Do you need quick access to funds without the hassle of providing your BVN or collateral? It might sound unbelievable, but there are options for getting fast loans in Nigeria without needing your Bank Verification Number (BVN).
Some loan providers in Nigeria offer services that don’t require a BVN or collateral. In this section, you’ll find detailed information about these platforms.
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Instant Loans Without BVN
The Bank Verification Number (BVN) is a unique 11-digit number issued to every bank customer in Nigeria. Introduced by the Central Bank of Nigeria (CBN) in 2014, the BVN helps reduce fraud and enhances banking security.
How to Obtain a BVN
To get a BVN, visit any bank branch in Nigeria and provide biometric data like your fingerprints and facial photograph. Once enrolled, you’ll be assigned your unique BVN.
Benefits of Having a BVN
- Reduces fraud and increases security.
- Simplifies the process of opening new accounts and applying for loans.
- Centralizes access to all your bank accounts.
- Verifies your identity for other services, like mobile money or obtaining a driver’s license.
Best Instant Loans in Nigeria Without BVN
Here’s a breakdown of top online loan platforms in Nigeria that don’t require a BVN:
App Name |
Loan Amount |
BVN Needed? |
Interest Rate |
Loan Duration |
Application Process |
Special Features |
|---|---|---|---|---|---|---|
FairMoney |
Up to ₦300,000 |
No |
2% for ₦10,000/2 months |
5 minutes |
Download app, fill form, get loan |
Very easy to use |
OKash |
Up to ₦50,000 |
No |
10% to 24% per month |
Up to 60 days |
Fast and easy |
Owned by Opay Digital Services |
Carbon |
₦1,500 to ₦1,000,000 |
No |
1.75% to 30% |
Up to 64 weeks |
Quick |
Flexible loan terms |
Jumia Pay |
Varies |
No |
Starting from 3.5% per month |
15 to 60 days |
Instant |
High priority on privacy and security |
Aella Credit |
Up to ₦1,000,000 |
No |
Around 22% |
5 minutes |
Online, no collateral |
Quick access to funds |
Eyowo Loan App |
Up to ₦50,000 |
No |
5% to 15% |
30 to 90 days |
No bank account needed |
Suitable for the unbanked |
ALAT by Wema |
Up to ₦2,000,000 |
No |
Varies |
Instant |
Direct to account |
Digital bank, no paperwork required |
PalmCredit |
₦2,000 to ₦100,000 |
No |
4% to 24% |
Up to 6 months |
User-friendly |
Fast and simple |
Each of these apps offers a way to quickly access loans in Nigeria without requiring a BVN, tailored to different financial needs. Be sure to read the terms and conditions carefully before applying.
Why Do Many Loan Services Require a BVN?
Most Nigerian loan companies require a BVN to verify their customers’ identities and prevent fraud. The BVN database ensures a safe and secure way for loan apps to confirm identity, comply with regulations, and avoid money laundering.
Reasons for Requiring a BVN:
- Fraud Prevention: BVN helps minimize fraud and identity theft.
- Verification: Ensures applicants meet eligibility for loans.
- Location Check: Allows lenders to tailor loans according to state laws.
- Identity Protection: Prevents someone from impersonating you and taking a loan in your name.
Without a BVN, getting a loan is challenging because someone could take out a loan in your name without your knowledge, leading to potential issues such as default interest or being flagged as a debtor.
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