Top 10 Loan Companies in Nigeria

By: Jayne Badmus /
 March 11, 2022
  / 4 min read
Categories: Finance, Management

Every business owner, entrepreneur, and company wants to see an increase in their various businesses, regardless of how small or large, the Enterprise is. This boost may necessitate the use of capital to proceed. Some people may go through the process of obtaining a loan to achieve their goal, which is where the problem arises and the question of ‘Who do I go to ask for a loan arises.

There are numerous companies that provide loans under certain conditions and at varying interest rates; some of these companies are either owned by the government or by private individuals.


You could get immediate loan access in 24 hours or under five minutes on different loan applications, platforms, and sites. There are various choices for acquiring loans in Nigeria, be it personal or business.  Over time, there has been a developing number of online loan stages that offer fast advances to prospective clients.

On this Page, we would be listing the TOP 10 loan platforms in Nigeria. These Loan platforms offer instant loans without collateral. Let’s get started!


1. Renmoney

Renmoney has been one of the advance loan companies in Nigeria that provide business loans up to N4 million. Your company must have a strong financial history and be able to demonstrate consistent monthly earnings, to get a Renmoney SME advance. The minimum it offers is N100,000 while the loan’s interest is 2.8% each month.

Renmoney is a Fintech loaning organization working on a microfinance banking permit in Lagos, Nigeria and also managed by CBN, safeguarded by NDIC.  They give loans to people and independent businesses or companies through their site. Sign up today using their website’s link above. Renmoney Loan also offers a cash loan of up to N6 million naira with a 24-month repayment plan, depending on your credit score and eligibility.

2. Bank of Agriculture (BOA)

This is a government-sponsored bank in Nigeria that provides loans, credits, and other forms of funding to farmers and farming businesses. they offer products and services like an Export finance facility, an Agro-processing facility,  and more. They can give loans up to NGN 5 million Naira with a 7-21 per cent interest rate., According to their loan procedures, there must be:

  • Collateral
  • Farmland that already exists
  • An NGN 3000 initial deposit is required.
  • a copy of your most recent utility bills
  • A properly filled-out application form
  • 3 passport photos were taken recently
  • A recent copy of utility bills
  • An initial deposit of NGN 3000
  • A signed letter from the bank


3. Baobab Microfinance bank

This is a Central bank of Nigeria authorized organization that offers credits to mini companies, business people and SMEs and financing cost is 7-16%. You can acquire as little as NGN 20,000 and as high as 20million. The borrower should be between 22-58 years and should live in Lagos Nigeria.


4. Stanbic IBTC Holdings

Stanbic IBTC Holdings, or simply Stanbic IBTC, is a Nigerian financial services holding company with subsidiaries in banking, Pension Management, investment advisory, asset management, investor services, trustees, and life insurance industries.

Stanbic IBTC Holdings is a subsidiary of the Standard Bank Group, a South African financial services conglomerate. Standard Bank is Africa’s largest banking group, based on assets and earnings, with operations in 20 African and 13 non-African countries.

Whether you are applying for a loan to develop your independent business, lease a house, purchase a vehicle, revamp your home, pay your charges, clear your hospital expenses, you are good to go.

I.B.T.C. Place, the company’s corporate headquarters, is located on Walter Carrington Crescent in Victoria Island, Lagos.


5. Lapo Microfinance Bank

Lapo Microfinance Bank is a microfinance institution that provides unstable loans to SMEs and entrepreneurs, they assist individuals who can’t get loans from other financial companies.  They need substantial documentation like Loan application finished structure, application letter for a loan, 2 guarantors,  any means of identification, current utility bill and late visa photo. Npower enrollment for you to get to loans.

They have their offices in is in Benin City and  Lagos state, Nigeria.


6. AB Microfinance Bank 

AB Microfinance provides loans to low-income individuals, small, and medium-sized businesses. It is a foreign-owned foundation situated in Nigeria. To be qualified for the loan, the candidate must be a  proprietor of a business in a working region, be 21 years old or more, the person should be a Nigerian.

7. Wema Bank’s ALAT

ALAT is a computerized application developed by Wema bank to give loans.  you should have a standard ALAT account to be qualified for this loan. your record must be checked and upgraded for qualification, including transactions.

8. Zedvance Loan Companies

Zedvance is a licensed financial institution by  CBN to offer financial loan services in Nigeria. They give out immediate loans to salaried workers, self-employed people, SMEs, and entrepreneurs in Nigeria.

Zedvance is a cash loan working in Lagos state. They give Cash Loans to individuals, and groups and Point of Sales (POS) money for retailers in Nigeria.  Zedvance is best for those in paid business that need cash ahead of payday.


9. Loanspot

Loanspot is one of Nigeria’s most popular loan apps, offering users instant loans. The goal of this platform is to make it easier for enterprises, startups, and regular citizens to access to credit that will produce positive outcomes.

Loanspot, exists to help you get access to effective loan options with a single button click. Loanspot has helped more than 180,000 people gain loans to access information.

Asides from that, they invented this platform that helps you with a wide range of lending institutions across Nigeria by enabling you to make comparisons loans from different lenders in a matter of minutes. The best part about this platform is that you will always be able to find someone who can help you.


10. Payday loan from Access Bank

As soon as your application is thoroughly reviewed, and Access bank Payday loan is released to the client. Access bank Payday loans also offer loans to both salaried and non-salaried individuals. To be eligible for the loan, the lender must have no outstanding debts with Access Bank or any other bank, provide a mobile number connected to a BVN, and produce evidence of previous pay payment.

Access Bank Account holders can get 75% of their pay rates as endorsed by the bank, you can get the loan through their electronic financial channels and USSD code.


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