12 Top Instant Loan Apps Without BVN In Nigeria

12 Top Instant Loan Apps Without BVN In Nigeria

Are you looking for instant loan apps where you can get a loan without BVN to boost your business? if yes, then you are at the right place, as we will be walking you through the list of top 12 Top Instant Loan Apps Without BVN In Nigeria.

What is BVN

The Bank Verification Number (BVN) is an 11-digit unique identity for each individual across the Nigerian Banking industry.

The BVN assures that you can conduct secure transactions at any Nigerian Point of Banking operation. Some loan apps in Nigeria, on the other hand, compromise your data and exploit your BVN for illegal and fraudulent purposes. As a result, you may not wish to give your BVN to these lending loan sites in some situations.

We have compiled a list of the top 12 instant loan apps in Nigeria that do not require a BVN. You can receive a loan in Nigeria in minutes with any of them from the best suppliers we’ve carefully vetted for your consideration. Check out the list below:

12 Top Instant Loan Apps Without BVN In Nigeria

1. FairMoney Loan App
2. JumiaOne Loan App
3. OKash by Opay Loan App
4. Aella Credit Loan App
5. Eyowo Loan App
6. Alat by Wema Bank Loan App
7. Carbon Loan App
8. PalmCredit Loan App
9. Branch Loan
10. Xcredit Loan
11. Sokoloan
12. 9Credit

1. FairMoney

FairMoney is the first on our list of Nigerian instant loan apps that do not require a BVN. Without a BVN, documentation, collateral, or guarantor, FairMoney provides fast cash for personal finance, house rent, health emergencies, business, education, and car maintenance.

Users can borrow money from N1,000 to N150,000 within minutes of application, with repayment terms ranging from 2 to 12 weeks, depending on their creditworthiness.

The reason I can safely recommend the FairMoney loan app to anyone is that not only is obtaining a loan with them quick, but their interest rate is also among the lowest available anywhere right now.

2. JumiaOne Loan App

Jumia One is the automated lending service by Jumia focused on increasing access to credit for merchants, vendors, customers, and users of its platform around Africa.

Aside from serving as an online payment platform for Nigeria’s leading e-commerce site, Jumia Nigeria, the JumiaOne app also offers loans to its individual users without collateral.

Loan decisions are automated and depend solely on the borrower’s data with Jumia. Once approved, the applicant receives funds within 5 minutes 24 hours a day, 7 days a week.

You may also want to read Top 8 Loan Apps in Nigeria To Acquire Quick Loan Without Collateral (2022)

3. OKash by Opay Loan App

Okash is Opay’s automated lending service focused on increasing access to credit to financially under-served/excluded individuals in Nigeria.

Loan decisions are provided within 15 seconds and if approved, the applicant receives funds within 5 minutes. 24 hours a day, 7 days a week.

The loans are delivered via an Android mobile app, with lending decisions provided almost instantly. The usual amount for new borrowers is N10k.

4. Aella Credit Loan App

Aella Credit is a Nigerian credit app that pioneers quick loan access. Apart from lending, it also serves as an investment platform and a health insurance marketplace. It’s almost like having a one-stop-shop for all of your business requirements.

It offers users loan for a tenor of 30 – 60 days, starting at a 30 percent monthly interest rate; though this may reduce to around 4 percent once the user maintains a good credit report on the app over time.

5. Eyowo Loan App

Eyowo provides simple, digital and reliable financial services to anyone with a phone number. Anyone with a phone number can use Eyowo to get simple, digital, and dependable financial services.

It is ranked number 5 on our list of rapid loan apps in Nigeria that do not require a BVN. To acquire a loan, you also don’t need any collateral or documents. Your Eyowo account number is your phone number. Simply remove the first zero. By avoiding long hours in a banking hall, you can save time.

Users can borrow, spend, send, receive and save money simply by dialling a USSD code: *4255# on their mobile phones or via the Eyowo mobile app or website or by just calling its IVR centre on 01-7001511.

