loan nigeria no bvn

These are 5 Best Apps for Loan Without BVN in Nigeria 2023 – Is it feasible to obtain a loan without BVN in Nigeria? In this country, more than 40 million people lack access to banking services. They mostly come from low socioeconomic backgrounds and work in the informal sector.

Ironically, these people are the ones who need financial assistance the most. For instance, a farmer may benefit from a loan if his or her crops fail. A loan can also mean a school for kids growing up in a single-mother family.

loan without bvn in Nigeria

Can I Get A Loan Without My BVN Number?

In general, it’s very hard to get a loan without BVN in Nigeria. BVN is an abbreviation for Bank Verification Number. It’s a biometric identification system to prevent unlawful transactions. It’s important to note that BVN can’t be used to access someone’s bank account.

The problem with BVN, as was previously mentioned, is that not all Nigerians have bank accounts, let alone this number. When lenders request the BVN of potential debtors, this poses a significant challenge for a particular demographic.

5 Apps for Loan Without BVN in Nigeria 2023

Though it’s challenging, there are certain lenders from whom you might take a loan without BVN in 2023. The following lenders are:

  1. Okash: Okash, which is run by Blue Ridge Microfinance Bank Ltd., will lend you money up to $50,000.The repayment period is quite long, ranging from 3 months to 12 months.
  2. Aella: Aealla offers you a loan from ₦50,000 to 1 million. The interest rates are quite competitive, ranging from 6% to 20%, while the repayment period is 2 to 12 weeks.
  3. Carbon or Paylater: Owned by One Finance & Investment Limited, Carbon is among the fastest loan apps. You can borrow from ₦5000 to 1 million with a duration of 7–180 days.
  4. FairMoney: FairMoney is among the most popular loan apps. It will allow you to borrow cash from ₦1,000 to ₦150,000 for a duration of 2 weeks to 3 months (12 weeks).
  5. JumiaOne: A fast app that won’t ask for your BVN. You can borrow up to ₦500,000 without submitting a lot of paperwork.

NoAppsLoan AmountDuration
1OkashUp to ₦50,0003-12 months
2AellaFrom ₦50,000 to 1 million2 to 12 weeks
3CarbonFrom ₦5000 to 1 million7-180 days
4FairMoneyFrom ₦1,000 to ₦150,0002 weeks to 3 months
5JumiaOneUp to ₦500,0001-3 months

Why Loan Without BVN in Nigeria is Risky?

It’s risky to obtain a loan without BVN. The majority of reliable banks will first request it. They essentially adhere to the Nigerian Central Bank’s rules. This left the rest to be either scams or come with significant downsides, such as:

  1. very high interest rate
  2. short loan duration
  3. expensive penalty charge
  4. Expensive fees
  5. limited amount of loan

Beware of the List of Fake Loan Apps in Nigeria

Some of us are desperate enough that we can fall for the fake loan without BVN in Nigeria. As of 2022, there are already numerous scam apps that we should avoid. Those fake apps are:

  1. Cash Wallet
  2. 9ja Loan
  3. GGMoney
  4. 9Credit
  5. Sokoloan
  6. Ease Cash
  7. NairaPlus as well as for Naira
  8. BorrowNow
  9. LCredit Loan

They are considered fake because their written regulations differ from their day-to-day practice. Some are even straight up cheating, trapping their victims with an unreasonable interest rate and a short repayment period.

Our Advice Before Taking Loan Without BVN in Nigeria

First, you definitely have to be cautious and calculative unless you know that the lender is credible. Second, you want to count the total amount you must pay, including the interest rate and the loan duration. Comparing one loan app to the others is also wise, as you can get the best loan with a lower interest rate from a credible company.

Other than that, you just need to follow the general rules to take a loan. For example, you should refuse to pay the money back to a personal account. It’s a common scam; they’ll ask you to send the money back to a personal account, then they’ll pretend that you haven’t paid the money yet since it should be sent to the app’s account.

Urgent Loan in Nigeria Without Documentation

Getting a loan without BVN in Nigeria is hard, but what about no documentation?

In 2019, Nigeria’s rural population is still very high. It’s 48.84% of the total population. In some remote areas, these people not only live without a bank account but also live without personal documentation.

Getting a loan is almost impossible. They might consider borrowing from lenders that won’t ask for the documentation, but is it worth it? Without documentation, even if the lenders cheat on you, you can’t do anything.

That’s why it’s better to provide documentation first. If you don’t have it, you can go to the nearest government office to ask for it.

Loan Without Collateral in Nigeria

One of the downsides of asking for a loan without BVN in Nigeria is that it’ll come with collateral. A collateral is basically an asset that a debtor uses to back their loan. A collateral can be a car, a house, or gold.

Some lending companies will ask for collateral if you don’t want to provide them with the BVN. It’s actually a win-win situation. However, if their high interest rate is high and repayment period is short, it can be disastrous.In that case, you’ll better seek other options, as the company might actually just want to rob you.

In general, with more than 40 million Nigerians left without a bank service, a loan without BVN in Nigeria is indeed a needed solution. Despite this, we should be cautious of fake cheating apps.


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