Raising money to keep the business going can be very difficult sometimes.

As a matter of fact, there are situations where the business is left to a standstill as a result of lack of funds.

This has been the major challenge for most entrepreneurs across the country and also a discouragement for many others.

And usually, this may require business loan when other sources of income have been exhausted; but the thing is the process of obtaining loans are tiring, especially when you’re trying to get it from a bank for the purpose of a small business.

Be that as it may, there are some online lending platforms in Nigeria that support business owners by granting quick loans for their business. And we've highlighted a few of them in this article.

Here are some of the online platforms that grant quick loan to small-scale business

1. Lidya.co

Launched in November 2016, Lidya is a financial services platform that improves access to credit and finance across the country.

It provides access to finance for small and medium-sized businesses by offering unsecured loans of between $500 and $15,000.

According to Tunde Kehinde who is one of the company’s co-founder, Lidya is introducing a lot of technology, algorithms and machine learning to industrialize the credit assessment process.”

To assess credit risk, Lidya uses close to 100 data points to evaluate businesses, build a credit score unique to each business, and disburse loans in 24 hours or less.

2. Kiakia.co

Kiakia which means "Fast Fast" in Yoruba is a digital money lender for small business. They are known to make use of psychometry, big-data, machine learning and digital forensics for the assessment of credit risk algorithm.

All for the purpose of providing business loans to millions of individuals and SMEs without credit information.

According to the company, the solution may seem fast and simple but it is very effective and efficient.

3. GroFin

Incorporated in August 2014, GroFin is a SME development financier with focus on both small business and growing business.

The company aims to help the upcoming entrepreneurs and small business owners access finance to support their business.

GroFin has so far succeeded in contributing to the growth of successful businesses, creating jobs and driving socio-economic development.

4. QuickCheck

Made up of young entrepreneurs who thrive on new challenges and want to make a difference in the world, QuickCheck is a Nigerian Fintech Startup that aims to provide banking services to the underserved.

They’re aware that a large number of Nigeria’s population doesn’t have access to proper banking support. And they aim to fill the gap.

Knowing that the algorithms can be updated very quickly to match current market trends, QuickCheck uses machine learning to predict user behaviour and evaluate loan applications; therefore, enabling them to have a competitive advantage against traditional banking.

5. Paylater.ng

Paylater is a simple, entirely online platform that provides short-term loans in Nigeria to help cover unexpected expenses or urgent cash needs.

The platform makes it possible for an upcoming entrepreneur and small business owners to access up to 500,000 Naira loan with no collateral.

Once your application is approved, funds are typically received within one to three business days.

And chances are high for you to get a higher credit limit if you make an on-time repayment of the loan.

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