Loan apps are mobile applications designed by financial institutions to help you loan money without having to physically walk into a bank. In Nigeria, over 40 functioning loan apps do not require much from you to get a loan. Eligibility requirements may vary, albeit slightly.
A Bank Verification Number (BVN) is an 11- digit number issued to you when you open a bank account in Nigeria. It is unique to each individual, helps to reduce fraud, enables holders to have access to credit facilities, and ensures the efficiency of banking operations. The Central Bank of Nigeria (CBN) applied this biometric identification system to curb illegal banking transactions in Nigeria.
5 Loan Apps Without BVN In Nigeria
Want to take a loan but don’t want to part with your BVN? Below are 5 loan apps in Nigeria that do not require you to provide your BVN before accessing a loan.
- FairMoney Loan App: Fairmoney is a loan app in Nigeria that helps individuals and businesses to fulfill their goals by providing them with financial support even when they do not readily have the means to fund their dreams. This loan offers up to N500,000 in loans to its users instantly without needing any paperwork, collateral, or having to physically visit a bank. To use this app, you do not need to submit a BVN. All you need to do is download the app and create a profile for yourself with the required information and proceed to seek a loan.
- Eyowo Loan App: Eyowo is a financial technology platform that provides several banking services to its users. To use the Eyowo loan app, all you need to do is download the app from your app store, install it and register. The app permits users to send money, buy airtime, pay bills, save money, pay vendors, create virtual cards, withdraw from ATMs and even get loans. To loan money on Eyowo, you do not need to provide your BVN. The app has different Tiers from Tier 0 to Tier 3; you may need to provide more details if you wish to advance up the tiers to access more features.
- Quickteller Loan App: Quickteller is a financial service that permits users to make online transactions like sending and receiving money, paying bills, buying airtime, and getting loans. Quickteller loans are suitable for individuals who need quick short-term loans. It is secure and reliable, and loans get remitted in minutes. To get a Quickteller loan, simply visit their website, or download the mobile application, and register. This platform offers loan amounts of up to N50,000 without needing to provide your BVN. Simply sign up with your name, email, password, mobile number, and OTP that will be sent to your line for activation.
- Renmoney Loan App: Renmoney is a leading financial technology company in Nigeria that also provides money lending services to its users. Renmoney has a variety of loans to suit the financial needs of each individual or business. Loans can be requested for school fees, device purchases, and even salary loans. To get a loan from Renmoney, simply visit the website or download the app, install and register. Requirements for a loan on the Renmoney app are a passport photograph, ID card, statement of account, and a verifiable source of monthly income. Loan requests are usually processed within 24 hours of applying.
- 9credit loan app: 9credit is another loan app in Nigeria that allows users to access loans through their mobile device without requesting their Bank Verification Number (BVN). To access 9credit loans, simply download the 9credit app from your app store and install, launch, register, or create an account. To be eligible for this loan, you must be a citizen of Nigeria residing in Nigeria, at least 18 years old, have a valid source of stable income and have an active bank account. If your loan request is approved, it will be updated on the app, and you will get a confirmation SMS.
Most loan apps these days require you to provide your BVN as an eligibility requirement as an added layer of protection and to confirm your personal details. To get a loan without BVN, you can get it from loan websites, offline money lenders, via USSD codes, and through the few loan apps that do not require BVN.
Also, read our article on Crypto loans, and if there truly exist crypto loans without collateral.