Instant 5,000 Naira Loan in Nigeria 2024: 10 Available Offers

  • November 19, 2023

5,000 Naira Loan in Nigeria: Do you want to borrow an urgent 5K in Nigeria? Hurray, we’ve got some exclusive offers available for you with low-interest rates.

Lately, the easiest way to access loans without the need for paperwork or a good credit score in Nigeria is through loan apps. However, due to a lack of trust, many loan apps only offer small loans, usually urgent 2K, especially for first-time borrowers.

Thanks to some reliable loan apps like Fairmoney among others, borrowers can now get loans of 5K if the apps’ requirements are met. In this article, we will be taking a look at ten available urgent 5,000 loan offers in Nigeria.

So, if you’re among those seeking, “Where to get an instant 5,000 Naira loan in Nigeria”, join me and let’s explore some available offers!

What are 5,000 Naira Loans?

5,000 Naira loans are small loans that are usually granted to borrowers who need a small amount of money for a short period of time. These loans are often used to pay bills, make purchases, or cover unexpected expenses.

Related: How to Get 50,000 Naira Loan Without Collateral in 5 Minutes

Eligibility Criteria for 5K Loans in Nigeria

The eligibility criteria for a loan of 5,000 Naira in Nigeria vary from app to app. However, most loan apps require borrowers to meet the following criteria:

  • Must be a Nigerian citizen
  • Must be at least 18 years old
  • Have a valid bank account
  • Have a smartphone
  • Must have either of BVN or ATM card

Now that you know what is required to borrow 5,000 naira loan in Nigeria, let’s see apps that give such loans.

See Also: Top 6 Instant Loan Apps without BVN in Nigeria

Top 10 Apps that Give a 5,000 Naira Loan in Nigeria 2023

1. Fairmoney

The first on our list is FairMoney. This is one of the most popular loan apps in Nigeria with fair loan terms.

Fairmoney provides loans of up to ₦500K without the requirement of collateral, and the repayment period can extend up to 6 months. That simply means you can get an urgent 5K loan on this app.

The Fairmoney loan app is trustworthy and has gained popularity with over 1 million downloads on the Google Play Store, offering loans at reasonable interest rates.

Furthermore, Fairmoney offers lots of loan features such as the loan extension service that allows borrowers to extend their loans until they can repay them. Borrowers can also use the Fairmoney loan calculator to calculate loan interest rates and repayment terms.

Fairmoney loan eligibility criteria are simple and easy to follow, as all you need is a valid bank account linked to your BVN and some personal information.

To apply for a loan, download the Fairmoney app (it’s available on App Store and Play Store), register, and fill in your financial and personal details. The loan application process is straightforward and hassle-free.

Read Also: 30,000 Naira Loan Offers in Nigeria

2. Irorun Loan App

5,000 naira loan

If you’re in quick need of a loan of 5,000 Naira in Nigeria, Irorun loan app is worth checking out. This app specializes in providing small loans, usually, personal loans with a tenure ranging up to 30 days.

Irorun loan app has a great user interface and excellent customer support. Unlike most Nigerian loan apps, Irorun is available for both Android and iPhone users on the Play Store and App Store, respectively.

While the app charges a processing fee for its loans, the interest rates are reasonable and the approval and disbursal processes are seamless.

3. FlexiCash By PalmPay

PalmPay loan is one of the most popular online lending services in Nigeria. PalmPay on its own is a fintech app that offers various online banking services including savings, money transfers, airtime and data purchase, bill payments and lots more.

The app also offers a loan service called Flexicash. Using this PalmPay feature, borrowers can access 5,000 naira loan without collateral in Nigeria.

The Flexicash loan amount could range up to 50,000 Naira depending on the borrower’s credit score. The loan also comes with low-interest rates of about 0.80% daily, and the tenure ranges up to 30 days.

We already published a guide to borrow money from Palmpay. Check it out if it’s what suits you.

Read Also: Top 10 Loan Apps for Students in Nigeria

4. Branch Loan App

Another loan app on our list of apps that gives an urgent 5K loan without documentation in Nigeria is Branch. Branch offers loans of up to ₦500,000 with a flexible repayment period of more than 1 year.

Although there are not many loan features like Fairmoney and PalmPay, Branch loans too are collateral-free.

The app has over 10 million downloads on the Google Play Store and offers loans at competitive interest rates. To be eligible for a loan from Branch, you must be a Nigerian resident with a valid bank account, you must have a BVN, and also a valid bank account.

To apply for a loan, simply download the Branch app from Play Store or App Store, register, and fill in your personal and financial details.

Related: Top 20 Loan Apps in Nigeria

5. Quick Checks

5,000 naira loan

5th on our list of loan apps that give 5,000 Naira loans in Nigeria is QuickChecks. Although not too popular, just like Irorun loan app, QuickCheck offers instant personal loans in minutes to eligible borrowers.

No collateral is needed, and also you don’t need a guarantor to access loans on this app. All you need to do is download the app, sign up, apply for a loan, and if approved, it gets disbursed into your bank account in less than 5 minutes.

6. Okash

Another 5,000 Naira loan students in Nigeria is the Okash loan. Okash is a loan app that offers personal loans ranging from ₦1,500 to 1 million Naira without any paperwork whatsoever.

Okash loan app has a fast loan approval and disbursal process, and the application process is straightforward. Also, Okash loans offer low-interest rates and flexible repayment terms, making them a suitable option for individuals seeking quick loans.

Check Out: Best Loan Apps to Borrow 10K in Nigeria

7. Carbon Loan App

Carbon is a popular loan app where you can access a quick loan of 5,000 Naira without documentation in Nigeria. This app lets borrowers access up to 1 million Naira worth of loans without collateral.

