An instant loan without BVN which is typically given by loan apps that do not require Bank Verification Number (BVN) have become increasingly popular in Nigeria. These apps offer quick and easy access to loans for individuals and businesses without the need for traditional forms of identification or collateral.
Many of these reputable loan apps in Nigeria use alternative forms of verification, such as phone numbers, email or utility bills, to verify the identity of borrowers. This can make it easier for those who require fast online loans without BVN or who could not have BVN to access loans.
However, it is important to note that loan apps without BVN in Nigeria may have potential drawbacks. Regardless, they can still be a valuable option for those in need of quick access to funds. Always ensure to refrain from patronizing fake loan apps that may compromise your data privacy.
Best 8 Loan Apps That Don’t Require BVN in Nigeria 2023
The most reliable and best loan apps that don’t require BVN for fast and quick loan approval in Nigeria are Carbon, JumiaOne, Aella Credit, Eyowo , Okash and PalmCredit app. These online platforms approve rapid loan without need of BVN, documentation or physical office visit. The loan process is very fast and legit, and can be done within few minutes once you have your internet ready Smartphone. These apps also do not invade or access your phone contacts or send defaming messages to you,
1. Carbon Loan App without BVN
Carbon, formally called Paylater provides one of the best platforms that gives access to online loan without BVN in Nigeria. The loan app also do not require collateral or paperwork. Carbon is regarded as one of the most credible lending platforms in Nigeria, offering digital loans between N1,500 to N1,000,000 for a period of up to six months. The platform is available night and day and you can apply for instant cash on weekends and holidays and get your loan approved.
Carbon fintech app deals with lots of online banking services including savings, transfers, bill payments, and so on. Loan repayment method is also flexible, which makes it very popular among Nigerians.
2. JumiaOne Loan App without BVN
JumiaOne is yet another very reputable loan app that give instant loan without BVN in Nigeria. It is a multi-purpose android platform owned by the Jumia Group, offering loan from N5,000 to N100,000 for a tenor of 15 – 30 days depending on the user’s credit score.
JumiaOne has over 5,000,000 users patronizing the application which is completely legit and secured and facilitates money borrowing without having to set up your profile with your BVN. 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 few minutes.
3. OKash Loan without BVN
If you are thinking of a secured and legitimate lending platform where you can access quick loan without BVN at the comfort of your room with your smartphone, then OKash app, used by over 1,000,000 users is the way to go. Basically, you can access this platform through the Opay mobile app, which is controlled by Opay Digital Services Limited and Paycom.
However, OKash is solely owned and operated by Blue Ridge Microfinance Bank Ltd. OKash offers customers fast online loan of N1,500 to N50,000 without BVN, debit card card, collateral or documentation. Loan tenure could be up to 60 days, at 10 – 24 percent interest rate per month.
4. Aella Credit Loan without BVN
Aella Credit is one of the best lending platforms where you can access very fast online loan without BVN in Nigeria if you have a steady income. Aella Credit with over 1,000,000 users offers loans to customers between the range of N2,000 to N1,500,000.
The app processing period does not take too much time, within 10 minutes after applying for your loan, you will be credited once it is approved. Aella Credit app has a monthly interest rate of 2% to 20% and APR of 22% to 264% per year, while monthly payments range between 2 months to 12 months.
All you need to get a loan from Aella Credit is just to download the app from App Store or Play Store, create an account using your original details and submit a loan application. This app’s loan terms are also great, as borrowers get to enjoy reasonably huge loan amounts with a relatively long tenor, and juicy interest rates on every loan.
5. Eyowo Loan App without BVN in Nigeria
Eyowo is one of the very best instant online loan apps without BVN in Nigeria. The lending platform has over 100,000 users on Google Play Store and approve loan amount up to N50,000 within a few minutes of sending an application.
Eyowo provides quick loan that is simple, 100% online and reliable without BVN to anyone with just a phone number. You don’t also any collateral, documentation or physical office visit to access Eyowo loan. 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 directly on its website.
