Loan with BVN Only in Nigeria: Have a verified BVN and want an urgent loan? This post contains some apps you can use.
If you’re in need of some extra cash to cover an unexpected expense or to fund a project, getting a loan can be a viable option. However, accessing loans in Nigeria can be a daunting task, as most lenders require a lot of documentation and collateral.
Thankfully, the introduction of the Bank Verification Number (BVN) has made it easier for Nigerians to access loans without the need for extensive paperwork or collateral.
In this article, we’ve compiled a list of the top 14 quick loans with BVN only in Nigeria. These loans have been carefully selected based on their interest rates, loan amounts, repayment durations, and eligibility requirements.
Whether you’re a student, salary earner, entrepreneur, or self-employed, there’s a loan on this list that can meet your financial needs. That simply means you’ll get to know how to use BVN to borrow money.
So, if you’re ready to explore your options for loans with BVN only in Nigeria, read on to find out more.
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What is BVN and Why is it Important in Getting Loans in Nigeria?
BVN stands for Bank Verification Number, and it is a unique 11-digit number that is assigned to every bank account holder in Nigeria. The BVN was introduced by the Central Bank of Nigeria (CBN) in 2014 to help prevent identity theft, fraud, and other financial crimes in the country’s banking sector.
The BVN serves as a means of identifying and verifying the identity of bank account holders in Nigeria. It is a biometric identification system that captures an individual’s fingerprints, photographs, and other personal details.
Once a BVN is assigned to an individual, it can be linked to all of their bank accounts, making it easier to track their financial activities across multiple banks.
The BVN has also become an important factor in getting loans in Nigeria. Many lenders in Nigeria require a BVN as part of their loan application process.
This is because the BVN serves as a form of identity verification, which helps lenders to assess an individual’s creditworthiness and determine their risk level.
By requiring a BVN, loan apps can also verify an individual’s income and other financial information. This helps them to make informed decisions about loan approvals and interest rates.
It also means that having a BVN can increase your chances of getting approved for a loan in Nigeria, especially if you have a good credit score and a regular source of income.
Top 14 Loans BVN Only in Nigeria in 2023
The first loan app with BVN only on our list is Carbon. It is a leading and one of the most popular online lending platforms in Nigeria.
The company let users choose to link either of debit (ATM) card or BVN. Therefore, in your case, you can link only your BVN and apply for a loan.
Carbon’s loan amount ranges from ₦1,500 to ₦500,000, with a repayment period of between 15 days to 6 months.
Related: How to Get a Loan of 50K in Nigeria
While creating an account on Renmoney, after adding your email, the next important information that will be requested is your BVN.
RenMoney is another leading online lender in Nigeria. The company offers loans with BVN only to individuals who have a verified BVN, a regular source of income, and a good credit score. RenMoney’s loan amount ranges from ₦5,000 to ₦6,000,000, with a repayment period of between 3 to 24 months.
Read Also: How to Access Renmoney Loan
KiaKia is a P2P lending platform where individuals can access a loan with BVN only in Nigeria. The company has a very flexible loan term and fair interest rate, making it one of the best in Nigeria.
KiaKia offers both personal and business loans, where the personal loan amount ranges from ₦10,000 to ₦200,000, with a repayment period of between 7 to 30 days.
Zedvance is another financial technology company in Nigeria that offers a wide range of loan services. Once you have a good credit score, you can access loans on Zedvance by linking your BVN only.
Zedvance’s loans come with low interest rates, and the amount ranges from ₦50,000 to ₦5,000,000. The platform also offers a flexible repayment term ranging from 1 to 12 months.
Check Out: List of New Loan Apps in Nigeria
QuickCheck is a mobile application that offers loans with BVN only in Nigeria. That means individuals who have a verified BVN, a regular source of income, and a good credit score can get a loan on this app.
All you just need to do is download the app from your app store, register an account, link your BVN, and apply for a loan. QuickCheck loan amount ranges from ₦1,500 and above.
