economic status can go to LAPO. Aside from rendering microcredit, this association frequently enables individuals to conquer other irritating circumstances like illiteracy or natural degradation.

Types of LAPO Loans

Fundamentally, there is a scope of accessible loans and they are intended to fulfill various needs.

Standard Loans

This given by LAPO are planned for the most part for business visionaries. Such a loan can give a starter business person some capital for their endeavor. Such loan is allowed for 32 weeks and ought to be paid back within this time. Installments are regularly made during group meetings every week.

Festive Loans

This, also given by LAPO, are intended for individuals who need to support their business during certain festive periods. These loans are very little, seldom more than N70,000.

Agricultural Loans

These loans given by LAPO are intended for farmers. In such manner, the timetable of paying the loan back is done as per the cycle of cultivation.

There are still lots of other loan categories which can be explored by visiting the bank or their official online portal.

BOI (Bank of Industry) Loans

The Bank of Industry (BoI) gives various funds to business visionaries at single digit.

This development money institution (DFI) has been appraised by numerous neighborhood and international offices as extraordinary compared to other oversaw banks on the planet.

The BoI has various funds that business people of all levels can get access to. First is the Graduate Entrepreneurship Fund (GEF), which is intended for serving individuals from the National Youth Service Corps (NYSC). Up-and-comers are permitted to present their business thoughts, which are then looked into by a group of specialists. The NYSC individuals whose thoughts are attractive and bankable are then chosen, trained for about a month and after that given between N500,000 and N2 million.


With Specta, you need not bother with insurances, guarantors or a visit to any office to get your loan endorsed and funds dispensed. When application is finished, dispensing done in under 5 Minutes. Specta is opened to everybody regardless of occupation and the bank they opened their account.

Types of Specta Loans


SpectaXtreme is for everybody: business owners, salary earners and more with no profiling needed. You can get up to 2 Million Naira, the highest loan tenure is one year and interest rate between 26 – 30% per annum, regardless of your Bank.

Specta Essential

Specta essential offers up to 5 Million Naira in 5 minutes, as long as 4 years duration and adaptable interest rate and repayment date. This is available to just salaried specialists (independent of Bank) and business proprietors whose records are in Sterling Bank.

Specta Prime

Specta prime is the quickest cash loan for people and corporate organization. Get cash based on your reputation while you get loan for pressing needs. You can loan in Naira, Dollars, Pounds and Euro.

Specta Allowee

Specta Allowee empowers Corp members to get quick access to funds to create and grow their dreams.

Specta Quick Cash

Specta Quick Cash offers up to 20,000 Naira quick cash to all people dependent on Social media popularity and exchange history. This is likewise open to everybody irrespective of bank.

Local Purchase Order

What is a LPO? Local purchase order is a document sent to the seller by the buyer demonstrating the products the buyer plans to purchase. This exchange happens within the boundaries of a country. The local purchase order is significant in that it protects the seller from encountering misfortunes and the buyer from getting incorrectly products. Most associations have a local purchase order sample which is utilized to make other local purchase orders.

Revolving Credit Installment Loan

The most distinctive highlights of an installment credit account are the foreordained length and end date, regularly alluded to as the term of the loan. The loan agreement for the most part incorporates an amortization plan, in which the principal is continuously decreased through installment payments for a while.

Regular installment loans incorporate mortgages, car loans, student loans, and private personal loans. With each of these, you know how much your regularly scheduled payment is and to what extent you will make payments. An additional credit application is required to borrow more cash.

Installment credit is viewed as less dangerous to your credit score than revolving credit.

Revolving Credit

Credit cards and credit extensions are two recognizable types of revolving credit. Your credit limit doesn’t change when you make payments on your revolving credit account. You can come back to your account to borrow more cash as frequently as you need, as long as you don’t surpass your maximum limit.

Since you are not borrowing a lump sum when the account is opened, there is no set payment plan with revolving credit. You are allowed the capacity to borrow up to a specific sum. In any case, this adaptability regularly brings about lower borrowing sums and higher interest rates. Unbound revolving credit account interest rates frequently run between 15%–20%.

Youth Innovative Entrepreneurship Program

The Youth Entrepreneurship Development Program (YEDP) was started on 15th March, 2016 to improve the innovation of Nigerian youths for most extreme economic development. This was in acknowledgment of the way that there was no better section of the Nigerian population than the youths to impel us to our genuinely necessary economic recovery and expansion.

In the last quarter of 2015, the National Bureau of Statistics (NBS) showed that of the 36.3 million youths speaking to 48% of the country’s work power, 13.6 million or 37.7% of them were either unemployed or underemployed. This circumstance couldn’t be permitted to putrefy given that huge numbers of our youths had splendid thoughts and huge dreams yet are not actualizing them from lack of funds.

The YEDP plans to fix the triple-zoomed imperatives of deficiency, staggering expenses and lacking term of capital typically looked by youth business visionaries and startups. It offers credit of up to N3 million to qualified youth or N10 million for group of 3 – 5 youths, with an Interest rate of 9% per annum.

Duration extensively relies upon undertaking multifaceted nature and income is between 1 year for working capital advance and 3 years for term credit. The insurance necessities are very basic: academic and NYSC certificates, external guarantees and other versatile assets.

Target beneficiaries are individuals from the National Youth Service Corps (NYSC), post-NYSC ( not over five years), the individuals who have an evident tertiary institution certification, and artisans with First School Leaving Certificate or a specialized declaration or authorize proficiency testament from the National Board for Technical Education (NBTE), whichever is relevant.

Tony Elumelu Entrepreneurship Program

Tony Elumelu Foundation has #100 million for 10,000 African business visionaries. If you are in agro-business, fashion and design, light assembling, ICT, and strong minerals at the moment apply for the on-going Tony Elumelu fund. You can be fortunate to be one of 10,000 business visionaries to be shortlisted.

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