Loan Apps Without BVN In Nigeria
Getting quick access to loans has become easier in recent years with the introduction of loan apps in Nigeria. While many of these digital lending platforms require Bank Verification Numbers (BVN) to verify identities, there are still options for accessing loans without BVN.
In this blog post, we will explore some of the top loan apps that provide loans to Nigerians without requiring BVN. We will look at their loan products, interest rates, repayment schedules, and other terms and conditions.
What Is BVN?
BVN stands for Bank Verification Number. It is an 11-digit unique identifier that is assigned to each individual who has a bank account in Nigeria. The BVN is linked to the customer’s personal information and biometric data, which makes it a very secure way to verify a customer’s identity.
BVN is important in Nigeria for several reasons:
• To reduce fraud: The BVN makes it more difficult for fraudsters to open bank accounts and commit identity theft. When a customer wants to open a new bank account, they must provide their BVN and biometric data. This information is then stored in a central database that can be accessed by all banks in Nigeria.
• To improve financial inclusion: The BVN has made it easier for people to open bank accounts and access financial services. BVN eliminates the need for traditional documentation, such as a passport or driver’s license. This has made it possible for millions of people in Nigeria to open bank accounts and participate in the formal financial system.
• To facilitate cross-bank transactions: The BVN makes it easier for customers to transfer money between different banks in Nigeria. BVN has made it possible for customers to make instant transfers between different banks using their mobile phones or online banking platforms.
• To improve the efficiency of banking operations: The BVN has helped to improve the efficiency of banking operations in Nigeria. For example, banks can now use the BVN to verify customer identities quickly and easily.
Loan Apps Without BVN In Nigeria
With an increase in the number of loan apps, most of them now offer loans to customers without requesting BVN. Some of the loan apps include:
• FairMoney
• Okash
• Carbon (Paylater)
• PalmCredit
• Quickteller
• Alat By Wema
• JumiaPay
• Aella Credit
• Eyowo
• CarrotPay
FairMoney
FairMoney is a leading digital bank and instant loan app in Nigeria. It offers a variety of loan products, including payday loans, salary advances, and business loans. FairMoney does not require a BVN to apply for a loan. You can apply for a loan using your phone number, email address, and bank account details.
FairMoney offers loans ranging from ₦1,500 to ₦3,000,000 with repayment periods ranging from 61 days to 18 months. The interest rate on FairMoney loans ranges from 2.5% to 30%.
FairMoney is a popular choice for instant loans in Nigeria because it is fast, easy, and convenient. You can apply for a loan and receive the funds in your bank account within minutes.
Okash
Okash is another popular instant loan app in Nigeria that does not require a BVN. Okash offers loans ranging from ₦3,000 to ₦100,000 with repayment periods ranging from 14 days to 90 days. The interest rate on Okash loans ranges from 21% to 36%.
Okash is a good option for people who need a small loan quickly. The application process is fast and easy, and you can typically get approved for a loan within minutes.
Carbon (Paylater)
Carbon (Paylater) is a popular digital wallet and instant loan app in Nigeria. It offers a variety of financial products, including loans, savings, and payments. Carbon does not require a BVN to apply for a loan. You can apply for a loan using your phone number, email address, and bank account details.
Carbon is a good option for people who need a quick and easy loan. The application process is fast and easy, and you can typically get approved for a loan within minutes.
PalmCredit
PalmCredit is an instant loan app in Nigeria that does not require a BVN. PalmCredit offers loans ranging from ₦2,000 to ₦100,000 with repayment periods ranging from 14 days to 90 days. The interest rate on PalmCredit loans ranges from 18% to 30%.
PalmCredit is a good option for people who need a small loan quickly. The application process is fast and easy, and you can typically get approved for a loan within minutes.
Quickteller
Quickteller is a popular payment platform in Nigeria that also offers instant loans. Quickteller does not require a BVN to apply for a loan. You can apply for a loan using your phone number, email address, and bank account details.
