Best loan apps to get urgent 10,000 naira in Nigeria

Meet Ekene, a young man living in Abuja. One afternoon, on his way home from work, he received a call from his sister. She needed 10,000 naira to buy medicine for their mother, who had fallen ill unexpectedly. 

Ekene’s heart sank. He had just enough money to last him until payday, and borrowing from friends or family felt too embarrassing.

Panic immediately set in as he realized he had no money to send back home, and as the first and only son who doubled as the family’s breadwinner, no one but him was in a position to help.

Ekene’s story is one that many Nigerians can relate to. Every day, people across the country face sudden financial emergencies that they simply aren’t prepared for.

Featured read: Where and how to get an urgent 5,000 naira loan in Nigeria

Whether it’s fixing a broken-down car, paying for an unexpected medical bill, or even covering the cost of groceries for the week, these situations can cause a lot of stress and anxiety.

For many, the embarrassment of asking friends and family for help is too great, and waiting until the end of the month for their salary isn’t always an option. That’s where having access to a reliable loan app can make all the difference.

In this article, we’ll explore the best loan apps in Nigeria to help you secure an urgent 10,000 naira quickly and easily so you can handle life’s unexpected challenges without the added stress.

Before we do, let’s address some of the basic requirements:

Basic requirements to qualify for a 10,000 naira loan

10,000 naira might seem small, but lenders still have certain criteria you need to meet. Expect to go through a few basic checks to ensure you’re eligible for the loan.

BVN and NIN

These are recognized forms of identification and verification across the country. A borrower’s bank account(s) is typically associated with the Bank Verification Number (BVN), an exclusive 11-digit figure. For each Nigerian citizen, the National Identity Management Commission (NIMC) issues a unique identity number known as the National Identity Number (NIN). For a lender to confirm a borrower’s identity and prevent identity theft, one or both of these prerequisites must be met.

Featured read: BVN is great, but here are 5 ways CBN can make it better

A stable Debt-to-income (DTI) ratio

The ratio of monthly debt payments to monthly income is known as debt-to-income or DTI. To be sure they can handle further debt from the loan, lenders usually look for a consistent DTI ratio. To put it plainly, given your existing earnings, can you apply for and repay the urgent 10,000 naira loan you need? 

Phone number

You must only submit a reachable and current phone number that a lender may use to contact you both during the loan application process and after you receive the loan. No lender wants to risk dealing with someone they can’t reach. Your phone number is the primary means for lenders to verify your information, update you on your application, and remind you about repayments.

Workplace Identity

Another key factor that lenders look at when you apply for an urgent 10,000 naira loan is your employment status. To prove that you have some form of earnings, you’ll need to provide a valid workplace ID card or any means of identification that shows proof of earnings. Also, lenders often ask you to submit your official work email address to verify your employment. This helps ensure that you have a reliable source of income to repay the loan.

Valid debit card and direct debit mandate

While debit cards might seem outdated and aren’t always reliable in every situation, having a valid debit card linked to your bank account is still necessary for loan disbursement and repayment transactions. Many lenders require this to ensure smooth processing. Additionally, some lenders may ask you to set up a direct debit mandate. This authorization allows automatic loan disbursal and repayment, simplifying the entire loan process and saving you the hassle of cat and dog chase. 

Valid bank account

Of course, that 10,000 naira needs to be deposited somewhere. And what better place than a legitimate bank account under your name? It’s as simple as that—just ensure you have a valid bank account ready to receive the funds.

Featured read: Where and how to get an urgent 100,000 naira loan in Nigeria

Loan apps are simplifying borrowing in Nigeria

Loan apps have made borrowing money in Nigeria much easier than the traditional bank processes. Instead of waiting in long queues and dealing with complicated paperwork, you can receive cash directly into your bank account shortly after approval.

These apps help handle unexpected expenses until your next paycheck. But it’s important to be cautious because some loan apps charge high fees and interest rates and have short repayment periods that can strain your finances.

