How To Get A 50,000 Loan In Nigeria

Get A 50,000 Loan In Nigeria

Not many individuals in Nigeria can tender a collateral to access a loan. In this article, you’ll learn how to get a 50,000 loan in Nigeria.

A loan is simply a financial instrument that helps businesses and individuals to settle financial obligations. No doubt a lack of capital is a major problem of entrepreneurs in Nigeria, fortunately, many businesses and individuals can apply for quick online loans without tendering their assets as collateral.

Here are some of the best websites in Nigeria that offer quick loans of up to NGN50,000 for small businesses and individuals.

  1. Grofin

Grofin helps provide small and medium businesses with finance/business loans across Africa, the Middle East and in Nigeria. Grofin offers businesses access to loans ranging as high as US$100,000 and US$1.5 million

  • Smedan

Smedan is a government backed initiative to offer quick and easy business loans to SMEs in Nigeria in need of financing.

It is the core mission of the organization to promote entrepreneurship and provide capital to aspiring Nigerians to start their business. In terms of funding, SMEDAN provides business owners with in-depth training and support to run their businesses smoothly.

  • Aella-Credit

Aella Credit aims at building a platform for individuals in Africa to access financing. With its primary focus on employee lending and empowerment, this company was affiliated to 3 major credit bureau agencies in Nigeria and they provide quick and affordable loans with no paperwork to customers.

The organization makes use of a proprietary credit scoring algorithm to determine customers credit worthiness.

The algorithm built on 5 years of painstaking research and market data analysis processes an applicants level of eligibility for a loan considering factors such as social, debt to income ratio.


Lydia can be described as an online platform which provides businesses access to finance. This platform offers SMEs unsecured loans of up to $500 to as high as $15,000. According to its founders, “ Lydia makes use of a technology and algorithm to access the risk before granting loans. This allows them to offer financial products to customers at a low cost.

  • Zedvance

Zedvance is a consumer finance company committed to providing consumer credit to its customer base. Zedvance boasts of customers being able to borrow as high as 3 million naira in less than 24 hours. The company aims at providing loans to salary earners as well. This is great for salary earners with a side business.


Kiakia is best described as a digital money lender for many Nigerian businesses. The company utilizes big data, psychometry, machine learning and more for its proprietary credit scoring and credit risk assessment algorithm to provide direct personal and business loans to millions of individuals, SMEs without credit information.

The amazing thing about Kiakia is that its name was derived from a Nigerian language and means, “ Fast Fast “. This means, the solution is very simple, fast and highly efficient.

  • Paylater

Paylater is an easy online lending platform which provides short term loans to individuals and small businesses in Nigeria to cover unexpected expenses and other cash needs.

Paylater gives you access to up to 500,000 naira as loan with no collateral. Once your application is approved, you will typically receive your funds within 1 – 3 business days.

The beautiful thing about this platform is that on-time repayments will give you access to higher credit limits on your next loan.

  • One-Fi

One-Fi, formerly One Credit is a credit facility that offer short term loans to credit worthy individuals who have limited access to finance.

The repayment cycle for their loans is between 3-6 months with loan amounts as high as N200,000 and more.

  • Quick check

Quick check is one modern lending platform for SMEs and individuals. They make use of a mobile technology to enable individuals and small businesses gain access to financial credit for their business upliftment.

According to Quick check, users and customers can now access quick and hassle-free loans of up to 30,000 naira without any collateral for a short duration ranging from 15 to 30 days.

  1. C24

C24 limited is a microfinance institution established with a sole mission of creating an avenue for people to make use of opportunities around them. This is done by giving them access to cash loans when they need it.

C24 online loan process is seamless and stress free. It has been optimized to serve the need for quick cash loans and the stress that comes with other loan companies.

  1. Fastcredit

Fastcredit offers business loans to many small and medium enterprises for the growth of their business. These loans are backed by guarantors and usually last up to a minimum of 6 months.

They also offer simple, fast and all-purpose cash loans to employees of corporates such as banks, TELCOs, Insurance and other financial institutions like the Oil&Gas and Pharmaceuticals to help them meet consumer needs.

  1. Specta

Specta is an online lending platform that claims to provide loans of up to 5 million naira in a single transaction in no less than 5 minutes. With no collateral, no paperwork and almost no visit to any office, specta helps you take care of urgent business and personal needs on the go.

You can access 2 different loan services with specta – My Specta, which offers individual loan services and Specta4business which provides quick, accessible loans for corporate and business owners.

  1. Alat

Alat is a full digital bank and one of the best loan apps in Nigeria. It offers a simple process and grants quick, instant loans with no form of paperwork.

Alat really does not require any visit to a physical location and their response time is in minutes. All you have to do is download the app, sign up and complete all necessary documentation to get a loan easy.

  1. Branch

Branch is a reliable loan app you can use to receive up to N200,000 within 24 hours. There is no collateral or long documentation needed to access a loan and repayment period within 4 to 40 weeks. Loans attract varied interest rates depending on amount. All you need is a phone number and bvn to get started.

  1. Carbon

Formerly known as Paylater, Carbon gives you access to loans in some minutes. You can access short term loans for emergencies and immediate expenses. All you need is your BVN ( bank verification number ) to gain loan credit. Interest rates varies from 5% to 10% with effortless documentation for loans.

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