Top 13 Best Loan Apps in Nigeria Without BVN | 2024 List

As Nigeria continues to digitize its financial services sector, the availability of mobile loan services is rapidly expanding. One of the crucial concerns for many Nigerians looking for instant loans online is whether or not these platforms require Bank Verification Numbers (BVN). 

The convenience and privacy that come with loan apps that do not require BVN have made them popular. In 2024, we expect more platforms to align their services with this emerging trend. 

This article explores some of the best loan apps in Nigeria without BVN, making your quest for easy and instant loans a breeze.

Stay tuned to explore the future of personal financing right at your fingertips! As a Fintech company, TransferXO is bringing to your doorstep a list of the top loan apps in Nigeria without BVN in 2024.

Here is a comprehensive list of user-friendly platforms where you can access financial aid at your fingertips, with no BVN required.

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What is BVN and Why is it Significant?

The Central Bank of Nigeria’s (CBN) biometric identification system generates a unique 11-digit number known as a BVN (Bank Verification Number).

You must have a BVN if you have a Nigerian bank account. In Nigeria, you can’t even create a new bank account without your BVN. In Nigeria, you can have many bank accounts but only one BVN number, which is linked to all of them. 

If Nigeria is to continue to minimize fraudulent banking activities, BVN is critical. Because of the sensitive nature of BVN and the necessity to keep it safe, many people write down their BVN information.

Many folks have also forgotten where they put down their BVN number and may need to utilize it right away. They require a simple method to verify their BVN information without having to visit the bank.

If you are interested in reliable loan apps with low-interest rates, go ahead and read about the 22 Most Reliable Loan Apps in Nigeria in 2024

Overview of BVN Requirement in Loan Apps

Loan apps in Nigeria have become increasingly popular, not only due to their speed and convenience but also their innovative verification processes which eliminate the need for physical documentation. Most loan apps now require users to provide their BVN for verification before accessing loan facilities. 

The BVN, introduced by the Central Bank of Nigeria in collaboration with all Nigerian banks in 2014, is a unique identification number assigned to each bank customer to serve as a universal identifier in all banks across Nigeria.

The adoption of the BVN by loan apps has revolutionized the loan application process, reducing the traditional barriers to loan access while enhancing financial inclusion and integrity.

Below are four reasons behind the BVN requirement in these loan apps:

1. Identity Verification

The BVN provides all the essential data needed for loan apps to confirm the identity of loan applicants. With identity theft being a major concern in the digital era, the BVN serves as an effective safeguard ensuring the right individual is tied to the account.

2. Credit Risk Assessment

Loan apps can utilize the BVN to evaluate the credit risk associated with a potential borrower. By examining the borrower’s financial history and behaviors, lenders can better ascertain their capacity and willingness to repay.

3. Fraud Prevention

BVN helps significantly to mitigate fraud risk in loan transactions. Through BVN, lenders can prevent fraudulent individuals who might have defaulted on loan repayments in the past from obtaining new loans under different identities.

4. Ease and Speed of Loan Processing

The use of BVN simplifies the loan application process, making it faster and more convenient for users. BVN makes it easy to confirm the borrower’s bank account information and quickens the loan approval process, thus, ensuring efficient and seamless transactions.

Therefore, the ubiquity of loan apps is increasingly empowering Nigerians to fulfill their financial needs promptly and effortlessly. To get new FCCPC-approved loans read; Top 10 New Loan Apps in Nigeria | 2024 FCCPC Approved

Challenges Faced by Users Without BVN

In Nigeria’s banking landscape, individuals without a Bank Verification Number (BVN) often face considerable obstacles, especially when seeking to access loans. The BVN, introduced to curtail illegal banking transactions, is now an integral requirement for various banking activities. 

However, its necessity often poses challenges for unregistered users, hindering their loan access and banking facilities. The main obstacle is that banks require a BVN to verify a user’s identity, and without it, they may not grant loans. Furthermore, the lack of a BVN prevents users from utilizing certain online banking services. 

Therefore, individuals without a BVN are caught in a difficult paradox where they can’t receive a loan because they lack a BVN, and they can’t get a BVN because of unavailability or accessibility issues with the existing system.

You Should Also Check Out: Top 17 SME Loans Without Collateral in Nigeria

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Top 13 Best Loan Apps in Nigeria Without BVN

Loan apps can be an excellent source of quick cash when emergencies come up, or if you just need some extra money to tide you over until the end of the month. But it’s also true that many loan apps in Nigeria require a BVN for verification purposes. However, there are still some platforms that provide loans without requesting your BVN. 

