500K Loan in Nigeria: Are you in need of an urgent loan of 500,000 in Nigeria? Hurray, we’ve got some offers available for you without collateral.
One of the easiest ways for individuals and businesses to access loans without the need for collateral or a good credit score is via reliable lending platforms.
However, due to a lack of trust, most of the best loan apps in Nigeria only offer small loans, usually less than ₦50,000.
Thankfully, some loan apps offer loans of ₦500,000 and even more to borrowers that meet their requirements, even if they are new. In this post, we will be taking a look at six loan apps that give 500K loan in Nigeria.
So, if you’re among those seeking, “How to get 500K loan in Nigeria”, join me and let’s explore some available offers!
Top 6 Apps That Give 500K Loan in Nigeria 2023
The first loan app on our list of lenders that give 500,000 Naira loan in Nigeria is Renmoney. This is one of the most popular and reliable lenders in Nigeria, and its loan offers range up to millions.
Renmoney loan is available in two types, including personal and business loans. These loans require no collateral, or a guarantor to get, and the tenor ranges up to 24 months.
Loan eligibility is flexible on Renmoney, so the application process too is super easy. To be eligible for a loan on RenMoney, you must be a Nigerian resident between the ages of 22 to 59 years old.
Also, you must have a verifiable source of income, a valid bank account, and BVN.
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.
See Also: Get 100K Loan without Collateral Now
FairMoney is another popular loan app that can give you 500K loan in Nigeria without collateral. As a matter of fact, Fairmoney offers loans of up to ₦500,000 with a repayment period of up to 6 months.
The Fairmoney app has over a million downloads on the Google Play Store with good ratings overall. It offers loans at fair interest rates, making it very trustworthy, and it also allows borrowers to extend loans till they can repay.
Loan eligibility and application are easy on this app, as all you need is a valid bank account linked with a BVN and some personal information. To apply for a loan, simply download the FairMoney app, register, and fill in your personal and financial details.
Check Out: Fairmoney Money Loan App Review
3. Aella Credit
Aella Credit is another popular loan app in Nigeria that provides loans to individuals and small businesses. One thing that sets Aella Credit apart from the other loan apps on the list is that the minimum loan amount borrowers can access on the app is 50,000 Naira.
This means that Aella Credit provides a solution for those who need a 500,000 Naira loan in Nigeria. The app is available for both Android and iPhone users, making it accessible to a wide range of people.
Aella Credit offers loans at a relatively low-interest rate compared to some other loan apps on the list. The app also provides flexible repayment terms to borrowers, allowing them to repay the loan in a way that suits their financial situation.
To be eligible for a loan on Aella Credit, you need to be a Nigerian resident with a valid bank account, a verifiable source of income, and a BVN. The loan application process is straightforward, and once approved, the loan is disbursed within a short period of time.
Related: Get a Loan without BVN in Nigeria
4. Branch Loan App
4th on our list of apps that give urgent loan of 500K in Nigeria is Branch. Just like Fairmoney, the maximum loan amount that Branch offers is ₦500,000, although the repayment term is more flexible, as it ranges up to 15 months.
The app also has millions of downloads on the Google Play Store and offers loans at competitive interest rates. Also, no collateral is required to access loans on this platform.
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.
Read Also: Get 10,000 Naira Loan in 5 Minutes
5. Carbon Loan App
If you’re a business owner seeking 500K loan in Nigeria with low interest rates, Carbon doesn’t only give loans worth 500,000, but you can access up to a million Naira loan on the app without collateral.
Carbon loan interest rate is fair compared to other lenders on the list, and it offers flexible repayment terms ranging up to 6 months. Just like other reliable loan apps, Carbon has over a million downloads on the Google Play Store with the above ratings, which means it is reliable.
With just a valid bank account, some personal details, and a BVN, you can be eligible for Carbon loan. Also, no collateral, no guarantor, and no paperwork are needed to get your loan application approved on the Carbon loan app.
The app also offers other financial services, including savings, airtime purchases, bill payments, and more.
Another loan app that can borrow you 500K in Nigeria is Okash. This app offers personal loans ranging up 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 fair interest rates, and very flexible repayment terms, making it ideal for those in need of quick loans.
So, if you’re seeking loan apps that can borrow you 500,000, those (above) are the popular loan apps that give 500K Naira in Nigeria. However, it is important you compare the apps before settling for one. Let’s discuss more on that.
Related: How to Get Federal Government Loans for Small Businesses
Comparison of 500K Loan Apps in Nigeria
In comparing the loan available 500K loans without collateral 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.
Online lenders are a great option for individuals, and businesses in Nigeria looking to access 500,000 loans quickly and conveniently. However, many Nigerian loan apps offer low amounts.
With this post containing the ones that give N500,000 Naira and above, I believe we’ve given the perfect answer to the question “Where can I get 500K loan in Nigeria”.