With this constant increase in the cost of living in our society today, there is a need for one to know the various options to survival, including the instant cash loan option.
This may sound too good to be true but you can actually access instant loans without submitting your BVN to anyone. There are some loan apps in Nigeria that gives qualified individuals access to loans without the stress of providing BVN or collateral. I will share some of these applications and their requirements in this post.
1. What is BVN?
The Bank Verification Number (BVN) is a unique 11-digit identity number assigned to individuals in the Nigerian banking industry. The Central Bank of Nigeria introduced this biometric identification system to combat and reduce illicit banking activities within Nigeria. It serves as a modern security measure that enhances the security of financial transactions by mitigating fraud.
It’s crucial to keep your BVN number confidential and safeguarded at all times. This is because certain unscrupulous loan apps may attempt to misuse it for fraudulent activities. Therefore, it’s advisable to exercise caution when sharing your BVN on any platform or with any entity. Your BVN is a sensitive piece of personal information, and protecting it is essential for your financial security.
2. How To Get BVN
To obtain a BVN, account holders are required to register at any bank or other approved registration centres in Nigeria.
The registration process involves the capture of biometric data, such as fingerprints and facial features, as well as personal information. Once the registration process is complete, the BVN is generated and issued to the account holder.
It is important to note that having a BVN is a mandatory requirement for operating a bank account in Nigeria.
3. Some Instant Loan Apps That Doesn’t Require BVN In Nigeria
1. Aella Loan App
Aella Loan App is a fintech app that provides quick and easy access to loans in Nigeria. The app is available on both Android and iOS devices.
To borrow money from Aella, you need to download the app and create an account. You will need to provide some basic information, such as your name, email address and phone number. Once your account is verified, you can check your eligibility and apply for a loan.
Aella offers loans ranging from ₦2,000 to ₦1,500,000 with a tenor of 61 days to 365 days. The interest rate ranges from 2% to 20% monthly, and the APR ranges from 22% to 264% annually.
If your loan application is approved, you will receive the funds in your bank account within minutes. You can repay your loan in installments through the app. Aella offers flexible repayment options, and you can make early repayments without any penalty.
Here are some of the benefits of borrowing money from Aella:
- Quick and easy application process
- No collateral required
- Flexible repayment options
- Rewards for on-time repayment
However, it is important to note that Aella’s interest rates are higher than those of traditional banks. It is also important to read and understand the terms and conditions of the loan before applying.
Overall, Aella Loan App is a convenient option for people who need quick access to cash. However, it is important to be aware of the high interest rates and to borrow only what you can afford to repay.
2. Okash Loan App
To borrow money through Okash, you’ll need to download the app and create an account. During the account setup, you’ll be required to provide some basic information, including your name, email address and phone number. After your account is successfully verified, you can check your eligibility and proceed to apply for a loan.
Okash offers loans ranging from ₦2,000 to ₦500,000, with repayment periods spanning from 7 days to 30 days. The interest rate varies between 1% to 2% daily, and the annual percentage rate (APR) fluctuates between 36.5% to 360% on an annual basis.
Once your loan application is approved, the funds will be quickly deposited into your bank account within minutes. Repaying the loan can be done in installments through the app, and Okash offers flexible repayment options, including the ability to make early repayments without any penalties.
Here are some of the advantages of borrowing money from Okash:
- Quick and straightforward application process.
- No need for collateral.
- Flexible repayment alternatives.
- Rewards for timely repayments.
However, it’s important to note that Okash’s interest rates are higher compared to those of traditional banks. It’s crucial to thoroughly read and comprehend the terms and conditions of the loan before proceeding with an application.
