Just when you are having a normal day, financial challenges, money problems or emergencies might occur which might necessitate you needing an instant loan without BVN in Nigeria. Most loan providers and digital platforms usually ask for Bank Verification Code (BVN) before you can access their credit services.
Bank Verification Number (BVN) is a scheme introduced by the Central Bank of Nigeria (CBN) to protect customers’ transactions and enhance confidence in the Nigerian banking sector. It involves identifying an individual based on physiological or behavioural attributes, such as fingerprint, signature and others.
If you are looking for the best loans without BVN in Nigeria, look no further as this list is for you. We are going to be talking about the top 7 best instant loan without BVN in Nigeria that can give you instant loan.
List of Top 7 Best Instant Loan Without BVN In Nigeria
Find below our list of top 7 best instant loan without BVN in Nigeria. Any of these you opt for should suit your need.
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OKash
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Renmoney
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Branch
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PalmCredit
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CarrotPay
- Quickteller Loan
- Eyowo
Okash is our 1st pick on our list of top 10 best instant loan without BVN in Nigeria . It is one loan app you should consider if you are looking to get a loan in minutes in Nigeria without BVN.
On Okash, you can get an advance between #3000 to #500,000. It also has a payback period of 15 to 91 days. Interest Rate: With a minimum of 0.1% up to 1%, calculated on a daily basis. Annual Percentage Rate(APR) from 36.5% to 360%. Origination Fee: Range from NGN 1,229 – NGN 6,000 for a one-time charge
OKash is owned and managed by Blue Ridge Microfinance Bank Limited, registered and approved by the CBN.
Features Of Okash
1.You can apply a loan by your credit. Don’t need any deposits or guarantees or BVN.
2. Up to NGN500,000. Disburse to your bank account.
3.Paperless and digital process on your mobile. All the steps can be done online.
4.We do not share your data with any third parties without your consent. Your data is totally safe with us.
Renmoney is a top lending platform and the 2nd on our list of top 10 best instant loan without BVN in Nigeria.
With Renmoney, you can get a convenient loan of up to ₦6 million today without a BVN, collateralor or any physical documents. The funds can be used to meet needs like growing your business, paying rent, buying a car, paying school fees, etc.
How To Apply?
- Choose your loan tenure & amount then share some information about yourself.
- 2. Verify the information that you’ve provided
- Sign your documents and get the money in your bank account within 24 hours, if your loan is approved
You need your bank statement, a government issued ID card and utility bill (optional). You do not need a BVN to get a loan from Renmoney.
Branch is the 3rd pick on our list of top 10 best instant loan without BVN in Nigeria. All you need to apply for a Branch loan is your phone number/ Facebook account, as well as your Nigerian bank account number.
Branch offers loans from ₦2,000 to ₦500,000. Loan terms range from 4 – 52 weeks. Interest ranges from 17% – 40% with an equivalent monthly interest of 1.5% – 20% and APR of 18% – 260%, depending on your loan option.
There are no late or rollover fees and no collateral necessary. Interest rates are determined by a number of factors, including your repayment history and the cost of lending for Branch
Palm credit is one of the few popular credit options that are available at your fingertips and it is our 4th pick on the list of best instant loan without BVN in Nigeria. You can use PalmCredit to obtain a loan in minutes in Nigeria without BVN as a requirement.
You can access between #5,000 to #500,000 loans in just a matter of minutes. It also has a 7 to 180 days window period with an interest rate as low as 24 to 4 percent. They offer one of the lowest interest rates among other loan companies.
CarrotPay is our 5th pick on the list of instant loan without BVN in Nigeria that can be perfect for your needs in times of emergencies. With CarrotPay loan app, you do not have to worry about going through a cumbersome process before you can access a credit. The lending platform offers you credit as much as N50,000 with a repayment plan as long as 1 to 6 months. They also have low-interest rates with fast payments upon loan repayment.
CarrotPay provides loans for as low as N5,000 and up to N50,000, and you can pay back between 60 to 180 days. Usual repayment period is monthly. Minimum interest rates are determined by credit scoring algorithm which is usually 3% per month and a maximum of 10% per month. This comes to an Annual Percentage Rate (APR) of 36% to 120%.
You can apply for a monthly loan payment from CarrotPay either on Google Play Store or on Apple Store.
This is a website you can consider if you are looking for a quick and instant loan online without inputting your BVN details. With Quickteller, you get access to urgent cash which can be very useful in solving whatever emergency you might find yourself. You can access a loan amount as large as #10,000 on Quickteller with an interest rate as low as 15%.
It’s pretty easy to access an instant loan without BVN in Nigeria with quickteller. Simply register on their website by filling in your details which include your name, email, password, and phone number.
