It is easier to get a loan without collateral than without BVN. This has to a great extent created a lot of bottlenecks for persons seeking on how to apply for a loan in Nigeria.
The Bank Verification Number (BVN) is a crucial and critical requirement for obtaining loan.
The BVN is a special biometric screening and identification system used by banks to check and control unlawful and illegal financial activities.
Following the Central Bank Of Nigeria Act 1958 which views BVN as a secured means of curbing financial crimes or fraud in the banking system, the BVN is unique to each citizen across all the banks in the country.
Now here’s the burning question,
Can I Get Loan Without BVN?
Yes, you can get instant loans without BVN. There are different applications and websites that offer instant loans without BVN.
While some may just require your ID, phone number, residential address, and account number, others may just require you to input just a USSD code.
Once this is done,be sure to have your money disbursed in not less than 24 hours of approval.
What Apps Can Grant Instant Loans Without BVN In Nigeria?
There are numerous applications that can give you instant loans without BVN in Nigeria.
However, we have carefully researched and discovered the 5 instant loan apps without BVN in Nigeria. Keep reading as we give a clear and detailed information on each of these instant loan apps.
5 Instant Loan App Without BVN In Nigeria
In no particular order, below are the top five instant loan apps without BVN in Nigeria;
- Okash Loan App
- Aella Credit Loan App
- FairMoney Loan App
- Eyowo Loan App
- ALAT Loan App.
Okash Loan App
The Okash loan app is one of the top five instant loan apps without BVN in Nigeria. It is owned and managed by the Blue Ridge Micro finance Bank Limited.
This loan can be accessed through the Opay mobile app owned by the Opay Digital Services. You can borrow a minimum of one thousand five hundred Naira and a maximum amount of fifty thousand Naira.
The interest rate ranges from 10% to 24% per month while the duration is between seven to ninety days.
Interestingly, the bar of the interest rate gets lowered as you become a regular customer to the app.
Aella Credit Loan App
Aella credit loan apps is another app that offers instant loan without BVN in Nigeria. This app does not only operate in Nigeria, it also extends its arms to Ghana and Philippines.
Initially, this app was designed to help employees in reputable organizations meet up with emergencies but with time, it extended to individuals and then registered businesses.
With Aella credit loan app, you can borrow as low as two thousand Naira and as high as one million Naira with a repayment plan of 30 to 60 days. The interest rate is 30% per month.
Your loan limit increases based on how timely and fast your repayment is. Furthermore, your timely repayment indirectly reduces your interest rate. Yes, from 30% it can reduce to 4%.
You can also invest in the app with annual Return On Investment (RIO) between 15 to 48 percent depending on the investment.
FairMoney Loan App
There is no way we can talk about the top instant loan apps without BVN in Nigeria without mentioning Fair money Loan App.
It is one of the leading apps when it comes to offering loans without BVN and other bottlenecks like documentation and guarantor in terms of emergencies like medical and house bills.
However, you need to prove your trustworthiness. You can borrow a minimum amount of one thousand Naira to a maximum amount of one hundred and fifty thousand Naira within a duration of two to thirteen weeks
If you are a small business owner looking forward to starting a business or expanding your existing business, you can apply for loan in FairMoney loan app and have it dropped in your account within a few minutes of approval.
Eyowo Loan App
Another instant loan app you can run to during urgent needs without fear of BVN. Just with your verifiable phone number you are qualified to get instant loan from Eyowo loan app.
To do this, remove the first zero in your phone number and use this USSD code: *4255# on the Eyowo loan app. You can also dial their IVR centre number on 10-7001511.
Their services are reliable and convenient. You can send and receive money comfortably without queuing at the bank hall or going through the bottlenecks of getting loan from the bank.
ALAT Loan App
ALAT app is a full digital bank owned and operated by the world class WEMA Bank.
Get in control of your money today by going straight to your plsystore and download the ALAT app.
With is app powered by Wema bank, you can send and receive money online. Also be sure of a free customized ATM card both Naira and Dollar (virtual) card.
With your Dollar ATM card you can conveniently transact online. Having both virtual dollar and Naira ATM cards will help you get instant loans from the bank without documentations or even collateral.
Feel free to borrow up to two hundred thousand Naira without BVN, collateral or documentations, and with a comfortable repayment plan and duration.
In addition, you can get as 10% of your savings if you decide to save with the ALAT loan app.
Frequently Asked Questions About Loans Apps
Is it possible to get a loan without BVN?
Yes, it is possible to get loans without BVN. All you have to do is to go to your playstore and download any of the 5 Instant Loan Apps Without BVN In Nigeria. When you are done, sign up, go to the menu and follow the procedures highlighted.
Which loan app is fast?
We can’t say that a particular loan app is faster than others however, we have listed the top five instant loan apps in Nigeria. Which are;
- Okash loan app
- Aella credit loan app
- FairMoney loan app
- Eyowo loan app
- ALAT (Wema bank) credit loan.
Which loan app is the best?
No loan app is the best. It is only left for you to choose the one that suits you. This is after you must have compared the different terms and conditions including repayment plans of the top loan apps.
How Reliable Are These Loan Apps?
The loan apps we updated you on are all legit and reliable. Getting loans from them are pretty easy as no much documentation, collateral and BVN.
That notwithstanding, you need to be careful with some loan apps as they may be fake and scammers posing like reliable and reputable banking apps.
Concluding Thoughts
Do not let yourself get stranded by emergencies or urgent needs when there are available options.
Yes, you can still revamp that small business with loans from these 5 Instant Loan App Without BVN In Nigeria; FairMoney, Aella credit, Okash, Eyowo and ALAT loan apps.
They are reliable and require no Bank Verification Number, collateral and less documentations.
