21 Loan Apps That Will Give 500k Loan to First Timers in Nigeria

Not many loan apps can brag about giving up to 500k loans in Nigeria to people who desperately need money for their business without documentation, paperwork, or collateral.

This was not the case from the very beginning; getting a 500k loan in Nigeria used to be difficult for many people, except those privileged enough to have wealthy friends.

But with the coming of fintech loan apps, things have turned around, and presently, it’s easier to get a 500k loan in Nigeria with just a smartphone and internet connection.

You need not have collateral to get these loans, as most loan apps require only your basic personal information, bvn, next of kin details, and at least two contacts of your friends and family.

The different features within each of the loan apps make them unique, and you will have to look at these quite critically before making your choice.

This post shall look at 21 loan apps that will give 500k loans to first-time borrowers in Nigeria. Let’s get started.

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Where can I get a loan of 500k in Nigeria?
21 Loan Apps That Will Give 500k Loan to First Timers in Nigeria
What is the CBN 500k grant?
FAQs
Conclusion
References
Recommendations

Where can I get a loan of 500k in Nigeria?

You might wonder, where can I get a 500k loan in Nigeria? Well, the short answer is that there are many lenders out there who can give you a 500k loan in Nigeria.

Standard Chartered Nigeria offers flexible tenors of up to 60 months at an interest rate starting from 1.08% per month for salaried employees.

Many loan apps, like Pay Later, Palmcredit, Branch, and many more, provide loans without asking for collateral.

Traditional banks and online lenders also offer different ways to borrow 500k in Nigeria; among these are Lapo Microfinance Bank, Wema Bank, and Moniepoint.

Also read – How to Use the African Bank Loan Calculator

21 Loan Apps That Will Give 500k Loan to First Timers in Nigeria

Here is a list of the Loan apps that can give you a 500k loan in Nigeria:

1. Branch Loan App
2. Carbon Loan App
3. FairMoney App
4. Aella Credit
5. Umba App
6. Renmoney App
7. QuickCheck Loan
8. Alat By Wema
9. Lendigo App
10. Access More App
11. GTWorld Quick Credit
12. Specta Loan App
13 . OKash App
14. Money in Minutes App
15. Zenith Bank Quick Loan
16. Coolbucks App
17. P2Vest App
18. Migo App
19. Quick Credit
20. Kiakia App
21. Xcrosscash App

1. Branch Loan App

Branch Application is one of the best loan apps that offer 500k loan in Nigeria.

The digital lending platform is well known for its fast and emergency loans, with monthly interest rates of 2.5%- 20% and APRs of 18%- 260%.

This platform does not charge late fees or rollover fees or restrict how you spend your money.

Of course, depending on the amount of money one has loaned, the monthly repayment options usually range from 30 to 60 days on average.

2. Carbon Loan App

Carbon loan app is another reputable instant loan app in Nigeria, well known to assist borrowers who intend to build good credit history.

It gives out fast and instant non-collateral loans that come without guarantors or paperwork and provides an amount of up to N1,000,000 for the loan.

You can apply for instant cash even on weekends and holidays because the platform remains open day and night, and your loan will be approved.

3. FairMoney App

Fairmoney is another registered fast loan app in Nigeria due to its seamless lending procedures, speed of approval, and excellent customer service.

This is an entirely online loan that doesn’t require any collateral or documents while applying for it.

FairMoney customers are more than 5 million on the Play Store alone.

Loan amounts range from ₦1,500 up to ₦1,000,000, tenor from 2 up to 18 months, and monthly interest rates between 2.5% and 30%.

4. Aella Credit

Aella Credit is known for the privacy of customer data.

Therefore, you can quickly borrow urgent cash for loan use, either personal or professional, without documentation or collateral off the platform.

Aella Credit app charges a monthly interest rate of 2% to 20%. An APR is 22% to 264% a year.

The amount lent is between N2,000 to N1.5 million, while the monthly repayments are from 2 to 12 months.

5. Umba App

Umba is a trustworthy financial service provider and also a popular online lending app that offers 500k loans in Nigeria.

However, the guidelines given by the app are to be followed with utmost diligence to ensure smoothness in borrowing and repayment.

To get a loan from Umba, you must apply through their mobile app, which can be downloaded from the Play Store, and fill in any required information.

The loan amount applicable varies from ₦2,000 to ₦30,000.

6. Renmoney App

Even with very low interest rates, Renmoney is one of the best loan apps in Nigeria and amongst the oldest online microfinance platforms.

It’s managed by a team of technology and finance enthusiasts driven to make financial inclusion count in Nigeria.

On the mobile app, it is possible to borrow between ₦6,000 and ₦6,000,000 and repay within 3 to 24 months

7. QuickCheck Loan

QuickCheck app, one of Nigeria’s reliable instant loan apps, has gained prominence for excellent customer data privacy.

Loans range from ₦1,500 to ₦500k; the repayment terms are 91 days – 1 year.

The interest can be anywhere from 2% to 30%, with an equivalent monthly interest rate of 1% to 21%. That will give APRs from 30% to 260%.

8. Alat By Wema

Alat by Wema is available to all Wema bank and Alat customers via the Alat App or website.

Now, you can request a quick loan with no collateral, no paperwork, and no need to visit any physical location.

In fact, the response time from accepting such an offer down to its disbursement is just within a few minutes.

You can now borrow up to N2,000,000 without any collateral.

