9 Loan Apps Without Bvn In Nigeria

Every holder of a bank account in Nigeria is given a special identification number called a “Bank Verification Number” (BVN). Individuals are identified, authenticated, and verified for financial transactions using the BVN. It is a requirement to create a bank account, submit a loan application, and use other financial services.

The lack of a BVN, however, can make it challenging for some people to use certain financial services. Herein lies the role of loans without BVN. We will go through what loans without BVN are, their advantages and disadvantages, and how to apply for them in Nigeria in this article.

What are Loans Without BVN?

Loans without BVN are those that are made available to people without BVNs. The Central Bank of Nigeria (CBN) does not control alternative lenders who offer these loans, and they do not require the BVN as a form of identification.

Unlike traditional banks, these lenders often offer rapid and simple loans without the onerous documentation required. The interest rates on loans without BVN are typically higher than those on conventional bank loans since they are typically unsecured, or devoid of any requirement for collateral.

The advantages and disadvantages of loans without BVN

The advantages of loans without BVN consist of:

Loans without BVN are simple to obtain, and the application procedure is typically simple and quick.

These loans do not require collateral, which makes them an appealing choice for people who do not have assets to put up as security.

Flexible Repayment Terms: Lenders who provide loans without BVN frequently provide flexible payback terms that can be customized to the borrower’s need.

However, loans without BVN have disadvantages as well, such as:

Increased Interest Rates: Compared to conventional bank loans, loans without BVN typically have higher interest rates, which can make them more expensive over time.

Lack of Regulation: Because the CBN does not regulate these loans, there is a possibility of fraud and other unlawful activity.

Restricted Borrowing Capacity: Loans without BVN typically only allow for a small amount of borrowing, which may not be enough to cover significant financial requirements.

How to Apply for Loans Without BVN

You can look for alternative lenders online or through recommendations if you want to apply for a loan in Nigeria without a BVN. A national ID card or driver’s license may be required in addition to the more basic personal data that certain lenders may need, such as name, phone number, and address.

When submitting an application for a loan without BVN, it is crucial to conduct your due diligence and study the lender to make sure they are respectable and not involved in any unlawful activity. Before signing any loan agreement, you should thoroughly study the terms and conditions to make sure you understand the payback terms, interest rates, and any other expenses.

Top 9 Loans Without bvn Platform in 2023

CarrotPay App

One of the top Fintec apps in Nigeria that approves loans without BVN quickly is CarrotPay. Obtaining a loan with CarrotPay is nearly as simple as imagining it without entering your Bank Verification Number (BVN). You can quickly acquire a loan after applying as long as you pass the automated checks and have a good credit rating.

With nearly 20,000 users and clients, CarrotPay offers rapid loans in Nigeria for as little as N5,000 and as much as N50,000 in only a few minutes, with repayment terms of two to three months. Monthly payments are customary. A credit rating algorithm determines the minimum interest rates, which are typically 3% per month and never higher than 10%.

JumiaOne App

Another highly regarded and trustworthy app that provides immediate loans without BVN or debit card is JumiaOne. The Jumia Group owns this versatile Android platform, which offers loans with tenors ranging from 15 to 30 days and amounts ranging from N5,000 to N100,000, depending on the user’s credit score. Almost 5,000,000 people use JumiaOne, a perfectly legitimate and secure service that allows for money borrowing without requiring you to set up a profile with your BVN.

Basically, you just need to scroll down to the “Financial Services” area and select “Loans” to get loans on this app. You will receive your loan in a matter of minutes after providing all the necessary information.

OKash App

If you’re looking for a safe and reliable lending platform where you can use your smartphone to access a quick loan without a BVN while relaxing in your home, the OKash app, which has over 1,000,000 users, is the way to go. Fundamentally, Opay Digital Services Ltd and Paycom own the Opay mobile app, which is how you access this platform.

