Top 3 Mobile Loans Apps To Get a Loan in Nigeria Without BVN –
Are you in need of credit but don’t want potential creditors to know about or access your balance-of-payments (BVN) account?
If so, you’ve come to the right place. We’ve listed a few Nigerian loan applications that don’t require a BVN below.
Even if you don’t have a BVN in Nigeria, you can still apply for a loan. If you’re reading this, then yes, you’re in the right place.
Sometimes, unexpected events happen. Things that cost money. When you need a loan, you turn to your friends and family. If that doesn’t work out, you go to your bank to get a loan to resolve the problem.
However, there are some limitations to getting a loan from a bank. For example, if you do not have a payroll account, getting a payday loan from your bank would be hard, if not impossible.
So, what do you do if nobody has any extra money and the bank won’t lend you money?
Loan applications without BVN risk falling into the wrong hands because most of the loan applications available today need your BVN for approval. So if you are looking for the best loan application in Nigeria without BVN, read on.
3 Best Loan Apps Without BVN in Nigeria
What loan apps in Nigeria provide loans without a BVN?
Since no reputable Nigerian loan application will agree to grant you a loan without your BVN, the right thing to do is to get your BVN first.
Why?
The reason is simple: if you don’t have a BVN, people can create fake names and fake details to steal money from your company.
Your BVN verifies your identity.
They also check your credit history. If your credit history is poor, you won’t be approved for loans.
Documentation is also important for loan applications in case of default.
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Can loan apps block or Blacklist my BVN?
Customers claim that previous loan applications have threatened to lower their balance of payments (BVN). The answer to this question is no, your BVN is only blocked by the CBN.
However, if you fail to repay your loan on time, the national credit bureau might discover your identity.
If this is the case, you will be classified as a high-risk borrower by the national credit bureau, which will prevent you from getting loans from any other loan platform in the future
In any Nigerian lending app, no loan will be given to you if you are in deep debt and need money. Although your bad credit with the bureau might not seem important now, it is important for you to repay your loans on time.
The loan app may help you to negotiate a reduction of your debt.
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3 Best loan apps in Nigeria that don’t require a BVN
1. Carbon (formerly PayLater) loan app
With the Carbon loan app, you can borrow Naira 1 million or more in Nigeria with no collateral, no paperwork, and no guarantors. Thanks to these unique features, Carbon has become one of the best loan applications in Nigeria.
Carbon is a loan app created by Chijioke & Ngozi. The Carbon platform is based in Lagos Nigeria.
Lending apps provide their users with fast payment options, easy access to money, and lucrative investment opportunities.
The amazing thing about the Carbon loan app is that you can qualify for higher loan amounts, lower interest rates, cashback on interest you pay, and full and timely repayment of your loan.
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What next? No rollover, no processing, no late fees, that’s why Carbon has built a solid reputation for reliability. With Carbon, you’ll only pay what’s owed, which is something that many Nigerian loan products don’t offer.
2. Branch
The branch is Nigeria’s second-best loan application.
Like Carbon, the Branch app increases the loan amount available to you when you repay your loan on time.
Unlike Carbon, Branch does not have any late fees or rollover fees and does not have any collateral restrictions.
With the Branch app, you can get loans with terms ranging from 4 weeks to 52 weeks, and with loan amounts ranging from 2,000 NGN to 500,000 NGN.
Depending on the loan size, the APR of the Branch varies between 18% and 260%, while the average monthly interest rate is 1.5%-20%.
However, the interest rates of your loans are affected by several factors, such as your loan repayment history and the cost of funds of the Branch.
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Branch is one of Nigeria’s fastest and most popular lending app. The app analyzes the data on your smartphone and determines whether or not you are a suitable borrower (of course, with your consent).
The app’s technology takes into account thousands of information points and provides tailored loan options in seconds.
3. Fairmoney
Fairmoney is one of the best loan platforms in Nigeria. It is the 3rd best lending app in our ranking and provides over 10,000 loans daily. This amazing loan app provides loans with 61 days, 547 days, NGN 1, 500, 1,000, 000 (16 weeks) and more.
You can get the loan you request through Fairmoney. It is one of the fastest lending platforms in Nigeria. You can get the loan in less than 5 minutes.
On Fairmoney one of the best low-interest lending apps in Nigeria, you can get an APR anywhere between 30% to 260%. You can get a monthly interest rate of anywhere between 2.5% and 30%.
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It is worth noting that, unlike Carbon, the Branch does not impose any late fee, rollover fee, or collateral restrictions.
However, a number of factors, such as your loan repayment history and the cost of funds of the Branch, influence the interest rates of your loans.
The branch is one of the most popular lending applications in Nigeria.
The app uses advanced technology on your smartphone to determine whether you are eligible for the loan (of course, with your approval).
It is one of the fastest loan applications in Nigeria. The app’s algorithm analyses thousands of data points on your smartphone and provides personalized loan alternatives in seconds.
