I need a Loan of 50000 Naira and I don’t know how to get it. This article will educate it’s readers on how to get this loans. You don’t need to worry anymore because you are in the right page.
Here in Nigeria loan Apps have made it Easy for individuals to access loans without any Collateral or guarantor. For one to access this loans you need to have a government issued means of identification, Bank Verification Number (BVN), Bank account and Registered Phone Number.
What is Loan?
According to Wikipedia, Loan is defined as a transfer of money from one individual to another with an agreement to pay back. This agreement can either be oral or in written form. Debt incured by the borrowers usually attracts interest on payback.
What is BVN?
Bank Verification Number popularly known as BVN is defined as biometric identification system implemented by the Central Bank of Nigeria (CBN) to reduce illegal banking transactions in Nigeria. BVN or Bank Verification Number is an 11 digit unique number issued to individuals and is not meant to be shared with a third party.
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How to be Eligible For Loan of 50000 Naira
The following requirements must be met for one to be eligible for 50000 Naira loans in Nigeria. And this requirements vary from app to app.
- You must be a citizen of Nigeria.
- You must be 18 years and above.
- You must have a valid bank Account.
- You must have both BVN and ATM Card.
- Registered Phone Number with any Nigeria Network provider.
- A Smart Phone.
10 Loan Apps that Give 50000 Naira Loan and Above
- Okash
- Quick Check
- Palmpay
- EasiMoni
- Fairamoney
- PalmCredit
- RenMoney
- Branch Loan App
- Cabon
- LoanSpot
Frequently Asked Questions on I Need a Loan of 50000 Naira
Below are important questions frequently asked by individuals on I need a loan of 50000 Naira.
What are the requirements to get a loan of 50000 Naira?
The requirements vary from app to app. Normally you will be asked to provide a govt issued I’d, BVN,Phone Number and Account details.
Can I get a Loan of 50000 Naira without Collateral?
Yes, you don’t need collateral or guarantors to get this loans.
How long does it take for a Loan of 50000 to be Approved?
After application it takes only 2-3hrs for the loan to be approved. Just make sure you provide you accurate information.
What is the interest rate on a loan of 50000 Naira?
The interest on loan vary from app to app. Sometimes the interest is determine by the loan duration. This longer the loan duration the higher the interest on loan vice versa.
