Loan app that doesn’t require bvn? Explained

This is one of the most common question asked, loan app that doesn’t require bvn.

So, I checked the internet and was surprised to see some pages listing loan apps that don’t require a bank verification number.

That really confused me because I know for sure it is not possible to get a loan in Nigeria without a BVN.

So I had to run a test.

And what was the test?

Download these loan apps on my phone to see if they don’t require a bank verification number, and I came to a conclusion with the test I did.

But here’s the question I need to answer.

Is there a loan app that doesn’t require bvn in Nigeria?

The answer is no. All loan apps require a BVN before you can collect a loan from them.

Let me repeat this again;

All loan apps require a bank verification number, and not just loan apps, but also banks and other loan companies.

• FairMoney loan app: I downloaded and installed the FairMoney loan app to see if they do not require a BVN, but the truth is that FairMoney does require a BVN.
• OKash: This is next app I installed on my phone, and was surprised that during account creation it requested for a bank verification number (bvn).
• Carbon: This was the next loan app I tried was just to see if it requires a Bank Verification Number, and the truth is that the Carbon loan app does require a bvn.
• GoCash: Next is GoCash and the truth is that the loan app requires a bvn.
• Palmcredit: Before you can borrow money from palm credit,  your bank verification number is required.

I kept trying these loan apps on the App Store and Play Store to see if there were any that didn’t require a bank verification number, but I couldn’t find any because they all require a BVN.

There’s one I came across, and this particular loan app was asking for a phone number linked to BVN.

When I saw that the loan app was asking for a phone number linked to my BVN, I flipped back, and didn’t bother continuing with the account creation.

What I’m trying to tell you is that there’s no loan app, loan company, bank, or non-bank financial institution that will give you a loan in Nigeria without a BVN.

Bank verification number is indeed compulsory when it comes to taking a loan, and this includes loan apps.

So asking loan app that doesn’t require bvn? There’s no loan app that doesn’t require a BVN in Nigeria.

Skeptical? what you should do

I know that many people don’t like giving out their bank verification number, especially to loan apps or third-party apps, which is perfectly understandable.

However, you can trust registered loan apps.

You can visit the CBN website to check for registered loan apps, but the truth is that many loan apps we have in Nigeria are loan sharks.

These loan sharks make it much easier to collect loans from them compared to registered loan apps. For my part, I advise against giving out your bank verification number to these loan sharks for the sake of your financial security.

As long as you are dealing with a registered loan app, do not be afraid to give out your BVN because it is required unless you do not want to collect loans from them.

If you’re looking for an urgent loan 10,000 without bvn, I’m sorry that is not possible because bvn is required to collect an urgent loan.

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Bank verification number overview

The Bank Verification Number (BVN) is a biometric identification system introduced by the Central Bank of Nigeria (CBN) to enhance security and curb fraudulent banking activities.

Launched in 2014, the BVN is a unique 11-digit number linked to a customer’s biometric data, such as fingerprints and facial recognition, as well as personal information like name, date of birth, and contact details.

The primary objective of the BVN is to provide a unified identity for customers across all Nigerian banks.

Once registered, a customer’s BVN is applicable to all their bank accounts, ensuring consistency and reducing the risk of identity theft.

This means that even if a person has multiple accounts in different banks, they only need one BVN.

The BVN system strengthens the banking sector by enabling seamless Know Your Customer (KYC) compliance, preventing unauthorized access to accounts, and reducing incidences of fraud.

It also allows banks to track suspicious activities, enforce loan recoveries, and promote financial inclusion by making it easier to verify identities.

To register for a BVN, individuals visit a participating bank with a valid ID, provide biometric information, and receive their BVN after processing.

The registration process is free, and individuals can check their BVN by dialing 5650# on their mobile phones, usually at a small network fee.

A key advantage of the BVN is that it fosters transparency, improving trust between banks and customers.

However, challenges like data privacy concerns and limited access to registration centers in rural areas have been noted.

Nonetheless, the BVN has become a crucial component of Nigeria’s financial ecosystem, contributing to safer, more secure transactions and supporting the growing digital economy.

Best loan app without BVN? There’s no best loan app in Nigeria that doesn’t require a BVN.

When you talk about best loan app, these are registered loan apps in Nigeria by the CBN, and the truth is that they all require a bank verification number.