The Bank Verification Number (BVN) was introduced to the Nigerian banking sector in 2014 by former president Goodluck Jonathan. Its primary purpose is to combat fraud and identity theft, making it a crucial component of the banking system.
It’s understandable that most loan apps in Nigeria require your BVN before they can disburse funds. However, for obvious reasons, you might be hesitant to share your BVN with random loan apps. This blog post is here to address that concern, providing you with information about loan apps that don’t require your BVN.
5 Loan Apps Without BVN (Bank Verification Number)
Here are the five loan apps that require no BVN:
1. FairMoney
FairMoney is one of Nigeria’s most trusted loan platforms. It offers unsecured loans to users with minimal requirements. While BVN is not mandatory, the app assesses eligibility using alternative data such as your financial transactions and income history.
- Loan Amount: ₦1,500 to ₦1,000,000
- Repayment Period: 1 to 12 months
- Interest Rate: Varies (10%–30%) based on loan size and repayment term
- Application Process: Download the FairMoney app, provide basic details, link your bank account, and apply for a loan.
Key Features:
- Fast loan approval and disbursement (often within minutes).
- Flexible repayment options for short- and medium-term needs.
Why Choose FairMoney:
It’s a reliable platform that doesn’t require extensive documentation or guarantors. Users report high approval rates, especially for small to medium-sized loans.
2. Carbon
Formerly known as PayLater, Carbon is a popular financial platform that provides instant loans and other financial services. BVN is optional, but having it may increase the loan amount and reduce interest rates.
- Loan Amount: ₦10,000 to ₦1,000,000
- Repayment Period: 1 to 6 months
- Interest Rate: 1.75%–30%, depending on your creditworthiness and repayment duration
- Application Process: Create an account on the Carbon app, verify your email, and complete the application form.
Key Features:
- Integration with bill payment and investment tools.
- No collateral or guarantors are required.
Why Choose Carbon:
Carbon is a versatile app that offers loans alongside additional features like saving and investing, making it a great all-in-one financial management tool.
3. QuickCheck
QuickCheck is an AI-driven loan platform that provides microloans to individuals and small businesses. It’s perfect for people who need quick cash without extensive documentation.
- Loan Amount: Up to ₦200,000 for new users
- Repayment Period: 15 to 30 days
- Interest Rate: 2%–30%, depending on the loan size and repayment duration
- Application Process: Download the QuickCheck app, register, and submit your loan request. Approval is usually instant.
Key Features:
- Highly user-friendly app interface.
- AI-based systems ensure faster approval times.
Why Choose QuickCheck:
This app is ideal for small, short-term loans, especially for emergencies. It also offers the flexibility of repayment extensions in some cases.
4. Aella Credit
Aella Credit focuses on providing credit solutions for low-income earners and small businesses. BVN is not mandatory, but users must give alternative data for verification, such as employment details.
- Loan Amount: ₦5,000 to ₦1,000,000
- Repayment Period: 1 to 6 months
- Interest Rate: Depends on credit profile and repayment history.
- Application Process: Set up an account on the Aella Credit app and submit your loan application.
Key Features:
- Flexible repayment options.
- Simple application process.
Why Choose Aella Credit:
It’s an excellent option for employees, as the app often integrates with employer payroll systems to make borrowing easier.
5. Migo (formerly Mines)
Migo is a credit-as-a-service platform that enables quick access to funds without BVN. It verifies transactions using phone numbers and other details.
- Loan Amount: ₦5,000 to ₦500,000
- Repayment Period: 14 to 30 days
- Interest Rate: Varies based on loan size and repayment period.
- Application Process: Enter your phone number on the Migo platform or partner app, verify your details, and request a loan.
Key Features:
- No app is required; accessible via partner platforms.
- Quick disbursement process.
Why Choose Migo:
Migo stands out for its simplicity and accessibility, especially for users without smartphones.
Things to Consider Before Borrowing Without BVN
The following are some of the things to keep in mind when trying to get a loan from Fintech apps without a BVN.
- Higher Interest Rates: Loans without BVN usually have higher interest rates because lenders have fewer ways to verify your creditworthiness.
- Smaller Loan Amounts: These platforms typically restrict the loan amount for first-time users.
- Short Repayment Periods: Most loans without BVN are designed for short-term needs.
- Risk of Fraud: Always ensure the loan platform is credible to avoid scams. The platforms listed in this blog post are reputable and trusted, providing a secure borrowing experience.