Top 10 Loan Apps in Nigeria Without BVN
having access to quick loans can be a lifesaver, especially in emergencies. However, one of the common requirements to access loans from many financial institutions in Nigeria is the Bank Verification Number (BVN). While BVN is essential for verifying your identity and ensuring security, there are instances where you might need a loan without providing your BVN. Luckily, several loan apps in Nigeria offer quick loans without requiring your BVN. In this blog post, we’ll explore the top 10 loan apps that provide this service.
Top 10 Loan Apps in Nigeria Without BVN.
below are top10 Loan Apps in Nigeria where you can borrow money Without BVN
1. Carbon (Formerly Paylater)
Overview:
Carbon is one of the most popular loan apps in Nigeria. It offers instant loans without requiring a BVN, making it accessible to a wider audience. Carbon also provides additional features such as bill payments, airtime purchases, and investment opportunities.
Key Features:
- Instant loans without BVN.
- Flexible repayment options.
- Competitive interest rates.
Loan Amount:
Up to ₦1 million.
Repayment Period:
1 to 6 months.
2. Branch
Overview:
Branch is a reputable loan app that provides quick loans without the need for a BVN. It uses alternative data, such as your smartphone information and transaction history, to assess your creditworthiness.
Key Features:
- No collateral or paperwork required.
- Low-interest rates.
- Multiple repayment options.
Loan Amount:
₦1,000 to ₦200,000.
Repayment Period:
4 to 40 weeks.
3. FairMoney
Overview:
FairMoney offers instant loans without requiring a BVN. The app is easy to use and provides loans based on your mobile phone usage and transaction history.
Key Features:
- Fast loan disbursement.
- No hidden fees.
- Option to pay bills and buy airtime.
Loan Amount:
₦1,500 to ₦500,000.
Repayment Period:
Up to 6 months.
4. Aella Credit
Overview:
Aella Credit is another reliable loan app that offers loans without the need for a BVN. It focuses on providing financial inclusion to underserved individuals and small businesses.
Key Features:
- Easy-to-use interface.
- Competitive interest rates.
- No late fees.
Loan Amount:
₦2,000 to ₦1 million.
Repayment Period:
1 to 3 months.
5. Okash
Overview:
Okash is a loan app by Opera Software, the company behind the popular Opera Mini browser. It offers instant loans without requiring a BVN, making it accessible to many Nigerians.
Key Features:
- Quick loan approval and disbursement.
- No need for collateral.
- Flexible loan amounts.
Loan Amount:
₦3,000 to ₦500,000.
Repayment Period:
91 days to 365 days.
6. PalmCredit
Overview:
PalmCredit is known for providing fast loans without BVN. The app is user-friendly and offers a wide range of loan options with flexible repayment plans.
Key Features:
- Instant loans with no paperwork.
- No collateral required.
- Cashback rewards for early repayment.
Loan Amount:
₦2,000 to ₦100,000.
Repayment Period:
14 to 180 days.
7. QuickCheck
Overview:
QuickCheck is another popular loan app in Nigeria that provides loans without requiring a BVN. The app uses machine learning to assess creditworthiness and offers quick loan approvals.
Key Features:
- No collateral needed.
- Flexible repayment terms.
- Instant disbursement.
Loan Amount:
₦1,500 to ₦500,000.
Repayment Period:
4 weeks to 6 months.
8. Lendigo
Overview:
Lendigo is a loan app primarily focused on providing loans to small and medium-sized enterprises (SMEs) without requiring a BVN. The app is designed to help businesses grow by providing quick access to funds.
Key Features:
- Fast loan approval.
- Flexible repayment terms.
- No hidden fees.
Loan Amount:
₦20,000 to ₦10 million.
Repayment Period:
1 to 6 months.
9. KwikMoney (Migo)
Overview:
KwikMoney, now rebranded as Migo, offers instant loans without requiring a BVN. The app uses alternative data sources such as your phone number and transaction history to determine your eligibility.
Key Features:
- Quick loan disbursement.
- No paperwork or collateral required.
- Low-interest rates.
Loan Amount:
₦500 to ₦500,000.
Repayment Period:
14 to 30 days.
10. Sokoloan
Overview:
Sokoloan is another loan app that provides quick loans without requiring a BVN. The app is designed to offer fast and convenient loans to Nigerians who need money urgently.
Key Features:
- No collateral required.
- Instant loan approval.
- User-friendly interface.
Loan Amount:
₦5,000 to ₦100,000.
Repayment Period:
91 to 180 days.
Conclusion
Accessing loans in Nigeria has never been easier, especially with the advent of loan apps that do not require BVN. Whether you need a quick loan for an emergency or to fund a business venture, these top 10 loan apps offer a wide range of options to suit your needs. However, it’s important to borrow responsibly and ensure that you can repay the loan within the stipulated time to avoid additional charges or negative impacts on your credit score