Getting N50000 from online lenders in Nigeria is not a difficult thing to do. Many people believes that to get that kind of amount from a loan app, you must have borrowed and repay loans countless time on the app.
However, that's not the case. Infact, note that if you have a bad credit score or you're owning another loan app outstanding loan, you will not be able to obtain common N2000 from any loan app in Nigeria.
So, the key to getting up to N50,000 from loan apps in Nigeria is having a good credit score. I made a YouTube video tutorial that teaches about how to check credit score for free in Nigeria.
In this article, I'm going to walk you through how you can get at least N50000 from these five (5) loan apps for the first time. All you need is your bank verification number (BVN) and national identification number (NIN).
Loan apps that give N50,000 in Nigeria
1. Renmoney
Renmoney is one of the most popular online lending platforms in Nigeria. The loan app offers loans ranging from N5,000 to N5,000,000 for the first time.
However, note that you'll only get up to N5,000,000 if you're a registered business with operating locations in some top tier cities of Nigeria like Lagos and Abuja.
For individual who needs loan to sort out some financial urgency, you can get up to N50,000 as a first timer, depending on your repayment ability and credit score. However, note that you cannot get more than 50K as a first timer regardless of your credit worthiness or repayment ability.
Renmoney Loan Requirements
Here are criterias, and documents required to submit a loan application on the Renmoney app:
- Your Bank Verification Number (BVN).
- Your National Identification Number (NIN) or any other means of identification.
- Your residencial address or business address.
- Full legal names including first, middle and last name.
- Email address and working phone number.
- Proof of address like recent utility bills
- Next of kin information.
- Last six months bank statement.
- Lastly, you will be asked to bind card or account (via mono) to your Renmoney account.
Once you're able to provide all these requirements, you will be offer a loan of N50,000 instantly. However, if you can't provide all the information, you will be offered a loan of N5000.
How to apply for Renmoney Loan
Loan application on Renmoney is easy. All you need to do is download the loan app on Google play store if you're an android user or on Apple App store if you're an iPhone user. After download, register an account using your valid email address and phone number. You will also be asked to choose your preferred password.
Note, Renmoney is also an online microfinance bank. So, you're not just creating an ordinary loan app account, it's more like you're creating an online bank account like Kuda, OPay, PalmPay or Moniepoint.
When you're done creating the account, login to the account, tap on "Borrow and Loan" and start the application processes. Submit all required documents correctly and make sure that all information needed is accurate.
The result of your application after submission usually take 5 minutes. Once decision is made, you will get a notification via the app, email and sms.
If application is approved, you can then withdraw to your desire bank account in Nigeria. If the application goes south as well, reasons will be stated in the notification sent. You can amend the situation and resubmit the application after three days.
2. Carbon MFB
Carbon MFB is an online bank and a financial service provider that's headquarteed in Lagos Nigeria. With Carbon, you gets access to instant credit including quick loans, digital ajo, savings and more.
The platform is CBN and NDIC approved. It's operating with a microfinance banking license (MFB) in Nigeria. With that being said, getting N50,000 loan instantly from Carbon App is swift and easy with proper documents and criterias.
Carbon MFB Loan Requirements
If you can provide all the requirements listed below, you will definitely get N50,000 loan from Carbon.
The requirements to apply for Carbon MFB Loan are:
- BVN and NIN
- Full Legal Names
- Any other means of valid identification like National ID card or International Passport is acceptable.
- The Carbon MFB mobile app
- Valid Utility bill to validate your address.
- Bank statement that's not more than 6 months.
- Bind your physical debit card for automatic repayment.
How to apply and get N50,000 from Carbon MFB
Like I said earlier that Carbon is an online bank. So, if you want to create the Carbon account, you will create it like you're creating a new bank account. In other words, use all your personal information on the registration page accurately and correctly.
Once registration is complete, go and complete your KYC verification on the app. Although, it's not necessary to complete know your customers (KYC) verification before you submit loan application on the app.
However, if you want to get the N50,000 instant loan from the app for the first time, first of all complete your KYC to level 3 on the app and make some transactions on the app before you apply for a loan.
One thing you should also take note of is binding of debit card. It's important to note that the bank statement you will be submitting should share the same bank account with the debit card you binding. Although, it's optional but it'll solidifies your trust.
3. Fairmoney
If you stay on YouTube well, you would have come across Fairmoney loan app. Although, the platform is an online microfinance bank but specialized mostly on borrowing people money.
Fairmoney loan offers range from N5K to N50K depending on borrowers credit trustworthiness and ability to repay on time. The Fairmoney app is available for download on both Apple app store and Google play store.
However, to get a loan on the app, you must be 18 years or above and meet all the following criterias:
- NIN and BVN are compulsory.
- Working email address and phone number.
- Utility bill.
- Selfie photo.
- Debit card binding
- The Fairmoney app.
How to apply for a Fairmoney Loan
Follow these steps to apply for Fairmoney Loan and get N50,000 instantly:
- Download the Fairmoney App from your device app store.
- Register an account using your email address and phone number.
- Verify the OTP sent to your phone and complete the registration.
- Login to your account and complete your KYC using your recent utility bill, NIN, BVN and employment information.
- Other information like date of birth and next of kin details will also be asked.
- Complete the application form and submit it.
Note: ensure all the information provided are accurate and tally with the ones on your documents to avoid application being rejected.
4. Aella Credit
To apply for a loan of up to ₦50,000 from Aella Credit, you’ll first need to download the Aella Credit app from the Google Play Store or Apple App Store and create an account.
Once registered, log in and navigate to the loan application section. Select your desired loan amount (up to ₦50,000) and provide the required personal and employment details. Aella Credit typically assesses applications swiftly, and if approved, the funds are disbursed directly to your registered bank account within hours.
The platform offers flexible repayment terms, but ensure you review the interest rates and repayment schedule before accepting the loan to avoid defaults.
Aella Credit Loan Requirements
To qualify, you must meet several requirements: a valid government-issued ID (e.g., National ID, Driver’s Licence, or International Passport), proof of a stable income (such as recent payslips or bank statements), and an active Bank Verification Number (BVN) for credit checks.
Additionally, you must be at least 18 years old, reside in Nigeria, and provide details verifying your current employment status. Salaried individuals may need to demonstrate at least three months of consistent employment, while self-employed applicants must show regular income.
Ensure your bank account is linked and active for seamless disbursement and repayment. Meeting these criteria improves your chances of approval, though final decisions depend on Aella Credit’s assessment of your creditworthiness.
5. Easemoni via OPAY
To obtain a loan of up to ₦50,000 from EaseMoni via the OPay app, begin by downloading and installing the OPay application from your device's app store. After registering or logging in, navigate to the 'Finance' section located at the bottom of the app's interface.
Here, select the 'Loan' option, which will present you with two choices: OKash and EaseMoni. Opt for EaseMoni to proceed. The app will prompt you to provide necessary personal information, including your Bank Verification Number (BVN) and a valid ATM card. Upon submission, the system will assess your creditworthiness and, if approved, disburse the loan amount directly into your linked bank account, typically within minutes.
It's important to note that as a first-time borrower, the loan amount may be limited, often below ₦20,000. However, by consistently repaying loans on time, you can improve your credit score, thereby increasing your eligibility for higher loan amounts in future applications.