To use loan apps responsibly:

• Compare fees and interest rates to find the most affordable option.
• Only borrow what you truly need and can comfortably repay.
• Carefully review all terms, including repayment schedules and late payment penalties.
• Opt for reputable apps with positive customer feedback and proper registration.
• No need to worry; we’ve done the hard work for you. Discover 5 of the most reliable Nigerian lenders:

Featured read: 8 signs a borrower would default 

5 best loan apps for urgent 10,000 naira in Nigeria

Here are five of the best loan apps in Nigeria ready to swiftly provide you with the cash you need:

234 loan

234 loan is a Nigerian loan app company committed to providing safe, reliable, and instant loans to people in need. It is built on the principles of trust, transparency, and customer satisfaction. They understand that access to finance is a fundamental human right and are passionate about making it accessible to everyone. You can apply via the web app, or via Lendsqr’s lender market.

• The repayment tenor is between 14 to 30 days
• The interest rate on 5,000 to 10,000 naira loans is a 10% flat rate

Irorun

This Nigerian loan app lives up to its name, meaning “peace of mind” in the Yorùbá language, by offering quick loans ranging from N1,000 to N50,000. You don’t need any collateral or guarantor; minimal documentation is required to verify your identity. You can apply via the web app, download the mobile app on Google Play Store, or via Lendsqr’s lender market. 

• The repayment tenor is between 1 to 15 days
• The interest rate on 1,000 to 10,000 naira loans is a 15% flat rate

Blocka Cash

This loan app is one of the fastest-growing and most accessible digital lenders in Nigeria. Since its launch in April 2021, it has engaged over 70,000 Nigerians looking for credit. First-time applicants can only get a 1,000 naira loan from Blocka Cash because they must demonstrate their ability to behave themselves in order to be eligible for larger sums. You can apply via the web app, or via Lendsqr’s lender market.

• The repayment tenor is between 3 to 15 days
• The interest rate on 1,000 to 10,000 naira loans is a 15% flat rate

Ekondo Microfinance Bank

Ekondo Microfinance Bank Limited started 1997 as a Community Bank in Calabar, Cross River State, Nigeria. In 2007, the Central Bank of Nigeria introduced a new regulatory framework for microfinance banks, making it the first Community Bank to transition to a Microfinance Bank. The bank now offers various financial services, including microloans, to support small businesses and individuals. You can apply via Lendsqr’s lender market.

• The repayment tenor is between 1 to 30 days
• The interest rate on 1,000 to 20,000 naira loans is a 15% flat rate

Urgent10k

Urgent 10k with the support of Lendsqr launched their app quickly and cost-effectively, reaching thousands of Nigerians in need.

They're on a mission to become the go-to lending app for everyday Nigerians! Click on the link to watch the full video https://t.co/h8gI15M9Zr pic.twitter.com/4a7rqJ1dzr

— Lendsqr (@lendsqr) May 8, 2024

Urgent10k is a loan app designed to make the lending process easy. The application grants you easy access to loans with just a few clicks. You can access loans from 5,000 to 100,000 naira with an easy and convenient repayment structure. You can even earn money when you refer your loved ones. Urgent10k is available on Google PlayStore, Apple App Store, web app and Lendsqr’s lender market. All channels guarantee easy and fast loan processing.

• The repayment tenor is between 7 to 14 days
• The interest rate on 500 to 10,000 naira loans is a 10% flat rate

A lifeline when you need it the most

Ekene’s experience is a powerful reminder of how important it is to have reliable loan options available when life throws unexpected challenges your way. Thanks to the timely support from a lender found through Lendsqr’s lender market, Ekene was able to quickly secure the 10,000 naira needed to get medicine for his ailing mother.

This situation is all too familiar for many Nigerians who face sudden financial emergencies. Whether it’s an unexpected medical expense or a pressing need, having access to a trustworthy loan app can turn a stressful situation into a manageable one.

So, when you’re in a pinch and need quick support, remember there are reliable options designed to help you through tough times. Find a good fit today at Lendsqr’s lender market.