Loan apps in Nigeria typically disburse up to 50,000 naira and more. The problem is that many of them have high interest rates, up to 50-70% to pay back in 7 days. There are actually a few friendlier offers, including lower interest rates and longer repayment terms, so you don’t have to hustle to pay back in 7 days.
Even though I have handpicked 5 of them, these aren’t going to be perfect apps. I have also included their common problems, but usually, these aren’t problems at all. Trust me, I’ve been thorough with these selections. Some might be ones you have used before. But what makes these selections a lot better is that these aren’t going to be the usual loan apps that call borrowers before the due date or harass you for defaulting.
Which Loan App Gives 50,000 Instantly with Good Offers?
Note that all the apps on this list are licensed by the FCCPC (Federal Competition and Consumer Protection Commission)!
1. ALAT by Wema
ALAT is a legit loan app you can use to borrow 50,000 naira. It is licensed by the CBN and owned by Wema Bank. The biggest advantage is that ALAT is NOT a loan shark. ALAT charges a monthly interest rate of 2%, which is better than what you can get from most digital lenders in Nigeria. The repayment tenure is up to 24 months!
If you can’t pay back your loan, you can contact ALAT to discuss an extension of the deadline to help you clear your debt. It will come on their own terms, and ALAT may modify your interest rate. If you have the money to repay early, you can also contact ALAT to clear the debt. ALAT takes your credit history VERY seriously before disbursing an instant loan. If you have not repaid your old loans with other digital lenders and banks, you’ll either not be given a loan or will be offered an amount lower than 50,000 naira.
The major problem with ALAT quick loans is that you need to have a history with Wema Bank to qualify for a tangible amount of money. This means that after you open an account as a new customer, you have to carry out transactions by depositing money directly, using an ATM, USSD, ALAT app, etc. Overall, ALAT is a very good app for quick loans.
2. FairMoney
FairMoney is fully approved by the FCCPC and licensed as a microfinance bank by the CBN (Central Bank of Nigeria). FairMoney charges around 20% and 40% in loan interest. One positive thing about this lender is that their rate depends on your credit history and the loan amount you want to borrow. Therefore, if your credit history is poor, and you have a record of defaulting, you could be charged up to 50-60%.
We have reviewed some loan apps like CayCredit, Lifeline, etc. Unlike most loan sharks, FairMoney’s repayment tenure is longer than 7 days. They are not also predatory. If you borrow 50,000 naira on FairMoney for 28 days and you have a good credit history, you will be paying back about 60k to 70k – something around this amount. Ps. You can borrow up to 6 months.
If you default for up to 1-2 days, FairMoney will call you. If their call comes in before your due date, it’s usually a reminder call, but they don’t always call. Like other loan apps, FairMoney can access your bank account and withdraw money without your authorization if you have defaulted for more than 1-2 days. This shouldn’t be a surprise because FairMoney has stated that you will be auto-debited if payment is not received as scheduled.
3. Carbon
You can also borrow 50,000 naira from Carbon. It is fully approved by the FCCPC and licensed as a microfinance bank by the CBN. You unlock higher loan amounts if you repay early. The disadvantage of this lender is that you may have to carry out other transactions on the app to qualify for more money.
You can borrow with a tenure of up to 12 months but usually, what you get is 3 months. It’s still a bargain if you are boring 50k. The monthly interest rate is 30% and up to 100% but it can also be as low as 4%, depending on your credit history. If you have a good credit history, then borrow from Carbon. Otherwise, you’ll have a high-interest rate to deal with.
4. Branch
Not the best app to borrow 50k from but much friendlier than most loan sharks in Nigeria. This is not to say that Branch isn’t a loan shark. It has the characteristics but they are a less aggressive lender. Branch loan is fully approved by the FCCPC and licensed by the CBN as a Finance Company.
The monthly interest rate is just somewhere around 20%. Not saying it’s the best but this range for a 50k loan is good for a loan shark. Now, depending on your risk profile as a borrower, it can be lower, especially if you build your credit history using Branch app. If you have a good credit history, borrow that money from Branch.
One major problem with Branch loan app is that they are likely to reduce rather than increase your loan limit. You’ll normally expect your loan limit to increase after paying back what you borrow, but it’s like a gamble here. It could go up or down; there’s really no reliable system here.
5. Palmcredit
Finally, we have Palmcredit. While I don’t recommend this one, the only good thing is the loan duration. But Palmcredit has some issues you will find out here. If it’s something you can deal with, then it might make sense to borrow here. Meanwhile, it is approved by the CBN. Its FCCPC license is waived due to its CBN license. Palmcredit is only available on Android – iPhone users can’t use this app.
You can borrow 50,000 naira to pay back in 91 days (3 months). Palmcredit claims you can be given up to 1 year, but I doubt that. Mostly, what they give is 3 months or thereabouts. Some applicants get 2 weeks, despite seeing 2 months in the app during application.
As for the interest rate, it’s extremely high. Palmcredit charges up to 100%. I didn’t expect it to be so high for a microfinance bank. By the way, Palmcredit is owned by Newedge Finance Limited, registered as a finance company by the CBN. Newedge Finance Limited also owns Xcrosscash loan. This lender will charge you 50 (fifty) naira as an activation fee but there is no guarantee that your loan will be approved after the payment. Another reason Palmcredit doesn’t cut it is the customer service – it is very bad. The agents have a record of harassing defaulting borrowers. Palmcredit is fond of crediting you when you have not applied for it – that’s forcing a loan on someone.
Like I said earlier, these aren’t 100% perfect loan apps; they are just better than the rest. So, if you think these aren’t good enough, then you haven’t tried other aggressive loan sharks who only give you 7 days to pay back without grace. Moreover, other lenders tend to have poor and unprofessional customer support. On this list, the worst is Palmcredit but it’s better than most. These loan apps I have recommended have one thing in common: they have a CBN license, not just FCCPC approval. The best loan app for a 50,000 naira loan is ALAT by Wema – low-interest rate, longer repayment tenure, and doesn’t harass. Go for ALAT if you want to borrow that money with peace of mind.