Check Out: List of the Best Loan Apps in Nigeria
FairMoney is another popular loan app in Nigeria that offers loans with BVN only. FairMoney’s loans come with flexible terms and low interest rates. The loan amount ranges from ₦1,500 to ₦500,000.
If you can’t repay on the due date, Fairmoney also allows you to extend your loan, and repay later.
PalmCredit is a popular online loan app with only BVN in Nigeria. This app offers loans to individuals who have a verified BVN, a regular source of income, and a good credit score.
PalmCredit’s loan amount ranges from ₦2,000 to ₦100,000, with a relatively low interest rate.
8. Aella Credit
If you’re looking for loan apps that require BVN only in Nigeria, Aella Credit is one of the best. This app offers collateral-free loans ranging up to ₦5,000,000 to individuals and businesses within the country.
Aella Credit’s loans come with very competitive interest rates, and also a relatively long repayment period ranging from 1 to 3 months.
See Also: How to Get a Car Loan in Nigeria
With just a Bank Verification Number, you can access loans ranging from ₦1,000 to ₦500,000, with a repayment period of between 4 to 40 weeks on the Branch App.
Although the Branch app is well known as an online banking platform where you can send, receive, save, and invest money, it also offers some of the best loan services.
Branch loans come with a low interest rate of 15% to 34%. Additional requirements to get a loan on the Branch app are just an email address and a phone number.
Read Also: Loan Apps that Give Higher Amount in Nigeria
The 10th on our list of the best loan apps with BVN only in Nigeria is Specta. Specta is a lending platform launched by Sterling Bank to offer Nigerians loans without collateral, documentation, or a guarantor.
This app offers a high loan amount ranging up to ₦5,000,000, with a fair interest rate. Within just minutes of loan approval, Specta disbursed loans into borrowers’ bank accounts without any charges. Specta also offers a long repayment period ranging between 1 to 12 months.
Just like KiaKia, FINT is another P2P loan app in Nigeria that give loans with BVN only. In addition to requiring just BVN, Fint doesn’t request a guarantor, collateral or any paperwork whatsoever to get applicants’ loans approved.
FINT’s loans come with a repayment period of 7 to 30 days, and it offers a relatively small loan amount ranging from ₦10,000 to ₦200,000. It also offers loans with low interest.
Read Also: Top 10 Loan Apps without ATM Card in Nigeria
KwikCash is a mobile lending platform by 9Mobile that offers loans with BVN only to individuals who have a verified BVN and a 9Mobile line. KwikCash’s loan amount ranges from ₦1,500 and above, with a repayment period of between 14 to 30 days, and a fair interest rate.
13. Page Financials
Want a business loan with BVN only in Nigeria? Page Financials is one of the best options to go with.
With a verifiable source of income and a good credit score, you can access loans worth up to ₦5,000,000 on this platform. One cool thing is that the loans come with very low interest rates and a long repayment period ranging up to 12 months.
Last on the list of the best loan apps with BVN only in Nigeria is C24. It is an online lending platform in Nigeria that offers loans to individuals with a verified Bank Verification Number, a regular source of income, and a good credit score.
On C24 you can access loans worth millions of Naira, with flexible repayment terms and low interest rates.
How to Use BVN to Borrow Money 2023 – FAQs
Can I get a loan with my BVN?
Yes, you can get a loan with your BVN. Many lenders in Nigeria require a BVN as part of their loan application process.
What app can I use to borrow money with my BVN?
There are several apps you can use to borrow money with your BVN, including Carbon, FairMoney, Renmoney, and Branch, among others.
Related: Loan Apps that Give 100k+ in Nigeria
Does FairMoney ask for BVN?
Yes, FairMoney does ask for BVN as part of their loan application process.
Where can I borrow money with my BVN only?
You can borrow money with your BVN only from various lending platforms in Nigeria, including Carbon, FairMoney, Renmoney, Branch, KwikCash, and several others.
Getting a loan with only BVN in Nigeria is very easy, as most Nigerian loan apps require borrowers to link their Bank Verification Number (BVN) to approve their loan application.
With this app containing a list of loan apps with BVN only in Nigeria, we believe you now know where to get loans with your BVN.