10 Best Loan Apps for Small Business in 2024

Best Loan Apps for Small Business

Best Loan Apps for Small Business – Getting funding is key for small business success. Explain why getting a loan through an app is convenient for small businesses.

Are you trying to advance your company by obtaining business loans?

Do you need a few business loan apps to expedite credit approval for your startup company in Nigeria?

You don’t need to search far because we’ve compiled a list of some of the top loan applications that provide quick, no-collateral business loans.

Here is an outline for a blog post on the best small business loan apps in 2024:

Renmoney

Renmoney is arguably the pioneer of business loans in Nigeria.

While many other loan companies were offering multipurpose loans, Renmoney niched down to help businesses access credit. apply for Renmoney Loan

They could be stringent in their application process though, and you’ll need to have a strong credit score to be considered.

But they offer high amounts with reasonable interest rates that wouldn’t choke your business.

Prospa

Prospa is doing a great job to integrate businesses into the banking sector.

In the last 2 years, they’ve been able to help over 100,000 unbanked businesses access banking services, and they are even doing more. How to Apply for Prospa

With the Prospa app, you could access business loans based on your monthly turnover on the app.

So, the more you do business with the Prospa app, the higher the loan amount your business would qualify for.

QuickCheck

QuickCheck offers short-term loans to businesses looking to cover urgent expenses.

They start offering their loans from a starting minimum and increase it gradually based on previous loan performance.

Hence, this loan is perfect for small business owners looking to make small business expenses or cover unexpected costs.

Lendigo

Lendigo is designed for registered small businesses in Nigeria who are looking for loans to expand.

Loans are offered to businesses based on their business turnover, which is assessed from their uploaded bank statements.

The good thing about Lendigo is that loans are not offered from a starting minimum but based on the financial size of the business.

This makes it a great business loan app for both small and medium businesses.

Okash

If you already use Opay, then you would have come across Okash for loans.

Okash can be used to access business loans, especially if you use Opay for business and have a strong transaction history.

You only have to prove that your bank account can be auto-debited either via a debit card or a direct account debit.

Kuda

Kuda has evolved to the go-to platform of millennial entrepreneurs in Nigeria.

And they are really capitalizing on this advantage by offering even better business features.

With Kuda, businesses could access overdraft based on your transaction history on the platform.

The higher your turnover, the higher the overdraft you can access.

This means that you’d have to use Kuda to make almost all your business purchases and payments if you want to access a line of credit.

Byte

Byte offers quick credit advance to businesses on their platform.

To get started, you’ll have to first get a business bank account on the byte app, and start making transactions.

As expected, your transaction history would inform the amount of loan you’re able to access on the platform.

Loans are offered based on the business records, stock records, and invoicing that a business has recorded on the Byte app.

Moniepoint

Moniepoint follows the same operations as Byte.

They offer business bank accounts and help businesses provide services, make payments, and carry out POS tasks seamlessly.

Business loans are offered based on the transaction history of the applying business.

So, the higher the volume of transaction of a business on the Moniepoint app, the higher the loan amount that would be offered.

Fairmoney

Fairmoney is one of the popular loan apps in Nigeria being run by a CBN-licensed microfinance bank.

Businesses, both unregistered and registered, can apply for a Fairmoney loan and get approved instantly.

Registered businesses get a higher amount though, and that would depend on the monthly revenue of the applying business.

The good thing about Fairmoney is that they offer business loans with longer tenures, up to six months.

This helps businesses use the loans in running their businesses for a longer period of time, hence making it easy to pay back.

Credpal

Credpal is known as the “buy now, pay later” app but it could be used for making advance payments for businesses.

With Credpal, businesses could purchase business equipment and electronics that could be used to carry out their business.

This makes the app a right fit for business equipment loans.

For example, a small barber shop could use Credpal to purchase its first set of clippers to kick start its business and pay back once it starts getting customers.

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