If you are looking for a quick and easy way to get a loan in Nigeria without providing your Bank Verification Number (BVN), look no further. In this blog post, I will share some of the best loan apps that do not require BVN in Nigeria and how you can apply for them.
But first, you need to know what a Bank Verification Number (BVN) is and its importance.
What is BVN, and why is it Important?
BVN is an acronym for Bank Verification Number. It is a unique 11-digit identity number that is assigned to every bank customer in Nigeria. BVN was introduced by The Central Bank of Nigeria (CBN) in 2014 to enhance the security and efficiency of banking transactions.
It is also crucial as it helps prevent and reduce fraud and identity theft. Your BVN contains biometric data, such as fingerprints and facial images. And it is linked to all your bank accounts across different banks.
Your BVN should be kept private and confidential, as it can be used to access your personal and financial information.
Some online loan platforms may require you to provide your BVN as part of their verification process, exposing you to the risk of data breach or misuse.
Therefore, some people may prefer to apply for loans without BVN, especially if they are uncomfortable sharing their BVN with unknown or untrusted sources.
How do you get a Loan without BVN in Nigeria?
Several online loan platforms in Nigeria offer loans without BVN. However, they may have different eligibility criteria, loan amounts, interest rates, repayment terms, and application processes.
Here are some famous and reliable loan apps without BVN in Nigeria that you can try.
Carbon
Carbon is one of Nigeria’s leading digital financial services platforms that offers loans, savings, investments, payments, and credit reports.
You can apply for a loan on Carbon without BVN. You must have a valid phone number, bank account, and debit card.
On Carbon, you can borrow from N1,500 to N1,000,000, with interest rates ranging from 5% to 15% per month. The repayment periods are from 15 days to 6 months.
You can download the Carbon app from your respective App Store (Google Play Store or the App Store). You can also visit their website to apply.
Aella Credit
Aella Credit is a fintech company that provides loans, insurance, and health services to individuals and businesses in Nigeria and other African countries. You can apply for a loan on Aella Credit without BVN if you have a valid phone number, bank account, and email address.
Also, you can borrow from N1,000 to N90,000, with interest rates from 4% to 29% per month and repayment periods from 14 to 60 days. You can download the Aella Credit app from the Google Play Store or the App Store or visit their website to apply.
Eyowo
Eyowo is a mobile money platform that enables you to send and receive money, pay bills, buy airtime, and access loans without a BVN or bank account.
You can borrow from N500 to N50,000, with interest rates from 5% to 15% per month and repayment periods from 7 to 30 days. However, you can download the Eyowo app from the Google Play Store or the App Store. You can also visit their website to apply.
Okash
Okash is a micro-lending app that provides loans without BVN, collateral, or paperwork. You can borrow from N3,000 to N50,000, with interest rates from 0.1% to 1% per day and repayment periods from 7 to 365 days. You can download the Okash app from the Google Play Store or visit their website to apply.
These are some of the best loan apps without BVN in Nigeria that you can use to get instant cash for your personal or business needs.
However, read and understand the terms and conditions before applying for any loan. And only borrow what you can afford to repay.
It would help if you were wary of scammers and fraudsters who may try to trick you into giving out your personal or financial information or charge you hidden fees or upfront payments.
Always research and verify the credibility and reputation of any loan platform you want to use.
