Loan Apps Without BVN in Nigeria.
What do you do when you need that urgent 2k? Or when you need cash for personal or business use?
Processing a loan from a regular bank usually takes time, collateral, paperwork, etc.
For most Nigerians, loan apps come to the rescue. Using Loan apps makes things easy, You don’t need to be stressed thinking about your bills.
Without any collateral or documentation, you can easily access loans to offset your emergencies.
However, you should know that not all loan apps will give you a loan without BVN or collateral.
What is BVN?
BVN stands for Bank Verification Number. It is a biometric identification system implemented by the Central Bank of Nigeria to curb illegal banking transactions, reduce fraud and improve the banking system’s overall security.
The BVN is a unique 11-digit number that is linked to an individual’s biometric data, such as fingerprints, facial features, or voice recognition. Every bank account holder in Nigeria is required to obtain a BVN to be able to transact in any Nigerian bank. The BVN is used to verify the identity of bank account holders and prevent unauthorized access to their accounts.
Most loan apps in Nigeria require a Bank Verification Number (BVN) as part of their registration and verification process. However, there are still some loan apps that do not require a BVN, and you can use them to apply for a loan.
Here is a Guide on How to use Loan Apps in Nigeria without a BVN:
- Research and choose a loan app: There are many loan apps available in Nigeria, and you can find some that do not require a BVN. Do some research to find a reputable loan app that fits your needs.
- Download and install the app: Once you have chosen a loan app, download and install it on your smartphone.
- Register and provide personal information: You will need to register on the loan app and provide your personal information, including your name, email address, and phone number.
- Provide alternative identification: Since you do not have a BVN, you will need to provide alternative identification to verify your identity. This could include your national ID card, driver’s license, or international passport.
- Complete the loan application: Once your identity has been verified, you can then complete the loan application. You will need to provide information about your employment status, income, and the amount of the loan you are requesting.
- Wait for approval: After you have completed the loan application, you will need to wait for the approval. This can take anywhere from a few hours to a few days, depending on the loan app.
- Receive your loan: If your loan application is approved, the funds will be deposited into your bank account. Make sure you read the terms and conditions of the loan carefully before accepting it.
Loan Apps That Can Give You a Loan Without BVN.
Thanks to technology, getting a loan in Nigeria has become easier than ever with the proliferation of loan apps. Here are loan apps in Nigeria that can give you a loan without BVN:
Carbon Loan App:
Carbon, formerly known as Paylater, is one of the most popular loan apps in Nigeria. They offer loans from ₦1,500 to ₦2,000,000, with a loan term of 15 days to 12 months. Interest rates on Carbon loans range from 5% to 15%, depending on the loan amount and duration. To qualify for a loan on Carbon, you must be between 18-55 years old, have a valid bank account, and have a source of income.
Branch Loan App:
Branch is another popular loan app in Nigeria that provides loans from ₦1,000 to ₦200,000. The loan term ranges from four weeks to fifteen months, and interest rates range from 15% to 34%. To qualify for a Branch loan, you need to be 18 years or older, have a valid bank account, and have a steady source of income.
FairMoney Loan App:
FairMoney is a loan app that provides loans of up to ₦500,000. The loan term ranges from 61 days to 180 days, with an interest rate of 10% to 30%. To qualify for a loan on FairMoney, you need to be 18 years or older, have a BVN, a valid bank account, and a steady source of income.
PalmCredit Loan App:
PalmCredit is a loan app that offers loans up to ₦100,000. The loan term ranges from 14 days to 180 days, with an interest rate of 14% to 24%. To qualify for a PalmCredit loan, you need to be 18 years or older, have a valid bank account, and have a source of income.
Renmoney Loan App:
Renmoney is a loan app that provides loans from ₦50,000 to ₦6,000,000. The loan term ranges from three months to 24 months, with an interest rate of 4% to 4.5% per month. To qualify for a Renmoney loan, you need to be between 22-59 years old, have a valid bank account, and have a steady source of income.
Kiakia Loan App:
is a loan app that offers loans up to ₦500,000. The loan term ranges from seven days to 30 days, with an interest rate of 5.6% to 24%. To qualify for a Kiakia loan, you need to be 18 years or older, have a valid bank account, and have a source of income.
Aella Credit Loan App:
Aella Credit is a loan app that provides loans up to ₦1,000,000. The loan term ranges from one month to six months, with an interest rate of 20% to 27%. To qualify for an Aella Credit loan, you need to be 18 years or older, have a valid bank account, and have a source of income.
QuickCheck Loan App:
QuickCheck is a loan app that offers loans up to ₦500,000. The loan term ranges from 30 days to 12 months, with an interest rate of 1% to 15%. To qualify for a QuickCheck loan, you need to be 18 years or older, have a valid bank
Frequently asked questions.
Q: Can I get a loan without a BVN?
A: Most Financial institutions will require your BVN and other documents before you can access a loan, How ever many loan apps can give you a loan without a BVN.
Q: Why do lenders require a BVN?
A: Lenders require a BVN to verify the identity of the borrower and to check their credit history. The BVN also helps to prevent fraud and ensure that the borrower is not involved in any fraudulent activities.
Q: What are the alternatives to getting a loan without a BVN?
A: If you do not have a BVN, you can explore other options such as borrowing from friends and family, using your credit card, or getting a loan from a cooperative society.