How to acquire soft loans in Nigeria without a Collateral.

Different people ask for loan for different reasons, usually when they do not have enough money at hand to execute a certain project.
Loan can be used to start up a business, invest in a business, pay school fees, settle debt or solve other problems that required money.
One of the biggest challenges that discourage those in need of loan is "collateral" as many do not have the required property to use as collateral for loan in commercial banks.
Here we shall be looking at various means you can easily collect a 'soft' loan without having to provide a collateral.
Soft loans require no collateral, but a very little interest will be needed.
There are several means to get soft loan in Nigeria. Those we discussed below are the few trusted means you can easily get soft loans in Nigeria without collateral.
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 1. Micro Finance Bank: Micro Finance Bank is known to be giving soft loans to Nigerians who opened account with them and who have a valid business idea with no capital to start it up at little interest rate and without collecting collateral. Though, Micro Finance Bank may not be as good as others listed here, but they are far better than commercial banks.

2. Federal Government Agencies: The aim of these agencies is to give loan to Nigerians venturing into agricultural related businesses. Farmers can easily obtain soft loan from the government without collateral. Ask for get your loan from them.

3. Business Angels: They are not well known to people because of lack of advertisement. They are multi-millionaires who are willing to invest in small start-ups and other legitimate businesses. Your business angel could be a wealthy person who would buy your business idea and would like to see you succeed. A lot of successful bussines men in Nigeria got their help from business angels. You should start looking for a business angels, and when you find one, make sure you present your ideas very well.

4. Corporative Society: This usually engage in revolving loan scheme. It is a scheme that have been in existence for long. It is commonly found everywhere. In Yoruba it is called "Osusu", in Hausa, it is called "Adashe", Igbo called it "Utu". This is a form of meeting or forum in which members pull funds together every week or month.

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