Top 8 Loan Apps Without BVN in Nigeria

Loan App Without BVN: In our recent article, we covered a detail about loan apps in Nigeria, and some of our visitors were interested in knowing whether it’s possible to borrow money from these apps without providing a Bank Verification Number (BVN).

We also noticed that many individuals are willing to borrow money from these loan apps, but providing their BVN is an idea they don’t want to buy. They can provide other information but once it reaches the BVN section, their spirit of borrowing from the app will instantly disappear!

Do you want to borrow from these apps but don’t have a BVN or don’t want to provide your BVN? You are in the right place! This article aimed to provide you with some of the best loan apps without BVN in Nigeria. I believe this will be very interesting to you because we will be discussing other important things you need to know about loan apps and BVN. Below is an overview of what you will see in this article:

• Loan App Without BVN: Introduction
• What is BVN?
• Why Loan Apps Request BVN
• Is it Safe to Provide Your BVN to Loan Apps?
• Is it Possible to Borrow Money From Loan Apps Without Providing A BVN?
• How Loan Apps Without BVN Work
• Top 8 Loan Apps Without BVN in Nigeria
• Loan App Without BVN: Final Thoughts

We kindly advise you to read to the end so that you will not miss any important information concerning this!

Loan App Without BVN: Introduction

The technology of loan apps has no doubt come a long way in Nigeria. Almost everyone with a smartphone is now aware of the development and how it has impacted the society.

These digital lending applications have helped many people settle their pressing financial challenges or even fund their businesses. They can be seen slowly replacing the traditional way of borrowing money from banks and other financial service providers. This is because of the magnificent features they offer and how handy they can be.

It has been recorded that 27 percent of Nigerians across different income categories now resort to loan apps to keep up with their daily living. The surge in demand for these loan apps can also be attributed to the unyielding inflationary pressures on the daily lives of Nigerians.

You can agree with me that these apps are currently one of the most convenient ways of borrowing money in Nigeria. Their presence has eliminated the stress of going around begging your neighbors to lend you, and the stress of queuing in the bank to borrow money.

Loan apps have also made getting a loan a whole lot easier. With these apps, individuals can have access to instant loans at any time and anywhere. They don’t request collateral, guarantor, or other forms of documentation, unlike traditional banks.

However, most of these loan apps request a Bank Verification Number (BVN). You must provide a BVN to borrow from them, which happens to be an inconvenience or a turn-off for many individuals.

Are you also concerned about this?

Join us as we discuss why these loan apps request a BVN, whether you should provide your BVN or not, and consequently bring to you some of the top loan apps without BVN in Nigeria. But before we do that, let’s quickly understand what a BVN is all about!

Read More: Credit Card in Nigeria: How to Get and All You Need to Know

What is a BVN?

The Bank Verification Number (BVN), launched in 2014, is a unique identification number issued to individuals with bank accounts in Nigeria. It’s a biometric identification system that operates by capturing customers’ fingerprints and a facial photograph to create a unique identifier.

This modern security measure was implemented by the Central Bank of Nigeria (CBN), in collaboration with all Nigerian banks, in line with the CBN Act 1958, to reduce fraud or illegal banking transactions in the country.

The BVN is normally 11-digit, unique to each individual, and can be identified and verified across the Nigerian Banking Industry. This means that all customers are entitled to only one BVN, whether they have multiple accounts from different banks.

Currently, you must have a BVN to effectively perform transactions in Nigerian banks. According to CBN, all bank accounts without a Bank Verification Number (BVN) and National Identification Number (NIN) will be placed on “Post no Debit”, to prevent such account holders from making transfers, withdrawals, and any other debit from the accounts.

How to get a BVN?

Once you have a bank account, you are entitled to have your BVN. It’s free of charge and doesn’t require any stressful process. Simply visit any of your bank branches to fill out and submit the BVN enrolment form. It will be ready within 24 to 48 hours after the enrolment.

Why Loan Apps Request BVN

Below are the reasons why loan apps in Nigeria request BVN:

1. Identity Verification

BVN helps loan apps verify the identity of the borrower, ensuring that the person applying for the loan is who they claim to be.

Remember, loan apps don’t know you as a borrower in person and they can’t go through the stress of moving from place to place to verify users. The best way they can achieve this is via BVN.

2. Risk Assessment

No lender wants to lend to high-risk borrowers or individuals who will fail to repay. If people are borrowing without paying back, it will negatively impact the business and subsequently run it down.

BVN in this case stands as a good option for loan apps to access the creditworthiness and financial history of the borrowers. This helps them to determine the risk of default and make informed lending decisions, thereby minimizing losses, maintaining financial stability, and promoting responsible borrowing.

