How to Get Loans without BVN in Nigeria 2024

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What is BVN

BVN means Bank Verification Number. It is an identification system introduces by CBN in the year 2014. BVN has  unique set of 11-digit numbers  links specifically to your biometric data  as fingerprints and facial recognition. 

In addition, you are to provide your bio-data including your date of birth, full name, residential address, and any other relevant information data. Lastly, you have to  summit  your biometric data-fingerprints and facial recognition. Your bio data together with your biometrics shall install at the moment in their system.

  1. FairMoney: FairMoney Loan amounts range between N1,500 to N1 million with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30%. Click to download! https://fairmoney.app.link/9mVwx3ahv9
  2. Okash: It’s takes  few steps with minimal documentation, and then loan drops in applicant’s  account. The app offers loans ranging from N3,000 to N500,000. In Addition, the repayment plan ranges from 91 days to 365 days. Moreover their interest rate is day by day to amount  annual Percentage Rate of  36.5% to 360%.
  3. Kuda: Kuda provides personal loans up to ₦3 million for eligible customers only. Interest rates begins from 1.16% monthly. Min/Max Loan is  ₦50,000 to ₦3 million within the time frame of 6-12 months. And then their interest rates is  1.16% monthly for existing bank users.
  4. Newcredit: Newcredit is instant loan app in Nigeria too. Newcredit app’s loan amount range from N10,000 to N300,000 with repayment from 91 days to 365 days. Moreover, the company charges a monthly interest rate of 4%.
  5. Palmcredit loan app: is instant loan app in Nigeria, and then Permits  to apply Loan between N10,000 to N300,000 . 
  6. Quickcheck: QuickCheck loan has interest rates starting from as low as 5% monthly on the first loan. Their loans range from N1,500 to N500,000 with terms from 91 days – 1 year. Interest ranges from 2% – 30%, with an equivalent monthly interest rate of 1 – 21%.
  7. Carbon:  Carbon loan application process  takes  5 minutes to complete. In addition to this, their interest rates range from 2% to 30%  depending  loan repayment period and the amount of money you want. 
  8. Renmoney: Renmoney request for an accurate information, and then Renmoney  offers different options for loan repayment, ranging from one month to twelve months. The longer the repayment period, the higher the interest rate you’ll have to pay. In, addition, Renmoney’s interest rate for a full year repayment is  33.9%.
  9. Aella Credit: In 5 to 15 minutes, Aella Credit ensure to give quick and easy access to loans With no paper documentation, the more you grow your credit score, the more they  increase your credit limit. Lastly, their Monthly interest rate ranges from 2% – 20% and APR from 22% – 264 %/annum.
  10. Branch:  Gives access to personal loans, from N2,000 to N500,000 within 24hrs, depending  your repayment history, with duration of 62 days to 1 year after through investigation and time to time checking. The borrow N60,000 at an Annual Percentage Rate (APR) of 181% with a tenure of 62 days, and then the total amount to repay will be N78,400 (N60,000 plus N18,400 interest).
  11. Ease Cash: Ease cash app gives instant loans ranging from N1,000 to N100,000 between  91 to 180 days. Annual Percentage rate is 14%. In addition, Ease Cash is  charging one time processing fee per transaction at a minimum of  5% and a maximum of 20%.

Questions / Answers

Can I apply for loan without providing my BVN or phone number linked to my BVN?:

Yes, and moreover it is hard to get a loan from a reliable  platform when there is nothing to show your identity. Instead, do not apply for a loan without having the necessary requirements from reputable loan industries.

 Loans require BVN safe?:

Yes, moreover any Loan  requesting for BVN is safe as long as you using a reputable and reliable lending platform. In addition, always exercise caution before disclosing your BVN on any platform other than the one you intend to use it on.

Why do loan companies in Nigeria require BVN or phone number linked to a BVN?:

It  is because BVN database is the safest and secure way for loan apps to verify the identity of their customers. Moreover, it reduces high risk of fraudulent activities in the banking sector.

Conclusion

In summary,  it is impossible to get a loan in Nigeria without a BVN or phone number linking to your BVN as a consequence of  high risk that someone could request money in your name without your knowledge. In addition, when an incident like that occur, it is possible to lead to a  serious problem in the future.

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