How to Get a Soft Loan in Nigeria without Collateral

Are facing financial challenges and just wish you could get a soft loan with the hassles of providing collateral?

The Nigerian economy can sometimes become financially unfriendly and a loan can be of great help to remedy this situation.

This can range from financial challenges with your business or even your personal daily life.

The devaluation of the Naira has caused price hikes and plans that you had might be affected leaving you stuck without enough finances to augment.

In order to survive this financial challenge you can obtain a soft loan.

But I don’t have any collateral to do such you might say.

However, there is a way out.

It is possible to get a soft loan in Nigeria without any form of collateral.

This is most especially important for small and medium enterprises, to help them grow their business.

Sources of Soft Loan in Nigeria without Collateral

Cooperative Societies

So many organizations have developed a cooperative society to help with different types of challenges.

In order to benefit from cooperative societies, you must be a member.

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One of the perks of becoming a member includes obataining soft loans without any collateral.

This can be paid back based on the agreement reached and signed by both parties.

Genuine Microfinance banks

The micro finance bank as the name implies is a financial institution feared specifically for low income earners. They also cater mostly for small and medium scale businesses.

These Micro finance banks can give loans to businesses with lower interest rates when compared to the commercial banks. The loans are also given without collateral.

There is however, a signed agreement capturing a payment plan agreed upon by the beneficiary.

Business Angels

These are private individuals who are financially buoyant and have the keen interest of helping small businesses grow.

The challenge here is how to identify them as they make no announcement as to who they are.

You can obtain loans from Business Angels based on trust.

An agreement is then reached and you are given the loan without any collateral.

Federal Government Agencies

The Federal Government has several schemes that provide opportunity for growth to small businesses.

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An example is their focus on agriculture. There is a scheme that provides soft loan for farmers without collateral and they are allowed to pay back based on an agreement.

All you need to do is find a scheme for small businesses and you will be able to apply to get your collateral free loan.

Revolving Loan Schemes

This is a simple scheme that has been in existence for a long time. It popularly called “Adashe” in Hausa, “Esusu” in Yoruba and “Utu” in Igbo.

It comprises a small group of trusted members who pull funds together weekly or monthly. Each person contributes an agreed amount and at the end of the week or month the lump sum is given to one person and the process is repeated until all members have benefitted.

This is a quick way to raise funds without collateral.

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Add a Comment
  1. Ratzin

    Please i need a loan of 50,000 naira. I’ll pay installmentally for the period of 6months.

  2. Mbadugha Precious

    sir I need 400000 to start up my cement business

  3. Innocent chinedu

    please sir, I need a loan of 300,000 naira for my business,I will pay back in 6months time,am very serious about pls help.

  4. Adewale falade

    please I need a loan of 30000 . I will pay back in 3 months.

  5. Abubakar alhaji

    I need a loan of #200000 for to set up car wash Is my number 08171410114

  6. ijeoma

    pls I need a loan of 80,000pls if possible this is my contacts

  7. Londonu

    Pls,l need 400000 loan to set up a business,u can reach me on 08064064000 to further discussion/follow up.

  8. mark

    i need a loan if yes email us back

  9. Ajibade Adesola Lydia

    I need a loan of 300000, i wil be paying monthly for 12month


    pls I need loan of one million naira. is it possible? I word as a civil servant.

  11. dauda akeem

    I need N500,000 loan for my block industry I will pay back in 8 month

  12. Angela

    Good day, I need a quick loan of 800,000 for my business of food stuff supply in Abuja. I am not a salary earner is it possible? Please l need an urgent answer. Thank you.

  13. Lucy Mengel

    thanks for the loan

  14. yetunde

    Pls,I need loan of 500,000 to expand my business. I will pay within 1year. 08085076763. That is my contact.

  15. Isaac2016

    Hi sir, ma. My name is isaac, please i need loan of 300,000, i want to use it to enlarge my poultry. I will pay back in 6 months with interest. My number. +2348106817465. Email. Thanks

  16. sogbesan olabiyi. S

    I can’t understand what kind of moderation the msg need.

  17. sogbesan olabiyi. S

    Sir,I am civil servant can access loan from your reputable investment. I need just (#500,000:00).five hundred thousands naira only for Repayments with 12mpnths. I will be very grateful ,if my request is granted.

  18. Eka Obot

    I need a loan of #50,000 to pay back in 6months

  19. Ekwugha Stephen

    Good day sir,i would like to apply for 1 million loan can you be of help?

  20. Gols Charles

    Is this for real? Someone should answer me please.

  21. Amblessed

    My Name Is Muolokwu Amblessed. Am An Entrepreneur And A 300level Student Of Federal University Of Petroleum Resources, Please I Need A Soft Loan Of 300,000 To Make A Supply Of Field Work Materials To Student, I Will Pay Back In Less Than 3month With 10% Interest. My Tell: 08169212899

  22. ibibia clement horsfall

    pls sir i need 700,000 to startup electrical work shop and sales of electrical materials to repay back within 12months

  23. Christian Uche

    please I need a loan of 1million to start up a business, will pay back with internet in two month

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