Loan

How To Get A Business Loan in Zambia Without Collateral in 2024

Ugo Prosper Chibuzor February 1, 2024

0 96 4 minutes read

OanGetting a business loan in Zambia without collateral is relatively not easy however, there are still loan platform that still offer loans without the need of providing collateral(s).

Are you a Zambian or have a valid Zambia citizenships ID, and is looking forward to get a business loan without collateral then this article is for you.

Here in this article we’ll talk everything you need to know on getting a business loan in Zambia, requirements, criteria’s, where to get business loan(s) and how to apply in 2024. Just scroll through as we unravel every important things you need to consider before applying for a business loan in Zambia without collateral.

Table of Contents

Requirement applicants must meet before applying for business loan.

Applicant must be a valid Zambia citizen: This is required for every applicants who intends to apply for business loan in Zambia. You must either be a citizen by birth or naturalization.
You must posses a valid Zambia ID: This is also important. Every applicants must posses a valid Zambia national identity card before they can be considered for business loan in Zambia without collateral.
You must have a source of income (business you wish to fund with the loan.): You will be required to provide the business that you’re looking to fund through the loan which is also important.
All applicants must maintain a good credit score: It is also important that you maintain a decent credit score for your previous loan (If you have ever borrowed.)
Must have a Zambian bank account: This is very necessary. For loan disbursement, you must provide a valid Zambia bank account with your details.
Must be over 18 years: All applicants must be over 18 years if age before there business loan application can be considered.

If you have met all the requirements I listed above then you stand a higher chance of receiving a loan.

5 online platform to get business loan in Zambia without collaterals

Based in our research, we have come to conclusion that this is the best 5 platforms to get business loan without having to provide any collaterals:

1. Zamcash

Zamcash is a popular financial technology company that offer Zambian users the opportunity to borrow money and pay back easily. The platform offers users the opportunity to get a business loan in Zambia without collateral.

With Zamcash you can get a loan either for your business, education or personal loan. To apply for the loan, you must first meet the requirements and agree to their terms and condition before your application can be considered.

2. HiLoan

HiLoan is another popular Fintech loan platform in Zambia that offers users the opportunity to get a business loan in Zambia without collateral. Either for personal use, business, education then consider HiLoan.

HiLoan offer a loan that ranges between the minimum of k200 to k25,000 with annual interest rate between 15% to 60% which depends on numerous factors.

3. AmberCash Loan

Another option you should consider while applying for business loan in Zambia without collateral is AmberCash. AmberCash loan is another popular loan platform that gives collateral-free loan.

However, there are some requirements that must be met before you can be granted a loan. You also get a higher loan offers when you pay back on time and maintain a good credit score.

4. Lupiya Loan

Another popular loan company in Zambia is Lupiya. Lupiya loan are one of the most trustworthy digital loan platform that provides individuals who run small business the opportunity to borrow money and pay back with low interest.

With Lupiya loan, you can now easily borrow money in less than 15 minutes without the need for collaterals, another good thing about this platform is that you have multiple flexible repayment options.

5. Zoona mobile loan

Zoona is a mobile money services that also offers users the opportunity to get a business loan in Zambia without collateral.

With Zoona you can now get quick and flexible loan once you meet their loan requirements. Click here for more loan platforms.

What to do before applying for business loan

Getting a business loan is not the option, it’s important to draw a clear picture and we’ll strategized vision before applying for a business loan, here are things you need to know:

Specify the the total amount of money that might be required to enhance your business.
Study each loan platform interest rate, then analyze it with what your business interest rate as well.
Draw a clear plan on the repayment terms, either weekly or monthly and how to meet up as well.
Be sure that the business you choose is capable of generating the income within the given repayment time frame.
Don’t misuse the loan, or do any other thing with it, when you don’t have a plan for replacement else you will end up being under pressure to pay back.

How to apply for a business loan without a collateral

All the platform I listed above either has a web address or mobile app to access their services.
Download and launch the mobile app, or better visit the website address and locate the sign up page.
Input your personal details including, full name, email, and phone number.
Also enter other required details including, bank account details, password, national ID, and biometric (if required.)
Proceed to your dashboard and locate the loan section to check your loan offer.
If you’re given a loan, then accept the loan terms of use and issue for disbursement.

Please signing up with wrong details with reduce your chances of getting a loan.

Our Final thought

It’s very much possible to apply for a business loan in Zambia without collateral. However, you have to take note that sometimes the given loan offer might be lower than what you’re actually looking for.

Don’t also forget in some cases you might note be lucky enough to get a loan offer even after meeting the requirements which is usually caused due to the number of applicants applying for same loan is the same moment.

I believe that we were able to help you through this content, if you have any other additional questions then scroll down to the comment section and I will definitely get back to you as soon as possible, cheers!!