Do not want loan lenders to have your BVN or maybe, you do not have a BVN. Then see how you can get a loan without BVN in Nigeria.
If you get a loan of ₦100,000 with the term of 1 month, the fee will be ₦5,000 and your total payment will be ₦105,000.
If you get a loan of ₦150,000 with the term of 2 months, the fee will be ₦15,044 and your total payment will be ₦165,044.
If you get a loan of ₦1500 with the term of 4 weeks, the fee will be ₦1,190 and your total payment will be ₦2690.
If you get a loan of ₦1,000 with the term of 30 days, the fee will be ₦700 and your total payment will be ₦1,700.
If you get a loan of ₦500,000 with the term of 6 months, the fee will be ₦20,000 and your total payment will be ₦520000.
If you get a loan of ₦100,000 with the term of 30 days, the fee will be ₦3,500 and your total payment will be ₦103,500.
If you get a loan of ₦500,000 with the term of 6 months, the fee will be ₦39,800 and your total payment will be ₦539800.
Yes. You can get a loan from a credible loan lender without providing your BVN but there is a risk of falling into the hands of fraudulent loan lenders who can still access your funds without a BVN.
No. While you may be able to access an online loan in Nigeria without BVN, getting a loan from a licensed loan lender is impossible without meeting other general criteria like being above 18 and having an identity card.
Yes. There are fast cash loans without BVN that payout immediately. However, these quick loans are usually short-term and cannot sustain a large business or start-up. Other huge loans without BVN do not pay out directly and might involve a bit of paperwork.
BVN is your Bank Verification Number. This number is collected from you while applying for most loans to verify your identity. Your BVN can be traced to you and the company will be able to confirm that you are not using fake details to apply for a loan.
With your BVN, the loan lender can also look up your credit history and decide if you are a risk. They will not approve your application if you have a bad credit history. In addition, if you default on your loan, the loan provider may use your BVN to flag you as a high-risk borrower and report you to the National Credit Bureau, making it more challenging for you to get loans from other platforms in the future.
You may not be comfortable exposing your BVN to loan lenders and there are ways to get a loan without BVN but this does not mean there are no criteria for qualifying for these loans. Here are some critical criteria you will have to meet to qualify for a loan from a credible lender:
These criteria are critical and cannot be avoided for credible loans.
There are certain risks that accompany loans without BVN. One risk could be the potential of falling into the hands of a fraudulent or posing loan lender. These loans have very high-interest rates attached to them, and your details can be used for fraudulent activities.
Another risk will be, receiving a loan from an unlicensed money lender. Unlicensed money lenders carry out transactions that are not protected by Nigeria's money lending laws and regulations and can be labelled as fraudulent entities at any time. Money lenders use loan apps without BVN, usually with very high-interest rates, and deduct the loan with interest from your account at free will.
You can easily fall into a trap while looking for a loan app without BVN in Nigeria, but here is a list of three top platforms where you can access loans without BVN:
FairMoney
This loan platform allows you to borrow between ₦10,000 - ₦500,000 without providing your BVN, documentation, collateral, or guarantor. If you are a new customer, you get access to loans up to ₦40,000 and can increase this amount depending on your creditworthiness. The loan repayment is between 1 – 3 months and has an interest rate of 10%. You can access this loan within if you have a mobile app.
Carbon
This is a loan platform owned by One Finance & Investment Limited Company. It offers more than quick loans. You can access loans between ₦5,000 and ₦1,000,000 and repay between 7 – 180 days with an interest rate of 0%. You can access a loan in 3 minutes after submitting your application for the online loan without BVN.
Aella
Aella Credit is another credible loan platform that allows you to borrow between ₦2,000 and ₦1,000,000 with an interest rate of 0% - 20%. You can access a loan within 10 minutes after applying and repay the loan in 1 – 3 months. You need a valid Nigerian identity card to be 18 years old.
These are just three secure platforms for obtaining loans without BVN in Nigeria. You can always use any of them to access loans if you do not feel comfortable revealing your BVN to an unknown entity.
