No-BVN Loan Apps – With the constant rise in the cost of living in our society today, there is a need for one to know the various options to survive, including the instant cash loan option.
This sounds incredible, right? but you can gain quick access to instant loans without submitting your BVN to anyone. Some loan apps have been designed and developed to meet your financial needs in Nigeria
Giving qualified individuals access to loans without the stress of providing BVN or collateral. I will be shedding more light on all you need to know about its applications and requirements process in this post.
What is BVN
The Bank Verification Number (BVN) is a set of 11-digit identity numbers assigned to individuals in the Nigerian banking industry. The Central Bank of Nigeria introduced this biometric identification system to curb and reduce illicit banking activities within Nigeria.
It serves as a modern security measure that enhances the security of financial transactions by mitigating fraud.
It’s very important to keep your BVN number confidential and safeguarded at all times. This is because certain dubious loan apps may attempt to misuse it for fraudulent activities.
Therefore, it’s advisable to exercise caution when sharing your BVN on any platform or with any entity. Your BVN is a very confidential piece of information, and protecting it is essential for your financial security.
How to Get BVN
To obtain a BVN, account holders are required to register at any bank or other approved registration centers in Nigeria.
The registration process involves the capture of biometric data, such as fingerprints and facial features, as well as personal information. Once the registration process is complete, the BVN is generated and issued to the account holder.
It is important to note that having a BVN is a mandatory requirement for operating a bank account in Nigeria.
Loan Apps That Don’t Require BVN in Nigeria
- Aella Loan App
Aella Loan App is a fintech app that provides quick and easy access to loans in Nigeria. The app is available on both Android and iOS devices.
All you need to do to borrow money from the Aella app is to download the app and create an account. You will need to provide some basic information, such as your name, email address, and phone number. Once your account is verified, you can check your eligibility and apply for a loan.
If your loan application is approved, you will receive the funds in your bank account within minutes. You can repay your loan in installments through the app.
Benefits of borrowing money from Aella:
- Quick and easy application process
- No collateral required
- Flexible repayment options
- Rewards for on-time repayment
- Okash Loan App
To gain access to a loan through Okash, all you need to do is download the app and create an account. During the account setup, you’ll be required to provide some basic information, including your name, email address and phone number.
After your account is successfully verified, you can check your eligibility and proceed to apply for a loan.
Okash offers loans ranging from ₦2,000 to ₦500,000, with repayment periods spanning from 7 days to 30 days. The interest rate varies between 1% to 2% daily, and the annual percentage rate (APR) fluctuates between 36.5% to 360% on an annual basis.
Advantages of borrowing money from Okash:
- Quick and straightforward application process.
- No need for collateral.
- Flexible repayment alternatives.
- Rewards for timely repayments
- FairMoney Loan App
To borrow money through FairMoney, you’ll need to download the app and create an account. During the account setup, you’ll be required to provide basic information, including your name, email address, and phone number. After your account is successfully verified, you can check your eligibility and proceed to apply for a loan.
Once your loan application is approved, the funds will be quickly deposited into your bank account within minutes. Repaying the loan can be done in installments through the app, and FairMoney offers flexible repayment options, including the ability to make early repayments without any penalties.
Advantages of borrowing money from FairMoney:
- Quick and straightforward application process.
- No need for collateral.
- Flexible repayment alternatives.
- Rewards for timely repayments.
- Carbon Loan App
Carbon Loan offers loans ranging from ₦10,000 to ₦1,000,000, with a repayment tenor that spans from 61 days to 365 days. The interest rate fluctuates between 2% to 20% monthly, resulting in an annual percentage rate (APR) ranging from 22% to 264% annually.
When your loan application is approved, the funds will be swiftly deposited into your Carbon wallet within minutes. From there, you can either transfer the funds to your bank account or utilize them to make direct payments through the Carbon app.
Benefits of borrowing money from Carbon Loan:
- Quick and straightforward application process.
- No need for collateral.
- Flexible repayment alternatives.
- Incentives for on-time repayments.
- PalmPay Loan App
PalmPay Loan offers loans ranging from ₦10,000 to ₦300,000, with a repayment tenor that spans from 91 days to 365 days. The interest rate fluctuates between 2% to 20% monthly, resulting in an annual percentage rate (APR) ranging from 22% to 264% annually.
Once your loan application is approved, the funds will be swiftly deposited into your PalmPay wallet within minutes. From there, you can either transfer the funds to your bank account or use them to make direct payments through the PalmPay app.
Benefits of borrowing money from PalmPay Loan
- Quick and straightforward application process.
- No need for collateral.
- Flexible repayment alternatives.
- Incentives for on-time repayments.
Conclusion
There are still other Loan apps that can grant you access to instant loans without requesting your BVN. Your BVN is your financial identity and you should be mindful of the platform you reveal it to. You must also ensure that you only obtain loans that you can service within the given time from a certified and reliable loan app.
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