Carbon loans come with competitive interest rates, and flexible repayment terms ranging up to 6 months. Just like other Fairmoney, Carbon has over 1 million downloads on Play Store with good ratings, which means it is legitimate.

With just a valid bank account, personal details, and a BVN, you can be qualified for a Carbon loan. Also, no collateral or paperwork is needed to get your loan application approved on the Carbon loan app.

The app also offers other financial services, including savings, airtime purchases, bill payments, and more.

See Also: How to Borrow 20K Loan in Nigeria

8. Renmoney

Another loan offer for those seeking an urgent 5K loan in Nigeria is RenMoney. This is one of the most popular and reliable lenders that give higher amounts in Nigeria.

With a repayment period of up to 24 months, you can get loan offers worth not just thousands, but millions of Naira on Renmoney. The amazing thing is that no collateral, a guarantor or paperwork is required.

Renmoney loans are available to both individuals and businesses, and the amount ranges from ₦5,000 to 6 million Naira. That simply means that the minimum you can borrow on this app is N5,000.

Renmoney loan eligibility is flexible, and the application process is super easy too. To be eligible for a loan on RenMoney, you must be a Nigerian resident below the age of 59 years old. Also, you must have a verifiable source of income, a valid bank account, and a BVN.

To apply for a loan, simply visit the RenMoney website or download the RenMoney app, fill in your personal and financial details, and wait for loan approval.

Check Out: How to Borrow 100K without Collateral

9. PalmCredit

Another popular loan app that can borrow you 5,000 naira in Nigeria is PalmCredit. This app provides loans of up to ₦100K with a repayment period of up to 180 days.

With over a million downloads on the Google Play Store, PalmCredit has been available for a considerable period of time, making it a trustworthy option. However, the interest rate for PalmCredit loans may be a little high for some borrowers, despite the ease of the application process.

To qualify for a loan on PalmCredit, you must be a Nigerian resident below the age of 55, possess a valid bank account, and have a Bank Verification Number (BVN). To apply for a loan, simply download the PalmCredit app, complete the registration process, provide your personal and financial details, and await loan approval.

Related: Get 1 Million Naira Loan without Collateral

10. KiaKia

Last on our list of “Where to get 5K loan in Nigeria” is Kiakia. This is a Peer-to-Peer lending platform that offers Nigerians quick loans with very low-interest rates.

Unlike others on the list, borrowers can only access loans on this platform only through their website. The loan application process is easy, and no collateral is required.

So, if you’re in need of 5K, those (above) are the popular loan apps that give 5,000 Naira in Nigeria. However, it is important you compare the apps before going for one. Let’s discuss more on that.

See Also: Top 10 Loan Apps for Students in Nigeria

Comparison of 5K Loan Apps in Nigeria

When comparing the loan apps listed above, it is essential to take into account the following factors:

  • Maximum loan amount: The highest loan amount that can be obtained from each app.
  • Interest rate: What are the rates charged on loans by each app?
  • Loan tenure: The period in which the loan must be repaid.
  • Eligibility requirements: What are the criteria that must be met to be eligible for a loan?
  • Application process: How easy and fast is the application process?

Note: Thoroughly read and comprehend the terms and conditions, interest rates, and repayment schedules before applying for a loan through any of these apps. It should also be noted that failure to repay loans on time can result in additional fees, penalties, and negative impacts on one’s credit score.

Benefits of 5,000 Naira Loans to Borrowers

There are several benefits of 5,000 Naira loans, including:

  • Quick and easy access to cash
  • No collateral required
  • No need for a good credit score
  • Repayment flexibility
  • Ability to apply from the comfort of your home or office
  • Instant loan approval and disbursement

Drawbacks of 5,000 Naira Loans

While loans of 5,000 Naira in Nigeria have several benefits, there are also some drawbacks to consider, including:

  • High-interest rates and fees
  • Short repayment terms
  • Limited loan amounts
  • Risk of default and additional fees

Check Out: XCross Cash Loan App Review

5K Loan Apps in Nigeria 2023 – FAQs

Can I apply for a 5,000 Naira loan if I have a bad credit score?

Yes, most loan apps do not require a good credit score to apply for a loan. However, you may be charged higher interest rates and fees.

How long does it take to get approved for a 5,000 Naira loan?

The approval process varies from app to app. Some loan apps offer instant approval, while others may take up to 24 hours.

How Can I borrow 5K Loan Online in Nigeria?

You can borrow a 5K loan online in Nigeria using loan apps like Fairmoney, QuickCheck, Renmoney, Irorun, Carbon, and Branch.

What is the maximum loan amount I can get from these loan apps?

The maximum loan amount varies from app to app. However, most loan apps offer loans up to 1 million Naira.

I need 5,000 loan in Nigeria?

If you’re in need of a loan of 5K in Nigeria, apps that can borrow you include Fairmoney, Irorun, PalmPay, and QuickChecks.

Can I extend my loan repayment term?

Some loan apps offer repayment flexibility, while others may not. You should carefully read the terms and conditions of the loan app before applying for a loan.

Is my personal information safe with these loan apps?

Yes, most loan apps have strict privacy policies and use encryption to protect your personal information. However, you should also take steps to protect your personal information, such as using a strong password and not sharing your login details with anyone.


Mobile loan apps are a great option for individuals in Nigeria looking to access 5K loans quickly and conveniently. However, many online loan apps in Nigeria offer low amounts, since the loans are usually unsecured.

With this post containing the ones that give 5,000 loan without documentation and above, I believe we’ve provided you with a satisfactory answer to the question “how to get 5K loan instantly in Nigeria”.