Top 10 Best Loan Apps in Nigeria Without BVN in 2024 -

Getting a loan can be essential for many reasons, such as paying for unexpected expenses or funding a personal project. In Nigeria, many loan apps require a Bank Verification Number (BVN) to process your loan. However, not everyone has a BVN, or some might prefer to use apps that don’t need it. If you’re looking for a loan app in Nigeria that doesn’t always require a BVN, here’s a list of the top 10 options you can consider in 2024.

1. Branch

Branch is a popular app for quick and easy loans. While having a BVN can be helpful, Branch looks at other information like your app usage and financial behavior to decide if you qualify for a loan.

Loan Amount: Up to ₦200,000
Repayment Term: Up to 12 months
Interest Rates: Varies based on your credit profile
Features: Fast approval, easy-to-use app, and minimal paperwork.

How It Works: To get a loan from Branch, download the app and sign up. You’ll need to fill out some basic information and link your bank account. Branch will then review your details and decide if you’re eligible for a loan. If approved, the money is transferred to your account quickly.

2. Carbon (formerly Paylater)

Carbon offers personal loans with a straightforward process. BVN can help, but Carbon uses other data to decide if you qualify for a loan.

Loan Amount: Up to ₦1,000,000
Repayment Term: 15 days to 12 months
Interest Rates: Based on your loan amount and term
Features: Fast approval, flexible repayment options, and additional services like bill payments.

How It Works: To apply for a loan with Carbon, download the app, create an account, and fill out the application form. Provide your bank details and other financial information. Carbon evaluates your application and if you’re approved, the funds are sent to your bank account.

3. KiaKia

KiaKia specializes in short-term loans and doesn’t always need a BVN. The app focuses on providing quick loans based on other financial data.

Loan Amount: Up to ₦200,000
Repayment Term: Up to 30 days
Interest Rates: Competitive rates for short-term loans
Features: No collateral needed and quick processing.

How It Works: To get a loan from KiaKia, download the app and complete the application with your personal and financial details. The app uses alternative data to check if you qualify for a loan. If approved, the money is quickly deposited into your account.

4. Aella Credit

Aella Credit offers personal loans and may not always require a BVN. The app assesses other financial information to decide on your loan application.

Loan Amount: Up to ₦1,000,000
Repayment Term: Up to 6 months
Interest Rates: Based on the loan amount and your credit profile
Features: Easy application process and flexible loan terms.

How It Works: Download the Aella Credit app, sign up, and fill out the application form with your details. You’ll provide information about your finances, and the app will review it to decide if you qualify. If approved, funds are transferred quickly.

5. FairMoney

FairMoney provides personal loans with a user-friendly process. While having a BVN helps, FairMoney can also use other data to approve your loan.

Loan Amount: Up to ₦500,000
Repayment Term: 7 days to 12 months
Interest Rates: Varies based on the loan amount and term
Features: Fast approval, competitive rates, and additional services like bill payments.

How It Works: To apply for a loan with FairMoney, download the app, fill out the application form, and provide your financial details. The app evaluates your application using various data points. If approved, the loan amount is quickly transferred to your account.

6. QuickCheck

QuickCheck offers small, short-term loans with a simple application process. BVN isn’t always needed, and the app uses other information to determine your loan eligibility.

Loan Amount: Up to ₦150,000
Repayment Term: 7 days to 30 days
Interest Rates: Competitive rates for short-term loans
Features: Fast loan processing and easy application.

How It Works: Download the QuickCheck app, complete the application form with your personal details, and provide information about your finances. The app checks your details and, if approved, sends the loan amount to your account quickly.

7. EasyCredit

EasyCredit offers personal loans with minimal requirements. While BVN can help, the app considers other financial information for loan approval.

Loan Amount: Up to ₦300,000
Repayment Term: Up to 6 months
Interest Rates: Based on the loan amount and your credit profile
Features: Flexible terms and quick approval.

How It Works: To apply for a loan with EasyCredit, download the app, fill out the application form, and provide your financial details. The app uses this information to determine if you qualify. Approved loans are transferred to your bank account quickly.

8. Zedvance

Zedvance provides personal loans with a straightforward application process. BVN might help, but the app uses other data to assess your loan application.

Loan Amount: Up to ₦2,000,000
Repayment Term: Up to 12 months
Interest Rates: Varies based on your credit profile and loan amount
Features: Larger loan amounts and flexible repayment terms.

How It Works: Apply for a loan through Zedvance by downloading the app and filling out the application form. Provide your personal and financial details, and the app will evaluate your eligibility. If approved, funds are quickly disbursed to your account.

9. Lendigo

Lendigo focuses on providing quick loans with minimal requirements. Although BVN can be useful, the app assesses other financial data to determine if you qualify.

Loan Amount: Up to ₦500,000
Repayment Term: Up to 6 months
Interest Rates: Based on the loan amount and your credit profile
Features: Fast approval, flexible repayment options, and an easy-to-use app.

How It Works: To get a loan from Lendigo, download the app and fill out the application form with your personal and financial information. The app evaluates your application using alternative data and provides a decision quickly. Approved loans are deposited into your account.

10. Migo (formerly Mines)

Migo provides personal loans with minimal paperwork and may not always require a BVN. The app uses other data to assess your loan application.

Loan Amount: Up to ₦500,000
Repayment Term: 30 days to 12 months
Interest Rates: Varies based on your loan amount and term
Features: Quick disbursement, minimal documentation, and a simple application process.

How It Works: Apply for a loan with Migo by downloading the app and filling out the application form. Provide your personal details, and the app will review them to determine your eligibility. If approved, the loan amount is transferred to your account promptly.

Things to Consider When Choosing a Loan App

Choosing the right loan app can make a big difference in your borrowing experience. Here are some important factors to keep in mind:

Interest Rates: Check how much interest you’ll be charged. Lower rates are better and will save you money in the long run.
Repayment Terms: Understand how long you have to repay the loan and what your monthly payments will be. Make sure the terms fit your budget.
Fees and Charges: Look for any extra fees, such as application fees or late payment charges. These can add to the total cost of the loan.
Eligibility Requirements: Make sure you meet the app’s requirements for getting a loan. Some apps may have specific criteria for approval.
Customer Support: Good customer service can help if you have any issues or questions about your loan. Look for apps with responsive and helpful support.
Privacy and Security: Ensure the app protects your personal information. Look for apps that use encryption and other security measures to keep your data safe.
Loan Amount and Term: Choose an app that offers the loan amount you need and a repayment term that works for you. Some apps offer larger amounts or longer terms than others.

How to Apply for a Loan Using These Apps

Applying for a loan through these apps is generally straightforward:

Download the App: Find the app on your phone’s app store and download it.
Sign Up: Create an account by providing your basic personal information.
Fill Out the Application: Complete the application form with details about your finances and, if needed, link your bank account.
Submit: Send your application for review. The app will evaluate your details and determine if you qualify for a loan.
Approval: If approved, the app will transfer the loan amount to your bank account. This usually happens quickly, often within a few hours.
Repayment: Follow the app’s instructions to make repayments. Ensure you pay on time to avoid extra fees or penalties.

Conclusion

In 2024, many loan apps in Nigeria offer personal loans without needing a BVN. These apps provide various loan amounts, repayment terms, and features, making it easier to find one that suits your needs. By comparing factors such as interest rates, fees, and eligibility requirements, you can select the best loan app for your financial situation.

Whether you need a small loan for a short-term need or a larger amount for a bigger expense, these apps offer flexible options to help you get the funds you need. Always review the terms and conditions carefully before applying to ensure you understand the costs and requirements.