Are you in need of urgent funds but don’t have a BVN? You’re not alone. Many Nigerians struggle to access loans due to the lengthy and complicated application process that requires a BVN.
However, the rise of fintech companies in Nigeria has revolutionized the lending industry, providing users with access to instant loan apps that don’t require a BVN. Although there lots of fake loan Apps out there and you must be wary of them.
These loan apps offer a simple and convenient way to access credit without the hassle of traditional loan applications. They’re ideal for individuals and small businesses looking to get the funds they need quickly and easily.
In this blog post, we will introduce you to the top 10 Instant loan app without BVN in Nigeria. We’ll also take a close look at each app’s features, loan terms, and interest rates to help you make an informed decision about which loan app is right for you.
With these instant loan apps, you can get the funds you need to pay for unexpected expenses, start a business, or bridge a financial gap etc.
What Is BVN?
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Before we move further to discuss about the instant loan application without BVN in Nigeria, let’s quickly find out what BVN is all about, I’m sure you you want to know about about it.
BVN stands for (Bank Verification Number). It is a unique identification number that is issued by the Central Bank of Nigeria to every bank account holder in Nigeria.
The BVN is a biometric-based identification system that captures the fingerprints and other personal details of individuals, such as their name, date of birth, and address.
What Is The Purpose Of BVN?
The purpose of the BVN is to create a centralised database of all bank account holders in Nigeria, making it easier to verify and authenticate the identity of account holders. The BVN also helps to reduce the incidence of identity theft and other fraudulent activities in the banking industry.
How To Get BVN
To obtain a BVN, account holders are required to register at any bank or other approved registration centres in Nigeria.
The registration process involves the capture of biometric data, such as fingerprints and facial features, as well as personal information. Once the registration process is complete, the BVN is generated and issued to the account holder.
It is important to note that having a BVN is a mandatory requirement for operating a bank account in Nigeria.
Top 10 Instant loan app without BVN In Nigeria
A lot of people Which to know the app they can use to borrow money without BVN, Below is the list of Loan App in Nigeria that doesn’t require BVN before giving out loan to their customers.
Carbon Loan
Carbon is a popular loan app in Nigeria that offers loans without the need for a BVN. The app provides quick, hassle-free loans to individuals and small businesses in Nigeria.
The app is available on both Android and iOS devices, making it accessible to a wide range of users. With Carbon, borrowers can apply for loans ranging from ₦1,500 to ₦500,000 with interest rates ranging from 5% to 15% depending on the loan tenure.
The loan tenure can range from 15 days to 6 months, giving borrowers the flexibility to choose a repayment plan that suits their financial situation. To apply for a loan on Carbon, users need to download the app, create an account, and complete the loan application process, which typically takes a few minutes.
Carbon also offers additional features, including bill payments, airtime top-up, and investment options, making it a versatile financial app for Nigerians.
FairMoney Loan
FairMoney is a loan app that provides financial solutions to individuals and small businesses in Nigeria. The app offers loans without requiring a BVN, making it accessible to a wider range of users.
With FairMoney, borrowers can apply for loans ranging from ₦1,500 to ₦500,000, with interest rates starting from 10% and loan tenure ranging from 4 weeks to 6 months.
FairMoney uses a unique credit scoring system that takes into account a borrower’s transaction history, social media activities, and other factors to determine their creditworthiness.
This makes it possible for individuals with no credit history or BVN to access loans on the platform. To apply for a loan on FairMoney, users need to download the app, create an account, and complete the loan application process, which usually takes a few minutes.
FairMoney also offers other financial services, including airtime top-up, bill payments, and investment opportunities, making it a comprehensive financial app for Nigerians.
Jumia Pay
Jumia Pay is a financial platform that offers a wide range of services, including loans, bill payments, and online shopping, among others. Jumia Pay is a subsidiary of Jumia, one of the largest e-commerce platforms in Africa.
The platform provides loans to individuals and small businesses without requiring a BVN. Jumia Pay loans are designed to help individuals meet their financial needs quickly and easily.
Borrowers can apply for loans ranging from ₦1,000 to ₦100,000 with a loan tenure ranging from 7 days to 30 days. The interest rates on Jumia Pay loans start from 2.5%, making it one of the most affordable loan apps in Nigeria.
