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Compare Business Loans in Nigeria

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Want to find Loan products tailored to your needs?

What are your Loan expectations?

Want to find Loan products tailored to your needs?

Choose the best business loans for you

SME Loans

SME Loans

SME loans are designed for small and medium enterprises in Nigeria to provide access to funds for working capital and business growth with flexible repayment terms and low-interest rates.
View Eligibility Criteria

SME

Eligibility criteria

  • Your company is registered in Nigeria as LLP, PLC or Ltd.
  • Your company has been incorporated for at least 2 years.
  • Your company is able to show a minimum turnover of ₦500,000 monthly.
  • Your company is purchasing goods above ₦1 million on a monthly basis.

Application requirements

  • Government Issued ID Card (International Passport, National ID, Driver’s License, Voters ID).
  • CAC Documents (CAC 2 & 7) (if applicable).
  • Last 12 months Bank Statements (Corporate Account).
    BVN of the directors and top management.
  • 6 Months Supplier’s Invoice.
  • Signed Personal Guarantee forms for CEO and another Guarantor.
  • Corporate guarantee through Board Resolution (if LTD Company).
Sole Trader Loans

Sole Trader Loans

Sole trader loans are tailored for individuals who run their own business and need access to funds for business growth and daily operations. With flexible repayment options and competitive interest rates, sole traders in Nigeria can receive the support they need to succeed.
View Eligibility Criteria

Sole Trader

Eligibility criteria

The conditions for obtaining a sole trader loan in Nigeria differ from one financial institution to another. Here are some common criteria:

  • A functional bank account and bank verification number (BVN).
  • You must have good credit bureau history
  • A valid means of identification.
  • Loan request form

Application requirements

  • Government-issued means of identification (International Passport, National ID, Driver’s License, Voters ID)
  • BVN of the business owner
  • Signed Personal Guarantee forms and another Guarantor
  • The purpose of the facility
  • CAC Documents (CAC 2 & 7) (if applicable)
  • And other requirements as stipulated by the institution.

Choose the best business loans for you

SME Loans

SME Loans

SME loans are designed for small and medium enterprises in Nigeria to provide access to funds for working capital and business growth with flexible repayment terms and low-interest rates.
View Eligibility Criteria

SME

Eligibility criteria

  • Your company is registered in Nigeria as LLP, PLC or Ltd.
  • Your company has been incorporated for at least 2 years.
  • Your company is able to show a minimum turnover of ₦500,000 monthly.
  • Your company is purchasing goods above ₦1 million on a monthly basis.

Application requirements

  • Government Issued ID Card (International Passport, National ID, Driver’s License, Voters ID).
  • CAC Documents (CAC 2 & 7) (if applicable).
  • Last 12 months Bank Statements (Corporate Account).
    BVN of the directors and top management.
  • 6 Months Supplier’s Invoice.
  • Signed Personal Guarantee forms for CEO and another Guarantor.
  • Corporate guarantee through Board Resolution (if LTD Company).
Sole Trader Loans

Sole Trader Loans

Sole trader loans are tailored for individuals who run their own business and need access to funds for business growth and daily operations. With flexible repayment options and competitive interest rates, sole traders in Nigeria can receive the support they need to succeed.
View Eligibility Criteria

Sole Trader

Eligibility criteria

The conditions for obtaining a sole trader loan in Nigeria differ from one financial institution to another. Here are some common criteria:

  • A functional bank account and bank verification number (BVN).
  • You must have good credit bureau history
  • A valid means of identification.
  • Loan request form

Application requirements

  • Government-issued means of identification (International Passport, National ID, Driver’s License, Voters ID)
  • BVN of the business owner
  • Signed Personal Guarantee forms and another Guarantor
  • The purpose of the facility
  • CAC Documents (CAC 2 & 7) (if applicable)
  • And other requirements as stipulated by the institution.

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Check your credit score report

Get the best online loans with low interest rates based on your Credit Score.

Frequently Asked Questions

We answered some questions, so you don’t have to ask them
What is a business loan and how does it work?

A business loan is a financial product designed to provide funding for business-related expenses, such as expansion, working capital, equipment purchase, or inventory. It involves borrowing a fixed amount of money from a lender, which is then repaid over a specified period with interest. 

How do lenders determine my eligibility for a business loan?

Lenders assess factors such as your business's creditworthiness, revenue, time in business, industry, and the purpose of the loan. A strong credit history, consistent cash flow, and a well-defined business plan can improve your eligibility.   

What's the typical loan repayment period and interest rate for a business loan?

Loan repayment periods can vary widely, ranging from a few months to several years, depending on the loan type and amount. Interest rates are influenced by factors like your creditworthiness, the type of loan, market conditions, and the lender's policies.

What documents are typically required to apply for a business loan?

Commonly requested documents include financial statements (profit and loss, balance sheet), business tax returns, personal tax returns, bank statements, business licenses, and a duly filled application form. 

How long does it take to get approved and receive funds for a business loan?

The time frame for approval and funding can vary. Some online lenders offer quicker approvals and disburse funds within a few business days, while traditional banks might have a longer application and approval process that takes several weeks. Providing complete and accurate documentation can expedite the process.

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