Top 8 Mobile Payment To Get Loan Without BVN in Nigeria

BVN is the key to unlocking all the doors to all your bank accounts, which means you can access bank accounts used across all commercial banks, linking every detail to each other. Finances are part of the human way of living, impossible to do without finance, so we might tend to borrow loans to fill the holes that are left behind by inadequate finances. Oftentimes mobile banks have proven to be the best and the fastest way to borrow a loan quickly without ease and without asking for eligibility or passing through some checks.

Mobile banks tend to ask loan borrowers to submit their BVN, which is safe as your BVN will not be linked to an outsider but are these words to be trusted, future occurrences may happen in t hacker accessing the database or a worker going Awol leaking all the BVN, this can be distractions when even you don’t remember you have submitted BVN back, you can lose a lot of money, as far as that BVN is linked to your account. 

Worried about this, you don’t need to be. They are mobile platforms that does not require BVN, signup and you are granted the loan, They have been tested and verified over time, and you don’t need any collateral or your BVN before you can access loans on this platform. We are going to explain in detail the name of this mobile platform, their loan limit and repayment period.

What is BVN?

The Bank Verification Number (BVN) is a unique 11-digit number assigned to each person across the banking industry in Nigeria. The Central Bank of Nigeria implemented this biometric identification system to prevent and decrease illegal banking transactions in Nigeria. It serves as a modern security measure that protects banking transactions by reducing fraud and monitoring irregularities in the financial system.

These 11-digit passcode number provides a solid backbone of a strong defence system for all users in Nigeria, but you still have a part to play but not revealing this number to outsiders or strangers. 

Why do some people prefer loans without BVN?

People are becoming conscious of their security even their financial security, making most people not disclose their BVN to any financial institution or mobile financial platform. That is why when applying for a loan, they will not submit their BVN. Other factors can be due to not having a BVN number registered yet, while some BVNs might even be blacklisted by banks.

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 Top 8 instant loan platforms without BVN in Nigeria

These top 10 mobile financial platforms have proven to be the best over time with most of their users trusting them. Here is a list of the 10 best Mobile financial platforms where you can get loans without BVN in Nigeria:

1. FairMoney Loan App : 

FairMoney loan mobile platform offers you instant cash for any of your loans without you providing your BVN, documentation, collateral, or guarantor., You can secure a loan within the range of N1,000 to N150,000 with a repayment period of 2 – 12 weeks. The amount of loan you can borrow depends on your creditworthiness and the interest rate varies based on your profile, and ranges from 1% to 3% per month. Is convenient, right?

2.JumiaOne Loan App

Regarded as one of the best. It is one of the best apps you can borrow from without inputting your BVN. To access loans on this app, just scroll down to the ‘Financial Services’ category and click on ‘Loans’. You can borrow up to N100,000 with interest rates ranging from 1% – 2%. Borrowing and getting access to large loans depend on creditworthiness

3. Carbon (formerly Pay Later)

 Carbon offers loans up to N500,000 without collateral, paperwork and without submitting Or inputting your BVN. You can apply for a loan via their mobile app or website and receive funds within minutes.

4. Aella Credit:

Aella Credit offers instant loans up to N1 million without collateral, paperwork and without submitting your BVN. You can apply for a loan via their mobile app or website and receive funds within minutes. All they require all your bank history and location, and they approve loans easily once you pass the eligibility requirements.

5.Okash

Okash has turned out to be a popular mobile platform for requesting convenience and easy approval. It offers instant loans without requiring your BVN or collateral and paperwork l. You can borrow up to N50,000 with interest rates ranging from 0.1% – 1%..

6. Kwikmoney

This is one of the quickest and most popular mobile loan apps in Nigeria, you can get a loan within three minutes. You don’t need paperwork, collateral or BVN. It also offers USSD delivery services.  The loan All you need to use the app is the sim that is registered to your bank account. Also, it allows you to apply for a loan through USSD codes or their application or online website.

7. Renmoney

Those who want a huge amount of loan to execute capital project Renmoney with no paperwork, collateral or  BVN needed. Renmoney offers loans up to N6,00 0,000, You can apply for a loan via their mobile app or website and receive funds within 24 hours having met all their requirements and needs.

 8. Zedvance 

Zedvance is a consumer finance company that offers loans up to N5,000,000 without collateral guarantor or BVN needed. You can repay the loan in 18 months and when the loan is approved the money is deposited in your account, you are credited within 24 hours after the loan registration procedure.

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How to apply for a loan without BVN on these platforms

All the platform operate the same way, all using the fintech so it is the same procedure that apply to all the mobile. To apply for a loan on any of these platforms, simply download their mobile app from the Google Play Store or Apple Store and follow the registration process, If case you search for the platform on your browser you will be shown a page that leads to Google Play Store to download the app You will be required to provide basic information such as your name, phone number, email address, and bank account details.

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Pros and cons of mobile bank platform that does not require a loan 

Pros

– No need for collateral: Collateral are what serves as assets that absorb the risks in case the borrowers default it’s loan or does not pay back. All banks ask for this when requesting for loan but these are not asked on this mobile platform which makes it convenient for those who don’t even have any assets for collateral.

– No need for documentation: There is no need of arranging and piling of papers together as required by the commercial, all they need is your personal details which when is stated is okay for the procedure ,making it great platform in Nigeria.

– No need for the guarantor: Guarantor means someone who vouch for you, these are people who guarantee that you acquiring loan or other services is okay and can be trusted on. These are required mostly by commercial banks but it does not apply in this mobile platform, making it convenience for those who have no friends ,family and relatives to vouch for.

– Quick access to cash: The steepings took in acquiring loans from commercial took time delaying the use of that money for quick financial transactions, but mobile platform makes this much convenient and easy by granting loans in Minute.

– No need for BVN: You don’t need BVN in acquiring for loan in any of these mobile platform mentioned above , making it safer and easier .

Cons

-High-interest rates: despite their advertisement showcasing low-interest rates, these are proven to be false sometimes, some of these mobile platforms charge arbitrary interest charges that by the time you default your loan payments you will be paying more than 20% of interest after defaulting for only a week or month. The outrageous high interest rate is one of the setback of this mobile platform. 

– Short repayment period: The loan repayment time loan is too short, you will be given a loan and you will be expected to start paying  back  in the next three days or in the next seven days.

– Limited borrowing capacity: The loans offered are restricted to certain amounts which are not enough to execute a particular project 

– Risk of fraud: Despite not having your BVN, the information you leave on some mobile platforms can still be dangerous when it is exposed or when their database is hacked.

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 Conclusion

Having your applied for loan and approved without BVN seems to be the best option as this tend to make you safer. But looking at the advantages this pose to you consider the cons of these mobile payments, some of them charge high-interest rate and except you to pay the loans in just three or seven days, when the loan defaults you might be tagged a scammer and you will be sent across all your contact which is really bad and quite embarrassing at most times. I always advice you to take loans you can repay quickly before the deadline and don’t absorb so many loans that  will increase your interest rate