I have been getting a lot of these questions from folks on here and on social media “Can I get a loan without a BVN in Nigeria?” “What is the list of loan apps that do not require BVN in Nigeria?” and so on and so forth. Today, we will finally get answers to these lingering queries.
Launched on the 14th of February 2014, the BVN serves as a unique identifier of every bank holder in the country. But what if you don’t have a BVN or have lost the phone number registered with it, and need access to a quick loan to take care of an emergency, are there options for you? Let’s find out!
Are there loan apps that do not require BVN in Nigeria?
After extensive research, we could not find a single loan app that does not require your BVN in order to grant you loans. All loan apps that do not ask for collateral for the loans will require your BVN in order to be able to verify your identity and assess your creditworthiness.
To put it simply, they want the BVN so that with it, they can take a look at your financial records to know if you will be able to pay them back should they choose to give you the loan since there is nothing of yours (collateral) they can “cease” if you don’t pay back.
So if you don’t have a BVN in Nigeria as of now, it is essential that you go to your bank and enroll for it ASAP so as to be able to access loans easily. It’s even more important now than ever as the CBN is planning on closing bank accounts not linked to a BVN.
List of loan apps that do not require your BVN registered number?
But what if you actually have a BVN but don’t have the phone number linked to it anymore, can you get a loan? Yes, you can! There are several loan apps that do not mandate you to input your registered BVN number when registering on their app. So which are they?
Of the licensed loan apps, some of them include:
What about the unlicensed (loan shark) ones, you ask?
Sorry Ma/Sir, we don’t encourage people patronizing loan sharks as we’ve seen first-hand how cruel their agents can be. From threatening, incessant calls and messages to your line even before your due date, to calling and texting your contacts to defame you, etc., loan sharks should be avoided.