Top Loan Apps That Can Lend You Millions Without Collateral

As a business person or an individual, there will be times that things might get a little bit hard and there will be a need to look for an emergency fund. It could be money to meet personal needs or business needs. In the past, it was almost impossible to access an emergency loan in Nigeria. But these days, there are many loan apps in Nigeria that you can get a quick loan from without collateral.

All you need is download and install their app on your phone. And you can get a loan. Most ften without any paperwork.

How does loan apps work?

Loan apps works in this way: You download the app from your app store. Install it on your phone. open the app, register with you correct details and any document needed. Your credit score will be calculate and you get a loan offer. Once you accept loan, it will be credited into your account. You will have to pay back your loan before or by due date.

Majority of the loan apps in Nigeria do not require collateral or guarantors. So you do not need to worry about that.

Loan apps are very useful for emergency. When you need emergency loan, all you need is open the loan app and apply for a loan. Most loan apps work 24/7.

You may need money for house rents, school feels, for travel or business. Loan apps will always be resourceful in times like that. It is very advisable to have one or two installed on your phone. Because you never know when you may need it. There are loan apps available for Android, iOS, Blackbery and Windows phone.

Advantages of using loan apps

There are many advantages while you should use loan apps instead of regular money lenders.

1. Carbon (Paylater)

Carbon formerly known as Paylater is one of the top mobile phone loan apps available in Nigeria. It is easy to use and you can get a loan quickly without much delay. You can get loan up to ₦1 million from this app

It does not require a collateral or guarantor to get a loan from Carbon. All you have to do is download the app into your phone. Register with your accurate details and then apply for loan. The app is fast, you may get a loan offer in few minutes.

They charge a flexible interest rate from 5% to 15% depending on the amount and repayment period.

You can pay back your loan easily from the app using your ATM.

For android and iOS users, you can download the carbon app from Google play store or the app store.

2. FairMoney

With the FairMoney app, you can get a loan up to ₦150, 000 with just a few clicks. It is fast, easy and secure. This app is one of the most downloaded loans app in Google Playstore.

All you have to do is download the app, install it on your phone. Then you can proceed to sign up with your Facebook account or with your phone number. Then you answer a couple of questions. After that you will be sure to get a loan offer.

Once you get an offer, accept it and the money will be credited into your bank account. It is that easy.

They have a flexible interest rate. You can pay back your loan installmentally for up to 3 months.

You can download the FairMoney app from the Google play store to access their service. This app is not available for iOS, Windows and Blackberry.

3. Palmcredit

You can get an instant loan of up to ₦100, 000 from the Plamcredit app. This app is very popular among Nigerians. It is easy to operate and use. Typically, loan application are approved in about 5 minutes.

All you have to do is download the app and install on your phone. Open the app, register and apply for loan, get approval and receive the money.

The interest rate is from 14% to 24% depending on tenor and amount. You can loan for duration ranging from 91 days to 180 days. You do not need a collateral or guarantor.

To access loan, you can download the Palmcredit app from Google playstore.

4. Branch

Branch is one the the top loan apps in Nigeria. With branch, you can get up to ₦200, 000 loan from your phone without paper work or collateral.

All you have to do is download the app, create an account. Then apply for loan and you get your loan. It is that easy.

The loan term is from  4 to 64 weeks. And the interest rate ranges from 14% – 28%.

These app has been featured in Forbes, Bloomberg and more.

You can download the Branch app from Google Play Store

5. Aella credit

Aella credit is a mobile loan app that gives loan up to ₦100, 000 without collateral and paperwork. It is highly secured and quite popular.

To get a loan, simply download and install the app. Then you register. Fill the application form. And you can receive a loan without much delay.

 

The loan tenor is 30 to 60 days. And the interest rate varies from 4% – 29%.

You can download the Aella credit mobile app from the Google playstore.

6. QuickCheck

QuickCheck is a very popular mobile loan app in Nigeria that gives up to ₦200, 000 instant loan without any hidden charges.

To access loan you need to download and install the app. Give it permission to access your phone data in order to make you an offer. Apply for loan and once approved, you get the money in your bank account.

If you forget passwords too easily, with QuickCheck, you can login with your Facebook account.

7. Sokoloan

Sokoloan is one of the new and fast rising mobile loan apps in Nigeria. With this app you can apply for loan 24/7.

All you need is to download and install the app. Accept conditions. Sign up. Provide all needed information. Then apply for loan. If approved, you get your loan.

The loan tenor is from 91 days to 180 days. They run a 0.35% of daily interest.

You can download the Sokoloan app from the Google play store.

8. Kiakia

Kiakia is a web app that gives online loan to Nigerians. You can get loans instantly by just answering few questions.