Here are some of the best loan apps in Nigeria that you can use without BVN in 2024:

1. Aella Credit

Aella Credit is a convenient loan app in Nigeria designed for users seeking financial help without BVN requirements. It provides users with access to loans ranging from 1,500 to NGN 700,000 with a monthly interest rate ranging between 4% and 29%. 

The repayment period for loans varies from one month to six months. Notable features of the Aella Credit App include its simplified application process, quick loan disbursement, and flexible repayment plan. 

The app is integrated with all bank networks in Nigeria and utilizes an innovative credit scoring algorithm to determine the creditworthiness of the applicants.

2. FairMoney Loan App

FairMoney is another excellent loan app that offers Nigerians quick and hassle-free loans without a BVN. The app provides short-term loans between NGN2,500 and NGN150,000, with a loan duration that ranges between 2 weeks to 6 months. 

Interest rates vary from 5% to 28% per month depending on the loan amount and term. Key features of FairMoney include immediate loan disbursement upon approval, a user-friendly interface, and an automatic repayment structure. 

Users can also purchase airtime and pay bills directly through the app, enhancing its functionality beyond merely providing loans.

While there are legit loan apps existing in Nigeria, you should also be acquainted with fake loan apps existing in Nigeria. Read this article to get full knowledge; List of Fake Loan Apps in Nigeria

3. Carbon Loan App

The Carbon Loan App is an advanced, digital financial platform in Nigeria that caters to a wide range of financial needs including bill payments, investments, and personal loans without requiring a Bank Verification Number (BVN). With its user-friendly interface and convenient operation, Carbon has carved a niche in the loan sector. 

This application offers a competitive interest rate between 5%-15%, making it an attractive choice for many. Their loan terms range from 15 days to 6 months, offering a loan limit of N50,000 for first-time users, with the possibility of higher loans for recurring customers. 

With minimal paperwork and an online approval process that typically lasts less than five minutes, the Carbon Loan App truly redefines quick, easy, and flexible lending in Nigeria.

4. OKash

OKash is an innovative loan app operating in Nigeria, providing micro loans for short-term purposes, without the need for a BVN. With OKash, obtaining a loan has been simplified to a click of a button. The application allows users to borrow up to N50,000, with interest rates of approximately 1% per day. 

Although these rates are on the high side, the speed and ease of getting a loan, often within minutes, somewhat offset this disadvantage. Their loan term varies from 91 days to 365 days, making it very flexible for borrowers. 

This application offers round-the-clock service and with a speedy disbursement procedure, OKash stands as a convenient option for Nigerians seeking instant financial solutions.

5. Jumia Pay

Jumia Pay is an innovative online financial solution service offered by the popular e-commerce platform, Jumia. This service includes various financial options like loan offers, available without a Bank Verification Number (BVN). Users can get a loan through a hassle-free, straightforward application process. 

One exceptional feature of Jumia Pay is its competitive interest rates, starting from as low as 3.5% per month. It offers flexible repayment terms ranging from 15 to 60 days. The loans are instantly disbursed and users have access to 24/7 customer service support for inquiries. 

Moreover, Jumia Pay ensures user privacy and security, keeping all transactions encrypted. Users should keep in mind that late repayments may attract extra fees.

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6. Quickteller

Quickteller is a robust, multi-platform payment solution designed to simplify financial transactions without needing a BVN. Beyond facilitating payments and funds transfers, Quickteller offers users access to quick and collateral-free loans. 

With competitive interest rates that vary depending on the loan duration and amount, it’s ideal for those needing funds for unexpected emergencies or small-scale business ventures. Its loan terms can span from a few days to a month, catering to both short-term and mid-term financial needs. 

It has an easy application process, with the funds disbursed directly into the users’ accounts after approval. As for security, Quickteller uses cutting-edge encryption to protect user data, making it a secure and trustworthy choice for online loans. However, defaulting in repayment can attract extra fees and affect the borrower’s credit rating negatively.

If you need profitable businesses to start with a loan read – 35 Profitable Businesses to Start with 300k in Nigeria

7. Eyowo Loan App

The Eyowo Loan App is a digital banking platform in Nigeria that provides quick access to loans without a bank verification number (BVN). Its advanced features enable users to receive, spend, and send money without using a bank account. 