Also read – How to Borrow Money from Access Bank App in Nigeria | A Step-by-Step Guide

9. Lendigo App

Lendigo Loan Application is one of the top loan apps in Nigeria for small businesses.

You may have a 300,000 – ₦10,000,000 Loan Amount per invoice and Credit Line, with a 1% processing fee and a commitment fee of the Loan Facility.

The interest rate is 4% monthly on the borrowed Amount. Loan Tenure: 1 – 6 Months.

10. Access More App

The Access More App is one of the top loan apps that offer 500k loan in Nigeria.

It helps customers make PayDay cash advances, which they can repay once their salary is paid at the end of the month.

The only limitation is that the services are only available to bank account holders; therefore, you need to open a new account to enjoy them.

11. GTWorld Quick Credit

With GTWorld quick credit, you can get a 500k loan in Nigeria designed to meet all your needs.

However, you must first be an account holder with the bank to enjoy its services.

This is best for people with a bank account and looking for instant loan apps in Nigeria.

12. Specta Loan App

Specta is an online lending platform that allows you to access loans of up to 5 million in just one transaction, all within 5 minutes!

You don’t need any collateral, paperwork, or even office visits.

Cater to all your urgent personal and business needs anywhere, anytime with Specta.

The Specta4individuals package is tailored to provide quick access to a personal loan of up to N5 million without any collateral.

13. OKash App

Okash is one of the trusted loan apps in Nigeria. Its goal is to give easy access to credit anytime, anywhere, 24/7.

It’s an online quick and easy loan platform for Nigerian mobile users, managed by Blue Ridge Microfinance Bank Limited.

OKash meets customers’ financing needs completely online, 24/7.

14. Money in Minutes App

Money In Minutes is one of the best loan apps in Nigeria, personified to give you a quick and superfast loan.

On this platform, it is possible to have an instant loan in just a few minutes of application.

It has a robust and wide range of products that help you access affordable finances to cover many needs and purposes.

15. Zenith Bank Quick Loan

Zenith Bank Quick Loan is powered by the USSD code *966#, an all-in-one code customers use to carry out various transactions.

This code is used to open a Zenith bank account, get a 500k loan in Nigeria, buy airtime, and transfer money from Zenith to other bank accounts.

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16. Coolbucks App

Although relatively new, Coolbucks is still considered one of the top loan apps in Nigeria.

The platform approves customers’ loans within minutes of completion of the application.

Depending on your profile, Coolbucks can start disbursing within 5 minutes to 24 hours of application.

It provides small-ticket loans from N15,000 to low-income and up to N5,000,000 to high-income customers.

17. P2Vest App

P2Vest is one of the best loan apps in Nigeria, which has readily emerged as a leading player in the peer-to-peer lending industry.

In its robust way of operation, P2Vest connects the borrower with lenders and investors. It provides them with better avenues of return on capital than the conventional ways of savings accounts and fixed deposits.

18. Migo App

Another major loan app in Nigeria is Migo, which allows borrowing through the USSD code for easy and fast access.

The quick loan application process involves a variety of offers, starting from as low as N500 to N500,000.

19. Quick Credit

Quick Credit is one of the instant loan apps in Nigeria that provides loans in quick and emergency cases.

Simple steps include minimal documentation where the Applicant shall be qualified for online loan products.

Once approved, the loan amount would be immediately transferred to the applicant’s bank account.

20. Kiakia App

Kiakia is the first peer-to-peer online loan marketplace where users can get a 500k loan in Nigeria.

The platform requires that users be Nigerians with a valid means of identification, bank account, and BVN and a verified source of income.

It uses credit scoring algorithms to assess one’s financial history to determine the extent of creditworthiness.

21. Xcrosscash App

Xcrosscash is a relatively new lending app in Nigeria that gives zero-collateral quick loans.

By continuing to use it, you can gain the opportunity for a higher limit, low interest, and more flexible tenors.

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What is the CBN 500k grant?

The Central Bank of Nigeria developed the CBN 500k grant to reduce the unemployment ratio in Nigeria.

The CBN 500k grant is disbursed to graduates and undergraduates by FG and CBN.

Tertiary Institutions Entrepreneurship Scheme (TIES) is a scheme that seeks to harness the latent entrepreneurial energy among Nigerian graduate entrepreneurs in collaboration with Nigerian Polytechnics and Universities.

This CBN 500k grant is targeted at financing Nigerian polytechnic and university graduates and those from other higher institutions with business and innovative technological ideas.

FAQs

What are the eligibility requirements for a 500k loan in Nigeria?

To qualify for a 500k loan in Nigeria, you generally need to be at least 18 years old, have a steady source of income, provide a valid means of identification (such as a National ID or passport), and have an active bank account.

How long does it take to get approved for a 500k loan in Nigeria?

Most loan apps in Nigeria offer quick approval processes, often within 24 hours.

Are there any hidden fees associated with taking a 500k loan in Nigeria?

While many loan apps advertise low interest rates, borrowers should be aware of additional fees such as processing fees, late payment charges, and service fees.

Conclusion

These loan apps are very convenient and accessible, very easy to use while seeking a 500k loan in Nigeria, especially for first-time borrowers.

They provide very seamless ways of borrowing with minimum documentation and quick approval.

Additionally, the loan app’s credibility must be checked to avoid scams and dubious lending practices.

By researching and comparing various lending options, one can find a loan app that would best suit one’s financial needs and allow one to avail of as much as 500k loans in Nigeria.