Are you looking for the best loan app without BVN in Nigeria? If the answer is yes, then you are in the right place. We are going to introduce to you the Seven (7) best loan apps where you can borrow money without BVN in Nigeria. These apps offer various loan options, such as short-term loans, personal loans, business loans, and instant loans.
They also have different requirements and terms for loan applications. We will discuss the features and benefits of each loan app, as well as any potential drawbacks or limitations.
In addition to that, we will also tell you the reason why digital lenders in Nigeria request BVN and other important things you need to know about borrowing money in Nigeria.
I believe that after going through this piece of information, you should have a perfect understanding of the different loan application options available in Nigeria and the ability to choose the one that best meets your expectations.
You can also check out this awesome article concerning the top 8 best loan apps if you are looking for other options to borrow money in Nigeria or banks that give instant loans in Nigeria if you need urgent cash.
Now, let’s ride!
What is a BVN?
A Bank Verification Number (BVN) is an 11-digit unique biometric identification number assigned to each individual with a bank account in Nigeria.
It was implemented by the Central Bank of Nigeria on February 14, 2014, to improve the security of the Nigerian banking sector and help reduce illegal banking transactions in the country.
With this system, financial institutions can easily verify the identity of customers and ensure that they are not opening multiple accounts under different names. This is because customers’ personal information and all their bank accounts in Nigeria are linked to BVN.
Without a BVN, you cannot successfully operate a bank account or access most financial products and services, like borrowing money. However, some loan apps in Nigeria offer loans without requesting BVN or collateral, and we are going to list them right here for you.
How Can I Get a BVN?
To get a BVN, you have to visit your bank or any financial institution in Nigeria and provide your personal information. Also, your biometric data (fingerprints and a photograph) will be captured. Within 24 hours after enrollment, your BVN will be ready.
How Can I Check My BVN?
To check your BVN, simply dial *565*0# with the phone number you used during the BVN enrollment, wait for some seconds, and the number will display. Or you can request it from your bank.
Another way you can access your BVN is via your bank app. If you are banking with any of the major banks in Nigeria and you have their app, simply sign in to your account, navigate to your account information, and you will see your BVN.
Additionally, you can head over to your bank and request your BVN.
Why Do Loan Applications Require a Bank Verification Number (BVN)?
There are two significant reasons why loan applications or other digital lending platforms in Nigeria require BVN. The first reason is to measure the security and identity of the customer to ensure that they are not lending money to a fraudster but to a genuine bank customer. The second reason is to verify the borrower’s credit score, credit history, income, and debt-to-income ratio, among others, to ensure that the borrower is capable of repaying the loan. There may be other reasons attached to it, but those are the common ones.
Is There Any Loan App Without BVN In Nigeria?
Yes, there are some loan apps in Nigeria that allow users to borrow money without providing a Bank Verification Number (BVN). This may be because they have alternative methods of verifying the identity and credit scores of their borrowers.
It could also be that they want to make it easier for individuals to access loans, especially those who do not have a BVN or who may not want to provide their personal information.
Another reason why loan apps may decide to give out loans without BVN could be that they want to take advantage and reach a larger audience, potentially increasing their profitability.
Well, you should note that some of these loan apps may limit your access to some of their features, and your loan amount may be limited if you do not provide your BVN.
Knowing all this, let us move straight to the topic of discussion!
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7 Best Loan App Without BVN In Nigeria
If you are looking for a loan app without BVN in Nigeria, here are the 7 best loan apps you should check out:
1. Carbon (Paylater) Loan App
The carbon loan app, formally known as Paylater, is one of the digital lenders in Nigeria that offers instant loans without BVN, collateral, a guarantor, or documentation.
The loan app was launched in May 2016 and is trusted by many people. They offer loans up to N1,000,000, and the payback duration ranges from 30 days to 12 months. Their interest rate ranges from 1.75% to 30%, with an equivalent monthly interest rate of 1–21%, and their Annual Percentage Rate (APR) ranges from 23% to 60.8%.
Aside from loans, Carbon offers a variety of financial services. You can conveniently store your money in a Carbon bank account, save and earn returns, and make payments online and offline with Carbon cards.
