10 Best Loan Apps In Nigeria Without BVN

An Overview Of Loan Apps Without BVN In Nigeria

There are some circumstances where you would urgently need money to settle bills, but still, you don’t have the time and patience to go through the standard banking procedures to get a loan and while being careful, you do not want to tender your BVN on any platform due to lack of trust.

Well, the good thing is that there are some loan apps you can use without having to drop your BVN and funds will be given to you in a matter of minutes. This article should be your last resort if your research is all about apps to get a loan without BVN in Nigeria.

Why Do Loan Apps Ask For BVN?

BVN simply means Bank Verification Number and it is an 11-digit Identification Number uniquely assigned to a particular person within the banking industry in Nigeria. The CBN implemented this biometric identification system to prevent and curtail illicit banking activities within the system. 

BVN gives a unique identity that can be verified across the Nigeria Banking Industry (Not particular to one bank). Customers’ bank accounts are protected from unauthorized access with the help of a BVN and it also addresses issues of identity theft, thus reducing exposure to fraud.

It acts as a safety scheme so they are a bit relaxed because they get to know who you are. However, loan apps cannot use your BVN to access your money, send or receive funds from your account or to your account. Meanwhile, it is wise to also be careful when submitting your personal details on any loan app.

Read Also: USSD Code for Loans in Nigeria

The Best and Tested Apps Apps To Get Loan Without BVN In Nigeria

JumiaOne: JumiaOne is one of the best instant loans in Nigeria that does not require inputting your BVN or debit card. It is a multi-purpose android app owned by the Jumia Group. 

JumiaOne platform offers loans from N5,000 to N100,000 for a tenor of 15 – 30 days depending on the user’s credit score and it is a completely legit lending application that enables you to borrow money without inputting your BVN. 

Basically, to access loans on this app, just scroll down to the ‘Financial Services’ category and click on ‘Loans’. After you provide all the information required, you will receive your loan within minutes.

Aella Credit: Aella is another legit platform where you can get a loan without BVN in Nigeria. Basically, this user-centered digital lending platform offers users loans as low as N2,000, with a maximum limit of up to N1,000,000. Also, their processing period does not take too much time. Within 10 minutes of applying for your loan, you will be credited.

Aella loan tenure is from 30 – 60 days, starting at a 30 percent monthly interest rate; though this may reduce to around 4 percent once the user maintains a good credit report on the app over time.

Alat: From opening a full-fledged bank account, sending and receiving cash to paying bills and carrying out other banking transactions in the comfort of your home or office, ALAT also offers users the choice of getting a free and customized Naira ATM card and virtual dollar card for ATM and online transactions. 

Besides, it offers users 10 percent interest per annum on savings in the ALAT app and also gives them the privilege of applying for a loan without paperwork or bank officials’ visitation to any physical location within minutes. It allows users to borrow as much as N200,000 without any collateral or guarantor as well as schedule money transfers or bills payment without hassle.

Branch: One popular app that disburses loans in less than 3 minutes after applying is Branch app. With an equivalent interest rate of 20 percent per month, users can get personal loans from N1,000 up to N200,000 quickly, anytime, from anywhere without collateral for a tenor of 4 – 40 weeks, depending on your loan option.

You can complete its application process within a minute and receive your loan directly in your regular bank account shortly thereafter. As you apply for loans and repay on or before the due date regularly, the app gradually reduces the equivalent interest rates per month to as low as 15 percent and also increases your loan tenure.

Okash: It offers users instant loans from N1,500 up to N50,000 for a repayment tenure of 7 to 90 days, at about 10 – 24 percent interest rate per month. It also promises to offer loans at reduced interest rates once a user becomes a regular customer of the app.

Quick Check: This is yet another beneficial instant loan app in Nigeria that makes life easy and comfortable for you. You don’t need to stress yourself thinking of medical bills, how to pay school fees, or any other unexpected cash problems. No collateral or documentation is needed. Quick check grants you a loan within 24hrs of application.

It also gives you the opportunity of buying airtime for yourself and seamlessly loved ones. It is secure, fast, and easy to use. 

You can borrow up to 30,000 Naira with no hidden charges. Interest can be paid for the number of days you take the loan at 1% daily. You can apply for a loan on this lending platform by downloading the app to your device and then proceeding to sign up or create an account. After applying for a loan, a cash loan will be disbursed to your account within minutes if found eligible.

FairMoney: FairMoney is one of the best loan apps, providing long-term loans to credible Nigerians. The Interest rates start at 5% and can go up to 28% depending on the amount you borrowed. It also offers a credit period of 4 – 26 weeks. If you repay your loan before the due date, you will repay it at a lower interest rate. 

FairMoney can offer you loans up to 1 million Naira. Their repayment period is convenient as you can have up to 18 months of repayment period depending on your loan amount.

Your lending history will determine how much your loan offer can be. If you have a credible lending history, you will get a big loan offer.

With FairMoney, all interests and charges are transparent. Nothing is hidden. You will always see how many offers you’ve got and how much you’re to pay back and for how long.

See Also: List of Fake Loan Apps in Nigeria

Get the Best Loan Apps Without BVN

Obtaining a loan without a BVN in Nigeria can be challenging, as most financial institutions require this identification number as a way to verify an individual’s identity and credit history.

Ultimately, having a BVN is becoming increasingly important in Nigeria, so it is recommended to get one as soon as possible. But in the meantime, you can just pick one loan app without BVN in Nigeria from the list already provided for you in this article.