6. ALAT By Wema Loans without BVN
If you’re tired of your regular commercial banks and feel like being in charge of your money directly, you can get the ALAT loan app without BVN. Alat by Wema has one of the highest loan amount which is a maximum of N2,000,000 (Two million naira) without collateral, physical office visit or documentation.
However if you are a salary earner, you can receive a minimum of N50,000 and up to N4,000,000 within hours and will have between 3 to 24 monthly repayments plan to pay back with only a 2% interest.
7. CarrotPay Loan App without BVN
CarrotPay is one of the best apps in the Fintec industry in Nigeria that approve really fast loan without BVN. 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 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%.
8. PalmCredit Online Loan Without BVN
PalmCredit is another big and trusted lender in the digital industry that gives really fast loan without borrowers having to submit their BVN. The app gives loans of N2000 to N100,000 with interest rate ranging from 4% to 24%, with the annual percentage rate (APR) being between 24%~56%. PalmCredit has over 5,000,000 users who have gained enormous trust with the application which is secured and operates ethical lending practices.
9. Quickteller Instant Loan Without BVN
Quickteller is a well known reputable lending app that approves instant online loan in Nigeria without BVN. Its loan processing are unique and facilitate quick cash disbursement once loan is approved.
With Quickteller, you get access to urgent cash of N10,000 with an interest rate as low of 15% to solve whatever emergency you might find yourself. Simply register on their website by filling in your details which include your name, email, password, and phone number.
10. FlexiCash Loan Application Without BVN
Owned by Palmpay, a popular online banking app that lets its users send and receive money, pay bills, buy airtime, invest, and lots more, FlexiCash offers one of the best instant loan apps without BVN in Nigeria.
Both Android and iPhone users can get loans on Palmpay through its lending service called the Palmpay Flexi Cash. This service offers a reasonable loan amount based on your credit score/record using users’ details with Palmpay.
The better your credit score, the higher the loan amount you’ll be offered, and it keeps increasing over time. Flexi Cash loans last from 15 to 30 days with an amazing interest rate. The more you borrow and pay back, the higher your subsequent loan limit.
Best loan apps that approve borrowing with BVN Only In Nigeria
The best loan applications that can help you with instant cash loan with BVN only in Nigeria are Branch app, Carbon app, FairMoney App, Aella app, QuickCheck, GTBQuick Credit app. With these apps, you can access a quick cash loan and instant loan just with your BVN.
What is BVN and Why is it Important For Quick Loans in Nigeria?
BVN stands for Bank Verification Number. It is a unique identification number assigned to individuals by the Central Bank of Nigeria (CBN) for use in all Nigerian banks.
The BVN is used to verify the identity of bank customers and to prevent fraud. It is typically obtained by visiting a bank branch and providing proof of identity, such as a government-issued ID or passport.
As a Nigerian, you must possess this 11-digit BVN to operate a bank account in Nigeria. Loan apps also request these numbers for the purpose of verifying borrowers’ identities.
The BVN has also become an important factor in getting loans in Nigeria. Many lenders in Nigeria require a BVN as part of their loan application process.
This is because the BVN serves as a form of identity verification, which helps lenders to assess an individual’s creditworthiness and determine their risk level.
By requesting a BVN from borrowers, loan apps can also verify an individual’s income and other financial information. This helps them to make informed decisions about loan approvals and interest rates.
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?
Answer: 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 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?
Answer: The BVN helps to reduce fraud, increase the efficiency of banking operations and
also enable customer access to future credit facilities.
How is the BVN communicated to the customer?
Answer: 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
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.
Why do Nigerian loan companies require a BVN?
What is the best instant loan available in Nigeria without BVN?
How to Get a Loan app without BVN in Nigeria
Now that you know the best apps to borrow money without BVN in Nigeria, let’s take a look at how to use them to access loan.
Here’s a simple step-by-step guide on how to borrow money without BVN in Nigeria:
Step 1: Choose the Right Loan App
Before diving in, do a quick research on which platforms offer loans without bvn verification. From our list, Carbon, Fairmoney, FlexiCash, Aella Credit, JumiaPay, and Okash are great options.
