In this article, I will be reviewing the top 9 instant loan without BVN that borrowers whether individuals, self employed or business professionals can use to access instant online loan. All the lending applications discussed below are reputed for approving fast online loan without BVN which is commonly required when making third part cash withdrawals from banks and by most online lending institutions.
BVN) which is short form for Bank Verification Number 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 trasactions by reducing fraud and illegal deductions to the barest minimum.
Many loan apps require you to input your BVN into their lending application before approving your loan. However because of the prevalent of fraudulent online loan platforms, it is not advisable to use your BVN in these apps. Many of these online applications deduct illegal processing fees from your account once you have profiled either your BVN or ATM card with them and at the end won’t approve any loan for you. Many fake loan platforms in Nigeria try to invade their customer data using access to their BVN for illegal and fraudulent deductions and unethical practices. So it is not advisable to release or input your BVN to these loan sharks masquerading as online lending platforms.
The apps reviewed below are the top 9 lending platforms that can approve instant loan for you without setting up or adding your BVN with the platforms. We advise customers to abstain from requesting loans from fake loan apps that access your phone database and embarrass you by send shame and defamatory messages to your contacts. The good things about the lending platforms reviewed below is that you also do not need any collateral, documentation to get your loan approved. Simply apply at the comfort of your room for quick loan without BVN using your smartphone.
Top 9 Loan Without BVN for really fast instant borrowing and quick cash disbursement into your bank account
If you come across some unexpected expenses that require you to take out a really fast online loan, when you do not have a BVN, or you have a BVN but do not want to release it to a loan app for security and safety concerns, QUICK LOAN ARENA have set out 9 quick online financial applications where you can borrow instant loan without BVN and have the cash disbursed into your bank account within a few minutes.
In summary, you can get rapid loans even if you don’t supply your BVN to a loan portal, which is a possibility that could sound almost impossible. 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 collateral security.
Some of the best instant loan applications in Nigeria that approve fast borrowing without asking you to provide your BVN include CarrotPay app, JumiaOne app, OKash app, Aella Credit app, Eyowo app, Okash app, Carbon app and PalmCredit app among others. These online platforms approve rapid loan without need of BVN, documentation or physical office visit. The loan processes are very fast and legit, and can be done within few minutes once you have your internet ready Smartphone.
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%.
2. JumiaOne App
JumiaOne is yet another very reputable and reliable app that give instant loan without BVN or debit card. 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 App
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 App
Aella Credit is one of the best lending platforms where you can access very fast online loan without BVN 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.
5. Eyowo App
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 App
If you’re tired of your regular commercial banks and feel like being in charge of your money directly, you can get the ALAT app fast instant loan 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. Carbon App
Carbon, formally called Paylater is a well known and very popular app that gives instant loan without BVN, collateral or paperwork. Carbon is also one of the most credible lending platforms in Nigeria, offering digital loans up to N1,000,000. The platform is available night and day and you can apply for instant cash on weekends and holidays and get your loan approved.
The app loan is repayable between 1 to 6 months. Your account will be credited within 3 minutes of submitting your application on the app once your fill your online form correctly. Carbon is regarded as one of the best loan platforms in Nigeria after Branch, and it has gained good reputation for excellent customer service. Within minutes of application, you can get your loan without BVN approved.
8. PalmCredit App
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 App
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.
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.
This is a leading list talking about reputable loan apps in Nigeria, kudos QUICK LOAN ARENA
Nice article you put up here. But telling people that these companies don’t require BVN isn’t appropriate. They all require BVN as it’s a means of verifying the identity of the borrower. No company offers loan with processing and validating the credit worth of the person coming to borrow. And BVN is the only means by which they do so through CRC
Of course they all require BVN.
These are reputable companies that offer loans without collateral but not loans without BVN. I think the title is misleading. But the article is great though. This is my own opinion
Can you be specific? Lets address them one by one… which of them have you personally tried and requested BVN TO OBTAIN LOAN?
I love the style of writing you guys are using. Keep up the good work but kindly change the title of this article to something like “Reputable companies that offer loans without collateral”. Thank you once more for this wonderful article
That is not the title. Mention one YOU HAVE PERSONALLY attempted to borrow money and requested your BVN? These were carefully selected articles here
I use Okash but their interest is high and I still patronize them but they don’t want to borrow me 200k since I have been patronizing them….
All requires bvn
Stop misleading people
je veu aide pour ardent
Sir please I need this loan to boost my business am in a lurgrative area but my business is small
Good morning Sir
Why are these digital lenders asking for our bvn, ATM pin and other secret bank account details in order to get loan from them?
This is a life saving information thanks big boss
Thanks for the update though but unfortunately they all require BVN.
Do you think using these loan apps is advisable? because a lot of Nigerians seem to abuse it and some don’t even care to refund. Again if you check the high-interest rate placed on these loans i don’t think it is good for the people