Top 20 loan Apps in Nigeria without BVN
After the launch of the BVN on the 14th of February 2014 it has been hell on Earth for all thieves and scammers stealing people’s money without mercy. it really helped curb the wave of illegal banking transactions going on in Nigeria’s banking system.
A few years later around 2016 loan apps came into Nigeria. but now for them to operate they must play according to the rules of the CBN. That is why I must tell you the truth am not sure there is much loan Apps in Nigeria that can lend loans without BVN. Do not mind what you see on Google parading some loan apps that do not require BVN. find out the reason below:
Is there any loan App in Nigeria that does not require BVN?
Although there might be some claims hovering around the web about some loan apps operating without BVN verification in Nigeria still note that It’s highly unlikely, that you must approach such information with skepticism. Reasons below;
Regulatory Compliance
One of the reasons is the (CBN) mandate that directed all financial transactions to be carried out with BVN verification to help in curbing fraud and ensure transparency. This instruction must be carried out by all financial institutions, including loan apps, and all must adhere to this regulation.
Risk Assessment
Another reason to be aware of this is that BVN provides essential information about an individual’s financial history, making it an essential tool for assessing loan eligibility and risk.
Fraud Prevention
Regarding the level of theft going on in Nigeria, BVN equally helps to prevent identity theft and fraudulent activities, protecting both lenders and borrowers.
Top 20 loan Apps in Nigeria without BVN
Am sorry I was only able to see 1 loan app that does not require bvn at all but the rest are 20 loan apps that do not require a Bank Verification Number in Nigeria initially but might still require bvn to disburse loans to you, along with their details including loan amounts, interest rates, repayment terms, and unique features:
| App Name | Loan Amount | Interest Rate | Repayment Terms | Requires BVN | Unique Features |
|---|---|---|---|---|---|
| Branch | ₦1,000 – ₦500,000 | 1% – 34% monthly | 4 – 52 weeks | YES | Quick disbursement; flexible repayment options. |
| Kuda | ₦1,000 – ₦200,000 | 12% – 15% monthly | 30 days | YES | No monthly fees; free transfers; budgeting tools. |
| FairMoney | ₦1,500 – ₦1,000,000 | 2% – 30% monthly | 4 – 16 weeks | YES | Instant loans; credit scoring based on user data. |
| PalmPay | ₦1,000 – ₦100,000 | 1% – 15% monthly | 14 – 30 days | YES | Cashback rewards; utility bill payments. |
| Carbon | ₦1,000 – ₦1,000,000 | 1% – 25% monthly | 1 – 12 months | YES | Credit score tracking; investment options. |
| Aella Credit | ₦1,000 – ₦1,000,000 | 4% – 18% monthly | 30 days – 12 months | YES | Flexible repayment; access to personal loans. |
| GetCash | ₦1,000 – ₦100,000 | 3% – 30% monthly | 7 – 30 days | YES | No collateral; quick application process. |
| Zedvance | ₦5,000 – ₦1,000,000 | 3% – 25% monthly | 1 – 12 months | YES | Salary-based loans; no hidden charges. |
| QuickCheck | ₦1,500 – ₦500,000 | 1% – 30% monthly | 7 – 30 days | YES | Instant loan approval; user-friendly interface. |
| LoanNG | ₦1,000 – ₦100,000 | 1% – 20% monthly | 14 – 30 days | YES | Fast loan processing; no paperwork required. |
| Lendigo | ₦1,000 – ₦500,000 | 2% – 20% monthly | 3 – 12 months | YES | Flexible repayment; no collateral needed. |
| Migo | ₦1,000 – ₦500,000 | 1% – 30% monthly | 30 days – 6 months | YES | Instant credit; no paperwork; easy access. |
| VFD Microfinance | ₦5,000 – ₦5,000,000 | 2% – 25% monthly | 1 – 12 months | YES | Tailored loan products; savings options. |
| Soko Loan | ₦1,000 – ₦100,000 | 3% – 25% monthly | 14 – 30 days | YES | No collateral; quick disbursement. |
| P2P Lending | ₦5,000 – ₦1,000,000 | 5% – 30% monthly | 1 – 12 months | YES | Peer-to-peer lending; competitive rates. |
| Kiva | ₦1,000 – ₦100,000 | 0% – 5% monthly | 6 – 36 months | NO | Crowdfunded loans; social impact focus. |
| EasyCredit | ₦1,000 – ₦500,000 | 1% – 20% monthly | 1 – 12 months | YES | Fast approval; no collateral required. |
| Trove | ₦1,000 – ₦1,000,000 | 1% – 15% monthly | 30 days – 12 months | YES | Investment options; user-friendly platform. |
| LendMoney | ₦1,000 – ₦100,000 | 3% – 20% monthly | 14 – 30 days | YES | Quick processing; no hidden fees. |
A comprehensive overview of loan apps has we provided using this table to reveal those that are available without the need for a BVN and those that require a BVN, highlighting their unique features and benefits. also, find out what the disadvantages of loan apps are.
Key Factors for Your Selection
The selection of the Top 20 loan Apps in Nigeria without BVN is mainly based on many key criteria that are very important. all the below-listed criteria are only there to make sure that the loan apps provide all the needs and expectations of their customers so it is not just about giving out services.
Loan Amounts
- You should consider the range of loan amounts offered by each app. It’s important to choose apps that cater to your financial needs, whether you need a small emergency fund or a larger loan for significant expenses.
Interest Rates
- Pay attention to the interest rates. You want to evaluate these rates to ensure that the loans are affordable and provide good value without excessive costs.
Repayment Terms
- Look at the flexibility of the repayment terms. Assess the duration and options available for repayment to find apps that accommodate your financial situation.
Accessibility
- Consider how easy it is to access loans through the apps. This includes the user interface, the speed of loan approval, and the overall application process. You want an app that allows you to quickly obtain funds when you need them.
Customer Reviews and Ratings
- Check customer feedback, including ratings and reviews on app stores and financial forums. Positive experiences from other users and high ratings can guide you in selecting reliable apps.
Security and Privacy
- Evaluate the security measures that the apps implement to protect your data and financial information. Choose apps with strong privacy policies and secure transaction processes to ensure your trust and safety.
If you ever try to consider these factors, you can easily identify the safest most reliable, and user-friendly loan apps available without the need for a BVN, catering to your diverse borrowing needs while ensuring a secure and positive experience.
Conclusion
What we gave out throughout this article is premium information devoid of lies as regards the Top 20 loan Apps in Nigeria without BVN. after much research we could only spot only one loan app that is totally free from the use of BVN other do require the use of BVN at some stage for security purposes but we will keep you updated if there is any changes regarding any loan that would spring up into the market without needing BVN.
