Are you  a Nigerian looking for loan to attend to emergencies or even start up a business? There are various loan apps that can offer you significant amounts without BVN. It is no news that loan apps are all over the place, but getting one that doesn’t require BVN is rare.

Why It’s Important to Find Loan Apps Without BVN

Firstly, BVN stands for Bank Verification Number and it’s your financial fingerprint in Nigeria. Most banks and loan apps during application will request your BVN to verify your identity and check your credit history. But not everyone has a BVN and some people are not just comfortable sharing it. This is where BVN-free loan apps come in handy.

Why Choose Loan Apps without BVN

You might be wondering why would you go for a loan app that doesn’t require your BVN, well here are the reasons;

1. Your Privacy:

When you keep your BVN from these loan apps you retain your privacy and avoid sharing your financial history.

2. Convenience:

Apps that doesn’t require BVN makes it easier for you. The loan application will be way smoother and your financial history is protected.

3. Speed:

Often times these apps have a quicker approval process. Nothing beats, keeping your privacy and receiving the loan faster than you’d imagine.

4. Accessibility:

These loan apps grant users who do not have BVN access to loan facilities. Therefore, if you don’t have a BVN you have nothing to worry.

Top 5 Loan Apps in Nigeria without BVN

1. Palmcredit:

Palmcredit is one of the many common loan apps in Nigeria. They are always ready to offer you some cash. Here’s what you will need to know.

• Loan amount: ₦2,000 to ₦100,000
• Interest rate: 14% to 24% monthly
• Repayment period: 91 to 360 days
• Requirements: Valid ID, active bank account

Palmcredit compensates users by offering loyalty bonuses. The more you borrow and repay on time, the better your loan terms get.

2. FairMoney:

FairMoney is the most used digital bank that offers loan to Nigerians. Here’s why they are unique;

• Loan amount: ₦1,500 to ₦3,000,000
• Interest rate: 10% to 30% monthly
• Repayment period: 61 to 180 days
• Requirements: Android phone, valid ID

Fairmoney stands out because they offer some of the highest loan amounts among BVN-free apps. They also offer savings feature too.

3. Carbon

Carbon formerly known as Paylater has been in the game for a long time. They’ve grown from offering just loans to having a savings feature and digital bank. A digital bank with an account where you can send and receive money. Here’s why Carbon is unique;

• Loan amount: ₦1,500 to ₦1,000,000
• Interest rate: 5% to 30% monthly
• Repayment period: Up to 64 days
• Requirements: Bank account, valid ID

Carbon is more than just a loan app, you can always try out the savings and invest feature to benefit more from the application.

4. Okash

Okash makes loan application simple and straightforward. Here’s why it’s unique;

• Loan amount: ₦3,000 to ₦1,000,000
• Interest rate: 0.1% to 1% daily
• Repayment period: 91 to 180 days
• Requirements: Android phone, valid ID

Okash is great at it super-fast disbursement. You could get your cash in as little as 5 minutes after approval.

5. Branch

Branch is the last on the list but not the least. Branch uses an alternative data to asses your creditworthiness. An interesting part is, they offer some of the longer repayment periods in the game. Here are other things you need to know;

• Loan amount: ₦1,000 to ₦500,000
• Interest rate: 14% to 28% monthly
• Repayment period: Up to 1 year
• Requirements: Facebook account, valid ID

How to Apply for a Loan without BVN in Nigeria

1. Download the app: This is the first step, head on to Google playstore or App store and download your chosen app.
2. Create an Account: After downloading the app, you need to sign up with your phone number, email or facebook account.
3. Fill in your details: While creating the account, they will require basic information like your name, address and employment details. Ensure you provide accurate information as it will affect your eligibility.
4. Upload Your Documents: After providing these basic information, you need to upload your valid ID and maybe a recent utility bill. This helps with verification of all the information provided.
5. Apply for the Loan: Yay! Finally you’re good to go. Now, you can choose your loan amount and repayment period. At your first application, your repayment period might not be flexible. It will most likely be fixed.
6. Wait for Approval: The loan approval usually 2-7minutes and not up to hours. All you have to do is wait.
7. Get your cash: Upon approval, you have access to your cash and you send it right away to your bank account.

The process is quite easy and shouldn’t take you hours. All you need to do is, have all the information and documents required and you are good to go.

Pros and Cons of BVN-free Loan Apps

Now, let’s talk about the pros and cons of these apps. As much as they all offer loans without BVN, they have it cons. Here are the pros;

• The application process is quick and easy
• The loan offers are accessible to more people
• There is privacy for those who don’t want to share BVN
• They are perfect in offering smaller loan amounts for your minor emergencies.

Cons;

• Generally the loan comes with higher interest rates
• The repayment periods are shorter
• They offer lower loan limits compared to traditional loans
• Some of these loan apps have an aggressive collection practices for defaulters.

Tips for Using Loan Apps Responsibly

Here are some tips to use loan apps responsible;

1. Borrow only what you need: You might be tempted to take the maximum amount you are offered, however, learn to take what you need as you have to pay it back. It is important you don’t get greedy and careless with borrowing from loan apps.
2. Understand the Terms: Always read the fine print, to know exactly what you are agreeing to before accepting the loan. Ensure you are good with the terms.
3. Plan Your Repayment: While applying for loan, have a solid plan to repay the loan on time. Some loan apps attach late fees or penalties, plan excellently to avoid these fees.
4. Compare Options: It is important you shop around and compare which option is best for your needs before applying and agreeing to a loan.
5. Build Your Credit: Timely repayments will help build your credit score, opening doors to better loan terms in the future.

Conclusion

This article should successfully guide you in obtaining loans without your BVN. Be sure to apply all the tips and advice shared in the article. Also, constant borrowing from loan apps is not the best or a long-term solution. Search for a long-term solution that will not require you borrowing from loan apps.