Best Loan Apps in Nigeria Without BVN – Are you in a tight spot financially, and do you need money urgently? Are you looking for a quick loan option in Nigeria that doesn’t require your BVN or any collateral?
Getting a loan quickly without the hassle of providing your BVN might sound unbelievable, but it’s true.
Let me share the gist with you. There are loan apps in Nigeria that make it easy for you to get a loan without asking for your BVN or any collateral. And that is what I will be sharing with you in this blog post.
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List of Digital Loan Apps Approved by FG (Federal Government)
Here’s a list of digital loan apps that the Federal Government has approved:
1. FairMoney Microfinance Bank
2. Pivo Technology Limited
3. RenMoney Microfinance Bank Limited
4. Carbon MicroFinance Bank Limited
5. Creditwave Finance Limited
6. Branch International Financial Services Limited
These apps might ask for your BVN, depending on the loan amount and your account status with them.
It’s important to know that the Central Bank of Nigeria (CBN) has made it a standard practice in the financial industry to verify users through their BVN (Bank Verification Number) to prevent fraud. But, these apps should not store your BVN or personal information or share it with anyone else.
Unfortunately, some loan apps have had privacy breaches, which allowed hackers to access users’ information without permission. Your data security is important.
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Best Loan Apps in Nigeria Without BVN
In Nigeria, many loan apps often demand a guarantor, collateral, verified documents, and your BVN. However, in 2023, here’s a list of the best loan apps that don’t require your BVN:
- Alat By Wema App.
- Jumia one App
- Aella Credit Loan App.
- Eyowo Loan App.
- CarrotPay App.
Alat By Wema App
The first app on one of the best loan apps in Nigeria without BVN is the Alat by Wema app. This app is exclusively run by Wema Bank, offering a complete digital banking experience that lets customers access all banking services without visiting a physical branch.
If you’re a Wema Bank customer and they’ve previously verified your identity through other means before BVN was introduced, you can obtain a loan without the need for BVN verification. However, it’s essential to note that acquiring a substantial loan without BVN or other authentication methods to assess your creditworthiness is typically not feasible.
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Jumia One App
JumiaOne is an innovative financial platform that is revolutionizing the loan application process with its user-friendly mobile app, eliminating the need for traditional banking procedures. One unique thing about this loan app is thatit requires no-BVN (Bank Verification Number) requirement, making it a convenient option for those who can’t provide this information.
JumiaOne goes beyond loans, offering various services like airtime recharge and cable TV subscriptions, making it versatile and appealing.
To apply for a loan, users simply download the JumiaOne app and go to the “Financial Services” section. The application process is streamlined, taking place entirely within the app, removing the need for physical paperwork or bank visits. Loan approvals are quick, often resulting in funds being transferred directly to users’ accounts within minutes.
Aella Credit
Aella Credit is a user-centered digital lending platform in Nigeria, renowned for its convenience and speed. What makes it stand out is its loan app that doesn’t demand BVN, ensuring accessibility for all potential borrowers.
Whether you’re facing an urgent financial situation or seeking a hassle-free loan application, Aella Credit’s BVN-free loan app is tailored to meet your needs. You can access loans ranging from N2,000 to N1,000,000, catering to a variety of financial requirements.
The platform offers a quick and straightforward application process, with loans typically dispersed within ten minutes of application. Aella Credit emphasizes responsible lending and encourages borrowers to fully comprehend their financial commitments.
It’s worth noting that while BVN isn’t currently required, Aella Credit might update its requirements periodically. To stay up-to-date, it’s advisable to check their official channels for the latest information.
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Eyowo Loan App
Eyowo stands out as one of the top instant online loan apps in Nigeria that doesn’t require BVN. With over 100,000 users on the Google Play Store, it’s known for approving loan amounts of up to N50,000 within minutes of applying.
Eyowo offers a quick and hassle-free loan solution that’s entirely online and dependable, all without needing your BVN. What’s great is that all you need is your phone number; no collateral, documents, or physical office visits are necessary to access an Eyowo loan.
Users can borrow, spend, send, receive, and save money with ease through a USSD code: *4255# on their mobile phones, the Eyowo mobile app, or directly on its website.
CarrotPay App
Carrotpay is a Nigerian mobile lending service that specializes in providing micro and medium short-term personal loans ranging from ₦5,000 to N50,000, all without the need for collateral.
To qualify for a loan online, you typically need to provide some details and your ID card.
The app has garnered over 10,000 downloads on the Google Play Store and has received mixed reviews. Many customers appreciate the app’s straightforward and seamless registration process.
For those aiming to qualify for larger loan amounts, it’s advisable to maintain a clean transaction history and avoid outstanding debts with other loan apps.
The application process is straightforward: download the app from the Google Play Store, provide your personal information, and within a few hours, the app’s algorithm will assess your details, calculate your credit score, and extend a loan offer to you.
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Conclusion
Before creating an account with any of these apps, it’s strongly recommended to carefully read their terms and conditions and privacy policy.
The privacy policy is particularly important as it outlines how they gather your personal data and safeguard your privacy.
This guide aims to provide you with a clear understanding of and access to loan apps in Nigeria that don’t require BVN.
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