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How do I get a Loan without collateral?

Loan without collateral refers to money that is borrowed without having to use something of value as collateral.
Owning a small business or heading up a start-up company is no easy task; it takes time, dedication and most importantly, capital. Nigeria has presented itself with hundreds of budding entrepreneurs and individuals with million dollar ideas, yet most ideas fall through because they are not being fueling by the correct source of capital. In an effort to overcome this reality, we at TopCheck.com.ng offer a platform for individuals, entrepreneurs and small business owners to find loans without collateral that are best suited to their needs.

What is a loan without collateral?

Also known as as "unsecured loan", a loan without collateral refers to money that is borrowed without having to use something of value as collateral. In simpler terms, an unsecured loan is not linked to any of your assets which means that the lender can not seize your assets as payment for the loan. These types of loans are primarily supported by the borrower's creditworthiness and have also been named signature or personal loans.

How do I get a loan without collateral?

Finding an unsecured loan that suits your needs can be a daunting task. While some loans might look attractive at first sight, they can often be hitched with high interest rates or other hidden requirements. In an effort to make the process easy, TopCheck.com.ng provides a simple platform available for anyone to compare the costs and benefits of different loan providers. To top this off, once you have found the loan provider that suits your needs, you can submit your personal information on our platform and receive a free call-back from the loan provider. Take a look at our article on personal loans for more information about how simple we've made the process for you. Comparing loans on TopCheck is 100% free and non-binding. We partner with over than 10 loan providers in Nigeria and strive to negotiate the best loan rates on your behalf.

What are the requirements?

During the application process, the loan provider will ask you to provide them with various forms of documents information and identification. While these documents are quite generic, there are certain requirements you need to meet before you will get considered for the loan.

1 You must be a salary earner of at least ₦50,000 per month

2 You must be able to provide proof of income

3 You must be between the ages of 25-57

4 You must live in a city that is served by the chosen loan company

Click here for a comprehensive list of the types of documents you need on hand when approaching a loan provider.

So there you have it; receiving an unsecured loan could give you the head start that you need to turn your dreams and ideas into a reality. Loans without collateral are easily available and in most cases, they are flexible. So if you're ready to take your idea to the next step, use our free online comparison calculator and receive a free call-back today.

Example Loan: ₦500,000 Loan amount, 1-12 months duration, 2.83% monthly interest rate, 37.61% max APR, ₦688,050 total value, ₦57,338 max monthly repayment, RenMoney MfB

Take your idea to the next step!