As we all know, obtaining a loan in Nigeria is challenging, especially when commercial banks require a Bank Verification Number (BVN) as part of their lending criteria. There are a few loan apps that do not require a BVN, but these apps typically offer smaller loans and have higher interest rates. That’s why I have summoned the courage to put up this guide which will help you to secure a loan Without BVN. Read Also: How to Close/Deactivate My Palmpay Account without Stress
Before we begin, I am assured that we know the meaning of BVN. If no, it means Bank Verification Number. It’s made up of 12 digits numerical letters issued by the CBN with the main Aim of controlling and regulating the financial environment in the country.
So, in this article, I will provide 3 different ways you can get a loan without BVN.
1 Using loan Apps
One of the easiest ways to get a loan without a BVN in Nigeria is by using loan apps that do not require this identification number. These apps provide a convenient and accessible solution for individuals in need of quick financial assistance. Some popular loan apps in Nigeria that do not require a BVN include:
1 Swift Cash Loan App
The Swift cashLoan App is a reliable platform that allows users to access loans without the need for a BVN. This app offers a seamless borrowing process and provides competitive interest rates. To get a loan through the swift cash App, follow these simple steps:
- Download the Swift cash Loan App from the official website or your device’s app store.
- Create an account by providing the required personal information.
- Complete the loan application form, providing accurate details.
- Submit your loan application for review.
- Upon approval, the loan amount will be disbursed into your provided bank account.
- The Swift cash Loan App offers a user-friendly interface, quick approval process, and flexible repayment options, making it an excellent choice for individuals without a BVN.
2 Aella Credit
Aella Credit is another loan app that does not require a BVN for loan applications. It provides individuals with access to quick loans directly from their smartphones. To get a loan without a BVN through Aella Credit, follow these steps:
- Download the Aella Credit app from the either App Store or Play store Register and create an account on the app.
- Provide the necessary personal and financial information, such as house address, phone number, email and NIN.
- Submit your loan application.
- Wait for the loan to be approved, and the funds will be disbursed to your bank account.
- Aella Credit offers competitive interest rates, flexible repayment terms, and a straightforward application process, making it a viable option for individuals without a BVN.
On the other hand, if you don’t feel like using loan apps, you can use this alternative.
2. Peer-to-Peer Lending Platforms
Another option for obtaining a loan without a BVN in Nigeria is through peer-to-peer lending platforms. These platforms connect borrowers directly with lenders, bypassing the need for traditional banks and BVN requirements. That sounds right?
LenDenClub is an Indian peer-to-peer lending platform that allows individuals to lend money to other individuals. LenDenClub offers loans to borrowers with good to excellent credit scores. The interest rates on LenDenClub loans are typically higher than those offered by FairMoney.
Guess what? This powerful platform allows individuals from Nigeria to borrow money without a BVN.
FairMoney is a digital lending platform that allows individuals to access loans without a BVN. The platform utilizes advanced algorithms to assess borrowers’ creditworthiness and provide loans within minutes. To get loan from Fairmoney, kindly follow this step.
- Head over to the internet and download the FairMoney app from the official website or your device’s app store.
- Register and create an account.
- Complete the loan application form, providing accurate personal and financial information.
- Submit your application for review.
- If approved, the loan amount will be disbursed to your bank account.
3. Online Microfinance Banks
Online microfinance banks are another avenue for obtaining a loan without a BVN in Nigeria. These digital banks provide financial services and loans to individuals without strict BVN requirements. Some notable online microfinance banks include:
LAPO is an online microfinance bank that offers loans without a BVN. The platform provides quick and hassle-free loans with competitive interest rates. Please be aware that if you default repayment, legal action might be instituted against you.
Thanks for reading to this end. That’s all about how to get a loan without BVN. If you find this helpful, share this article with your friends and relations. Thanks for reading
Can I get a loan without my BVN number?
It is impossible to get a loan without your BVN number in Nigeria. This is because the BVN is a unique identifier that is used to verify your identity and credit history. Without your BVN, lenders cannot be sure who you are.
Does FairMoney ask for BVN?
Yes, FairMoney asks for your BVN in order to verify your identity and credit history. This is a requirement for all loan apps in Nigeria, as the BVN is a unique identifier that is used to track your financial activity. Without your BVN, FairMoney would not be able to assess your creditworthiness and may not be able to offer you a loan.
FairMoney also uses your BVN to prevent fraud. By linking your BVN to your FairMoney account, you are helping to ensure that your account is not used by someone else.
How can I get BVN online?
There are a few ways to get your BVN online.
1. Use the NIBSS BVN Validation Portal: The NIBSS BVN Validation Portal is a secure website where you can check and update your BVN details online. To use the portal, you will need to create an account and provide your date of birth and other personal information. Once you have created an account, you can log in and view your BVN details.
Use the USSD Code: You can also use the USSD code 5650# to check your BVN. To do this, simply dial the code on your phone and follow the instructions.