Here is a comparison of Okash Loan App and Aella Loan App:
| Feature | Okash | Aella |
|---|---|---|
| Loan amount | ₦2,000 to ₦500,000 | ₦2,000 to ₦1,500,000 |
| Tenor | 7 days to 30 days | 61 days to 365 days |
| Interest rate | 1% to 2% daily | 2% to 20% monthly |
| APR | 36.5% to 360% | 22% to 264% |
| Collateral | None | None |
| Repayment options | Flexible | Flexible |
| Early repayment | No penalty | No penalty |
Ultimately, the best loan app for you will depend on your specific financial needs and circumstances. If you require quick access to a smaller sum of money, Okash may be a suitable choice. If you need a larger loan or a longer repayment period, Aella might be a better fit. It’s vital to be aware of the interest rates and borrow only what you can comfortably repay, regardless of the app you choose.
3. FairMoney Loan
To borrow money through FairMoney, you’ll need to download the app and create an account. During the account setup, you’ll be required to provide basic information, including your name, email address and phone number. After your account is successfully verified, you can check your eligibility and proceed to apply for a loan.
FairMoney offers loans ranging from ₦10,000 to ₦3,000,000, with repayment periods spanning from 61 days to 365 days. The interest rate varies between 2% to 20% monthly, and the annual percentage rate (APR) fluctuates between 22% to 264% on an annual basis.
Once your loan application is approved, the funds will be quickly deposited into your bank account within minutes. Repaying the loan can be done in installments through the app, and FairMoney offers flexible repayment options, including the ability to make early repayments without any penalties.
Here are some of the advantages of borrowing money from FairMoney:
- Quick and straightforward application process.
- No need for collateral.
- Flexible repayment alternatives.
- Rewards for timely repayments.
However, it’s important to note that FairMoney’s interest rates are higher compared to those of traditional banks. It’s crucial to thoroughly read and comprehend the terms and conditions of the loan before proceeding with an application.
Here is a comparison of FairMoney Loan and other popular loan apps in Nigeria:
| Feature | FairMoney | Okash | Aella |
|---|---|---|---|
| Loan amount | ₦10,000 to ₦3,000,000 | ₦2,000 to ₦500,000 | ₦2,000 to ₦1,500,000 |
| Tenor | 61 days to 365 days | 7 days to 30 days | 61 days to 365 days |
| Interest rate | 2% to 20% monthly | 1% to 2% daily | 2% to 20% monthly |
| APR | 22% to 264% annually | 36.5% to 360% annually | 22% to 264% annually |
| Collateral | None | None | None |
| Repayment options | Flexible | Flexible | Flexible |
| Early repayment | No penalty | No penalty | No penalty |
As you can see, FairMoney Loan is competitive with other popular loan apps in terms of loan amount, tenor, interest rate, and repayment options. However, it’s always important to compare different loan apps before applying to get the best deal possible. Keep in mind that interest rates are higher than those offered by traditional banks, so it’s wise to borrow responsibly and only what you can afford to repay.
4. Carbon Loan App
Carbon Loan offers loans ranging from ₦10,000 to ₦1,000,000, with a repayment tenor that spans from 61 days to 365 days. The interest rate fluctuates between 2% to 20% monthly, resulting in an annual percentage rate (APR) ranging from 22% to 264% annually.
When your loan application is approved, the funds will be swiftly deposited into your Carbon wallet within minutes. From there, you can either transfer the funds to your bank account or utilize them to make direct payments through the Carbon app.
Repaying your Carbon Loan can be done in installments through the app, and Carbon offers flexible repayment options, including the ability to make early repayments without incurring any penalties.
Here are some of the benefits of borrowing money from Carbon Loan:
- Quick and straightforward application process.
- No need for collateral.
- Flexible repayment alternatives.
- Incentives for on-time repayments.
However, it’s important to note that Carbon Loan’s interest rates are higher than those of traditional banks. It’s crucial to thoroughly read and understand the terms and conditions of the loan before proceeding with an application.