Step 2: Download The App
Most of these platforms have user-friendly apps available on both Google Play Store and Apple App Store. Simply search the name, download, and install.
Step 3: Register On The App
After installation, open the app and register with your personal details. This may include phone numbers, email, and sometimes utility bills. Remember, no BVN is needed.
Step 4: Apply For The Loan
Navigate to the loan section of the app and input the desired loan amount. Some apps might require details like employment history or bank statements.
This is to assess your creditworthiness since there’s no bvn loan verification.
Step 5: Wait For Approval
Once you’ve filled out all necessary information, submit your application. Most of these apps promise quick turnarounds, so you won’t be waiting long.
Step 6: Receive Your Funds
If approved, you’ll receive a notification and the funds will be transferred to your specified bank account. Always ensure you provide the correct details to avoid delays.
Step 7: Repay The Loan
Keep track of your loan’s due date. Most of these apps have a user dashboard that shows your loan status. Repay using the stipulated methods on the app to avoid additional charges.
Bonus Tip: Build Your Credit Score: Even without BVN, these apps often track your loan repayment habits. By repaying your loans on time, you increase your chances of accessing higher amounts in the future.
What is a Loan App without BVN?
Is it possible to get a loan without BVN?
Yes, it is possible to get loans without BVN. All you have to do is to go to your playstore and download any of the 10 Instant Loan Apps Without BVN In Nigeria. When you are done, sign up, go to the menu and follow the procedures highlighted. Please note that there are several financial platforms in Nigeria that offer loans without requiring your BVN or collateral. These platforms are CarrotPay loan, Aella Credit, JumiaOne app, Carbon (formerly Paylater), and Okash loan app.
Are loans without BVN safe?
Why Do Loan Apps Ask For Your BVN?
- Identity Verification: Loan platforms use your BVN to confirm your identity.
- Loan Amount Determination: Your BVN provides these platforms insight into your financial health, helping them decide how much to lend you.
- Monthly Financial Insights: By accessing BVN data, they can understand your monthly inflows and outflows.
- Bank Details: They’ll know which banks you’re associated with
Comparison of Top Loan Apps Without BVN in Nigeria
To help you make an informed decision, we’ve compiled a tabular comparison of these platforms, spotlighting their key features, terms, and conditions.
From interest rates to user reviews, this comparison will make your choice a tad easier.
|Loan App||Interest Rate||Loan Amount|
|Carbon||5% to 15%||Up to ₦1,000,000|
|CarrotPay||3% to 10%||Up to ₦50,000|
|Alat by Wema||5% to 20%||Up to ₦50,000|
|Aella Credit||6% – 20%||Up to ₦2,000,000|
|JumiaPay||3.5%||Up to ₦100,000|
|Okash||3% to 30%||Up to ₦500,000|
Risks and Precautions When Using Loan Apps Without BVN
Despite the convenience of how to borrow money without BVN in Nigeria, it’s essential to be aware of potential risks and challenges.
Always take the time to read and understand the terms and conditions of your loan agreement. Furthermore, ensure that your personal data is handled securely and responsibly by the loan app.
5 Instant Loan App Without BVN In Nigeria
In no particular order, below are the top five instant loan apps without BVN in Nigeria;
- Okash Loan App
Aella Credit Loan App
CarrotPay Loan App
Eyowo Loan App
ALAT Loan App.
Though there are many other lending applications online where you can get a loan without bvn in Nigeria, but be careful before you submit your BVN to any platform. Ensure that the platform is legit, secure and trusted before applying for loan and submitting your profile information. Your BVN is your Bank Verification Number and it is private you and must not be shared with just any financial institution or illegal loan platforms.
The really best loan app without BVN in Nigeria where you can get quick small loan advances without collateral or need to present any hard copy document include CarrotPay, JumiaOne, OKash, Aella Credit, Eyowo, Carbon and PalmCredit platforms among other. These loan applications are reputed and unique for approving customers’ loan without BVN in Nigeria, in addition to securing your financial and banking details.