Additionally, it is known for providing relatively lower interest rates which could range from 5%-15%. The loan amount can be selected based on individual requirements and it can go up to NGN 50,000. 

The loan tenure usually varies, depending upon the borrower’s capability to repay, but it typically falls within 30 to 90 days. It’s very easy to operate with no paperwork or hidden charges.

8. GoCash Loan App

The GoCash Loan App is an instant personal loan app in Nigeria that grants users easy and swift access to short-term financing without the requirement of a BVN. It is most suited for salaried employees and business owners who require quick loans. 

Their interest rate generally falls between 4%-12%, and loan duration varies from 14 to 91 days. One of the major highlights of this app is its simplistic user interface and the absence of complex terms and conditions. 

Additionally, it offers flexible repayment options with the opportunity to increase the credit limit over time. The process of availing a loan through this app is straightforward with no physical collateral requirement. It’s a user-friendly and trustworthy source of short-term credit.

9. CarrotPay App

CarrotPay is one of Nigeria’s top-notch loan applications without BVN. Its innovative digital lending system focuses on providing instant online loans to Nigerians without collateral or BVN. Users of this app appreciate the seamless and hassle-free lending experience. 

It uses an innovative proprietary risk algorithm that accurately computes a user’s credit score and offers a customized credit solution in just a few minutes. The interest rates are competitive and tailored to be affordable, although specific rates may vary based on the loan amount and tenure. 

Loan terms range from 91 days to 365 days which provide enough flexibility for repayment. Their top-notch security system ensures all transactions and user information remain private and secure.

If you need profitable businesses to start with a loan read: 35 Profitable Businesses to Start with 700k in Nigeria | 2024 Business Tips

10. PalmCredit Loan App

The PalmCredit Loan App is a popular and user-friendly loan application in Nigeria that offers credit facilities without requiring a BVN. They provide quick access to personal cash loans, which users can apply for 24/7. It has a simple application process, quick approval time, and instant disbursement of funds. 

The interest rates range from 14% to 24%, which is calculated every month, and can go as low as 4% depending on the loan amount and tenure. The loan term varies from 91 days to 180 days which makes it more manageable for the users. 

One unique feature of PalmCredit is that they do not charge origination fees or rollover charges. All transactional information and data remain confidential as their priority is users’ privacy.

11. FlexiCash

FlexiCash is a digital lending platform provided by Rosabon Financial Services, which offers fast, easy, and flexible microloans to both salaried and non-salaried individuals without requiring their Bank Verification Number (BVN). Its unique selling point lies in the hassle-free lending process that’s executed entirely online without the need for any collateral or guarantor. 

FlexiCash offers loan amounts that range from ₦50,000 to ₦2 million, depending on the borrower’s income level, with repayment tenures from 1 to 12 months. The app boasts a user-friendly interface with quick disbursement within 24 hours after approval. 

Its interest rates vary depending on the loan tenure but typically fall between 0.75% to 1% daily. To apply, you simply need to download the app, register an account, and follow the guided steps.

FlexiCash is one loan app that is acceptable on iPhones. If you’re looking for top loan apps that is acceptable aside from FlexiCash, check this article; Top 21 Loan Apps For iPhone in Nigeria

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12. Alat By WEMA

Alat by WEMA is the first fully digital banking service in Nigeria, aimed at facilitating smooth, online transactions, and offering financial solutions without the hassle of banking halls. Although it typically requires BVN for its regular banking services, it also features a no-BVN loan option for customers. 

Interest rates vary and are disclosed on loan applications, and loan terms typically range between 3 to 24 months. The loan application process is quite straightforward, all processed in-app, making Alat By WEMA a handy and accessible loan platform. The application involves filling in your details and desired loan amount. 

Loans from Alat by WEMA are not collateral-based, meaning customers do not have to provide an asset to secure their loans. After the loan approval, the funds are then sent to your bank account. The bank’s mobile application is designed with easy navigation, providing an enjoyable user experience.

13. FastCredit

FastCredit is one of Nigeria’s leading digital loan platforms renowned for providing quick and convenient loans without requiring a BVN. This platform aims to ensure customers can get access to the finance they need as quickly as possible, even in urgent situations. 

They offer loans up to 500,000 NGN, with loan terms that span between 30 and 180 days. The interest rate varies between 4% and 30%, depending on the repayment period and the loan amount. Users appreciate its straightforward application process, the prompt approval time, and the instant fund disbursal, often within 24 hours of approval. 

