While many think all loan apps in Nigeria require BVN, that’s not entirely true. But there are few top Nigerian loan apps without BVN requirement.
Most of these apps are for people like you who may not have BVN or don’t want to provide it.
In most cases, loan apps check your identity through BVN to curb fake loans.
It also helps them to know if you can pay back the loan. But some apps avoid this step for one reason or the other.
They don’t request your BVN directly but maybe your phone number, job details or even Facebook account to know if you should be approved or not.
Again most useful for students, freelancers and anyone who may not have access to banking sectors.
When you need that boost, it’s good to know you can borrow money with an app even if you live in a rural area and/or don’t have BVN yet.
They come in handy in cases of emergencies, personal needs, daily needs.
But here are some points to be concerned about. Application without BVN condition might have higher interest rate or lend smaller balances.
They do this because they accept higher volatility.
Also, ensure the app is genuine to avoid falling prey to fake apps or losing your data.
I bet, many of us would have wished to deal with loan apps that don’t have BVN requirements at all.
They make the process of getting funds easy and hassle-free which is very important when we need money urgently.
They are not perfect but they are usable especially for people who don’t have BVN but have needs for credit facilities.
Top Nigerian Loan Apps Without BVN Requirement
Here we’ll be looking at some of the top rated loan apps in Nigeria that don’t require BVN. These apps are user friendly and offer instant loans with minimal paperwork so users can get funds fast.
1. FairMoney Loan App
FairMoney is one of the most popular loan app in Nigeria. With over 10 million downloads on Google Play Store, you can see why many Nigerians trust this app.
FairMoney offers loans from ₦1,500 to ₦1,000,000 and the loan tenure can be as short as 61 days or as long as 18 months.
What’s good about FairMoney is that you can borrow without BVN for small amounts. But the more you want to borrow, the more verification steps you’ll need to go through.
For higher loans, they may ask for your BVN but for smaller loans, this may not be necessary.
FairMoney charges interest rate between 2.5% and 30% depending on the loan amount and tenure.
Good for quick loans with flexible repayment. If you repay well, you can borrow more later.
2. Okash Loan App
Okash is another loan app in Nigeria that doesn’t always require BVN. Owned by Opay, a popular digital bank in Nigeria, Okash has built a reputation for fast loans with low interest rates.
With over 5 million downloads on the Play Store, Okash is used by many Nigerians who need quick cash.
Loan amounts on Okash vary and depending on your loan history and KYC (Know Your Customer) process, you may not need to provide your BVN.
Okash has low interest rates compared to other loan apps, so it’s a affordable for many users. But if you want to borrow big, you might need to provide your BVN to verify your identity.
To use Okash, you must be above 20 years old and have a verified phone number. The app is easy to use and loans are disbursed in minutes. If you need a loan for personal or business use, Okash is a good option.
3. PalmCredit Loan App
PalmCredit is another good loan app in Nigeria that doesn’t require BVN. The app is easy to use and the loan process is fast, money is disbursed to your bank account in no time.
PalmCredit offers small loans, ranging from ₦1,500 to ₦100,000 without BVN.
Although PalmCredit doesn’t always require BVN, they might ask for it when you apply for big loans. The interest rate for PalmCredit loans is reasonable and it’s a good option if you need small cash for personal or emergency use.
You can also pay back your loan in installments, which makes it easier to manage your finances.
PalmCredit is available on Android and iOS and with its easy interface, it’s good for anyone who needs a quick loan without BVN stress.
4. Quickteller App
Quickteller is another digital bank that offers loans but mainly for registered businesses and small-medium enterprises (SMEs).
If you’re a business owner and need a loan to grow or manage your business, Quickteller could be an option. Quickteller offers loans to businesses without BVN, which is good for those who don’t have BVN or want to keep their BVN private.
Quickteller has fast loans with low interest rates. But loan amounts are based on your business performance and repayment history.
Quickteller doesn’t require BVN for business loans but may ask for other forms of verification like business registration or tax identification.
If you’re a business owner looking for a quick loan, Quickteller can help you get the funds you need to grow your business without BVN.
5. Alat by Wema
Alat by Wema is a digital banking app that gives you loans, including loans without BVN.
Alat is operated by Wema Bank, it’s fully online so you don’t need to visit a bank to get banking services. You can use Alat to get personal loans, savings account and even debit card.
For smaller loan amounts Alat doesn’t require BVN, so it’s perfect for users who need quick cash.
But for bigger loans you may be asked to provide your BVN. The interest rates on Alat loans are competitive and the loan application process is fast.
If you’re a Wema Bank customer or willing to use their services, Alat is a good option for loans without BVN.
6. CarrotPay Loan App
CarrotPay is a popular loan app in Nigeria that also gives loans without BVN. CarrotPay allows you to borrow small to medium amounts and the loan process is easy.
The app reviews your financial history and behavior to determine your eligibility for a loan.
CarrotPay gives loans without BVN for small amounts, so it’s perfect for individuals who need emergency funds or quick loans for personal expenses. The interest rates are low and the repayment is flexible.
7. Eyowo Loan App
Eyowo is another digital banking app that gives loans without BVN. Eyowo helps individuals manage their finances and gives small loans to its users. The loan application is easy and you can get the funds without BVN.
Eyowo is known for fast loan approval so it’s perfect for people who need money urgently.
The app gives small loan amounts and charges reasonable interest rates. BVN is not required for smaller loans but may be required for bigger loan requests.
How These Loan Apps Work Without BVN
All the loan apps above work the same way. When you apply for a loan, you are asked to provide some basic info, your name, phone number and email.
Some apps may ask for additional info, your NIN or voter’s ID number. These are used to verify your identity in place of BVN.
For small loan, BVN is not required. But if you apply for big loan, the app may ask for your BVN to further verify.
Most of the loan apps do background check to assess your creditworthiness to know if you are eligible for a loan.
Note that while many of these apps don’t require BVN for small loan, they are still regulated by Central Bank of Nigeria (CBN).
This means they must follow some rules to be operating legally and ethically. Be sure to read the terms and condition of each loan app before applying to know your personal info is protected.
Conclusion
Getting loan without BVN in Nigeria is possible and there are many loan apps to choose from. Whether you need money for personal use, small business or emergency, the apps above can help you get quick loan without BVN.
But always read the terms and privacy policy before using any app to know your info is safe.
If you want fast and easy way to borrow money, try one of the loan apps above. But remember, responsible borrowing is key.
Make sure you can pay back the loan before applying and be aware of interest rate and repayment period.
By using a reputable loan app, you can get the money you need without sharing your info.
FAQs
Can I get a loan without BVN?
Yes, some apps offer loans without BVN. They use other details like your phone number, home address or ID card to approve your loan. This is for people who don’t want to share their BVN for personal reasons or security concerns.
Are loan apps without BVN safe?
Not all are. Some are reliable, others might misuse your info or charge hidden fees. Before using any app, read reviews and make sure it’s trusted by others. Also, avoid apps that ask for sensitive info or upfront payment.
How much can I borrow without BVN?
The loan amount is small, ₦5,000 to ₦50,000. Since you’re not providing BVN, the app considers the loan high risk. Larger loans require BVN for repayment security.
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