6. Alat by Wema Bank Loan App

ALAT salary-based loan is a low-interest loan available to the bank’s existing as well as new salary earning customers who may or may not have their salary account domiciled with Wema Bank.

Salary earners will be able to receive a minimum of #50,000 and up to #4,000,000 within hours and will have between 3 to 24 months to pay back with only 2% interest rate per month on a reducing balance basis.

According to the bank’s Brand and Marketing Communications Manager, Mrs Funmilayo Falola, the salary-based loan is an initiative of the bank to avail salary earners of emergency funds to meet needs that otherwise cannot wait for the next payday or that require additional funding.

7. Carbon Loan App

Carbon is an automated lending service focused on increasing access to credit to financially under-served and excluded individuals in Nigeria.

Loan decisions are provided within 15 seconds and if approved, the applicant receives funds within 5 minutes. 24 hours a day, 7 days a week. The loans are delivered via an Android mobile app and IOS app, with lending decisions provided almost instantly. The usual amount for new borrowers is N10k

8. PalmCredit Loan App

Palmcredit is a loan app in Nigeria owned by Newedge Finance Limited where you can get a loan without collateral. With Palmcredit, you can access loans within minutes without having to worry about providing any collateral.

The app claims to have a straightforward service that allows users of the app to have access to instant loans worth N2000 to N100,000 hassle. Individuals who will qualify for the loans must however be 18 years old and above. The app also offers rewards to users who refer others to the loan service.

Why choose Palmcredit?

1 Limit range from NGN10,000 to NGN300,000.
2 No need of BVN or ATM Card details.
3 No collateral.no paperwork,secure and reliable.
4 No hidden fees,no rollover charge,no transaction fees.
5 Repay your loans in time or complete increase limit tasks to build your credit limit and reduce on interest rate.

9. Branch Loan

Branch is the world’s leading personal finance app that provides access to instant loans with no physical documentation.

The main reason why I like the Branch loan app is simply for the longer durations they give before expecting you to repay your loans.

While other lenders will give you a maximum of 1 – 2 weeks for the first loan on their platform, Branch actually gives you a complete one month before you start thinking of repaying your first loan.

Although many of you may find their interest rates to be a little on the high side, especially when accepting larger loans, such as those of $15,000 and upwards, there is no denying that they are easily and effortlessly among the top lending apps available in Nigeria today.

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10. Xcredit Loan

Xcredit is a mobile application platform developed by a fintech company based in Lagos. The platform is strictly online, although they do have an office in Lagos Nigeria. You do not have to visit their office to enjoy their services.

Xcredit loan app is only available for Android devices on Google Play Store. With the app, you can easily access a personal loan. They do this by using the data on your phone including your SMS history to verify your identity and create a credit score.

The Minimum loan amount Xcredit offers is N5,000, and a maximum of N500,000.

Xcredit offers an interest rate of 12% of the amount borrowed.

11. Sokoloan

Sokoloan is another loaning platform or app that I haven’t given a try myself, but I trust that they should fall among some of the best loan apps in Nigeria, especially when they have up to a 4.8-star rating out of 5, and over 1 million+ download on the Play store.

So just as you did for Palmcredit, you can quickly head over to the Play store to download the app, so you can have a first-hand experience with them.

12. 9Credit

9Credit is a Nigerian digital lending mobile-based personal loans platform. The loan app provides collateral-free online loan services to meet customers’ financial needs for various requirements ranging from the purchase of mobile phones, medical needs, bill payments, etc.

The loans offered on this platform are for personal use and short-term, usually starting at 8 days for first-time borrowers.

Loan Amount: from NGN 3,000 to NGN 100,000;
Loan
Tenure: from 62 to 120 days;
Interest Rate: 0.07% per day (25.55% per annum);
Processing Fee: Ranges from NGN 90 ~ NGN 2,000 for a one-time charge, which depends on the loan amount and the application details.

Source: flippstack