Loan app without BVN | How to get loan without BVN in Nigeria

Loan app without BVN

In Nigeria, there are numerous loan companies that offer quick loans. The finest lending applications in Nigeria, however, require a BVN before authorising a loan, which is not breaking news. Which Nigerian lending platform offers loans without BVN, then?

In-depth responses to questions about loans without BVN are given on this page. You will know if loan apps can block your BVN at the end of this article, if loan apps are safe for your BVN, and where you may borrow money without a BVN.

Which loan app in Nigeria provides loan without BVN?

None. In Nigeria, there isn’t a reliable loan app that disburses money without BVN. Unfortunately, loan application fraud is more common than you might think, which is why identity verification is required for Nigerian loan applications.

All legitimate loan applications in Nigeria will refuse to provide you with service if you do not present your BVN. For any purpose that does not conflict with federal or state law, loan applicants may request and use your BVN.

Why it isn’t easy to get loan without BVN

One of the most effective and safest resources that loan apps can utilise to confirm a customer’s identification and personal information is the Bank Verification Number (BVN) database. In order to prevent fraud and identity theft, loan companies in Nigeria require applicants to provide a BVN.

Additionally, the Money Laundering (Prohibition) Act of 2011 makes it unethical to issue loans in Nigeria without BVN by holding each bank responsible for the accounts it creates and providing tools for tracking illegal activities like money laundering and spotting potential terrorist threats.

This is another another factor that prevents nearly all loan applications in Nigeria from offering loans without BVN.

Your BVN could also show that you meet the minimal requirements for a personal loan, including being a

  • Nigerian citizen, permanent resident, or holder of a long-term Nigerian visa (depending on lender requirements),
  • and at least 18 years old.

Some Nigerian loan applications require domicile evidence after verifying your identity. Loan applications won’t give you money if they don’t know where you live.

Additionally, this is how lenders customise your personal loan to adhere to the most recent state laws.

Additionally, many credible lending apps in Nigeria demand a BVN for the identification process in order to prevent impersonation.

Since there is a high probability that someone would seek money in your name, which could cause you serious problems in the future, it is nearly impossible to obtain a loan without BVN.

A debt that you did not incur is susceptible to default interest since you are ignorant that the loan is in your name; as a result, your name can end up in delinquent files. Without being aware that someone has taken on your identity, you go through all of this. This is yet another reason why companies or loan apps cannot authorise a loan in the absence of a BVN.

Where can I get a loan without BVN?

Without BVN, getting a loan in Nigeria is practically impossible. In order to receive a loan from a lending institution that does not require a BVN, a borrower must provide guarantees or collateral.

The borrower’s profile, income, and solvency are still taken into account when approving an unsecured loan. The lender must, in fact, confirm your ability to borrow and repay.

Sadly, all lending institutions that provide loans without BVN are offline, and the bulk of them employ harassment to demand repayment.

Can loan apps block my BVN?

Your BVN cannot be blocked by a loan application in Nigeria because this is a necessary action that can only be carried out by the CBN. Instead, your identity will be disclosed to the National Credit Bureau if you don’t meet the requirements for a mobile loan.

You will be classified as a high-risk borrower by this financial institution, which will make it more challenging for you to obtain a loan from any loan platform in the future.

Although having a low credit history may not seem important right now, if you find yourself in a financial emergency and need credit, no loan app in Nigeria will grant you one because of your background.

Because of this, you should never stop making loan payments. If you haven’t already, you can get help from the loan app in negotiating a debt reduction if you haven’t already.

Is my BVN safe with loan apps?

Your BVN is only secure when entered into NITDA-approved loan applications. A criminal lending organisation may have access to all of a Nigerian’s administrative documents if they have their BVN because it is linked to all of their financial data.

Thankfully, this kind of manipulation requires some level of expertise, but even without going that far, any thief can launch more direct attacks.