To start the application process, users must download the FastCredit app and fill in the required information. In addition to personal loans, FastCredit also provides business loans to support entrepreneurs and business growth in Nigeria.

Don’t miss out to read – 35 Profitable Businesses to Start With Little Money in Nigeria | 2024 Business Tips

Security Measures in BVN-Free Loan Apps

The need for robust security measures is of paramount importance, considering these apps often have access to users’ sensitive information. But how do these BVN-free loan apps manage to safeguard user data in the absence of BVN verification?

1. Know Your Customer (KYC)

This procedure is employed by loan apps to verify the identity of their clients and to evaluate potential risks of illegal intentions. KYC entails asking users to provide information like name, phone number, employment status, and source of income.

2. SSL Encryption

Most, if not all, loan apps employ Secure Socket Layer (SSL) encryption for all data transmitted through the platform. SSL encryption provides a secure environment for the information exchange between the user’s device and the server. It helps to prevent hackers from accessing your information.

3. Biometric Verification

Some apps use biometric authentication, such as fingerprint scans, to verify the user’s identity. This way, they can make sure that only authorized users have access to the loan app account.

4. Advanced Algorithms

Many apps use advanced machine learning and artificial intelligence algorithms to determine the authenticity of user information. This can include correlating the user’s submitted data with information available from third parties.

5. OTP Verification

OTP, or One-Time Password, is a unique code sent to users’ mobile numbers during each transaction or login attempt. This two-factor authentication adds an extra layer of security.

6. Data Protection Laws Compliance

Most financial services are subject to strict data protection regulations. Therefore, most loan apps adhere to the principles of data protection law, such as the European GDPR or similar laws in other regions. These ensure the confidential handling of users’ data and safeguard against data misuse.

Safety of Using These Platforms

Though the thought of BVN-free loan apps might make one apprehensive about security, these apps follow stringent security measures, as stated above, to assure the utmost protection of users’ sensitive information.

Even so, users should ensure that they download these loan apps from official stores, such as Google Play or Apple Store, to avoid fake apps. Also, check the app’s privacy policy to understand how it collects, uses, and stores user data. This will ensure you maintain the highest possible level of security and enjoy the convenience that BVN-free loan apps offer.

Also check out – 35 Profitable Businesses to Start With 20k in Nigeria | 2024 Business Tips

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Legal and Regulatory Considerations in Using BVN-Free Loan Apps

Using BVN-free loan apps in Nigeria may appear appealing due to their ease and accessibility. However, there are several legal and regulatory considerations to bear in mind.

As per the Central Bank of Nigeria, these apps must adhere to all banking laws and regulations, which involve adhering to the principles of transparency, confidentiality, and security of users’ financial information. Any violation can result in severe penalties.

Consumers have the right to confidentiality of their personal information and the responsibility to protect their banking details. Unfortunately, several loan apps fail to meet the minimum security standards, thus raising questions about data privacy.

These apps could potentially misuse users’ financial information, and individuals may end up being victims of cyber fraud.

Moreover, any digital loan issued should be in line with the CBN’s rules and policies on fair interest rates, debt recovery, and loan recovery, providing an equitable framework for lenders and borrowers.

As users, understanding the rights and obligations and reading the app’s terms and conditions are crucial before venturing into digital loans.

Also read – 21 Legit Online Investment Platforms in Nigeria That Pays Daily | 2024

Frequently Asked Questions

What is the use of a Loan App without BVN?

A Loan App without BVN is a lending platform that provides loans to borrowers without needing them to disclose their Bank Verification Number (BVN).

Are BVN-free loans safe?

Yes, loans without BVN can be safe if you choose reputable and trustworthy lending services. However, you should always proceed with caution when publishing your BVN on any site other than the one on which you intend to utilize it.

How can I qualify for a loan in these apps?

Qualifying for a loan through these apps typically requires you to be a Nigerian resident, aged 18 or older, have a stable income or a business, and have a valid ID.


Technological advancements have simplified the process of accessing loans in Nigeria, offering diverse options that do not require BVN. From personal loans, and microloans, to small business loans, these top 13 apps provide accessible and immediate solutions for financial needs. 

From Aella Credit to FairMoney, among others, these apps deliver loans right to the customer’s phone without needing any collateral.

As the digital lending industry in Nigeria continues to grow, so will the list of loan apps providing accessible and easy-to-use platforms. Remember, responsible borrowing is essential for maintaining financial health.

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