In Nigeria, a bank verification number (BVN) is a unique identification quantity that serves as a method of identity, authentication, and verification for individuals having access to financial services.
BVN is now an obligatory requirement for starting and running a bank account, as well as having access to loans.
But not everyone has a BVN, and this may make it tough for them to get the right of entry to loans from banks and other economic institutions. If you are in this precarious situation, do not worry there are alternative approaches that we can use to obtain loans without a BVN.
In this article, stay glued to the end. Let’s quickly get started.
Why is it important to obtain a loan without BVN?
The reasons are not far-fetched, but before we dive into the main topic let’s understand the importance of BVN in obtaining loans in Nigeria.
BVN is important for obtaining loans because it helps financial institutions to verify the identity of loan applicants, reduce fraudulent activities, and make necessary decisions about granting loans.
Without a BVN, banks, and other financial institutions won’t be able to confirm the identity of loan applicants and assess their creditworthiness, and this may bring about the inability to trace applicants that default on loans.
Top 5 Apps that Offer Loans without BNV in Nigeria
- Carbon (formerly known as Paylater)
- Aella Credit
Read till the end to have a proper insight into these apps.
Different Ways to Obtain Loans without a BVN
There are several ways to obtain loans without necessarily dropping your BVN. Let’s start by analyzing them one after the other
1. Microfinance Banks
Microfinance banks are financial institutions that provide financial services, including loans, to individuals and small businesses.
These institutions are designed to cater to the needs of people who may not have access to traditional banking services.
To obtain a loan from a microfinance bank without a BVN, you need to provide other means of identification, such as a national identification card, NIN, driver’s license, or international passport.
You may also need to provide other documents such as recent utility bills, bank statements, and business registration documents (if you are applying for a business loan).
2. Peer-to-Peer Lending Platforms
This is another way to obtain a loan without BVN. Peer-to-peer lending platforms connect borrowers with lenders who are willing to provide loans. These platforms are designed to be an alternative to traditional banks, providing loans at lower interest rates and with fewer restrictions.
To obtain a loan from a peer-to-peer lending platform without a BVN, you need to provide your own means of identification, such as a national identification card, driver’s license, or international passport. You may also need to provide other documents such as utility bills, bank statements, and proof of income.
3. Credit Unions
Credit unions are financial cooperatives that provide financial services to their members, who are usually people with a common bond such as belonging to the same organization or living in the same community.
As we expected of them, you don’t need BVN to access a loan from this organization. This is mostly possible within a village, schools, teachers, and other small institutions. So in essence, you don’t need BVN to obtain a loan from this organization.
4. Online Lending Platforms
Online lending platforms are financial institutions that provide loans through their websites or mobile apps. These platforms are designed to be convenient, accessible, and fast, with loans approved and disbursed within minutes.
To obtain a loan from this platform, you don’t need to have BVN. All you need is their mobile app, sign up and apply for all. Kindly note that before a loan can be granted, you will need to update your name, photo, government-issued cards, residential address, and more.
Some of these fintech apps that give this type of loan include;
FAQ on the list of Loan Apps without BVN: Borrow money without BVN
Does Okash need BVN?
Yes. For you to be able to borrow money from OKash, you need to integrate your BVN with the app. Once you’ve done that, make sure you repay the loan after disbursement. Failure to do so may warrant legal action against you.
Which loan app gives 50000 instantly?
The only self-tested app that can give you fast and easy money such as N50,000 is Palmpay. PalmPay offer fast and responsive loan for its users. As of today, I can borrow almost N150,000. Go and try it out.
Can I borrow money from Palmcredit without BVN?
No. You can’t borrow money from palm credit without BVN. However, integrate your BVN with the app and borrow as high as 100,000 Naira. For you to borrow without BVN, read the article above. All steps to borrowing have been well stated there.
Thanks for reading this article to the end. Well, I have covered everything you need to know about how to borrow money without BVN. I hope you find this helpful. Kindly utilize this method and experience a financial breakthrough.