Getting a loan without BVN, is that possible? A lot of people are searching for how to get loans without BVN. Some are skeptical if it is possible to get a loan in Nigeria without BVN.
Continue reading to find out how you can get quick loans here in Nigeria without providing your bank verification number.
Most Fraudsters are using the BVN to perpetuate different criminal acts on the account of their victims, as a result of this, a lot of people are scared when they see any money lending app asking for their bank verification number.
Getting a loan using collateral has become a thing of the past which traditional banks and money lending companies use for risk management and a guarantee that the debtor will pay back.
Today, the case is different as people can now get quick loans without having to use any of their assets as collateral, sign any paper agreement or leave their comfort zone to visit a financial lending company to get loans.
Getting this loan has become easy because most lenders today use the bank verification number (BVN) to evaluate their customers through the help of AI tech and machine learning technology.
This technology allows the money lender to know your credit score, your debt record and confirm if you’re defaulting on any loan or if you have a bad debt record.
The Bank Verification Number serves as an important criterion for giving out loans today. But the question remains.
Is it possible to get a loan without BVN? this question has been asked countless times by our readers at loan publishing. So I decided to write about it today.
Also Read: Auto loans In Nigeria
What Is BVN
The same BVN is also regarded as Biometric Identification System which is given to each and every account holder in Nigeria. The BVN is unique to everyone and the same across each bank being operated by that person in Nigeria.
Importance Of BVN
This has helped in strengthening the financial security in Nigeria and it has also created an avenue where secured transactions can take place.
Can I get A Loan Without BVN?
Where Can I Get A Loan Without BVN?
These platforms and companies that offer loans without BVN know the fear of the people when it comes to inputting their BVN into an app or website.
Because of that, they ensure that they introduce another means where you can get a loan without actually providing your bank verification number (BVN).
Below are the places where you can get a quick loan without a bank verification number
- Loan without BVN from Loan Apps
- Loan without BVN from loan websites
- Loan without BVN from private lending companies
- Loan without BVN using USSD code
Loan Without BVN from Loan Apps
Loan Without BVN from Loan Websites
Loan Without BVN from Private Lending Companies
Loan Without BVN Using USSD Code
How To Get Loan Without BVN
- Valid means of identification such as International Passport, national identity card, voters card e.t.c
- Full details such as date of birth and other personal information about you
- Valid bank account number
- Valid email address and phone number
Loan Companies And Apps That Offer Loans Without BVN (Top 6 List Of Loan Companies Offering Loan Without BVN)
Lcredit is a money lending mobile application that allows users to borrow money without using any of their assets as collateral.
How To Sign Up On Lcredit
Applying for a Lcredit loan is pretty easy and straightforward. Just follow the simple steps below to get started with your Lcredit account.
You need to download the Lcredit loan app in other to proceed with your registration. The Lcredit application is available on the play store for download. You can also download the APK version of the Lcredit loan app from HERE
Fill in your information by providing your BVN. (Make sure you enter your real information if you want to get a loan from the app).
Get approval and apply for a loan.
On successful application and approval, your loan will be disbursed
Also Read: Get a loan in less than a minute
Requirement For Lcredit Loan
The app only requires you to be an adult from 20-55 years in other to get a loan. If you’re a minor, you cannot get a loan from the Lcredit loan app.
The Lcredit loan requires you to be a citizen of Nigeria and also residing in Nigeria before you can apply for a loan of any amount.
Pros Of Lcredit Loan
Cons Of Lcredit Loan
XCredit is a mobile application that allows you to take a quick loan without collateral or a bank verification number. The app was developed by a fintech company in Lagos with the aim of simplifying the way people can access loans.
The XCredit Loan app is only available on the Android operating system as of the time of writing this article. The app uses your device algorithm such as SMS history to verify identity and determine a credit score.
How To Apply For Xcredit Loan
Applying for XCredit Loan is very easy and straightforward if you follow the step below.
Pros Of Xcredit Loan
- You can get quick and easy loans
- There is no need for collateral
- There is no need for paperwork
- Zero service fee charge.
- The app is only available to android users.
- It is just a short term loan
- You can get a maximum of N500,000 only
The branch loan app has been one of the most consistent money lending apps out there. They have been in operation over the years and they have been giving out loans without asking for BVN or any form of collateral.
Branch makes use of data it collects from you device such as SMS history, GPS location and contacts in other to determine your eligibility to get a loan from them.
How To Apply For Branch Loan
Pros Of Branch Loan App
- High maximum loan
- No collateral
- No need of BVN
- Loans are disbursed almost instantly
- Choice of repayment scheme
Cons Of Branch Loan App
- You can only get loan if you operate with some specific banks in Nigeria.
- Downloading the mobile app is composary if you must get a loan
Quick Teller is a financial application that allows you to do so much online such as booking of flight, paying utility bills, internet subscription, buy airtime and many more. Quickteller was developed and maintained by interswitch, one of the biggest payment platform in the world.
The demand for loan started becoming too high, so they introduced the loan feature. This feature allows you to get a quick loan without using any of your assets as collateral.
How To Apply For Quick Teller Loan
You must have a quickteller account which you have been using to perform other transactions such as fight booking, paying for utilities, buying airtime and data.
Pros Of Quick Teller Loan
- You can access quickteller both on website and mobile application
- Great customer support
- Easy to use
- No need of collateral or guarantor
Cons Of Quick Teller Loan
How To Apply For Ren Money Loan
In other to apply for Ren Money Loan, you need to have the following documents in your possession and you must meet the criterion listed below.
- You must be above the age of 21 – 59 year’s old
- You must possess a statement of your bank account
- You must have a government-issued ID card
- You must have a savings or current bank account with any commercial bank
- You must have a utility bill
Pros Of Ren Money Loan
- Ren Money allows you to get a loan of up to 6 million Naira.
- There is no hidden charges, you get what you see or applied for.
- No need of collateral or guarantor
- Loan is dibursed within 24 hours no matter the amount
- Great customer support
Cons Of Ren Money Loan
- Loans are offered to residents of lagos state and places where they operate
- You can get the maximum of 20,000 Naira for a personal loan