Eyowo is our 7th pick on the list of instant loan without BVN in Nigeria.
The platform is a payment solution provider registered with the central bank of Nigeria. You can access loans on Eyowo if you are interested in getting a quick loan without necessarily linking your BVN. With Eyowo, you can access loans with little to no interest at all.
The process of getting a loan is pretty easy. All you need to do is get registered with them. Registration requires no paperwork or personal details, all you need is your active phone number and you’re good to go.
Frequently Asked Questions (FAQs) About Obtaining Instant Loan Without BVN In Nigeria
Before we review the top 7 best instant loan without BVN in Nigeria, let us answer some important questions.
What is the best app to borrow money in Nigeria?
The best app to borrow money in Nigeria is Branch app , followed by Carbon lending platform. Others are Aella Credit and Fairmoney.
Where can I borrow money without BVN?
There are different loan websites and applications you use to take a quick loan without inputing your BVN. You can use some of the loans we listed above and they include:
Others include:
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OKash
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Branch
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PalmCredit
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CarrotPay
How can I get an urgent instant loan in Nigeria?
Getting an urgent loan in Nigeria is no problem. All you need is to download one of the quick loan applications and apply for a loan.
Can I get a loan without verification?
Yes, it is possible for you to get a loan without a BVN verification. However, these loan providers would ask for something that can prove your finances such as a previous statement of account.
Where can I borrow money immediately?
There are different sites online you can use to borrow money or take an urgent loan. All you need do is register on any of those sites and apply for a loan. You do not need to stress yourself before getting a loan within minutes without using your BVN. Try any of the options listed above and get a quick loan in minutes in Nigeria without BVN today. You can also borrow money immediately from any of the 15 loan apps in Nigeria mentioned here: Top 15 Quick Cash Loan Apps In Nigeria 2022.
Which app can borrow me 200k in Nigeria?
The following apps can borrow you N200,000 in Nigeria. This is from QUICK LOAN ARENA independent review which monitored the performance, reputation and highest loan amount from customer feedback of lending platforms. They are the following:
- Renmoney
- Branch
- Carbon
- FairMoney
- Aella Credit
- Umba
- Money In Minutes
- Lendigo
- Migo
- QuickCheck
- Baobab Loans
Can loan apps block my BVN?
No loan app in Nigeria can block your BVN, as this is an imperative action that can only be executed by the CBN. Instead, if you fall short of mobile loan standards, your identity will be reported to the National Credit Bureaus.
This financial body will label you a high-risk borrower, making it more difficult for you to get a loan from any loan platform in the future.
Having a negative rating with the Bureau may seem trivial at the moment, but if you plunge into a financial crisis and require credit, no Nigerian loan app would provide you with one owing to your poor credit history.
Which app gives fastest loan?
From our independent investigations and reviews, Money in Minutes gives fastest loans in Nigeria, with requests getting approval within few minutes. The platform is managed by MIM Finance Company is a UK-originated lending platform with presence across three (3) continents and Nigeria’s 1st Credit Membership that gives access to quick and affordable quick online loans. Loans From Money in Minutes range between ₦5,000 – ₦5m. Interest Rates could be as low as 3%.
Can I go to jail for not paying online loans in Nigeria?
In simple straightforward answer, NO! This is because in most situations, failure to repay an online loan or any loan for that matter does not constitute a criminal offence since it is strictly a civil issue. Civil debts are those incurred via personal loans, wages, mortgages, or credit cards; thus, nonpayment of a loan does not result in imprisonment.
Nigerian law does not recognise nonpayment as a ground for incarceration since a person who loses his job, becomes ill, or is involved in an accident cannot continue paying his debt. Given this viewpoint, you mustn’t believe that halting payment has no repercussions since loan defaults may result in the seizure of assets or even your house.
If it can be proven that you sought a loan with the aim of never paying it back, you may be imprisoned. In the event that there is substantial evidence that you intended to perpetrate fraud, the nonpayment will be considered a “patrimonial offence”.
How can I get immediately loan?
You can get an immediate loan by downloading apps of instant immediate loans from Google Play Store and applying for money wherever you are. The money will be disbursed into your bank account in a few minutes.
How much can I borrow from FairMoney for the first time?
FairMoney is a licensed online lender, that provides quick instant loans up to N1,000,000 and for a duration of 18 months to its customers and clients. For the first time, FairMoney minimum loan amount is N10,000 and the upper limit for a new customer is N40,000. Monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%).
Which are the best instant loan apps in Nigeria?
QUICK LOAN ARENA carried out an independent review which monitored the performance, reputation, highest loan amount, operational ethics, customer service, customer feedback, loan recovery method and by highest number of downloads for 2022 year period among other criteria to determine our best loan apps in Nigeria list. They are the following:
