There are times when you need more than just a quick N10,000 to cover minor emergencies. Maybe you’ve got an unexpected car repair bill or need to cover school fees or medical expenses. This is where a N50,000 loan can make all the difference. But where can you reliably get that kind of money without the hassle of collateral or jumping through fire? Whether you’re a salary earner looking for a payday loan or simply need financial flexibility, quickly securing a 50,000 naira loan can be a life saver.


In Nigeria, where over 40% of the population live on less than N377 per day according to the World Bank, financial security is a luxury many cannot afford. Most salary earners and small business owners are often one unplanned expense away from a financial crisis. The reality is that access to reliable, quick loans has become an essential tool for survival, especially for the more than 60 million Nigerians who are part of the working population.


Whether you’re facing rent payments, expensive vehicle repairs, or educational expenses, a quick loan can help you avoid financial strain while keeping your budget intact and lenders like SnapCash can come through for you.


Where can you get a 50,000 naira loan?
There are a number of reliable platforms that offer quick loans, but not all are equally suited for those looking for larger amounts like 50,000 naira. SnapCash, however is one of the best options for securing a loan of this size:


## SnapCash
One of the many loans SnapCash provides for borrowers are payday loans peculiar to salary earners, and N50,000 is right within our sweet spot. However, unlike our smaller loans, SnapCash’s payday loan of N50,000 has specific requirements and can only be applied for via the web app, not the mobile app. This feature adds a layer of convenience and exclusivity, ensuring that customers have a secure platform to manage larger loans.


## Key requirements for a 50,000 naira loan
-Valid ID: You’ll need to present a government-issued ID to verify your identity. -Statement of account: A recent statement of account is required to ensure you have a steady income and can afford repayments.
Video attestation: This is one of the more unique requirements. You will need to record a short video to verify your identity and -confirm that you are applying for the loan of your own volition.
Employment offer letter: Since SnapCash’s 50,000 naira payday loans are targeted at salary earners, you’ll need to provide proof of employment, typically in the form of an employment offer letter or a letter confirming your current position.


## Why choose SnapCash?
Tailored for salary earners: This loan is built specifically for those with a steady income, making the approval process smoother if you meet the criteria. No collateral required: While the requirements are more thorough, SnapCash does not demand collateral, making it an attractive option for those who don’t want to pledge assets. Multiple channels: You can access loans via mobile and web app. Flexible repayment terms: You can repay the loan within a few weeks, aligning with your next payday, so there’s no long-term financial burden.


## What if you don’t qualify for SnapCash?
While SnapCash’s Xtreme is perfect for salary earners, not everyone will qualify due to the strict requirements. However, there are alternatives like Urgent10k, FairMoney, and Kredi Bank that cater to a broader range of people. If you’re self-employed or don’t meet SnapCash’s requirements, these platforms offer fast approvals and flexible repayment options, ensuring you can still access the 50,000 naira you need.


## Focus on your big goals, we’ll handle the quick fixes
Remember, borrowing responsibly is about more than just getting through the next hurdle; it’s about creating the space to focus on long-term goals while managing short-term pressures. SnapCash can help you manage these short-term pressures.





Where to get an urgent 50,000 naira loan

As you dey plan for money…na so money sef dey plan for you!


Have you ever been in a position where you’ve saved up a particular amount more times than you can count?


You save. Obinna needs money to buy a lecturer’s handout. You spend.


You save again. Mama falls sick. You spend.


You save AGAIN! Water from the flooded streets of Lagos knocks your car engine. You spend.


Frustrating right?


When it comes to loans… you may be tempted to run away…


This is your reassurance that GOOD lenders (like SnapCash) understand that LIFE HAPPENS to everyone and even when you plan to repay on the due date, an unplanned emergency could pop up and you hit a roadblock. If this happens to you, there’s no need to panic or abscond (you’re not a thief are you?!).


Take a deep breath and follow the steps below to make informed decisions that’ll get you out of financial muddy waters in no time…


## Contact the lender immediately
The first instinct most people have when they realize they are unable to pay back their loan on time is to panic, dread and hide. While this might be a natural response, it does more harm than good.


They sit, fret and wait for the lender to call and ask why they haven’t paid their debt or inform them of the seizure of their collateral.


This is what most people go through, but you are not most people and can avoid this. It’s quite simple, when you get into a tight situation that’ll deprive you of meeting the repayment date, it’s now time to make that ‘bound-to-be-uncomfortable’ but ‘needed’ CALL to the lender.


