Loans

Best Loan Apps Without BVN in Nigeria

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Are there loan apps without BVN in Nigeria? Yes, they are.

However, you need to spare a few minutes of your time to read through this guide to get a comprehensive answer.

Although many loan apps or banks require you to present your BVN before obtaining a loan from them in Nigeria

There are, however, some of them who can give you a loan without BVN.

These loan apps are not much in number, which is why many people do not believe they exist.

Some of them may also not require you to present any documentation collateral or guarantor.

We will carefully list and explain these loan apps without BVN in Nigeria for you in this post.

What is a Loan?

A loan is a debt in the form of money borrowed from any financial institution or bank.

These loans have different amounts and repayment methods dedicated to each financial institution or loaning app.

Loans can be rendered to different people, which includes organizations, individuals, or groups.

The recipient of the loans is liable to pay interest rates that vary from each financial institution or loaning app.

This interest is in addition to the principal borrowed by the recipient.

What is a BVN?

You can see many people online searching for loan apps without BVN in Nigeria.

However, some of you did not know the importance of your BVN when applying for loans or other financial transactions.

Before going through loan apps without BVN in Nigeria, you must know the functions and importance of your BVN.

This is in a bid to make better and more careful choices when being asked for your BVN.

As there are accredited loan apps in Nigeria without BVN, there are also people who pretend and try to steal your BVN.

Your allocated Bank Verification Number, also called BVN, is a unique identification number that financial institutions such as banks

CBN also employ to maintain their users’ financial details and track records of fraudulent activities.

Why is BVN important?

BVNs assist in reducing fraud, increasing the efficiency of banking operations, and enabling clients to access future credit facilities.

These functions of your BVN can be used by frauds who obtain your BVN number from you.

Therefore you should treat your BVN carefully and ensure that you do not indiscriminately give it to anybody.

Best Loan Apps Without BVN in Nigeria

Many people have heard of loan apps with low-interest rates in Nigeria.

However, not all of them have heard of loan apps without BVN in Nigeria.

Several loan apps in Nigeria do not require you to present to BVN when applying for a loan.

Although, you may need to provide other government-issued identification numbers or a guarantor or collateral.

Some of these apps also offer you low-interest rates with a longer tenure.

These online loan apps and Internet banking have become popular since the recent cashless policy in Nigeria.

The loan apps without BVN in Nigeria that will be talked about in this post are:

Quickteller App
Alat By Wema App
FairMoney Loan App
Okash Loan App

From customer reviews, we can see that many of these loaning apps without BVN in Nigeria are very reliable.

Many of them have more than 20,000 downloads and positive comments on the internet.

These loaning apps are accredited, and you can put your mind at rest that you are in safe hands when getting a loan.

The other functions and procedures of the learning apps may differ from one another.

They all do not need you to provide a BVN before obtaining your loan.

1. Quickteller Loan App

Quickteller loan app is a financial institution that gives loans to businesses, either medium or small.

You have to be a registered business to get a loan from the app.

2. Alat Loan App

Alat loan app is an online banking system that provides all banking services, which includes getting loans.

The app operated by Wema Bank can be used by Wema Bank customers after verification through other government-issued identity numbers.

However, the money you can get from this loan without BVN isn’t usually very much.

It is not possible to get a huge amount of loan from this app without presenting your BVN or other authentication methods to verify your identity.

3. FairMoney App

The Fairmoney loaning app is one of the top learning apps in Nigeria, with positive reviews from users.

This loaning app has been accredited and has more than 10 million downloads on Play Store.

The record is among the top four loan apps in Nigeria without BVN.

You can get a loan of 1,500 naira to 1 million naira without a BVN on the Fairmoney app.

The repayment periods range from 61 days to 18 months at a monthly interest rate of 2.5% to 30%.

Amongst other similar learning apps for money offers a low-interest rate for users.

The app also doubles as an online bank that allows the transfer of money for free for its users’ convenient transactions.

The amount of loan you can get on the app depends on your loan repayment history with them and other loaning apps.

4. Okash Loan App

Okash Loan app is a digital microfinance bank that offers free cashback and transfers on transaction services.

The app, located in Nigeria, is among the trusted loan apps in the country.

The app owned by a digital service limited is an online banking app that is free to its users.

They also have agents everywhere, and you can make use of their banking app from a POS operator anywhere in the country.

Okash Loan App is rated among the top four finance and loan apps on the internet.

The interest rates of this app on a loan are relatively low, and they have more than 5 million downloads.

This loan app, operated by Blue Ridge Microfinance Bank Ltd., can only be borrowed from you when you are above 20 years old.

The amount of loan you can get from there depends on your loan repayment history.

How to Confirm Your Identity With Loan Apps Without BVN in Nigeria?

There are many online loan apps where you can obtain loans without providing your BVN in Nigeria.

When registering for these loan apps, you must take notice not to provide them with your BVN since some of them might be fraud.

When required, you can make use of your other government-issued identification numbers, including your Voter Identity Number or National Identity Number.

In an event where the procedure is optional, you should avoid inputting any numbers in it.

You must make sure the loan app you are borrowing from is an accredited one to secure your details.

This can be done on the internet before deciding which app to borrow from.

You could also decide to borrow from a close relative or friend where you would not have to pay any interest on the loan you borrow.

Final Thoughts on Loan Apps Without BVN in Nigeria

Not a lot of people search for loan apps without BVN in Nigeria since many of them do not know they exist.

However, some people do not have a choice and are hoping to find loan apps like this on the internet.

Many of them are accredited and are linked to popular banks in Nigeria.

This can give you peace of mind when applying for a loan from these online apps, which sometimes also double as online Banks.

However, you should run a check on them for safety purposes.

We have made sure in this post to list and explain these loan apps without BVN in Nigeria.

We wish you the very best of luck!

Frequently Asked Questions on Loan Apps Without BVN in Nigeria

Do loan apps ask for BVN?

The Bank Verification Number, BVN database is one of the largely efficient and safe tools that loan apps can employ to ascertain a customer’s identity and personal data.

As a result, loan organizations in Nigeria need applicants to submit a BVN to avoid fraud and identity theft.

Can I borrow money from Kuda without BVN?

You have to sign up on the Kuda bank app.

You will be asked to present your details, such as name, phone number, email address, and other crucial information.

Likewise, you have to upgrade your account by linking it with your Bank Verification Number, BVN, and National Identification Number, NIN.

Can I borrow money from PalmPay?

The PalmPay platform gives loans to people in need.

On the app, you can obtain an instant loan within 5 minutes of approval.

Likewise, you do not require any paperwork or collateral before borrowing.

This makes the borrowing process a lot more effortless and seamless.

Can I borrow money from OKash without BVN?

OKash is a famous loaning platform that permits you to borrow money without a BVN.

Operated through the Opay mobile app, operated by Opay Digital Services Limited, the platform is supported by the reputable Blue Ridge Microfinance Bank Ltd.