This article covers all the bank apps you access loans from in Nigeria without having to submit your Bank Verification Number.
We access loans for varying reasons ranging from meeting an urgent need, paying bills, to funding projects or expanding businesses. Whatever the reason or the purpose behind such loans, one thing we are not always very comfortable with is the conventional bureaucracy we are often subjected to in the process of getting these loans.
One of such is the matter of submitting our BVNs. Going through the process of securing the loan may not be a challenge but most persons find it difficult submitting their BVNs due to lack of trust.
According to some financial institution’s loan requirements, not submitting your BVN will deny you of getting any money. However, there is no panicking as there are loan apps that will give you money without asking you to drop your BVN. To know all about these apps, please read this article to the very last letter.
Best Loan Apps without BVN
1. JumiaOne
JumiaOne is one of the most reliable loan apps in Nigeria. The instant loan app is owned by E-commerce giants Jumia Group and as expected, it doesn’t require you to submit your BVN.
Interestingly, JumiaOne gives loans from NGN5000 to N100,000 for a period of 15 – 30 days. The period is determined by the applicant’s credit score and it is a reliable and legal lending application.
To access loans on the JumiaOne app, you will simply scroll down and click on loans on the Financial Services category. Supply all the information needed and your loan will be given to you within a few minutes.
2. FairMoney
FairMoney stands out as a sophisticated loan app that caters to the financial needs of trustworthy Nigerians. Interest rates with FairMoney start as low as 5 percent and can go up to 28 percent, depending on the loan amount you choose. Additionally, this platform offers a flexible credit period, ranging from 4 to 26 weeks. An attractive feature is that if you repay your loan before the due date, you’ll enjoy lower interest rates.
FairMoney has the capacity to provide loans of up to 1 million Naira; making it a suitable option for various financial requirements. The repayment period is equally adaptable, with borrowers having access to up to 18 months of prepayment time, which depends on the loan amount you secure.
The loan offers you receive from FairMoney are influenced by your lending history. Those with a credible lending history may be eligible for larger loan amounts. FairMoney is committed to transparency; they ensure that all interests and charges are clearly outlined. There are no hidden fees, and borrowers can easily view the loan offers they receive, the repayment amounts, and the duration of repayment, ensuring that everything is crystal clear throughout the borrowing process.
3. ALAT
ALAT is more than just a regular bank; it offers the convenience of full-fledged banking services from the comfort of your home or office. Whether you need to open a bank account, transfer funds, deposit cash, pay bills, or conduct various banking transactions, ALAT has you covered. Additionally, ALAT provides an attractive option for individuals looking for a hassle-free banking experience, including those who may not have a traditional BVN.
Furthermore, ALAT offers a free and customized Naira ATM card and a virtual debit card for both ATM and online transactions. It doesn’t stop there; ALAT rewards savers with a 10 percent annual interest rate on their savings within the app. What’s more, it allows users to apply for loans without the need for paperwork or visiting physical bank branches. Borrowers can access loans of up to N200,000 without collateral, and they can also schedule transfers and bill payments with ease.
4. Aella Credit
Aella Credit is a legitimate platform in Nigeria that allows individuals to secure a loan without requiring a BVN. This digital lending platform primarily caters to a specific niche audience. It offers loans starting from as low as N2,000, with a maximum limit extending up to N. Furthermore, the loan processing time is quite efficient, with borrowers typically receiving their funds within 10 minutes of applying.
Aella’s loan terms range from 30 to 60 days, and they initially come with an annual interest rate of 30 percent. However, this interest rate may decrease to approximately 4 percent for users who maintain a positive credit history on the platform over time.
5. Branch app
Another popular app for quick loans is the Branch app. This app is known for disbursing loans in less than three minutes after the application process is complete. While the initial interest rate is 20 percent per month, borrowers have the flexibility to secure loans ranging from N1,000 to N200,000 swiftly, from anywhere, without the need for collateral. The loan terms vary from 4 to 40 weeks, depending on your chosen loan option.
The application process is streamlined, and you can expect the loan amount to be credited directly to your regular bank account shortly after approval. As you consistently apply for loans and make repayments on or before the due date, the app gradually reduces the original interest rates to as low as 15 percent per month, while also extending your loan term. This rewards responsible borrowers and makes borrowing more affordable over time
6. Okash
Okash is an instant loan provider catering to various financial needs. Borrowers can access quick loans ranging from N1,500 up to N50,000 with repayment terms spanning from 7 to 90 days. The interest rates typically fall between 10 to 24 percent per month. The good news is that Okash offers the potential for reduced interest rates as users establish themselves as regular clients of the app.
7. Quick Check
Quick Check is another highly beneficial loan app in Nigeria that simplifies your financial life. It eliminates the need to stress over unexpected expenses like medical bills or school fees. Quick Check doesn’t require collateral or extensive paperwork. In fact, you can secure a loan within 24 hours of applying.
Moreover, Quick Check provides the convenience of purchasing airtime and other essentials seamlessly. The process is secure, fast, and user-friendly. You have the flexibility to borrow up to N30,000 with no hidden charges. The interest is calculated daily, based on the number of days you hold the loan.
How To Apply For Loans In Nigeria Without BVN
To apply for a loan on this platform, simply download the app to your device and sign up or create an account. Once you’ve completed the application, eligible borrowers can expect the loan amount to be credited to their account in a matter of minutes.