Remember loan apps don’t request collateral, guarantor, or other forms of documentation from borrowers. So making sure they are only lending to responsible borrowers is a perfect way of minimizing losses.

3. Fraud Prevention

BVN helps loan apps prevent fraudulent activities such as identity theft and loan stacking, where individuals apply for multiple loans from different apps using fake identities.

4. Regulatory Compliance

In many countries, including Nigeria, financial institutions are required by law to verify the identity of their customers. Requesting BVN helps loan apps comply with these regulatory requirements.

5. Streamlined Processes

Using BVN for identity verification and credit assessment streamlines the loan application process, making it faster and more efficient for both borrowers and lenders.

Read Also: Loans For Startup Business in Nigeria: How to Apply & More

Is it Safe to Provide Your BVN to These Apps?

This is the common question people ask when borrowing money from loan apps. I believe you also ask this question and relatively doubt the safety, and that’s the reason why you are looking for a loan app without BVN in Nigeria.

Well, the perfect answer to the question is YES and NO! It’s YES when you go for well-established and reputable loan apps with a track record of secure lending practices. It’s NO when you go for unsecured or fake loan apps.

While we were exploring loan apps in Nigeria, we made it clear that some of these apps are not what they claim they are. They are just like a wolf in sheep’s clothing! That’s why it’s advisable to only patronize loan apps that are duly licensed and regulated by the regulatory authorities.

I must admit to you that our financial health is paramount. No matter how desperate you need cash, always exercise caution when exposing your sensitive bank credentials. By thoroughly researching and going for only legit loan apps, your safety in providing a BVN is guaranteed.

Is it Possible to Borrow Money From Loan Apps Without Providing A BVN?

Yes, it’s possible! Some loan apps provide loans without requesting a BVN. Continue reading as we introduce and explore these apps in detail.

How Loan Apps Without BVN Work

Loan apps without BVN work by using alternative methods for identity verification and credit assessment aside from BVN, to verify borrowers. It can be government-issued identification (such as a National ID, Voters’ Card, Driver’s License, etc.), social media verification, bank account verification, selfie verification, email address, phone number, or other means unknown to us.

I must let you know that borrowing from loan apps that don’t deal with BVN is highly unsafe and not recommended. Legitimate loan apps in Nigeria are required by law to collect BVN for verification and responsible lending practices. This protects both borrowers and lenders.

If a loan app is bypassing BVN, it’s likely an unregulated or fraudulent app. Most of these loan apps operating without BVN are known for exhibiting unethical activities, like extremely high interest rates, predatory lending practices, and stealing or misuse of borrowers’ personal information.

Just like I previously stated, our financial health is paramount. Exercising caution when exposing your sensitive bank credentials is a true definition of safety. Instead of risking your financial security and personal information, consider borrowing from licensed and regulatory loan apps.

However, if you still mind going for a loan app without BVN, I am glad to let you know that several lenders provide loans without BVN, and we have conducted thorough research and selected some of the top ones for you!

It’s strongly recommended that before you borrow from any of the lenders, thoroughly conduct your research and know the lender’s reputation, customer reviews, and the safety of using the platform.

We move!

Top 8 Loan Apps Without BVN in Nigeria

Below is our list of top 8 loan apps without BVN in Nigeria:

1. Jumia Pay Loan App
2. Quickteller Loan
3. Eyowo Loan App
4. GoCash Loan App
5. CarrotPay App
6. Aella Credit Loan App
7. PalmCredit Loan App
8. ALAT By Wema

1. Jumia Pay Loan App

Jumia Pay Loan is a loan product provided by Jumia, one of the largest online shopping websites in Nigeria. This loan app was established to support individuals, especially those who are not necessarily eligible for standard bank loans, to meet their daily financial needs.

With this app, users can borrow up to N500,000 straight instantly. No Collateral, No Stress, and No Delay. All you need is just a smartphone and an internet connection.

Note that the Jumia Pay Loans are only Available through JumiaPay’s Android App for now. To apply, simply visit the JumiaPay Android app, move down to the “Financial Services” section, and click the “Loans” tab. A section will be open for you to provide the needed information and apply for your loan.

2. Quickteller Loan

Quickteller Loan is another great option for anyone looking for a loan app without BVN in Nigeria!

This loan product is provided by Quickteller, a popular platform in Nigeria that offers digital payments (such as airtime recharge, funds transfer, bill payments, global shopping, etc), and e-commerce services.

With the platform, users can apply for loans ranging between N1,000 to N500,000. Their interest rates are at their discretion based on proprietary risk parameters, and their loan tenure is between 10 days and 3 months.