2. OKash Loan App
They offer loans ranging from N3,000 to N500,000. Their loan duration ranges from 91 days to 365 days, and their interest rate is calculated on a daily basis. The annual Percentage Rate (APR) ranges from 36.5% to 360%.
A must-confess aspect of the Okash Loan App is that they have made it very simple for users to access loans. All you have to do is download the app, sign up, apply, and receive your loan within minutes.
Do you want to borrow money from Okash? Simply click here and follow the comprehensive guide on how to successfully borrow money from the Okash loan app.
3. FairMoney Loan App
FairMoney is not just a loan app but a Microfinance Bank duly licensed by the Central Bank of Nigeria. Just like Carbon, they offer a variety of financial services. You can send and receive money, pay bills online, and save and earn returns, among others.
They offer loans from N1,500 up to N3,000,000 for a period of up to 24 months. Their interest rate ranges from 2.5 to 30%, depending on the loan amount and repayment period.
To get a loan from FairMoney, simply download the app on the Play Store, sign up, answer a few questions, and confirm your identity. After that, you can apply for a loan, and if accepted, you will receive the funds instantly in your preferred bank account!
4. JumiaOne Loan App
Are you looking for a loan app without BVN in Nigeria? The JumiaOne Loan App is a great platform you will love to try!
With this Loan App, you can access Payday loans, Education loans, and Business loans without providing a guarantor, collateral, or a BVN.
To borrow from this loan app, simply head over to the Play Store and install the app. Scroll down to the Financial Services section and click on Loans. Follow up and provide all the requested information, and your loan will be available within a few minutes.
5. Aella Credit Loan App
Another legitimate loan app without BVN in Nigeria is the Aella Credit Loan App! It is an online lending platform that allows users to get loans, get insurance, and make payments and investments.
They offer loans ranging from N1,500 to N1,000,000 with a monthly interest rate of 2% to 20%. Their repayment period is usually within a month or three months, depending on the type of loan.
To access a loan from Aella Credit, simply install the app, create your account, and fill in all required fields with valid and appropriate information. After that, you will have access to instant loans and other financial services.
6. Branch Loan App
The branch is one of the world’s leading financial technology companies that allows users to transfer money, pay bills for free, get instant loans (up to ₦500,000), and enjoy investment yields of up to 20%.
The app was launched in 2015 and started operating in 2017. It is tested and trusted by many people within and outside the country, making it among the loan apps with the highest number of users.
Getting a loan from the Branch Loan App is pretty simple. Just like the other loan apps mentioned above, download the app, create an account, and apply for the loan that matches your needs. They usually process and approve their loans in a few minutes.
7. QuickCheck Loan App
Another wonderful Loan app without BVN in Nigeria is QuickCheck. They offer loans ranging from N1,500 to N500,000, which could be paid back within 4 weeks to 1 year. Their interest rate is 1% daily.
Without a doubt, QuickCheck has made it simple for users to access loans. With your smartphone, you can enjoy their services at any time, as long as you are an adult and have a good credit score. Simply head over to the app store, download the app, create an account, and you are good to go.
Summarry of 7 Best Loan App Without BVN In Nigeria
Below is a summary of the 7 best loan apps without BVN in Nigeria:
- Carbon (Paylater) Loan App
- OKash Loan App
- FairMoney Loan App
- JumiaOne Loan App
- Aella Credit Loan App
- Branch Loan App
- QuickCheck Loan App
Loan App Without BVN In Nigeria: Final Thoughts
The development of getting a loan without providing a BVN can be a convenient and quick way to access loans for those who don’t have a BVN or those who don’t want to provide their personal information.
However, it is always advisable to thoroughly do research, compare, and go through the terms and conditions of the loan before clicking on the borrow button.
Some of the important things to consider when borrowing money are the interest rates, repayment terms, and hidden fees. This can help you stay away from fake loan apps or loan sharks.
So far, this is the list of the 7 best loan apps without BVN in Nigeria. We will keep updating this page for further changes.
If you have a question or anything to say concerning this information, don’t forget to use the comment section below. Thanks for your time!