Here is a comparison of Carbon Loan and other popular loan apps in Nigeria:
| Feature | Carbon Loan | Okash | Aella | FairMoney |
|---|---|---|---|---|
| Loan amount | ₦10,000 to ₦1,000,000 | ₦2,000 to ₦500,000 | ₦2,000 to ₦1,500,000 | ₦10,000 to ₦3,000,000 |
| Tenor | 61 days to 365 days | 7 days to 30 days | 61 days to 365 days | 61 days to 365 days |
| Interest rate | 2% to 20% monthly | 1% to 2% daily | 2% to 20% monthly | 2% to 20% monthly |
| APR | 22% to 264% annually | 36.5% to 360% annually | 22% to 264% annually | 22% to 264% annually |
| Collateral | None | None | None | None |
| Repayment options | Flexible | Flexible | Flexible | Flexible |
| Early repayment | No penalty | No penalty | No penalty | No penalty |
Carbon Loan aligns closely with other popular loan apps in Nigeria regarding loan amount, tenor, interest rate, and repayment options. Nevertheless, it’s important to consider that interest rates can fluctuate based on individual circumstances. Therefore, it’s always advisable to compare different loan apps before applying to secure the most favorable terms for your financial needs. Additionally, remember to borrow responsibly and within your means, given the relatively higher interest rates.
5. PalmPay Loan App
PalmPay Loan offers loans ranging from ₦10,000 to ₦300,000, with a repayment tenor that spans from 91 days to 365 days. The interest rate fluctuates between 2% to 20% monthly, resulting in an annual percentage rate (APR) ranging from 22% to 264% annually.
Once your loan application is approved, the funds will be swiftly deposited into your PalmPay wallet within minutes. From there, you can either transfer the funds to your bank account or use them to make direct payments through the PalmPay app.
Repaying your PalmPay Loan can be done in installments through the app, and PalmPay offers flexible repayment options, including the ability to make early repayments without any penalties.
Here are some of the benefits of borrowing money from PalmPay Loan:
- Quick and straightforward application process.
- No need for collateral.
- Flexible repayment alternatives.
- Incentives for on-time repayments.
However, it’s important to note that PalmPay Loan’s interest rates are higher compared to those of traditional banks. It’s crucial to thoroughly read and understand the terms and conditions of the loan before proceeding with an application.
Here is a comparison of PalmPay Loan and other popular loan apps in Nigeria:
| Feature | PalmPay Loan | Okash | Aella | FairMoney | Carbon Loan |
|---|---|---|---|---|---|
| Loan amount | ₦10,000 to ₦300,000 | ₦2,000 to ₦500,000 | ₦2,000 to ₦1,500,000 | ₦10,000 to ₦3,000,000 | ₦10,000 to ₦1,000,000 |
| Tenor | 91 days to 365 days | 7 days to 30 days | 61 days to 365 days | 61 days to 365 days | 61 days to 365 days |
| Interest rate | 2% to 20% monthly | 1% to 2% daily | 2% to 20% monthly | 2% to 20% monthly | 2% to 20% monthly |
| APR | 22% to 264% annually | 36.5% to 360% annually | 22% to 264% annually | 22% to 264% annually | 22% to 264% annually |
| Collateral | None | None | None | None | None |
| Repayment options | Flexible | Flexible | Flexible | Flexible | Flexible |
| Early repayment | No penalty | No penalty | No penalty | No penalty | No penalty |
PalmPay Loan aligns closely with other popular loan apps in Nigeria regarding loan amount, tenor, interest rate, and repayment options. As you correctly pointed out, interest rates can fluctuate based on individual circumstances, so it’s a wise practice to compare different loan apps before applying to secure the most favorable terms for your financial needs. Additionally, remember to borrow responsibly and within your means, given the relatively higher interest rates.
4. Conclusion
There are several other Loan App that can grant you an instant loan without requesting for your BVN. Your BVN is your personal financial identity and and you should be mindful of the platform you reveal it to. You must also ensure that you only obtain loans that you can service within the given time.
Additionally, these loan apps offer a range of financial services that can help you manage your finances effectively. So, if you’re looking for a reliable loan app that can help you meet your financial needs, consider downloading one of these loan apps today.
Also Read: Palmcredit | login & sign up/Boost Your Finances with Quick Cash Loans