In this article, we’d be exploring some reliable loan apps that can lend you money in Nigeria without you providing any collateral or even having to submit your BVN.
Before we begin, I’d want to explain the definitions of ‘LOAN’ and ‘BVN’. According to Investopedia, the term loan refers to a type of credit vehicle in which a sum of money is lent to another party in exchange for future repayment of the value or principal amount. In most cases, the borrowers will be mandated to pay an additional interest which must have been agreed upon from the onset.
What is BVN?
On the other hand, the Bank Verification Number (BVN) is a unique 11-digit number issued to all Nigerian bank users. To operate a bank account in any Nigerian financial institution, you’re mandated to enrol for a BVN.
Just like the National Identification Number (NIN), your BVN is unique to you, but this time, it can be used to track your financial history. Different loan apps can use your BVN to know your credit score, and therefore, decide on whether to approve or decline your loan request.
Kindly endeavour to keep your bank verification number protected at all costs to avoid it getting into the wrong hands. Some ‘bad guys’ getting access to your financial data wouldn’t really be a nice thing to experience…right?
Top 5 Apps To Borrow Money Without BVN In Nigeria
We’d be seeing some of the top loan apps that give loans without BVN in Nigeria:
JumiaOne Loan App
Jumia One is an automated lending service focused founded by eCommerce giant, Jumia. It offers access to credit for merchants, vendors, customers and users of its platform around Africa.
Jumia One offers payday loans to staff of companies, ministries and other establishments; education loans and business loans to cover cash flow payments when due.
OKash Loan App
OKash is founded by OPay, a one-stop mobile-based platform for payments, transfers, loans, savings and other essential services for individuals across Nigeria.
According to its official website, OPay boasts of over over 18 million registered app users and 500,000 agents in Nigeria.
OKash offers short-term loans to anyone looking for an unsecured personal consumer loan.
Eyowo Loan App
Eyowo is an online platform that helps to send, spend, receive, save and borrow money. In September 2022, Eyowo unveiled its Digital First payment offering – the Better Card. The card which is certified by Mastercard offers customers a seamless payment experience that eliminates the risk of card fraud by safely storing their payment credentials in the Eyowo X mobile app.
Customers can access the Eyowo loan with Eyowo mobile app.
FairMoney Loan App
FairMoney is a digital bank that gives instant loans to customers without collateral. According to the website, you can access up to ₦1 million loans.
In addition to this, FairMoney also gives you a debit card for spending, a bank account with free transfers and many more.
CarrotPay Loan App
Carrotpay loan app offers micro and medium short-term personal loans of between ₦5,000 to N50,000 in collateral-free loans. To qualify for higher amounts on CarrotPay, you’ll need to keep good credit history.
Applying for a loan on CarrotPay is simple; simply download the app from Playstore or Appstore, provide the required information and if you’re qualified, your loan offer will be approved.
Which of the above platforms have you used?
What’s your review of them?
Kindly drop us a comment and don’t forget to share with your friends.