Top 6 instant apps to get a loan without BVN in Nigeria [2023]

If you are a Nigerian citizen as a worker, business owner or even a professional consultant, and you are suddenly faced with some unexpected expenses that require a fast online loan without BVN in Nigeria, this means you need to borrow a quick loan and you do not have a BVN, which is usually required by most loan apps across the country. This article reviews the top 5 instant online lending applications in Nigeria where you can borrow fast loan without BVN and have the cash disbursed into your bank account within a few minutes.

These applications are known for approving fast online loan in Nigeria without BVN. The good things about these lending platforms is that you also do not need any collateral or documentation to get your loan approved. And you don’t need to visit any physical office. You can simply apply at the comfort of your room for quick loan using your smartphone.

What is a BVN?

The Bank Verification Number (BVN) is an 11-digit unique identity for each individual across the Nigerian Banking industry. The Central Bank of Nigeria (CBN) implemented the BVN to ensure customers can engage securely in financial transactions at any Point of Banking operations in Nigeria. The BVN serves as a modern security measure that protects banking transactions by reducing fraud and illegal deductions to the barest minimum. However, some fake loan apps in Nigeria try to invade their customer data and use their BVN for illegal and fraudulent purposes. So in most cases, you don’t want to release your BVN to these loan sharks masquerading as online lending platforms.

Top 6 Best Loan without BVN in Nigeria Where You Can Get A Really Fast Access to Credit in 2023

Some of the best lending platforms and loan apps in Nigeria that give fast access to loan without BVN include CarrotPay Loan, JumiaOne Loan, OKash Loan, Aella Credit Loan, Eyowo Loan and PalmCredit Loan among others. These lending applications are known for approving customer loan requests without asking for BVN, collateral, or documentation, and the entire loan approval and cash disbursement process take just a few minutes to complete using your smartphone.

With CarrotPay, getting a loan without BVN is almost as easy as thinking about it. Once you pass the automated checks and your credit score is favorable, you can easily get a loan within minutes of applying. CarrotPay app provides instant loan without BVN in Nigeria for as low as N5,000 and up to N50,000, and you can pay back between 60 to 180 days. The usual repayment period is monthly. Minimum interest rates are determined by a credit scoring algorithm which is usually 3% per month and a maximum of 10%.

2. JumiaOne Loan 

JumiaOne is one of the best instant loan without BVN in Nigeria. Apart from the fact that the platform does not require inputting your BVN or debit card, it also approves loan without collateral or documentation. The app is a multi-purpose android financial and credit app owned by the Jumia Group. It offers its customers loan from N5,000 to N100,000 for a tenor of 15 – 30 days depending on their credit score. Basically, to access loan on this app, just scroll down to the ‘Financial Services’ category and click on ‘Loans’. After you provide all the information required, you will receive your loan within minutes.

3. OKash Loan 

Okash is another trusted lending app where you can access loan without BVN at the comfort of your room once you have an internet enabled smartphone.  Basically, you can access this platform through the Opay mobile app, which is controlled by Opay Digital Services Limited and Paycom. However, OKash is solely owned and operated by Blue Ridge Microfinance Bank Ltd. The platform offers customers fast online loan of N1,500 to N50,000 without BVN, debit card card, collateral or documentation. Loan tenure could be up to 60 days, at 10 – 24 percent interest rate per month.

 4. Aella Credit Loan

Aella Credit is one of the best lending apps where you can access loan without BVN if you have a steady income. Basically, this user-centered digital lending platform offers users loans as low as N2,000, with a maximum limit of up to N1,000,000. Also, their own processing period does not take too much time. Within 10 minutes after applying for your loan, you will be credited. Aella loan tenure is from of 30 – 60 days, starting at a 30 percent monthly interest rate; though this may reduce to around 4 percent once the user maintains a good credit report on the app over time.

5. Eyowo Loan

Eyowo lending platform provides simple, digital, and reliable financial loan to anyone with just a phone number and does not require inputting your BVN. You also don’t need collateral, documentation or guarantor to access loan their loan.  Users can borrow, spend, send, receive and save money simply by dialing a USSD code: *4255# on their mobile phones or via the Eyowo mobile app or website.

6. PalmCredit Loan

PalmCredit is one of the top trusted lending platforms that gives really fast loan without BVN with borrowers having access to loans of N2000 to N100,000 with interest rate ranging from 4% to 24%, and annual percentage rate (APR) being between 24%~56%.

What are the top 10 Instant Loan apps Without BVN in Nigeria and what are their loan amount and what they are best for?

The top 10 instant loan apps without BVN in Nigeria are as analyzed below.

Conclusion

The really best lending apps in Nigeria where you can get loan without BVN include CarrotPay Loan, JumiaOne Loan, OKash Loan, Aella Credit Loan, Eyowo Loan, Carbon Loan and PalmCredit Loan among other reputable platforms. These loan apps are reputed and unique for approving customers’ loan application without BVN, documents or paperwork, and secures your financial transactions and banking details. It also protects the integrity of your data.

Though there are many other lending applications online where you can get a loan without bvn in Nigeria, but be careful before you submit your BVN to any platform. Ensure that the loan application is legit, secure and trusted before letting them have access to your BVN. Your BVN is your private financial identification and shouldn’t be shared to illegal platforms.