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June 9, 2024
Take Halimah, a salary earner, for example. She has to wait until the end of a month to get paid, so the likelihood of her having extra to spare when an emergency arises is low.
Some emergencies may be so severe that it’ll be impossible for her to wait until the end of the month. In some scenarios, she may just be too embarrassed to ask family and friends for money when she needs to wiggle out of that tight spot immediately. In such cases, a loan becomes invaluable.
We must admit that even the best of us often run short of cash and need an urgent fix. Increasing inflation, a depreciating Naira, and stagnant wages have made it even more difficult for the average John Doe or, in this case, Ciroma Chukwuma Adekunle.
From as little as 2,000 naira to as much as 50,000 naira, the goal remains the same: to address immediate emergencies. Regardless of the amount, the objective is to tackle unexpected life crises, which typically occur without any heads-up.
Illnesses, broken phones, crashed laptops, and car breakdowns are just a few unexpected events that can disrupt someone’s carefully planned day or life. These unforeseen circumstances may require an urgent sum of 50,000 naira. Experiencing such events doesn’t necessarily indicate one’s reckless spending; it simply reflects the unpredictability of life.
Before we dive into exploring various lenders, loan options, and repayment terms to assist Halimah in finding the best solution for her urgent 50,000 loan request, let’s address some of the basic requirements:
50,000 naira is a significant amount, so expect that lenders would need you to jump over a few hurdles.
These are nationally acceptable means of identification and verification. The Bank Verification Number (BVN), a unique 11-digit number, is usually linked to a borrower’s bank account(s). The National Identity Number (NIN), issued by the National Identity Management Commission (NIMC), is a unique identification number given to every Nigerian citizen. One or both are basic requirements for a lender to verify a borrower’s legitimacy and prevent identity fraud.
Debt-to-income (DTI) refers to the ratio of monthly debt payments to monthly income. Lenders typically look for a stable DTI ratio to ensure they can manage additional debt from the loan. Simply put, can you afford to apply and pay back the urgent 50,000 naira loan you require with your current income?
Having a reachable phone number is important for lenders to get in touch with you while you’re applying for the loan and after you’ve got it — because, let’s face it, an unreachable borrower is a red flag no sane lender wants to take a chance on. It serves as a primary means of contact for verification purposes, updates on your application status, and reminders for loan repayments.
Another factor that lenders consider when borrowers apply for an urgent 50,000 loan is their employment status. Borrowers are required to provide evidence of their job authenticity through a valid workplace identity card and official email submission.
While cards may be old school and not very reliant in all instances, a valid debit card linked to your bank account is still necessary for loan disbursement and repayment transactions. However, some lenders may require you to authorize a direct debit mandate that automates loan disbursal and repayment, making loan transactions as smooth as possible.
Featured read: Best loan apps to get urgent 10,000 naira in Nigeria
Naturally, that 50,000 has to find a home, doesn’t it? And where better than in a valid bank account registered in your name? It’s as straightforward as that.
We’ve curated the top 5 loan apps in Nigeria that can provide you with the cash you need in a hurry:
Irorun, which means peace of mind in the Yorùbá language, is a Nigerian loan app that provides microloans ranging from N5,000 to N50,000 to meet emergency needs. The app, which is available on Android Play Store, offers collateral-free loans with minimal documentation and a 100% online process.
SnapCash, powered by Sterling Bank, offers quick loans to meet urgent needs at competitive interest rates. Customers can instantly access up to one hundred thousand naira (N100,000.00) without any paperwork or guarantors. SnapCash is open to Sterling and Non-Sterling Bank customers over 18.
Featured read: How Lendsqr helped Sterling Bank use SnapCash to bridge the credit divide
Coverdey is a financial platform driving inclusion for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria by offering quick, easy, and simplified access to financial services. They mostly target traders in Nigerian markets, spreading the gospel of financial inclusivity and bridging the credit gap, especially for these often marginalized communities.
Featured read: Coverdey dey for you: Empowering underserved traders with credit.
Kredi Bank offers a wide range of loan solutions tailored to diverse needs. Whether you’re a small-scale trader or a middle-class civil servant, Kredi Bank has something for everyone.
Lendvisery is a lending company that grants loans to individuals and companies. Its target markets are salary workers and small and medium-scale entrepreneurs. Lendvisery offers personal loans, business loans, and salary advances.
When unexpected financial needs pop up, having access to quick and reliable loan options can be a real lifesaver. These top loan apps in Nigeria offer convenient, fast, and flexible solutions to help you manage urgent financial demands without breaking a sweat. With these loan apps, you can get the funds you need quickly and focus on what matters: overcoming the challenges.
So why stress when you don’t have to? Head over to Lendsqr’s lenders market to find even more lenders who offer speedy loans for those “I need cash now” moments.
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A good pre-approval experience shows users exactly what they’re getting, why it matters, and how to proceed without surprises.
