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 reliable and legit lending platforms.
Top 6 Instant Loan Without BVN in Nigeria 2023
You can get rapid and urgent loan even if you don’t supply your BVN to a lending portal, which is a possibility that could sound very good to be true. Several lending applications in Nigeria allow you to have access to their quick loans without the trouble or risk of supplying your Bank Verification Number (BVN) or any collateral or security for that matter.
Some of the best instant loan without BVN in Nigeria that give access to fast lending in 2023 include Carbon, JumiaOne, OKash, Aella Credit, Eyowo and CarrotPay app among others. These online applications are very fast and known for approving customers’ requests without necessarily asking for BVN, collateral, or documentation. Loan approval and cash disbursement processes are also secure and executed in few minutes.
1. Carbon App
Carbon, popularly known as Paylater is one of the few loan apps in Nigeria that doesn’t require your BVN to grant you loans. Carbon doesn’t just offer instant loans, the fintech company offers high-yield savings accounts as well as banking services on its app. Loan amounts range from N5000 Naira to N1,000,000 Naira with a loan tenure of 30 – 180 days.
2. JumiaPay App
JumiaPay is one of the best quick lending applications that offer customers credit 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.
Jumia Lending 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 App
Okash operated by Blue Ridge Microfinance Bank Ltd is another loan app without BVN in Nigeria that you can borrow money from. You just have to download the Opay mobile app and apply for an Okash loan. Okash offers up to N50,000 Naira in loans in Nigeria. So you can borrow money from Okash without the need to provide your BVN.
Therefore if you are thinking of a secured and legitimate lending app where you can access quick loan without BVN in Nigeria at the comfort of your room with your smartphone, then OKash app, used by over 1,000,000 users is your go to platform. The app offers customers fast online loan from N1,500 to N50,000 without BVN, debit card card, collateral or document. Loan tenure could be up to 60 days, but interest are relatively high up to 10 percent or more per month.
4. Aella Credit App
Aella Credit is one of the best lending apps where you can access really fast loan without BVN if you earn a steady income in Nigeria. 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.
Aella Credit loan processing period only takes a few minutes. 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 App
Eyowo lending platform provides simple, digital, and reliable financial loan to anyone living in Nigeria 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.
Eyowo 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. You don’t require any debit card binding with the app to get Eyowo loan.
6. CarrotPay App
CarrotPay is one of the best apps in the Fintec industry that approve really fast loan without BVN in Nigeria. With CarrotPay, getting a loan without inputting your Bank Verification Number (BVN) is almost as easy as thinking about it. Once you pass the automated checks and your credit score is favourable, you can easily get a loan within minutes of applying.
CarrotPay has close to 20,000 users and customers and provides instant loan in Nigeria without BVN for as low as N5,000 and up to N50,000 in few minutes, and you can pay back between 2 to 3 months. 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%.
Conclusion
You can get to borrow fast and robust loans even if you do not have a BVN, which is a possibility that could sound too good to be true. Summarily, several financial platforms in Nigeria allow you to have access to loans without the burden of supplying your Bank Verification Number (BVN), collateral or documentation. Some of the loan apps where you can borrow money without your BVN in Nigeria include JumiaPay, Carbon, Aella Credit, GTB Quick Credit, Eyowo and Okash to mention a few.
However, you should 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 if you must do so. Your BVN is your private financial identification and shouldn’t be shared with fake loan apps and illegal platforms.
