This article highlights the top 10 instant loan apps that don’t require BVN. We recognize the frustration that can come with needing a loan, especially when faced with the BVN requirement.
Luckily, some lenders address the issue of BVN requirements. Let’s look at these lenders that offer instant loans without needing a BVN.
10 Best Loan Apps in Nigeria Without BVN
Here’s a quick look at some popular loan apps in Nigeria that don’t require a BVN:
- FairMoney provides loans up to ₦300,000 with an easy application process.
- Okash (via Opay): offers short-term microloans of up to N50,000.
- Carbon: Provides loans ranging from ₦1,500 to ₦1 million.
- Jumia Pay: Features competitive interest rates starting from 3.5% monthly.
- GoCash: You can get loans up to ₦20,000 for 120 days, and you’ll pay around ₦5,000 or more as interest each month.
- Aella Credit: You can get a collateral-free loan of up to ₦1 million within just 5 minutes.
- Quickteller: Offers access to quick, collateral-free loans without a BVN
- Eyowo Loan App: The loan amount can reach up to NGN 50,000, usually with a repayment period of 30 to 90 days.
- ALAT by Wema: Loans of up to N2,000,000 are available.
- Palmcredit: Loan amounts range from N2000 to N100,000; interest rates vary from 4% to 24%,
- Gtbank Loan App: Provides services like account management and loan applications.
1. FairMoney
The FairMoney loan app provides loans without requiring a BVN. You can borrow up to ₦300,000 within 5 minutes without any BVN check.
If you borrow ₦10,000 for 2 months, you’ll repay it with a 2% interest rate.
The application process is straightforward: download the app, submit your application, and receive approval. That’s all!
2. OKash
OKash, a service under Opay Digital Services Limited, provides micro-loans for short-term needs without needing a BVN.
Users can borrow up to N50,000 at interest rates ranging from 10% to 24% per month, with loan terms extending up to 60 days.
The application process is straightforward and fast, often taking only minutes to complete.
3. Carbon
The Carbon loan app in Nigeria doesn’t require a BVN. You can borrow from ₦1,500 to ₦1 million within minutes on the Carbon Loan app without needing your BVN.
Interest rates vary from 1.75% to 30%, and you can repay over a period of up to 64 weeks.
For example, if you borrow ₦50,000 for 3 months, you’ll pay a monthly interest rate of 2%.
3. Jumia Pay
Jumia Pay a service by the well-known e-commerce platform Jumia offers financial solutions, including loans without requiring a BVN.
It provides competitive interest rates starting from as low as 3.5% per month, along with flexible repayment terms ranging from 15 to 60 days.
Loans are disbursed instantly, and user privacy and security are top priorities.
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4. GoCash
GoCash provides loans with extended repayment periods and low interest rates without requiring BVN submission.
The loan duration ranges from a minimum of 61 days to a maximum of 180 days. While the app offers a 0% service fee, the interest fee is relatively high at 33%.
For example, if you borrow ₦20,000 from GoCash for 120 days, you’ll pay over ₦5,000 as interest each month..
5. Aella Credit
With Aella Credit, You can access an online loan without needing a BVN. With the Aella Credit Loan app, you can even get a collateral-free loan of up to ₦1 million within just 5 minutes without providing your BVN. The loans are repaid with an interest rate of approximately 22%.
6. Quickteller
Quickteller is a strong payment solution. It lets you get fast loans without needing collateral or a BVN. Interest rates change based on how long you borrow and how much. Applying is easy, and once approved, the money goes straight into your account. It’s good for both short-term and mid-term money needs.
7. Eyowo Loan App
Eyowo offers loans without requiring a BVN, with interest rates ranging from 5% to 15%. You can borrow up to NGN 50,000, typically for a period of 30 to 90 days. Additionally, Eyowo allows users to receive, spend, and send money without needing a bank account.
8. ALAT By Wema
ALAT by Wema It’s a digital banking app that gives instant loans without needing a BVN. You can borrow up to N2,000,000 without providing collateral, documentation, or paperwork. The process is quick, and the loans are sent to your bank account within minutes of approval.
9. PalmCredit
PalmCredit provides fast loans without needing BVN verification. You can borrow between N2000 and N100,000. Interest rates range from 4% to 24%, and you can repay the loan within 6 months.
The application process is straightforward and efficient.
10. GTBank Loan App
Guaranty Trust Bank has a great online banking app. You can use it to manage your account, transfer funds, pay bills, and even apply for loans. GTBank’s app is famous for being easy to use and having lots of useful features.
FAQs
Where can I borrow money without BVN?
You can borrow money from loan apps that don’t need a BVN, such as FairMoney, Carbon (formerly Paylater), and OKash. Make sure to research each app thoroughly and carefully read the terms and conditions before applying for a loan.
Where can I get an urgent loan of 10,000 without BVN?
Loan apps like FairMoney and Carbon may offer small loans, such as 10,000 Naira, without needing a BVN. However, the availability of specific loan amounts and terms can vary. It’s essential to check the latest information on the respective app for accurate details.
You can also read loan apps that give more than 100k in Nigeria.
How do you borrow money from FairMoney without BVN?
To borrow from FairMoney without a BVN, you’ll need to download the app. Register with your details, excluding your BVN, and follow their loan application process. FairMoney usually accepts other forms of identification and evaluates your creditworthiness through alternative means.
Does OKash require BVN?
OKash, which operates within the Opay app, provides loans without needing a BVN. They may utilize alternative methods for user verification and credit assessment.
How can I block my BVN from loan apps?
Blocking your BVN from loan apps directly might not be easy. If you’re worried about the misuse of your BVN, it’s best to contact your bank. They can advise you on how to secure your BVN and financial information.
Can a Loan App Block or blacklist my BVN?
Loan apps generally don’t have the power to block or blacklist a BVN. However, if they suspect fraudulent activity, they can report it to financial authorities and may refuse to provide services. If your BVN is involved in any disputes with a loan app, it’s best to resolve the issue directly with the service provider. If necessary, seek legal advice.
Conclusion
Getting a loan from apps that don’t need your BVN can be tough. Most apps ask for your BVN before giving you a loan. So, be careful and do your homework before giving out your info to any loan app. Check if the platform is approved by the Central Bank of Nigeria (CBN) and see what other people say about it in reviews. This way, you can be safer when sharing your personal details online and choose the right place to borrow money from.