Have you ever wondered why its difficult to get loan in Nigeria?

Or you have been searching for where to get loan without collateral in Nigeria.


All over the civilized world, access to credit is very important and it helps citizens to grow faster. For example in US, UK , Canada and European countries, You can get loan for you education until you got job. You can also get mortgage loan to own a house few months after securing a job. You can buy brand new car or own a home on credit and pay over a longer period like 5 to 25 years.


You can also use your credit card to buy what you need and pay later. All these are not so easy to get in Nigeria.


But the questions is, WHY is it difficult to access credit in Nigeria? Is it Nigeria factor?


Let me tell you the truth, Nigeria is facing serious systemic failures. Nothing seems to be working withing the country.


Apart from general system failures, here the 15 Reasons Why It Is Difficult To Get Loan In Nigeria.

Lack of Identification database
Lack Of Credit rating or History
High cost of funds
High default rates
Lack of consistent cash flow
Insufficient collateral
Lack of personal guarantees
Not enough operating history
Weakening industries
Economic concerns
Lack of business plan
Poor accounting records
Mixing personal and business cash
Knowing the right people
Poor debt service coverage ratio



So, don't blame any bank, if they refused to give you loan, especially if you don't have a strong collateral and a sound business plan.



However, if you are looking for loan without collateral in Lagos, Abuja or anywhere in Nigeria, all hope is not lost.


All what you need to do is to study the reasons above and look at how you can convert them to your own advantage or strength, which can make you succeed with any loan applications anywhere in Nigeria.


Look around for micro finance organizations that can be of help to you. If you have a business , make sure you have good business plan and keep your financial records well enough to attract lenders.

If you don't know how to write a business plan. You can learn how to do it, outsource it or run a search for sample business plans online. Its not a rocket science


....this write up is getting longer than i planned....


Let me end it here....

if you can carefully do the right things, you can still get good loans to finance your business in Nigeria.

Recently a lot of Nigerians won grants of $5000 from Tony Elumelu Foundation. You can prepare for next edition too.

Go and succeed....


Before you go, if you are looking for How To Get Loan Without Collateral in Nigeria, read this testimonial of a struggling entrepreneur

This will be useful to all serious minds....


True Life Story: My Business Nearly Collapse For Lack Of Fund! .....Until I Discovered Where I got A Loan of N200,000, Without Collateral From A Barely Known NGO, That Saved My IT Business From Total Collapse.


Read my story, it will benefit any serious mind who needs loan without collateral. Visit https://www.muritala.com/easy/ to read my True Life Story