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These online platforms are granting quick credit to small- scale businesses

Raising money to keep the business going can be very difficult sometimes.

As a matter of fact, there are situations where the business is left to a standstill as a result of 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 continuous funding to keep it going for a start until enough profit is generated to do the needful.

And usually, this may require business loan when other sources of income have been exhausted; but the thing is the process of obtaining loans are tiring, especially when you’re trying to get it from a bank for the purpose of a small business.

Be that as it may, there are some online lending platforms in Nigeria that support business owners by granting quick loans for their business. And we’ve highlighted a few of them in this article.

Here are some of the online platforms that grant quick loan to small-scale business

1. Lidya.co

Launched in November 2016, Lidya is a financial services platform that improves access to credit and finance across the country.

It provides access to finance for small and medium-sized businesses by offering unsecured loans of between $500 and $15,000.

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According to Tunde Kehinde who is one of the company’s co-founder, Lidya is introducing a lot of technology, algorithms and machine learning to industrialize the credit assessment process.”

To assess credit risk, Lidya uses close to 100 data points to evaluate businesses, build a credit score unique to each business, and disburse loans in 24 hours or less.

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