How To Get Loans Without a Salary Account or Collateral For Your Startup

by Tobiloba Funsized Adeola
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How to get loans

If you spend little to a lot of time on social media, your screen will abound with various adverts. 

The constant display of some products or services with underlaid lines in which one click takes you to a business’ social media page or website. 

This is Nigeria, where businesses are constantly discovered and launched.

It’s not every day that you see the same business that you’ve possibly known. There’s always a new business to find out on the internet. 

Save for the fact that you already know that ideas can flow like water from a waterfall. 

We start with how a business needs funding to begin or be kept afloat. Where do business owners get this money? 

Do all of them have a trust fund? What if the majority had to get a loan? 

You’re certain you don’t want to abandon your dreams for a 9-5, so you’ve decided to evaluate your hard work. 

Also, you have no salary account, collateral, or other alternatives to raise capital, but you don’t mind trying for a loan. 


How do you get a quick loan in Nigeria? Where do you get a loan for a business as a Nigerian? 

How to Get Loans

Quick loans and structured loans vary in characteristics.

They don’t offer similar satisfaction nor give a trailer of the movie that awaits you if repayment dates are exceeded. 

But what if your wildest dreams never come true because you failed to try? 

That’s not a good feeling, we’ll examine the alternative ways to borrow money for your business. 

  1. Bank or loan apps

“If you need cool/extra/instant cash, you’ll be offered assistance. It takes about 3-5 minutes.”

Bank and loan apps announce such lines as though they revel in it as a superpower.

 Perhaps, because they can answer the call of how to get loans as quickly as a finger tap.

 The trick is to download a bank or loan app. You can also dial an approved USSD code. 

And as kids say, tada! Visiting the bank you have an account with is an advantage but it extends longer than 5 minutes. 

Read also: Top 10 best loan apps in Nigeria. 

  1. Grants 

Female or male entrepreneurs may receive grants from organisations who reinforce ideas with social benefits. 

One reason you might doubt grants can be the restrictions but you need loans so valuing all your options aids your access on how to get loans.

Recipients are to meet goals and requirements provided by developmental organisations which excludes collateral.

One example of an initiative that awards grants to female entrepreneurs is JAMII Femmes, which selects beneficiaries to participate in a programme and makes grants accessible ultimately.

  1. Angel investors 

Fortunately, you don’t have to search all over Nigeria for businesses with wings designed as a logo, angel investors are individuals.

They can fund your startup to its next phase of growth or keep it from sinking.

However, this might seem challenging if you’re just learning about how to get loans. 

It is possible to find someone who will loan you money and still relate with you on a personal level by guiding you, so you don’t lose money eventually. 

 Right now, you’ve figured out how to get loans, resulting in a credit alert. 

There is nothing more satisfying than finding solutions to your problems. 

And while you gulp a cold bottle of water to quench your thirst, someone still comes to reveal that you’ve just drank water that was derived from bleached monkey urine.

Is this playing? We know the hows and pros, what are the cons? 

Read also: Top Banks in Nigeria for Entrepreneurs. 

Downsides of Getting a Loan Without a Salary Account or Collateral 

You can’t always count on rumours. But, considering what you’ve heard about loan apps or personal reviews from loanees, you might struggle to pick a side.

As there are positive aspects to how to get loans, it’s not without the negatives.

Are they questionable? Keep scrolling, and you can weigh your options. 

  1. The interest rate from banks is more than expected 

This is the ideal rate from a Nigerian bank. Let’s call the name “capital bank.” The interest rate for a structured loan is 18% per annum, while that of a quick loan is 2.5% per month. 

If you need some kind of guarantee, remember that compared to a structured loan, getting loans without collateral puts you in control. You make payments when you can. 

Read also: 10 Ways to make money on Instagram in Nigeria. 

  1. The unforeseen automated messages from loan apps 

Since the debut of this style of messages from loan apps, it’s been everywhere in Nigeria.

You’d receive prompts as the repayment date draws nearer.

Disregarding these prompts puts you on their radar to be soiled with violence. 

If you’re yet to discover the artful messages some loan apps devise, you should know. 

Your contact list will receive automated messages about a criminal, you as the loanee.

Let’s use the name “Sangotedo.” The message from “expo money”:


This is to inform the general public that *Sangotedo* Phone number: *+23480…* Has proven to be a ruthless, chronic, and unremorseful debtor who goes about collecting loans from different companies, currently on the run with our company money and has refused to pay nor pick our calls. Be informed that he/she has been declared wanted. Please get in touch with us if you have any information about her/him as soon as possible, else the company will proceed with the next action because this person provided us with all your details. If you are unaware of this loan, you can call the person to delete your information in the app because very soon his/ her picture alongside your picture will be posted on social media in the next few days.”

Bottom Line 

Loan apps have earned a reputation for their facilitating adverts and purpose.

It’s good to know how to get loans if you ever encounter difficult days but discipline yourself to plan a repayment method. 

Remember, there’s a lot to consider when requesting money from people. It’s their money. 

You just have to go with the flow that many startups have received rejection emails and messages until the lucky yes that helped to kick-start their programmes. 

You too can make it happen. But, do it without having debts looming in your backyard.

Would you love to discuss further on this, then reach out to us on Whatsapp.

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About Author

Avatar of Tobiloba Funsized Adeola
Tobiloba Funsized Adeola
Tobiloba Funsized Adeola is a part time drama queen who cuts across being a visionary content writer, story teller and poet.
She loves to blend ideas, thoughts and experiences, sharing them for the world to consume.

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