Quickteller offers loans ranging from ₦5,000 to ₦500,000 with repayment periods ranging from 30 days to 12 months. The interest rate on Quickteller loans ranges from 7% to 25%.
Alat By Wema
Alat By Wema is a digital bank and instant loan app in Nigeria. It offers a variety of financial products, including loans, savings, and payments. Alat does not require a BVN to apply for a loan. You can apply for a loan using your phone number, email address, and bank account details.
The application process is fast and easy, and you can typically get approved for a loan within minutes.
JumiaPay
JumiaPay is a digital wallet and instant loan app in Nigeria that does not require a BVN to apply for a loan. JumiaPay offers loans ranging from ₦5,000 to ₦500,000 with repayment periods ranging from 30 days to 12 months. The interest rate on JumiaPay loans ranges from 7% to 25%.
JumiaPay is a good option for people who need a quick and easy loan to purchase goods on Jumia. The application process is fast and easy, and you can typically get approved for a loan within minutes.
Aella Credit
Aella Credit is a digital lending platform in Nigeria that offers instant loans without the need for a BVN. Aella Credit uses a proprietary credit scoring system to assess borrowers’ risk and determine loan eligibility.
Aella Credit offers loans ranging from ₦5,000 to ₦1 million with repayment periods ranging from 30 days to 12 months. The interest rate on Aella Credit loans ranges from 10% to 20%.
Eyowo
Eyowo uses its credit scoring system to assess borrowers’ risk and determine loan eligibility. Eyowo offers loans ranging from ₦5,000 to ₦100,000 with repayment periods ranging from 7 days to 30 days. The interest rate on Eyowo loans ranges from 15% to 30%.
The application process is fast and easy, and you can typically get approved for a loan within minutes. Eyowo also offers a variety of repayment options, making it easy to find a repayment plan that works for you.
CarrotPay
CarrotPay uses a combination of traditional and alternative data to assess borrowers’ risk and determine loan eligibility. CarrotPay offers loans ranging from ₦5,000 to ₦1 million with repayment periods ranging from 30 days to 12 months. The interest rate on CarrotPay loans ranges from 10% to 20%.
The application process is fast and easy, and you can typically get approved for a loan within minutes. CarrotPay also offers a variety of repayment options, making it easy to find a repayment plan that works for you.
Frequently Asked Questions
Do I need a BVN to use an instant loan app?
Not all instant loan apps in Nigeria require a BVN. Some apps, such as FairMoney, Okash, Carbon (Paylater), and PalmCredit, offer loans without the need for a BVN.
What are the requirements for applying for a loan from an instant loan app?
The requirements for applying for a loan from an instant loan app vary depending on the app. However, most apps will require you to provide your personal information, such as your name, address, phone number, and email address. Some apps may also require you to provide proof of income or employment.
How much money can I borrow from an instant loan app?
The amount of money you can borrow from an instant loan app varies depending on the app and your creditworthiness. Most apps offer loans ranging from ₦5,000 to ₦1 million.
What are the interest rates on instant loan apps?
The interest rates on instant loan apps vary depending on the app and your creditworthiness. However, most apps charge interest rates between 10% and 30%.
How do I repay a loan from an instant loan app?
The repayment process for instant loan apps varies depending on the app. However, most apps offer a variety of repayment options, such as bank transfers, mobile money transfers, and debit card payments.
What happens if I can’t repay my loan on time?
If you can’t repay your loan on time, you may be charged late fees and your credit score may be negatively impacted. Some apps may also take legal action to recover the debt.
Conclusion
Instant loan apps can be a convenient and flexible way to borrow money quickly. However, it is important to be aware of the risks involved before using an instant loan app. Be sure to research the app before you borrow, borrow only what you need, and be careful about sharing your data.
If you need an instant loan without BVN, any of the apps listed above would be a good option to consider. However, be sure to compare the terms and conditions of different apps before you choose one.