Nonetheless, Blue Ridge Microfinance Bank Ltd. is the exclusive owner and operator of OKash. Customers can quickly borrow up to N50,000 online through OKash without providing documents, collateral, or a BVN. The loan term might be up to 60 days, with a monthly interest rate ranging from 10 to 24 percent.

Aella Credit App

If you have a reliable source of income, Aella Credit is one of the top lending sites where you may get a quick online loan without a BVN. With more than 1,000,000 members, Aella Credit provides loans to borrowers in the range of N2,000 to N1,500,000. The application processing time is not long; after your loan application is authorized, you will receive credit within 10 minutes. The APR and monthly interest rates for the Aella Credit app range from 22% to 264% annually and from 2% to 20% monthly, respectively.

Eyowo App

One of the top rapid online loan applications in Nigeria without BVN is Eyowo. Within minutes of receiving an application, the lending platform, which has over 100,000 users on Google Play Store, will approve loans up to N50,000. Anyone with a phone number can apply for a rapid loan from Eyowo that is straightforward, entirely online, and reliable without BVN. To receive an Eyowo loan, you don’t need any collateral, paperwork, or a real office visit. By simply dialing the USSD code *4255# on their mobile phones, using the Eyowo mobile app, or going directly to the company’s website, users can borrow, spend, send, receive, and save money.

ALAT By Wema App

You can receive an ALAT app fast rapid loan without BVN if you’re fed up with your typical commercial banks and want straight access to your money. Alat by Wema offers the greatest loan amounts, up to N2,000,000 (Two million naira), with no collateral, in-person office visits, or other requirements. But, if you are a wage earner, you can receive a minimum of N50,000 and a maximum of N4,000,000 in just a few hours, and you will just have to pay back the loan with 2% interest over a period of 3 to 24 months.

Carbon App

A well-known and widely used program called Carbon, formerly known as Paylater, provides quick loans without BVNs, collateral, or documentation. With digital loans up to N1,000,000, Carbon is also one of the most reliable lending platforms in Nigeria. You can apply for immediate cash on the platform anytime, day or night, and your loan request will be accepted.

The repayment period for the app loan is one to six months. As soon as you submit your application through the app and complete your online form successfully, your account will be reimbursed within three minutes. After Branch, Carbon is recognized as one of the greatest lending platforms in Nigeria, and it has developed a solid reputation for top-notch customer support. You can receive loan approval without BVN within minutes of submitting your application.

PalmCredit App

Another significant and reputable lender in the digital sector is PalmCredit, which offers extremely quick loans without requiring BVN submission from borrowers. The app offers loans between N2000 and N100,000 with a 4% to 24% interest rate and an annual percentage rate (APR) between 24% and 56%. With more than 5,000,000 users, PalmCredit has greatly increased user confidence with its safe and ethical lending procedures.

Quickteller App

The well-known and trustworthy lending app Quickteller approves quick online loans in Nigeria without BVN. Once a loan has been granted, it can quickly disburse cash thanks to its innovative lending processing. With Quickteller, you can get N10,000 in urgent cash at interest rates as low as 15% to handle any emergency you could encounter. Simply complete out the registration form on their website with your name, email, password, and phone number.


It is important to exercise caution when seeking loans without a BVN in Nigeria, as not all online lending platforms can be trusted. Your BVN is a confidential identifier and should not be shared with unverified financial institutions or illegal loan platforms.

When looking for a reliable loan app that does not require a BVN in Nigeria, it is important to do your research and ensure that the platform is legitimate, secure, and trustworthy. Some reputable options for obtaining quick and small loan advances without collateral or hard copy documents include CarrotPay, JumiaOne, OKash, Aella Credit, Eyowo, Carbon, and PalmCredit.

These loan platforms have a good reputation for approving loans without BVN in Nigeria while also protecting your financial and banking information.

In conclusion, borrowers who lack BVNs but require immediate access to funds have a choice in loans without BVNs. Before applying for one, you should consider the advantages and disadvantages and do your homework. To obtain the ideal loan for your financial needs, it is always best to look into all of your possibilities and compare interest rates and repayment schedules.

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