To apply for a loan on Jumia Pay, users need to download the app, create an account, and complete the loan application process, which typically takes a few minutes.
Jumia Pay also offers other financial services, including airtime top-up, bill payments, and online shopping, making it a versatile platform for individuals and businesses in Nigeria.
OKash Loan App
OKash is a mobile loan app that offers fast and flexible loan services to individuals in Nigeria, without requiring a BVN. The app is operated by Opera, the company behind the popular Opera Mini browser.
With OKash, borrowers can access loans ranging from ₦3,000 to ₦50,000, with a repayment period of between 14 to 90 days. The interest rates on OKash loans range from 5% to 36%, depending on the loan tenure and the borrower’s repayment history.
One of the benefits of OKash is that it uses a proprietary credit scoring system that evaluates the borrower’s transaction history, SMS history, and other factors to determine their creditworthiness. This makes it possible for individuals without a BVN or credit history to access loans on the platform.
To apply for a loan on OKash, users need to download the app from the Google Play Store, create an account, and complete the loan application process, which typically takes a few minutes.
Apart from providing loans, OKash also offers other financial services such as airtime top-up, bill payments, and investment opportunities. The app has a user-friendly interface, and borrowers can track their loan repayment progress and access support services directly from the app.
Aella Credit
Aella Credit is a Nigerian-based fintech company that provides instant loans to individuals and small businesses. Unlike other loan apps, Aella Credit requires borrowers to have a BVN to access loans.
The company uses a proprietary credit scoring system to evaluate the borrower’s creditworthiness based on their transaction history, income, and other factors.
With Aella Credit, borrowers can access loans ranging from ₦2,000 to ₦1,000,000, with repayment periods ranging from one week to six months. The interest rates on loans vary between 4% and 29%, depending on the loan tenure and the borrower’s credit score. Aella Credit also offers a flexible repayment plan that allows borrowers to repay their loans in installments.
To apply for a loan on Aella Credit, borrowers need to download the app from the Google Play Store or Apple App Store, create an account, and complete the loan application process, which typically takes a few minutes.
Once the loan is approved, the funds are disbursed directly to the borrower’s bank account.
Apart from providing loans, Aella Credit also offers other financial services, including bill payments, airtime top-up, and investment opportunities.
The company has a user-friendly interface, and borrowers can track their loan repayment progress and access support services directly from the app
FlexiCash
FlexiCash is a Nigerian mobile loan app that provides quick and easy access to loans for individuals and small businesses without requiring a BVN. The app offers loans ranging from ₦1,500 to ₦500,000, with a repayment period of up to 180 days.
The interest rates on FlexiCash loans range from 1% to 21%, depending on the loan tenure and the borrower’s repayment history.
To access loans on FlexiCash, borrowers need to download the app from the Google Play Store, create an account, and complete the loan application process, which usually takes a few minutes.
The app uses a proprietary credit scoring system that evaluates the borrower’s transaction history, income, and other factors to determine their creditworthiness.
FlexiCash offers flexible repayment options that allow borrowers to pay their loans in installments. The app also provides other financial services, including airtime top-up, bill payments, and investment opportunities.
The user-friendly interface of FlexiCash makes it easy for borrowers to track their loan repayment progress and access support services directly from the app.
Can I get a loan without BVN in Nigeria?
Yes, you can get a loan without a BVN in Nigeria, as some loan apps and lenders offer this option. However, it’s important to note that loan providers may require other forms of identification and documentation to verify your identity and creditworthiness.
Moreso, the status of these loan apps may change overtime as the law guiding their operation frown at having access to such platform without BVN.
Conclusion
In conclusion, if you’re in need of quick and flexible access to loans without a BVN in Nigeria, loan apps like Carbon Loan App, FairMoney Loan, Jumia Pay, OKash Loan App, Aella Credit, and FlexiCash are excellent options to explore.
With their easy-to-use interfaces and efficient loan processing systems, you can access loans in just a few minutes and benefit from competitive interest rates and flexible repayment options.
Additionally, these loan apps offer a range of financial services that can help you manage your finances effectively. So, if you’re looking for a reliable loan app that can help you meet your financial needs, consider downloading one of these loan apps today.
