2024’s Best Loan Apps Without BVN in Nigeria for Quick Cash

In this write-up, we discussed a list of loan apps without BVN in Nigeria, how they work, and the benefits and risks involved.

There are a number of loan apps offering quick loans without requiring BVN in Nigeria, providing access to credit for individuals who may not have a BVN or those who want to bypass the bureaucratic hurdles of traditional banks.

But do you know many people in Nigeria still struggle with financial inclusion, particularly those without a Bank Verification Number (BVN)? Banks usually require the BVN system to create accounts, handle loans, and carry out financial transactions. The CBN implemented the system to monitor people’s financial activity and prevent fraud.

How Do Loan Apps Without BVN Work?

Loan apps without BVN in Nigeria assess the borrower’s capacity to repay the loan using a number of different techniques. Here is how they operate as follows:

• Download and Registration

The first step is to download the app from the Apple App Store or Google Play Store in order to access the loan. Following installation, you, as the customer, must register by entering your name, phone number, email address, and bank account information (for loan payout).

• Loan App

After registering, you can choose the loan amount you wish to take and the payback schedule to apply for a loan. The common loan amount is between ₦1,000 and ₦500,000, and the payback period is usually between seven and thirty days.

• Credit Scoring

The borrower’s creditworthiness is usually evaluated by lending apps using other data sources other than the BVN. These could consist of:

1. Phone Call Data: The loan app team will ask for permission to access your call logs, contacts, and SMS history to analyze your communication patterns and financial habits.
2. Mobile Phone Data: The loan app team will also analyze your phone’s usage pattern, data consumption, and app installations to understand your credit risk.
3. Social Media Data: Some loan apps look at your social media presence (Facebook, Twitter, Instagram etc.) to determine their social capital.
4. Bank Statements and Transaction History: Although BVN is not required, some apps might request it so as to access your bank account details for transaction history.

• Loan Disbursement

Once approved, the loan amount is disbursed into your bank account or mobile wallet, which you input during the registration process, usually within 10 to 30 minutes.

• Repayment

Note you have to repay the loan within the stipulated time frame. Most apps provide multiple payment options, including bank transfers, debit cards, or mobile money platforms.

Lists of Loan Apps Without BVN in Nigeria

QuickCheck

QuickCheck was created for customers like you who want a fast and quick loan without the inconvenience of giving out your BVN. This loan application process is simple, and the app gives loans up to 50,000 Naira. Also, QuickCheck offers a credit score feature that facilitates monitoring your borrowing patterns and repayment history. 

You can also raise your borrowing limitations after you pay up your first loan. Repayment terms for QuickCheck are 7 to 30 days, giving you flexibility depending on your financial circumstances.

• Overview: QuickCheck is a fast loan app that provides micro-loans to Nigerians without requiring a BVN. The loan amounts range from ₦1,500 to ₦500,000. 
• Key Features: Instant loan disbursement, easy application process, no BVN required.
• Available On Google and PlayStore.

Lendigo

Source : Lendigo

This particular Lendigo lending app provides loans without a BVN. It is basically built for both consumers and small company owners, offering loans up to 500,000 Naira. Lendigo also incorporates financial education resources within the app to help users make informed decisions about borrowing and repayment.

• Overview: Lendigo offers loans without requiring BVN, making it an excellent option for individuals looking for quick funds. It uses alternative data like mobile phone activity and transaction history to evaluate loan eligibility.
• Key Features: Fast loan processing, flexible repayment terms, no BVN required.
• Available On Google, Play Store and App Store

Migo (formerly KwikMoney)

One of Nigeria’s most well-known online lending services, Migo (formerly KwikMoney), provides quick loans to people and companies without obtaining a Bank Verification Number (BVN). With a simplified application procedure, the site offers quick and easy financial solutions, with loans ranging from tiny microloans to bigger sums for more important purposes.

• Overview: Migo offers flexible, short-term loans to Nigerians without requiring BVN. It uses mobile data, transaction history, and other alternative data sources to evaluate borrowers.
• Key Features: Fast access to funds, no BVN needed, flexible repayment options.
• Available On Google Play Store and Apple App Store.

Kiva

Kiva connects lenders and borrowers and offers loans without a BVN., so most Nigerians use it to obtain loans up to 500,000 Naira, while the exact amounts might change. Kiva’s community-based lending function allows many people who share your goals to contribute to your loan. You get rewards for fulfilling your repaying obligations, which might foster a feeling of responsibility and camaraderie.

• Overview: Kiva provides small loans to Nigerians without requiring a BVN. This Kiva app assesses creditworthiness based on phone usage, transaction data, and other factors as well.
• Key Features: Fast loan disbursement; no BVN is required.
• Available On: Google Play Store.

Okash

Okash is another trustworthy lending app that gives out loans without a BVN. They offer a variety of repayment options up to 500,000 Naira. Okash often offers repayment arrangements between seven and thirty days. Since their interest rates vary based on the loan size and duration, it is better you confirm before applying. 

• Overview: This Okash app is focused on helping users with small, short-term loans for personal or business needs.
• Key Features: Quick and easy access to loans, no collateral required, no BVN needed.
• Available On Google PlayStore and App Stores for Apple users.

source: Okash

Benefits of Loan Apps Without BVN in Nigeria

There are a number of benefits to loan apps without BVN, particularly for people who have outstanding loans in their banking app:

• Speed and Convenience

The purpose of these lending applications is to give users instant access to money; approval procedures are frequently finished in a matter of 20 minutes. So, you don’t have to go to a real bank or financial institution to apply for loans because the apps are available around the clock.

• No Collateral Required

Since these loans are usually unsecured, you can get one without having to put assets like real estate or cars as security. For those without assets, this makes them more accessible.

• Minimal Documentation

Loan apps without BVN sometimes ask for basic information and access to mobile data or social media, in contrast to traditional banks that could demand many papers (such as utility bills, proof of income, etc.).