These online platforms give quick loans to small businesses
It can sometimes be very difficult to raise the money to run the business.
Indeed, there are situations where the company is paralyzed for lack of funds.
This has been the major challenge for most entrepreneurs across the country and also a discouragement for many others.
The truth is, many businesses need ongoing funding to keep operating until enough profit is generated to do what is needed.
And generally, this may require a business loan when other sources of income have been exhausted; but the point is, the process of getting loans is tiring, especially when you are trying to get it from a bank as a small business.
Either way, there are online lending platforms in Nigeria that support business owners in providing quick loans for their business. And we’ve highlighted a few in this article.
Here are some of the online platforms that provide quick loans to small businesses
Launched in November 2016, Lidya is a financial services platform that improves access to credit and finance across the country.
It provides access to financing to small and medium-sized businesses by offering unsecured loans between $ 500 and $ 15,000.
According to Tunde Kehinde, one of the company’s co-founders, Lidya is introducing many technologies, algorithms and machine learning to industrialize the credit reporting process.
To assess credit risk, Lidya uses nearly 100 data points to assess businesses, establish a business-specific credit score, and disburse loans in 24 hours or less.