Kiakia uses a different method to give its loan. You will need to access the web app and chat with Mr.Kiaia, a chat bot. Then you get your loan!

To get a loan, you can use your Android phone, iOS, Windows and Blackberry to access the Kiakia Web app and chat with Mr. Kiakia.

How To Start Pure Water Business With Less Than 500,000

Pure water business is in vogue in Nigeria.  With the increasing population, the government inability to provide clean and affordable drinking water and potentially, the fear in the public minds concerning the sugar content in soft drinks makes pure water the only available commodity to quench thirst.

 

The vast majority of the teaming population drink pure water.  I drink it , you drink it, indeed the overwhelming majority of the people drink pure water.  This is the reason why it is one of the growing and lucrative business in Nigeria beside information technology.  The market is  available in all the cities and villages, so it does not really matter where you are, you can set up a business of pure water in any part of Nigeria and be profitable, if run properly.

To emphasize the fact that the business of pure water is profitable, notable organisations such as Nigerian Bottling Company, Nestle, May and Baker, etc. are in the drinking water business, though in the more refined drinking water (table water) .  So it makes economic sense to go into the business, with little passion and  the determination to succeed, the sky is just the limit. In this article, I will be tutoring you on how to start a pure water business in Nigeria.

Steps to start a pure water business:

1. Business plan

There is no need for elaborate feasibility study and report since the demand/market is available and on the increase. What is required is a business plan to help establish from the onset the financing of the project – the amount of money needed. Business plan becomes imperative at this stage because it determines the level of funding required and where it is coming from. The level of pure water business can range from using a two bedroom flat to blocks of flats, depending on which category you are investing in.

2. Register the business with the Corporate Affairs Commission (CAC) and NAFDAC

Every business organisation, whether a sole proprietorship of limited liability company must be registered  with CAC for accountability. In the same vein, every business in food and drugs including drinkables must be registered with the government regulator.  Every business also must register with the relevant tax authority (Federal Inland Revenue or the State Internal Revenue).  Alternatively, you can obtain a licence from another well established pure water company in a different part of the country if NAFDAC registration proves difficult, prolonged or   you want to operate in relatively low scale  and do not want to go through NAFDAC protocol.

 

3. A befitting place for business (factory site)

You must either lease a suitable accommodation, with access to the market or put up a suitable accommodation. There might be trade off between access to the market and cost of acquisition. The bottom line is profitability. However, other facilities must be in place, such as security of the factory, power, access road, etc.

4. Sink a borehole and install tanks overhead

This ensures uninterrupted water supply. The cost of sinking a borehole can range from ₦200,000 to ₦600,000.

5. Install distillation system for water purification

You may install the full scale distillation system or the ultra violet sterilization bulbs process depending on the start up capacity of the enterprise. The cost of acquisition of distillation equipments may run into millions of naira. The actual cost cannot be estimated with certainty and must be researched upon as it is going to be part of the expenditure included in the business plan.

6. Get a sealing machine

Automatic sealing machine must be in place according to the scale of daily production envisaged. The cost also must be verified before embarking on the project.

7. Get packaging materials

Rolls of suitable nylon materials which must be printed the company’s name and the brand name of the pure water must be procured. The number of rolls procured should be according to the capacity of the enterprise.

8. Recruitment

Recruit staff, ranging from operators of the machines, packagers, a cleaner, driver, one sales staff, one security personnel and a supervisor. This will ensure the specific positions are properly manned.

9. Electricity

Generator set must also be installed to power the operations. There are different capacities of generators and also different manufacturers and it all depends on the capacity of the enterprise as well as the start up capital.

10. Acquire a truck for distribution

The truck must be able to carry reasonable bags of pure water for distribution to great number of customers for it to be profitable.

11. Reach out

Make contacts immediately with retailers who are going to sell the water.  Always establish their credit worthiness before granting credit, otherwise they can send you out of the business.

Conclusion

Starting a pure water business in Nigeria is very lucrative and will require passion, hard-work and a reasonable amount of money.

To start a pure water business in Nigeria, a start up capital of about three million naria is needed and you are good to go.

This is only a guide, the size of the organisation determines the scale of operations, the investment in cash, human capital and machines.

Top 10 Small Business Ideas That Make The Most Millions In Nigeria

The truth is, some of these small business ideas are neither ingenious or new. But by having street smarts, the right team, risk tolerance, passion and perseverance, they can become multi-million naira (or dollar) enterprises.

Here are 10 small business ideas that will have you raking in millions in no time.

1. Agribusiness

With a population of over 170 million people, the Nigerian agribusiness sector is one of the largest in Africa. A population explosion in the next few years has been predicted, making the agribusiness industry a more lucrative business option to consider.

