5 Loan App Without BVN in Nigeria

Most of the loan apps require your BVN to issue you a loan. 

This has posed a problem for people who don’t have their BVN. 

Hence, if you are looking for the best loan app, that doesn’t require BVN in Nigeria, then this article is for you.

5 Best Loan App Without BVN in Nigeria

1. Carbon (formerly PayLater) loan app

Carbon is a loan app that was former called PayLater. This loan application allows you borrow up to a million naira without requiring collateral, paperwork, or guarantors. 

It's understood that Carbon is a Lagos was founded by Chijioke and Ngozi Dozie.

2. Branch

Branch app provides loans from N2,000 to N500,000 for a period of 4 to 52 weeks. Branch’s APR (Annual Percentage Rate) runs from 18% to 260% depending on your loan amount, with an equal monthly interest rate ranging between 1.5% to 20%.

3. Fairmoney

Fairmoney offers over 10,000 loans per day, as it offers loans ranging from N1,5000 to N1,000,000 with payback terms ranging from 61 days to 547 days (18 months).

It's understood that this loan app disburses the loan in five minutes or less, making it one of the fastest loan apps in Nigeria. 

Fairmoney’s APR (Annual Percentage Rate) ranges from 30% to 260% and a monthly interest rate ranging from 2.5% to 30%, the top low-interest loan apps in Nigeria.

4. PALMCREDIT

Palmcredit is one of the best loan app in Nigeria that offers flexible loan products within minutes.

Credit limit range: N2000 to N100,000

Interest rate: 14% to 24%

Equivalent monthly interest: 4% ~ 4.7% Annual Percentage Rate (APR): 48% ~ 56% Loan duration: 91 days to 180 days

5. AELLA CREDIT

Aella have one of the best loan app in Nigeria because it enables employees to borrow at competitive & fair rates through their employers.

Requirements: Your name, employer ID number.

You can obtain a loan on this app when you sign up and follow the necessary steps.