Check out the loan apps approved by the Federal Government of Nigeria
- FairMoney Mirco Finance Bank.
- Pivo Technology Limited.
- RenMoney Mirco Finance Bank Limited.
- Carbon MicroFinance Bank Limited.
- Creditwave Finance Limited.
- Branch International Financial Services Limited.
The loan programs mentioned earlier may require you to provide your BVN (Bank Verification Number), which is generally proportional to the loan amount you wish to borrow and the amount of your existing accounts with them.
However, it is important to note that the Central Bank of Nigeria (CBN) has made it mandatory for financial service providers to verify user details through the BVN and report any compromised accounts. It is crucial for users to refrain from storing their BVN or any personal information in any form or sharing it with third parties.
Unfortunately, there have been reports of certain lending apps violating user privacy and facing data security issues. This puts users at risk of unauthorized access to their personal data by hackers and other malicious individuals.
How To Take a Loan Without BVN in Nigeria
Looking to get a quick loan without the hassle of providing your BVN? Well, here's a tip: when creating your account for online loans in Nigeria, make sure to skip adding your BVN data. It's as simple as that!
Now, let's talk about other identification numbers issued by the government that can confirm your authenticity. Your National Identity Number (NIN), Voter Identity Number (VIN), and Voter Identification Number (VIN) are all valid alternatives.
But what if you can't avoid it? Don't worry; there's still a solution. You can always turn to your trusted family members who are willing to lend you the money you need. Sometimes, the best support comes from those closest to us.
And if you're still struggling to find a generous relative or friend, don't fret! There are lending applications in Nigeria that don't require BVN. However, keep in mind that these loans may come with a high interest rate as a reward for the convenience they offer.
Loan Apps In Nigeria Without BVN
Looking for quick loans online in Nigeria without a BVN? Look no further! Here are the top loan apps you should definitely check out in 2024.
But before we dive into that, let's understand what this BVN is all about. Why is it so important to protect yourself when dealing with loan apps in Nigeria?
What is BVN and Why is it Important?
BVN, the bank verification number, plays a vital role in identifying individuals and protecting their financial information from fraud. Just like your bank account, BVN should be safeguarded and not shared with loan applications or other platforms that require it for Know Your Customer (KYC) procedures. Now, let's explore the exciting world of loan applications that provide quick loans without the need for BVN.
Best Instant Loan Apps in Nigeria Without BVN
In Nigeria, you'll find plenty of loan options that ask for a guarantor, collateral, a verified document, and a BVN. But here's a list of top-notch loans in Nigeria that won't require a BVN by 2024.
- FairMoney Loan App.
- Okash Loan App.
- Carbon (Paylater) Loan App.
- PalmCredit Loan App.
- Quickteller App.
- Alat by Wema App.
- JumiaPay App.
- Aella Creadit Loan App.
- Eyowo Loan App.
- CarrotPay App.
Based on our study, these are a few of the top-known apps to get quick loans with no BVN. They have the majority, with over 10 million apps downloaded on the App Store as well as Google Play store.
Detailed Explanation of How the Loan Apps in Nigeria Without BVN Works
FairMoney Loan App
FairMoney App FairMoney App has over 10 million downloads from the Google Play store alone and has been rated one of the leading 4 free loan applications for Nigeria, with good feedback from those who have tried the app.
There is no such thing as ever being free. Fairmoney Loan App offers a reasonable interest rate for loans as well as financial services. It allows users to transfer funds to any account of their choice at no cost.
The FairMoney Loan app gives an extremely attractive amount of credit without BVN, ranging between N1,500 and N1,000,000, with terms between 61 days and 18 months and an interest rate that is low on a monthly basis and can range between 2.5 percent and 30 percent. The amount you can borrow depends on your credit history as well as the other loan Apps.
Okash Loan App
Okash is part of Opay digital service limited. an online microfinance institution that is located in Nigeria and offers no-cost transfers as well as cashback for transactions. It is one of the most trusted apps that offers loans in minutes in Nigeria.
Opay is a reliable and trusted money app for Nigeria as well as a no-cost digital banking app, which has gained more significance since the cashless policy began. A majority of POS firms utilize Opay POS machines as well as other services, including Owealth.
We'll discuss more details about how to use the Okash loan app, the way it functions, and the rate of interest for loans.
The Okash Loan app has more than 5 million downloads in the Play Store, as well as being named #4 among the best loan and finance apps for free on Google.
The Okash loan rate of interest is extremely considerate and reasonable. You may be able to obtain a certain amount of money that is not BVN dependent on the details of your KYC background.
Okash is managed through Blue Ridge Microfinance Bank Ltd.
In order to qualify to receive an Okash loan, you have to at least be over the age of 20.
Quickteller App
Quickteller gives loans to business as well as small and mid-sized businesses (SMEs). Therefore, you must be registered as a business in order to get a loan with the company.
Alat Loan App
Wema Bank's Alat is a comprehensive mobile banking solution that is completely managed by Wema Bank. With Alat, customers can conveniently access all banking services without the need to physically visit a bank branch.
For Wema Bank account holders, even if they have previously verified their accounts through alternative methods before the introduction of BVN, they can still apply for a loan without the requirement of BVN. However, it's important to note that these loans are typically for smaller amounts.
It's crucial to understand that obtaining a large loan without BVN or any other form of authentication to demonstrate your creditworthiness is not feasible.
In summary;
Discover loan applications in Nigeria that do not need BVN by exploring this guide. Make sure to carefully review the terms, conditions, and privacy policies before signing up to ensure your personal information is handled securely. This privacy statement will provide insight into how your data is managed and protected.