Already, many sub-sectors of the industry like poultry farming, fish farming, farming, cassava farming, palm oil farming are already churning in millions for successful farmers in their fields. There are thousands of small business ideas in agriculture to venture into.

What you need: An extensive market research and a high yield agribusiness idea to focus on.

2. Web Design Agencies

These days, nearly all businesses are jumping on the online scene. This means one thing – they all need websites and that is where you can come in. This gap in the web design space poses an opportunity for several web design agencies or aspiring entrepreneurs looking to go into web development.

As a web designer in Nigeria, you can promote your agency through SME events, blogging, social networks like LinkedIn, and several other channels. Helping the millions of small businesses springing up to create great web designs and set up blogs on WordPress or Blogger can be real money-spinners.

What you need: A computer, good web design skills, a portfolio, and various channels to reach potential clients.

3.  Education

Nigerians (especially those who can afford it) take education seriously.  The typical sequence is Daycare Centres, Nursery schools, primary schools, secondary schools, and universities. This is definitely one good investment potential for any entrepreneur.

What more, you can decide to invest in the non-traditional education sector like special education, adult education, educational websites, educational technology, and even educational resources. There is a very wide scope to cover in this industry to keep the bucks coming in.

What you need: Pick an education niche and get trained for it. Start investing.

4. Retail Stores

With basic needs of clothing, groceries, medication, and a lot more, being a part of the average person’s daily life, the retail store industry in Nigeria deserves a second look in terms of investments. It doesn’t have to be large, even with a small retail store, you can still generate substantial revenues.

For a start, you set-up a small store that focuses on groceries, fashion items, or one of the other diverse categories. Starting a retail store carries it’s own cost implications but it is very lucrative all the same. Ask SPAR, Shoprite, Health Plus, and the likes.

What you need: Understand the market, know what sells, and position yourself to claim a bulk of the customers.

5. Digital Advertising Agency

With hundreds of small businesses cropping up in every sector, staying afloat can be a huge task. This is where advertising agencies come in. As an advertising agency like Anakle or Wild Fusion, you can help businesses grow their customer base by creating compelling online and offline campaigns.

Companies are usually eager to pay lots of money to grow their brands faster. So, if you’re an experienced copywriter, partnering with a few other copywriters and a really good artist could get your creative agency running in a short time.

What you need: Learn how to build apps or games and have good knowledge of how to organize quality/creative campaigns that would go viral.

6. Mobile App Development Agencies

While not all Nigerian companies use custom-built mobile applications to engage with their customers, thousands are constantly looking for skilled mobile app developers to bring their ideas to life. This need for mobile application development in Nigeria is now high, making it really lucrative.

An average mobile app in Nigeria could cost between N300,000 to N3,000,000. Handling multiple projects at the same time could mean raking in millions.

What you need: Being tech-savvy, mobile application development skill and multi-tasking skills.

7. Mobile Phones

Retail or online mobile phones store owners millions from just selling mobile phones to the ever-growing Nigerian market. Companies like SLOT have the goodwill, the largest customer base and the money from just selling phones.

With a popular and lucrative small business like this, you can try out various marketing strategies like offering mobile phone deals to entice many more individuals to patronize your smartphone business.

What you need: Start by selling cheap mobile phones.

8. Real Estate

With several real estate companies in Nigeria now focusing on either residential or commercial real estate, the opportunities in the industry are simply growing. In Nigeria, real estate businesses are typically done through offline sales channels, but you can set up an online channel and offer thousands of properties for sale.  Examples of some successful online real estate companies in Nigeria are ToLet, Private Property, and Lamudi. What more, you could act as a real estate agent and get a commission on every sale you bring to a real estate company.

What more, you could act as a real estate agent and get a commission on every sale you bring to a real estate company.

What you need: Customers service skills, sales skills, and keeping up with daily real estate news.

9. Startup Loan service

If you have a little extra cash to spare, you could start up a loan service for small business owners who hit gridlocks while trying to secure loans from banks and other financial institutions. Due to the heavy load requirements set by these financial institutions, many startups are hardly eligible for loans.

As a startup loan service company, you can provide short-term loans with far lesser restrictions to budding businesses.

What you need: Some extra cash, risk tolerance, and a lawyer.

10. The Stock Market

Of course, there is the inherent risk of heavy losses, but the stock market is fairly lucrative if you make good stock bets. Before deciding on what stocks to buy, study the company’s short and long-term progression, talk to your stockbroker, a financial expert, or even a friend that’s been trading successfully in the stock market for a long time.

With the right predictions, investing in stocks can make you a millionaire.

What you need: An understanding of the Nigerian stock market trends and an experienced stockbroker.

You must be raring to go start one or two of these businesses! Share your thoughts in the comments section.