In Nigeria today, the word “loan” often triggers fear, not because people don’t want to borrow, but due to harsh lending practices and collateral demands. Many loan apps harass borrowers by calling their friends, family, and even employers, creating unnecessary stress. But borrowing money doesn’t have to be this way.
On the latest episode of The Novice Podcast, Tunji, CEO of Lender, explains how Nigerians can access loans without traditional collateral like land or cars. Instead, business stock and inventory can serve as collateral, especially for informal sector entrepreneurs who rarely have formal collateral documents.
Tunji highlights the importance of understanding loan terms, managing repayment capacity, and avoiding loan addiction. Salary earners often have more access to loans backed by their steady income, while small businesses must ensure borrowed funds grow their business value.
The future of lending in Nigeria is evolving with more transparency, consumer protection, and data-driven credit scoring, using alternative data like utility payments and airtime purchases to assess creditworthiness.
To fully understand how to access credit with dignity and free from harassment, watch the full episode on Nairametrics TV on YouTube.
