10 Loan App That Gives 50,000 Instantly in Nigeria

Many Nigerians seek to borrow money for various needs. Some, for emergencies while for others business ventures or personal expenses. Actually, a handful of loan apps are available online but many of them start by giving smaller amounts to new users, often below ₦50,000. This can be limiting for those who need a more substantial sum for a start.

It is therefore fine to find out about some loan apps or sites that provide this amount to their new customers. In this article, we will explore top 10 reputable loan apps in Nigeria that offer a minimum of ₦50,000 to new users.

Please, note that it is always important to download loan apps only from reputable app stores like Google Play or Apple Store. If you want to try any of the loans listed here, ensure you get theip App from any of these two app stores.

Top 10 Loan Apps for 50000 Naira

Here are 10 notable loan apps and sites in Nigeria that can provide you with ₦50k instantly:

1. Baobab Loans

Baobab offers business loans starting from ₦50,000 up to ₦50,000,000, depending on the borrower’s repayment capacity. They focus on existing businesses and housing improvement loans.

You can find more details about baobab loan and how to apply on their website baobab.com

2. CreditWise
CreditWise can give you up to 50k naira loan as a new user. They offer quick loan approval processes with flexible repayment schedules and lower rates. They focus on sustainable lending targeted towards poverty alleviation and MSMEs.

3. Renmoney
Renmoney offers personal and micro-business loans ranging from ₦50,000 to ₦6,000,000. The application process is straightforward, with no collateral required.

You can download Renmoney app from play store and register immediately.

4. Palmcredit

Palmcredit offers loans ranging from ₦10,000 to ₦300,000, with repayment periods between 91 and 365 days. Interest rates vary based on the loan amount and repayment duration.

5. Irorun

Irorun provides microloans ranging from ₦5,000 to ₦50,000 without collateral. The application process is entirely online, with monthly interest rates around 5%.

6. Carbon

Carbon is yet another loan apps that you get gwt 50,000 naira loan from as a new user. The app offer from ₦10000 to ₦1,000,000. Repayment periods range from 61 days to 12 months, with monthly interest rates between 4.5% and 30%.

You can download carbon app from play store

7. FairMoney

FairMoney can give you 50,000 naira loan on your first application. They provides instant loans up to ₦1,000,000, with repayment terms from 61 days to 18 months. Monthly interest rates range from 2.5% to 30%.

You can learn more about FairMoney loan on their website

8. 9Credit

9Credit operates within Nigeria, offering loans to individuals between the ages of 21 and 58. They provide loans up to ₦50,000 after reviewing and confirming user information.

9. SnapCash

Snapcash is a product of Sterling Bank Nigeria. With it you can get instant loans up to ₦50,000. The service is available to both Sterling and non-Sterling Bank customers aged 18 and above. Interest rates are approximately 15% flat.

Find out more about Snapcash here

10. Newcredit

Newcredit provides instant, collateral-free loans in Nigeria. You can borrow from ₦10,000 to ₦300,000, with repayment plans of 91 to 365 days. You can download newcredit app from Play store and sign up.

Final Word

Now its easy to get 50,000 loan in Nigeria with these platforms. You don’t need collateral or tideous paperwork to obtain loan from any of the apps. However, please note that it’s important to consider factors such as interest rates, repayment terms, and requirements on any of these loans before selecting one.

Responsible borrowing and timely repayments are crucial to maintaining a good credit score and ensuring access to higher loan amounts in the future.

Before applying for a loan, assess your financial needs and repayment capacity. Ensure that the loan terms align with your financial situation to avoid potential challenges during repayment.