Home Loans & Insurance How To Get a Loan Without BVN in Nigeria

How To Get a Loan Without BVN in Nigeria

If you are in need of a loan in Nigeria, having a Bank Verification Number (BVN) can be a requirement for many lenders. However, not having a BVN doesn’t necessarily mean you cannot access loans from reputable lenders in Nigeria.

Fortunately, there are several mobile apps that offer quick and easy access to loans without requiring a BVN. In this article, we will explore how you can get a loan without a BVN in Nigeria and highlight some of the best apps you can use to access loans without a BVN. So, whether you are looking to fund a new business venture, pay for emergency expenses, or cover unexpected bills, keep reading to discover how you can get a loan without a BVN in Nigeria.

Palmpay

One option for getting a loan in Nigeria without a BVN is through the mobile payment platform, Palmpay. This platform offers quick and convenient loans with a low-interest rate. However, you will need to download the Palmpay app and create an account. 

Then, you will need to provide some basic information, such as your name, phone number, and bank account details. Once you are verified, you can apply for a loan within the app. Palmpay offers loans up to 100,000 Naira, and repayment periods are flexible. Just be sure to read and understand the terms and conditions before accepting the loan offer.

FairMoney Loan App

FairMoney is another loan app that has made it easier for Nigerians to access loans without a BVN. The app is very user-friendly and has a fast application process. All you need to do is download the app and sign up with your phone number. You can then apply for a loan within minutes.

To apply for a loan on FairMoney, you need to provide some personal information, including your name, phone number, and email address. You will also need to provide details about your income and employment status. 

The app will use this information to determine your eligibility for a loan and the amount you can borrow.

Once your application is approved, the funds will be credited to your account within minutes. FairMoney offers loans of up to ₦500,000, which can be repaid in monthly installments over a period of 4 to 26 weeks.

One of the benefits of using FairMoney is that it has a flexible repayment schedule. You can choose to repay your loan weekly or monthly, depending on what works best for you. Additionally, the interest rate on loans from FairMoney is competitive and is tailored to suit your financial needs.

FairMoney is a great option for Nigerians who are in need of a loan but do not have a BVN. The app is easy to use, and the application process is fast and efficient. With FairMoney, you can access loans of up to ₦500,000, with flexible repayment schedules and competitive interest rates. 

ALSO READ  Step by Step Guide on How to get a Loan from FCMB First City Monument Bank Plc With or Without Collateral

However, it is important to remember that borrowing money comes with its own risks, and you should always ensure that you have a solid plan in place to repay the loan on time.

OKash Loan App

OKash Loan App is one of the easiest ways to get a loan in Nigeria without BVN. It offers fast and easy access to loans ranging from N1,500 to N50,000 with repayment periods of up to 180 days.

To get started, download the OKash Loan App from the Google Play Store. Then, sign up for an account and provide the necessary information. Once your account is verified, you can apply for a loan within the app.

To apply for a loan on OKash, select the loan amount you want, choose your repayment period, and fill out the application form. After you submit your application, the app will use your data and information to assess your creditworthiness.

Read Also: How to Make Money Online Trading Gift Cards

If your application is approved, your loan will be disbursed to your account within minutes. OKash charges a flat interest rate of 1% per day on all loans. This means that for a loan of N10,000 with a 30-day repayment period, you will have to pay back N13,000.

One of the benefits of using OKash Loan App is that it does not require you to have a BVN to access loans. However, you will need to have a functional bank account and a source of income to be eligible for a loan.

Overall, OKash Loan App is a convenient option for those who need quick access to loans without BVN. However, it is important to remember that borrowing money comes with financial responsibilities and you should only take out loans if you can afford to repay them.

Carbon (Paylater) Loan App

Carbon, formerly known as Paylater, is a loan app that allows you to get loans without having a BVN. With Carbon, you can borrow up to ₦1,000,000 ($2,600) with a maximum repayment period of 6 months. 

To get started, download the Carbon app on your mobile phone, register with your personal details, and provide your bank account number for loan disbursement. The loan app offers an instant loan disbursement service, which means you can access the funds in your bank account minutes after approval. Carbon charges a flat interest rate of 5% per month on loans borrowed, which is a fair rate when compared to traditional loan options. However, Carbon also charges a processing fee of up to 10% of the loan amount, depending on the loan product you choose. 

To increase your chances of getting approved for a loan on Carbon, ensure you provide accurate personal details during the registration process. The loan app also requires that you have a verifiable source of income before you can access loans, which means you need to have a job or run a business. 

ALSO READ  Best Loan Apps for N10,000, N20,000, N30,000, N50,000, N100,000 Naira Loans in Nigeria

If you have an excellent credit history, you stand a better chance of getting a higher loan amount at a lower interest rate. Carbon also offers a referral program that rewards you for referring friends and family to the platform. For every successful referral, you get a commission that you can use to offset future loan payments.

Aella Credit Loan App

Aella Credit is a loan app that provides quick, affordable, and accessible loans to individuals and small businesses in Nigeria. The app uses a proprietary credit scoring algorithm to determine borrowers’ creditworthiness and offer loans ranging from N1,500 to N1 million, with repayment terms of up to three months.

To apply for a loan with Aella Credit, users must download the app, create an account, and provide personal and financial information, including their bank verification number (BVN) and bank account details. Once the application is approved, the loan amount is disbursed to the borrower’s bank account within 24 hours.

Aella Credit also offers loan repayment through salary deductions for employees of partner organizations and businesses, as well as a referral program that rewards users for referring friends and family to the app.

FAQS

How can I borrow money without using BVN?

Most lenders in Nigeria require a Bank Verification Number (BVN) to process loan applications. However, some lenders may offer loans without BVN, but these loans may come with higher interest rates and more stringent requirements. You can check with individual lenders to see if they offer loans without BVN.

Can I get a loan without BVN in Nigeria?

Most lenders in Nigeria require a BVN to process loan applications. However, some lenders may offer loans without BVN, but these loans may come with higher interest rates and more stringent requirements.

Does FairMoney require BVN?

Yes, FairMoney requires a BVN to process loan applications. The BVN is used to verify the identity of the borrower and assess their creditworthiness.

Does PalmCredit require BVN?

Yes, PalmCredit requires a BVN to process loan applications. The BVN is used to verify the identity of the borrower and assess their creditworthiness.

Can I borrow money from PalmPay?

PalmPay is primarily a payment platform that allows users to make transactions and pay bills. While they do offer loans to users, the loans are currently only available to users in Ghana. Therefore, if you are in Nigeria, you cannot borrow money from PalmPay at this time.

Conclusion

In conclusion, while it is possible to get a loan without a BVN in Nigeria, it is important to note that most lenders require this unique identification number to process loan applications. It is therefore advisable to obtain a BVN to increase your chances of accessing affordable loans with favorable terms and conditions. 

However, if you are unable to obtain a BVN, you can still explore loan options from lenders that offer loans without BVN. Remember to read and understand the terms and conditions of the loan before applying, to avoid any unpleasant surprises in the future. With this guide, you should be able to make an informed decision on how to get a loan without a BVN in Nigeria.