50,000 Naira Loan: I Need a Loan of 50,000 Naira? Where Can I Get a Loan of 50k in Nigeria? Looking for an answer to that? Thankfully, you just landed on the right post.
In Nigeria, loan apps have made it seamless for individuals and businesses to access loans without the need for collateral or a good credit score. However, due to a lack of trust in Nigerians, lots of loan apps in Nigeria only offer small loans, usually less than ₦10,000.
Fortunately, a few loan apps in Nigeria offer loans of ₦50K and even more to borrowers that meet their requirements. In this post, we will be discussing ten loan apps that give 50,000 Naira in Nigeria.
So, if you’re among those asking the popular question, “I need a loan of 50,000 naira”, join me and let’s explore this post together!
How to Be Eligible for a 50K Loan in Nigeria
The eligibility criteria for a loan of 50,000 Naira in Nigeria vary from app to app. However, most loan apps require borrowers to meet the following criteria:
- Must be a Nigerian citizen
- Have a valid bank account
- Must be at least 18 years old
- Must have either of BVN or ATM card
- Have a smartphone
Now that you know what is required to borrow 50,000 naira loan in Nigeria, let’s see apps that offer such loans.
10 Loan Apps That Give 50,000 Naira and Above in Nigeria 2023
FairMoney is one of the few loan apps that give 50,000 in Nigeria. In fact, on this app, you can access loans of up to ₦500,000 with a repayment period of up to 6 months.
One amazing thing is that, no collateral is needed. Also, Fairmoney let you extend your loans till you can repay them.
The Fairmoney app has over 1 million downloads on the Google Play Store and offers loans at competitive interest rates, making it very trustworthy.
To be eligible for a loan on FairMoney, you must be a Nigerian resident with a valid bank account and a source of income. To apply for a loan, simply download the FairMoney app, register, and fill in your personal and financial details.
Check Out: 8 Loan Apps Like Fairmoney
2. Branch Loan App
The second loan app on our list is Branch. Branch offers loans of up to ₦500,000 with a flexible repayment period of up to 15 months.
Just like Fairmoney, no collateral is needed. However, there is no loan extension feature on Branch, though.
The app has over 10 million downloads on the Google Play Store and offers loans at competitive interest rates. To be eligible for a loan on Branch, you must be a Nigerian resident with a valid bank account, a BVN, and a source of income.
To apply for a loan, simply download the Branch app from Play Store or App Store, register, and fill in your personal and financial details.
3. Carbon Loan App
If you own a business and asking where can I get a loan of 50,000 Naira in Nigeria, Carbon doesn’t only gives 50K loans, but you can access up to ₦1,000,000 on the app.
Carbon loan come with relatively low interest rates and a flexible repayment period ranging up to 6 months. Just like Fairmoney, the app has over 1 million downloads on the Google Play Store with good ratings, which means it is reliable.
With just a valid bank account, a source of income, and a BVN, you can be eligible for Carbon loan. Also, no collateral whatsoever, or a guarantor is needed to get your loan application approved on the Carbon loan app.
The app also offers other financial services, including savings, airtime purchase, bill payments, and more.
See Also: Carbon Loan USSD Code
The fourth loan app on our list is RenMoney. RenMoney is another popular and reliable loan app that give 50,000 in Nigeria. With a repayment period of up to 24 months, borrowers get loan offers worth millions of Naira on Renmoney.
Loans on Renmoney are available to both individual and businesses. That is Renmoney offers both personal and SME loans.
The app has no collateral or paperwork requirements, making it easy to access loans. To be eligible for a loan on RenMoney, you must be a Nigerian resident between the ages of 22 to 59 years old, have a verifiable source of income, and have a valid bank account and means of identification.
To apply for a loan, simply visit the RenMoney website or download the RenMoney app, fill in your personal and financial details, and wait for loan approval.
Check Out: Loan Apps that Give 100K in Nigeria
Another loan app that gives answer to the term “I need a loan of 50,000 naira” is Okash. This app offers personal loans ranging from ₦1,500 to 1 million Naira without collateral.
Okash loan app, has a fast loan approval and disbursal process, and the application process is pretty straightforward.
Okash loans also come with low interest rates, and very flexible repayment terms, making it ideal for those in need of quick loans.
The sixth on our list of loan apps that give 50K Naira in Nigeria is PalmCredit. PalmCredit offers loans of up to ₦50K with a repayment period of up to 180 days.
The app has been in existence for a very long time and has over 1 million downloads on the Google Play Store. To be eligible for a loan on PalmCredit, you must be a Nigerian resident between the ages of 18 to 55 years old, have a valid bank account, and have a verifiable source of income.
To apply for a loan, simply download the PalmCredit app, register, fill in your personal and financial details, and wait for loan approval.
See Also: How to Get Loans in Minutes in Nigeria
7. Irorun Loan App
If you’re in searh of a loan app that give a maximum of 50K in Nigeria, Irorun loan app is worth checking out. This app is solely based on small personal loans, and the loan tenure ranges from 15 to 30 days.
Irorun loan app, has a responsive customer support, and their app is available on Playstore and App Store. That simply means both Andriod and iPhone users can borrow money on the app.
One drawback to this loan app is that its loans come with a processing fee. However, the interest rate is fair, and the approval and disbursal processes is fast.
8. Aella Credit
Aella loan app is kind of the opposite of Irorun loan app. This is because the minimum loan amount borrowers can access on Aella Credit is 50,000 Naira. This made it another loan app that provide solution to those asking “I need a loan of 50,000 naira in Nigeria”.
Just like Irorun, the app is available to both Android and iPhone users. The loan interest rate is relatively low compared to others on the list, and it also offers flexible repayment terms.
Check Out: Xcross Cash Loan Review
Kiakia is another platform to get a loan of 50,000 Naira in Nigeria. This is a P2P platform that offers loans to individual and businesses.
Unlike others on the list, borrowers can only access loans on this platform only through their website. The loan application process is easy, and no collateral is required.
10. Quick Checks
The last on our list of loan apps that give 50,000 Naira in Nigeria is QuickChecks. Although not too popular, you can access instant personal loans on this app within minutes.
No collateral is needed, and also you don’t need a guarantor to access loans on this app. All you need to do is download the app, sign up, apply for a loan, and get it disbursed into your bank account in less than 5 minutes.
So, if you’re seeking loan apps that can borrow you 50K, those (above) are the popular loan apps that give 50,000 Naira in Nigeria. However, it is important you compare the apps before settling for one. Let’s discuss more on that.
Comparison of Loan Apps
In comparing the loan apps listed above, it is important to consider the following factors:
- Loan amount: The maximum loan amount offered by each app.
- Interest rate: The interest rate charged on loans by each app.
- Loan tenure: The repayment period for each loan.
- Eligibility requirements: The requirements needed to be eligible for a loan.
- Application process: The ease and speed of the application process.
Note: Before applying for a loan on any of these apps, it is important to read and understand the terms and conditions, interest rates, and repayment schedule. It is also important to note that failure to repay loans on time can lead to additional fees, penalties, and a negative impact on your credit score.
Related: How to Check NIRSAL Loan with BVN
Loan apps are a great option for individuals in Nigeria looking to access 50K loans quickly and conveniently. However, many Nigerian loan apps offer low amounts.
With this post containing the ones that give 50K Naira and above, I believe we’ve given the perfect answer to the question “I need a loan of 50,000 Naira”.