5 Instant Loan Apps To Borrow From Without BVN In Nigeria

Do you require a loan but do not want to provide your BVN? Here are five secure and reliable loan applications in which you can borrow funds without the need for BVN. 
5 Instant Loan Apps To Borrow From Without BVN In Nigeria

In Nigeria, it is normal to be asked for BVN when trying to collect a loan or subscribing to a bank. However, if you do not feel comfortable with releasing your BVN, there are some financial apps in Nigeria where you can get access to loans without going through the stress of providing your BVN. In this article, you will get to know all you should about these apps.  

What Is BVN?

The Bank Verification Number (BVN) isana 11-digit unique identity for each individual across the Nigerian Banking industry. It was implemented In 2015 by the Central Bank of Nigeria as the bank verification number to register new account holders to CBN's Biometric Identification System, preventing andecreasingse illegal banking transactions in Nigeria. Basically. To own and run a bank account in Nigeria, you must have a bank verification number[BVN]

5 Top Instant Loan Apps Without BVN In Nigeria

Below are five loan apps that do not require BVN to give out loans In Nigeria.

  • Okash Loan App

OKash is a Micro-lending product that is provided by Blue Ridge Microfinance Bank Okash offers loan amounts ranging from NGN 3,000 to NGN 500,000. All you need to do is download the mobile app, request a loan, and submit your details. Once your loan request has been approved, the amount you requested will be deposited into your submitted bank account.

  • Aella Credit Loan App

Aella Started in 2015, Aella Credit was founded by Akin Jones and Wale Akanbi. The US-incorporated company was launched to simplify and open up financial services to support financial inclusion in emerging markets. 
The startup operates in two countries Nigeria and the Philippines. Aelle offers loan amounts ranging from N2,000 to N1,000,000.

  • FairMoney Loan App

FairMoney was launched in 2017 by Laurin Nabuko Hainy. It offers loan amounts ranging from N1,000 to N150,000. However you'll have to pay back within 2 – 12 weeks.

  • Carbon Loan App

Carbon offers loan amounts ranging from N5000 Naira to N1,000,000 Naira with a repayment period of 7 – 180 days. You can unlock higher loan amounts and lower interest rates on the Carbon loan app by repaying loans on time. Carbon Loan is a product of One Finance and Investment Ltd.

  • Jumia One Loan App

Jumia One is the automated lending service by Jumia, an e-commerce marketplace focused on increasing access to credit for merchants, vendors, customers, and users of its platform around Africa.
With Jumia One, you can borrow up to N500,000 for an Interest rate of 3.5% per month. It does not require BVN, it's very easy to apply and takes a few minutes to get the loan deposited in your bank account after approval.


Can I Get A Loan Without BVN?

Yes. You can get loans without your BVN from some loan apps in Nigeria.

Which app can borrow money without my BVN?

Below is a list of top loan applications in Nigeria:
  • Jumia One Loan App
  • Fairmoney Loan App
  • Carbon Loan App
  • Aella LOan App
  • Okash Loan App.

Are loans without BVN safe?

Yes, loans without BVN can be safe as long as you use reputable and reliable lending platforms. However, you should be cautious before disclosing your BVN on any site.

Why do Nigerian loan companies require a BVN?

BVN is required because it's database offers a secure and reliable method for loan applications to verify customer identity and minimize the potential for fraudulent activities.

Next Post »