If you fnd yourself in a financial strait either as an individual or a business owner, and you need a loan with BVN only, calm down and read the different options of funds available to you from our top 5 list. Go through each of them critically and select your best pocket friendly option.
List Of The Top 5 Instant Loan With BVN Only In Nigeria in 2022
Find below analysis of ranking of the best 5 lending applications and loan apps with BVN only in Nigeria, which may make the process of getting an instant loan a lot easier and more convenient.
“Best For” Pick
No. of Downloads
|#1||Branch Loan App||Best Overall Lending Platform in Nigeria||4.5/5||10 Million|
|#2||Carbon Loan App||Best for Building Credit Score||4.4/5||1 Million|
|#3||FairMoney Loan App||Best for Highest Loan Tenure||4.4/5||5 Million|
|#4||Aella Credit Loan App||Best for Easy Loan Processing||4.4/5||1 Million|
|#5||Umba Loan App||Best for Low Interest and Zero Charges||3.8/5||1 Million|
1. Branch Loan App — Best Overall Lending Platform
With over 10 million downloads on Google Play Store, Branch lending platform is the overall best loan app with BVN only in Nigeria. Branch’s 2.5% to 20% monthly interest is the most competitive obtainable in the quick loan industry. The loan app’s APR of 18% to 260% is considerably lower than that of Fairmoney, Carbon, Palmcredit, and other rivals in the mobile loan sector.
The money lending app makes it easy for borrowers to get quick loan of up to ₦500,000, to transfer money for free, and enjoy investment yields of 20% per annum. You can simply apply through the Branch app and get approved in under 24 hours.
Branch don’t charge late fees or rollover fees, nor put restrictions on how you spend your money, and our customer support team is available 24/7. If you ever needed loan apps in Nigeria for instant cash that are reliable, this is one of your best pick.
How to borrow from the Branch instant loan app
Requirements for borrowing money from Branch are simple – all you need to apply is your bank verification number (BVN). Others include bank account number, phone number or Facebook account,. They will also request access to the data on your phone in order to build your credit score. Simply follow the steps below:
- Download Branch on your Android device from the Google Play store.
- Fill out the short form and send it in for a rapid evaluation to create your account.
- When you fill out an application for a loan, the money will be paid directly to your bank account or mobile money within minutes.
- Repay the loan using your smartphone and improve your credit score to access more significant loans in the future.
To Apply for a Loan from Branch, CLICK HERE
2. Carbon Instant Loan App — Best for Building Credit Score
Carbon, formerly known as Paylater, is the second best instant loan with BVN only in Nigeria in 2022 and the best pick for customers willing to build positive credit score across the nation. It has gathered over 1 million downloads on Google Play Store since it was unveiled.
With Carbon, you can borrow up to N1 million (One Million Naira) without collateral, guarantors, or paperwork with your BVN only. At your first try, you may not be able to access big cash, you start by borrowing small, and paying back as at when due, thus gradually building good credit history which eventually makes you to have access to bigger funds.
With these mouth watering features, the Carbon Loan App has become the second best overall loan app in Nigeria.
How to borrow from the Carbon loan app
The platform is available 24/7. You can apply for instant cash on weekends and holidays and get your loan approved. Just following the simple steps below:
- Install the Carbon application from the Google Play Store or the App store.
- By giving your information, you get closer to gaining access to financing. It is secure and safe.
- Carbon will evaluate your application and inform you of your eligibility when you’ve specified the amount you want to borrow.
- Once accepted, Carbon will immediately deposit the cash into your account.
To download the app on Google Play Store CLICK HERE.
3. FairMoney Loan App — Best for Highest Loan Tenure
FairMoney digital platform is the third best loan with BVN only in Nigeria in 2022 and it has the exceptional quality of granting higher loan tenure than many other similar lending applications. Loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods tenure ranging from 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%).
How to borrow from the Fairmoney instant loan app
- Download and install the app using the installation buttons above
- To get a loan offer, you’ll need to register using the phone number connected to your BVN and answer a few questions.
- If you agree to it, your loan will be sent directly into your bank account of choice.
You can download the FairMoney app on Google Play Store by clicking here
4. Aella Instant Loan App — Best for Easy Loan Processing
Aella otherwise called Aella Credit exists to simplify and open up financial access for all in emerging markets by leveraging technology and widespread mobile adoption for Nigerian borrowers. It is our “best lending app pick” for easy loan processing for consumers in 2022 and the fourth best insant loan with BVN only in Nigeria.
With the position of the 4th best loan app, Aella Credit has a rich history of innovation and was the first digital lender to pilot in Africa’s biggest market.
The lending platform offers loans at low-interest rates and demands no late fees. It allows borrowers to build their creditworthiness via prompt loan repayment in order to qualify for larger loan amounts and reductions.
How to get loan from Aella Credit loan app
- Download and install the app on your smartphone.
- Create an account.
- Complete all required fields with valid and relevant data.
- Click the “Check Eligibility” button to find out how much you may borrow.
- Apply for a loan that meets your needs.
- Obtain money in your Aella Wallet.
You can download Aella Credit app on Google Play Store by clicking here.
You can download Aella app on App Store by clicking here.
5. Umba — Best for Low Interest
Umba is the best loan app pick in Nigeria for no late fees, no rollover charges and no origination fees in the year 2022. The lender prides itself as the leading digital bank in Africa. With it, users can apply, drawdown and repay loans directly from their smartphone or desktop computer and obtain loan with BVN only.
As one of the best loan apps in Nigeria, Umba also ranks among Nigeria’s most secure, as they prioritise your privacy and pledge never to share your information with other parties.
How to borrow from the Umba instant loan app
Once an individual is verified, it makes lending decisions based on an assigned risk rating.
- Download and install the app using your smartphone
- Create an account
- Apply within minutes.
- Receive an Umba Loan
- Increase your borrowing limit whenever a loan is repaid on time.
You can download the Umba app on Google Play Store by clicking here