One good thing about Quickteller Loan is that they offer multiple methods of loan application. You can apply for their loans via their official website, the Quickteller mobile app, and using a USSD code (*3226#).

3. Eyowo Loan App

You can also get a loan without BVN with Eyoyo Loan App! This platform allows users to send, receive, and pay bills without a bank account.

They typically provide loans up to N50,000. Their interest rate ranges from 5% to 15% monthly and their loan tenure is from 30 to 90 days. No collateral, guarantor, or other forms of documentation.

Read Also: Education Loan in Nigeria: How to Apply & All You Need to Know

4. GoCash Loan App

Gocash Loan App is a loan product provided by Prosperity Archipelago LTD. This platform was founded in 2020 and is currently having more than 500,000 users.

With the loan app, users can access loans ranging from N5,000 to N100,000. Their loan term is between 91 to 180 days and their interest rate is 14% daily with an Annual Percentage Rate (APR) of up to 14%.

To borrow from Gocash, simply head over to your app store to install and sign up. The app is available for both iOS and Android users.

5. CarrotPay App

CarrotPay is another big player when it comes to loan apps without BVN in Nigeria! This lending app was specifically designed to simplify the lending process so that individuals can access loans with little to no stress.

With the platform, you can borrow as much as N50,000. However, your loan amount can be increased once you borrow, repay, and build a good credit score with them. They charge a maximum of 10% interest rate monthly.

All you need to borrow from CorrotPay is your personal information, employment details, and a functional debit card. No documentation, no collaterals.

6. Aella Credit Loan App

Aella Credit is one of the top loan apps in Nigeria. This lending app was established in 2015 by Akin Jones and Wale Akanbi as a product of Aella Finance Solutions Limited.

The platform is more than just a loan app. They offer other products to make financial transactions faster, easier, and smarter. With the platform, users can purchase event tickets without stress, buy now and pay later, invest and grow their wealth, and more.

Their loan offer ranges from N1,500 to N1,000,0000 with a tenor of 61 days to 365 days. Their interest rate is between 2% to 20% and their Annual Percentage Rate(APR) is from 22% to 264%.

To borrow from the platform, simply head over to your app store, install the app, and sign up. The Aella Credit app is available for both iOS and Android users.

7. PalmCredit Loan App

Palmcredit is a product of Newedge Finance Limited, a brother to Easybuy, Xcash, Xcrosscash, and Newcredit.

This loan app has been running since 2019 and has made itself to the top having over 10 Million app downloads currently. They are dedicated to providing exceptional lending services to make it easier for individuals to access loans at any time and anywhere with no stress.

With this platform, users can borrow from N2,500 to N100,000 with a loan term duration of 12 to 26 weeks. Their interest rate is as low as 4% to 4.7% per month with an Annual Percentage Rate (APR) of 24% to 56%.

8. ALAT By Wema

ALAT by Wema is another great option for anyone looking for a loan app without BVN in Nigeria!

In case you don’t know, ALAT by Wema is a fully digital banking platform provided by Wema Bank. This platform allows users to carry out all their banking transactions online without any need to physically visit any of their bank branches.

With the platform, users can access loans (such as device loans, goal-based loans, salary-based loans, payday loans, and SME loans) as much as N2,000,000 (two million Naira) in minutes. No collateral, no guarantor, and no visitation to any physical location. All you need is just a smartphone and internet connection.

Their loan tenure is between 3 to 24 months and their interest rate is as low as 2% per month on a reducing balance basis.

Read Also: Car Loan in Lagos: Get Your Dream Car Today

Loan App Without BVN: Final Thoughts

Thanks for following this article to the end! I believe you now understand everything you need to know about this topic (loan apps without BVN), including how they operate, and the reason why most loan apps request BVN. I also believe you have clearly understood your safety status in providing your BVN to these apps.

Before you exit, here are the key facts you should know:

• Borrowing from loan apps that don’t deal with BVN is highly unsafe and not recommended. Legitimate loan apps in Nigeria are required by law to collect BVN for verification and responsible lending practices. This protects both borrowers and lenders.
• Instead of risking your financial security and personal information, consider borrowing from licensed and regulatory loan apps.
• Providing your BVN to borrow from loan apps is safe when you go for well-established and reputable loan apps with a track record of secure lending practices.
• For security reasons and happy borrowing, it’s strongly recommended to thoroughly conduct research and know much about the lender’s reputation, customer reviews, and the safety of using the platform before borrowing.

Because this topic is variable to you and us, we will be updating this page frequently for an optimum result. Don’t forget to bookmark the page for an easy return!

Have any questions or an opinion? Don’t forget to use the comment section below!

Source: Instantmoni.com