Explain your situation to them with sufficient evidence, so they don’t think you are trying to skip on your payment. Informing them of your struggles on or after the due date makes you seem like a fraud, so contacting the lender and keeping them informed shows a level of trustworthiness they might not have known existed. (Don’t blame us! We are used to super-stories from borrowers too).


## Ask for a grace period
The next thing you should do when you can’t make loan payments on the due date is to ask for an extension AKA GRACE PERIOD.


Now that you’ve contacted the lender and explained your situation, you can ask for a grace period as a means to smooth out any problem affecting loan payment.
Depending on their terms, lenders may grant a grace period of 0 to 30 days after the due date.


During this extended period, you will be free to work through your financial difficulties, and here’s something really interesting — when you resume debt payment you won’t be asked to pay a late fee. (See why honesty is the best policy!). The grace period also gives you a chance to restructure your loan with the lender and agree on terms that are fit for you and the lender.


## Restructure your loan terms
Restructuring the terms of your loan can take the form of reduced interest rate, extended repayment period or reducing the remaining balance. (Plenty of options available for you!)


It will give you some relief and make it easier for you to repay your debt. It could be temporary or permanent. Temporary restructuring is such that your terms will be adjusted for the period you are facing problems while permanent restructuring is such that your loan terms are adjusted and the adjustments are kept even after your problems have been solved.


## Budget and save towards clearing up debt
Once your loan has been restructured…
The panic dies down and you relax back into your any-how money routine.
No! Don’t do that.


Now would be the time to swiftly get your finances in check and pay back your loan. And you do that by strict budgeting, that’ll allow you to save up enough to clear up your debts within your grace period.


Remember that for the duration of your grace period any debt paid off will not attract a late fee.


And while it may entice you to look for get-rich-quick investments, you should not succumb to the temptation, as a high-risk investment is another means to splurge your money and end up in the financial trenches. AGAIN! (Suffer nor dey tire you?).


## Pay your debt
Well, this speaks for itself. Doesn’t it?
Once you’ve followed the above steps; contacting the lender, asking for a grace period, restructuring your loan terms and budgeting to save up, you can now pay your debt with ease.


The lender will thank you for it and might even sneak your name into the responsible borrowers’ list. Here’s a way to know how you can make that list.


A rule of thumb is to always clear up pending debts before your grace period elapses. It not only boosts your credibility but also your loan worthiness for the future.
…
As always, SnapCash will always get you out of sticky financial crises with our never-ending curated information just for your consumption!
We’re always happy and available to offer you expert advice and opinions…
Shoot us a message at hello@snapcash.ng for more clarification on what to do when you fall short on repayment!





What to do if you can’t repay your loan when due

Hey there Rockstar! Today we’ve simplified the SnapCash loan application process into 5 simple steps.

Come along let’s help you get your first loan:

## Set up your account
Visit the SnapCash website and follow the prompts to either download any of the apps and sign up or just sign up directly on the web app. Once you are signed up successfully, you also need to do the following as they are mandatory requirements to apply for a loan:

## Update your address and also add the details of your next of kin
Add a government-issued ID card such as a drivers’ license, international passport, etc. Add a valid and active debit card. We usually accept only Mastercard or Visa debit cards. Now you’re ready to apply for a loan with SnapCash.

## Apply for a loan
With the SnapCash app installed on your device (or you may be registered on the web app), it’s time to get your first loan.

Log on to your dashboard and click on the “Apply for a loan” icon.

Fill out the application form: You’ll be shown an application form, in which you’re required to fill in your relevant personal data. For example, name, age, email address, valid ID card, bank verification number etc.
Assess the form thoroughly and ensure you fill in the correct data.
Submit loan application form.
Complete the final verification process

Once you have submitted your loan request, it would be in pending status. You would then get an email from SnapCash stating that your documents have been received, however, you would need to speak with the SnapCash loan team to complete the final stage of verification. The number to call would be in the email sent by SnapCash. This final stage is necessary to help us curb the issue of identity theft or lending to scammers using the identity of innocent and unaware individuals.

Please note that leaving a voicemail or voice message does not count as a call to the SnapCash representative.

## Kindly wait for our feedback email
Once you’re done with the final stage i.e the phone call verification, look out for one final email with either an approval or denial of your loan request. This final email will only be sent to you if you have completed the phone call verification.

Kindly note that SnapCash operates on an algorithm-driven database and this means that after your credit profile is vetted, you’re matched to the loan option that is the best fit for you.

For further questions and assistance send us a message at hello@snapcash.ng!


A simple guide to the SnapCash loan application process

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A simple guide to the SnapCash loan application process