This review will centre on the topic of how you can obtain a loan with BVN only in Nigeria using any of the foremost five lending platforms listed below.
If you find yourself in a financial strait either as an individual or a business owner, and you need an urgent cash loan and all you have is your BVN and your smartphone only, calm down and read the different options of loan apps and lending platforms where you can access an instant loan with your BVN only and a few profile information.
BVN (short form for Bank Verification Number is a unique identification number that can be verified across all financial institutions in Nigeria. A customer’s BVN is mapped to the individual’s biological traits namely: Finger Print, Signature, Facial photograph captured at the point of enrollment and other personal profile information. In a nutshell, BVN is a security feature for affirming the identity of an individual transacting with any financial institution across the country.
List Of Top 5 Lending Applications Where You Can Get a loan With BVN Only In Nigeria
The best lending applications and loan apps that can help you get a fast loan with BVN only in Nigeria include: Branch, Carbon, FairMoney, Aella Credit, QuickCheck and GTBQuick Credit app among others. These platforms are reliable and popular for making the process of getting an instant loan a lot easy, even without collateral or documentation.
1. Branch
With over 10 million users on Google Play Store, Branch is the overall best application you can use to get a loan with BVN only in Nigeria. Branch’s 2.5% to 20% monthly interest is the most competitive obtainable in the quick loan industry. The loan app’s APR of 18% to 260% is considerably lower than that of Fairmoney, Carbon, Palmcredit, and other rivals in the mobile loan sector.
Branch don’t charge late fees or rollover fees, nor put restrictions on how you spend your money, and our customer support team is available 24/7. If you ever needed loan apps in Nigeria for instant cash that are reliable, this is one of your best pick.
2. Carbon
Carbon, formerly known as Paylater, is the second best instant digital lender that can approve loan for you if all you have is BVN only in Nigeria. With Carbon, you can borrow up to N1 million (One Million Naira) without collateral, guarantors, or paperwork with your BVN only.
At your first try with Carbon loan app, you may not be able to access big cash, but when you start borrowing small, and paying back as at when due, thus gradually building good credit history, you eventually have access to bigger loan funds.
3. FairMoney
FairMoney digital platform is one of the best platform to get a loan with BVN only in Nigeria. You can access instant loan up to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates of 2.5% to 30% (APRs from 30% to 260%) with the FairMoney app. This online lender has the exceptional quality of granting higher loan tenure than many other similar lending applications.
4. Aella Credit
Aella exists to simplify and open up financial access for all in emerging markets by leveraging technology and widespread mobile adoption for Nigerian borrowers. Aella Credit app allows customers to access loans with only their BVN and apply through their smartphone if they are in Nigeria. With these fast loan application, you can access instant cash up to N1,000,000 within a few minutes of processing.
Aella app has low-interest rates and demands no late fees. It allows borrowers to build their creditworthiness via prompt loan repayment in order to qualify for larger loan amounts and reductions in interest rate.
5. Umba
Umba allows you to borrow money in Nigeria if all you have is your BVN only and with some little profile details about yourself. The app is one of the best loan app pick in Nigeria for no late fees, no rollover charges and no origination fees and with BVN only.
Umba claims to be one of the leading digital bank in Africa, allowing customers and users to apply, drawdown and repay loans directly from their smartphone or desktop computer and obtain cash disbursement directly into their bank accounts even if all they have is their BVN only.
What is the Goal of the Bank Verification Number?
The goal of the Bank Verification Number (BVN) is to uniquely verify the identity of each Bank’s customer for ‘know your customer’ (KYC) purposes.
What is Enrolment?
Enrolment is the process of capturing a customer’s details which includes
fingerprint and facial image after which a BVN is generated.
How does a Customer get a BVN?
A customer enrolls at any branch of a bank where he/she has an account or intends to open an account.
Must every customer have a BVN, is it Compulsory?
Yes it is compulsory for every bankable customer in Nigeria to have a BVN.
How long does it take to get a BVN?
It takes up to 24hrs after Enrolment to get a BVN.
What is the Benefit of enrolling for a BVN?
The BVN helps to reduce fraud, increase the efficiency of banking operations and also enable customer access to future credit facilities. Once the BVN is generated, the bank would inform you of your BVN. All customers
would receive SMS alerts.
If a customer forgets his/her BVN what should the customer do?
The customer should contact his/her bank where the enrolment was carried out, to
retrieve the number.
How and Where can you update customer information e.g. in case of change of address?
The customer goes to his or her bank and follows the bank’s processes for updating
customer information. A customer can update his/her information only at the bank where
he/she has an account.
Does the BVN change when customers update their record?
Answer: No, the BVN doesn’t change.
When does my BVN expire and how do I renew?
The BVN expires after 10 years. After 10 years of the issuance of the BVN, the
customer goes back to his/her bank to re-enroll.
Conclusion
Loan applications and platforms that give loan with BVN only in Nigeria include but not limited to Branch loan app, Carbon loan app, FairMoney App, Aella Credit App, Umba Loan app among others. These lending apps general have low interest rate, fast approval and quick cash disbursement without collateral or documentation.
Rating |
Loan App With BVN Only in Nigeria |
“Best For” Pick |
Playstore Rating |
Average No. of Users of Loan Application |
| #1 | Branch Loan App | Best Overall Lending Platform in Nigeria | 4.5/5 | 10 Million |
| #2 | Carbon Loan App | Best for Building Credit Score | 4.4/5 | 1 Million |
| #3 | FairMoney Loan App | Best for Highest Loan Tenure | 4.4/5 | 5 Million |
| #4 | Aella Credit Loan App | Best for Easy Loan Processing | 4.4/5 | 1 Million |
| #5 | Umba Loan App | Best for Low Interest and Zero Charges | 3.8/5 | 1 Million |
