Top 10+ Instant Loan Without BVN January 2024 (UPDATED)
Loan without BVN in January 2024:
Do you have urgent money needs that must be fulfilled immediately? Do you need a quick loan without needing to provide your BVN or any collateral?
You can get fast loans without giving your BVN, which may seem too good to be real.
To put it simply, there are some loan services in Nigeria that don’t ask for your Bank Verification Number (BVN) or any collateral. In this part, you’ll get all the details about these services.
What is BVN
BVN stands for Bank Verification Number. It is a unique 11-digit number that is given to each bank customer in Nigeria. The BVN was introduced by the Central Bank of Nigeria (CBN) in 2014 to help reduce fraud and make banking more secure.
To get a BVN, you need to visit any bank branch in Nigeria and provide your biometric information, such as your fingerprints and facial photograph. Once you have been enrolled, you will be given a unique BVN.
Your BVN is linked to all of your bank accounts in Nigeria. This means that banks can use your BVN to verify your identity and prevent fraud. For example, if you try to open a new bank account with a fake identity, the bank will be able to check your BVN and see that you already have an account.
BVN is also used to verify your identity when you apply for a loan. This helps banks to assess your creditworthiness and decide whether or not to approve your loan.
Benefits of having a BVN:
- It helps to reduce fraud and make banking more secure.
- It makes it easier to open new bank accounts and apply for loans.
- It allows you to access all of your bank accounts from one place.
- It can be used to verify your identity for other purposes, such as opening a mobile money account or getting a driver’s license.
How to get a BVN:
To get a BVN, you need to visit any bank branch in Nigeria and provide your biometric information, such as your fingerprints and facial photograph. You may also need to provide some other documentation, such as a valid form of identification.
Once you have been enrolled, you will be given a unique BVN. You can then use your BVN to access your bank accounts and apply for loans.
The Best Instant Loan Available in Nigeria Even Without Your BVN
Here’s a detailed breakdown of some of the top-rated online lending platforms in Nigeria that do not necessitate the input of your Bank Verification Number (BVN):
Top 10+ Quick Loan Apps in Nigeria without BVN in January 2024
1. FairMoney
- App Name: Fairmoney Loan App
- Loan Amount: Up to ₦300,000
- BVN Needed?: No
- Time to Get Loan: 5 minutes
- Interest for ₦10,000 for 2 months: 2%
- How to Apply: Download app, fill form, get loan
- Ease of Use: Very easy
2. OKash
- App Name: Okash Loan App
- Loan Amount: Up to ₦50,000
- BVN Needed?: No
- Interest Rate: 10% to 24% per month
- Loan Duration: Up to 60 days
- Application Process: Fast and easy
- Owned By: Opay Digital Services Limited
3. Carbon
- App Name: Carbon Loan App
- Loan Range: ₦1,500 to ₦1,000,000
- BVN Needed?: No
- Interest Rate: 1.75% to 30%
- Repayment Duration: Up to 64 weeks
- Example: ₦50,000 loan for 3 months at 2% interest per month
- Approval Time: Quick
4. Jumia Pay
- App Name: JumiaPay Loan App
- Part of: Jumia e-commerce platform
- BVN Needed?: No
- Interest Rate: Starting from 3.5% per month
- Repayment Terms: 15 to 60 days
- Loan Disbursement: Instant
- Privacy and Security: High priority
5. GoCash
- App Name: GoCash Loan App
- Loan Period: 61 to 180 days
- BVN Needed?: No
- Service Fee: 0%
- Interest Rate: 33%
- Example: ₦20,000 loan for 120 days, pay ₦5,000+ monthly as interest
- Loan Characteristics: Long-term, high-interest
6. Aella Credit
- App Name: Aella Credit Loan App
- Loan Amount: Up to ₦1,000,000
- BVN Needed?: No
- Time to Get Loan: 5 minutes
- Interest Rate: Around 22%
- Loan Type: Online, no collateral
7. Quickteller
- App Name: Quickteller Loan App
- Offers: Collateral-free loans
- BVN Needed?: No
- Interest Rate: Varies
- Application Process: Easy, direct fund transfer
- Loan Types: Short-term and mid-term
8. Eyowo Loan App
- App Name: Eyowo Loan App
- Loan Amount: Up to ₦50,000
- BVN Needed?: No
- Interest Rate: 5% to 15%
- Loan Tenure: 30 to 90 days
- Special Feature: Use without a bank account
9. ALAT By Wema
- App Name: ALAT by Wema Loan App
- Loan Amount: Up to ₦2,000,000
- BVN Needed?: No
- No Need For: Collateral, paperwork
- Process: Fast, direct to account
- Type of Bank: Digital
10. PalmCredit
- App Name: PalmCredit Loan App
- Loan Range: ₦2,000 to ₦100,000
- BVN Needed?: No
- Interest Rate: 4% to 24%
- Loan Duration: Up to 6 months
- Application: User-friendly
11. GTBank App
- App Name: GTBank App
- Features: Account management, loans, funds transfer, bill payments
- BVN Needed for Loans?: Not specified
- User Interface: Easy to use
- Specialty: Comprehensive banking services
- Loan Application: Included in app
- Bank Type: Well-known bank in Nigeria
Each of these loan apps provides a convenient way for individuals in Nigeria to access loans quickly without the need for a BVN, catering to a range of financial needs with various terms and interest rates. Always remember to read the terms and conditions carefully before applying for any loan.
However, as with all financial agreements, it’s pivotal to exercise caution. Before jumping into any loan agreement, always review the terms and conditions. Understanding the details is paramount to making informed decisions, ensuring you’re aware of all financial obligations and can reliably meet the set repayment deadlines.
Why is it difficult to get a loan without a BVN?
The BVN database is a safe and secure way for loan apps to verify the identity of their customers.
Nigerian loan companies require a BVN to stop fraud and identity theft, and the Money Laundering (Prohibition) Act of 2011 makes banks responsible for the accounts they open.
In addition, your BVN may also show that you meet the minimum requirements for a personal loan, such as being a citizen or permanent resident, and being at least 18 years old.
Loan apps also need to know where you live to customize your personal loan to meet the laws in your state.
Nigerian citizen, a permanent resident, or someone with a long-term Nigerian visa (depending on lender requirements),
- a minimum of 18 years old.
- After proving who you are, some Nigerian loan applications ask for proof of where you live. If loan apps can’t figure out where you live, they can’t give you money.
- Also, this is how lenders customize your personal loan to meet the laws in your state.
- Also, so that no one can pretend to be you, all reputable loan apps in Nigeria need a BVN as part of the identification process.
- If you don’t have a BVN, it’s almost impossible to get a loan because someone could ask for money in your name, which could cause you a lot of trouble in the future.
- Since you don’t know that the loan is in your name, you may be charged default interest on a debt that you didn’t make. This could lead to your name being added to files of people who owe money.
- All of this happens without you knowing that someone else is using your name. This is another reason why apps or organizations that give loans can’t do so without a BVN.
FAQ
A Loan App without BVN is a lending platform that offers loans without requiring the borrower to provide their Bank Verification Number (BVN).
Yes, there are several financial platforms in Nigeria that offer loans without requiring your BVN or collateral. These platforms include FairMoney, Aella Credit, JumiaOne, Carbon (formerly Paylater), and Okash.
Yes, loans without BVN can be safe as long as you use reputable and reliable lending platforms. However, you should always exercise caution before disclosing your BVN on any site other than the one you intend to use it on.
The BVN database is a safe and secure way for loan apps to verify the identity of their customers and reduce the risk of fraudulent activities.
There are several options available in Nigeria, including FairMoney, Aella Credit, JumiaOne, Carbon (formerly Paylater), and Okash. Each platform offers different loan amounts, interest rates, and repayment options. It is important to research and compare the different options to find the best one for your needs.
