The economy currently is dealing with every Nigerian. Even the rich are struggling to survive as many businesses are closing down the search for loan apps without Bvn keep increasing.
Even though the difficulties may not be good reasons to take loan, we strongly agree it plays the biggest role in this situation. Nevertheless, this article will share some insights that will facilitate your decision in this regard.
You might want to see some of the reasons why people take loans.
Why do people take personal loans?
There are various types of loans you can apply for, but landing on this page means you only need a personal loan. Other categories of loans can be advanced by your bank.
-
Ceremony Loan
People do take loans for ceremonies such as weddings. I am sure you are already aware that even most burials are done with loans.
Personal loans always come with little interest, so taking them won’t be a problem, provided you have the capacity to pay back when due.
-
Small Business setup
Getting startup capital is the reason many business ideas still lay dormant in the hearts of people.
When there’s money, venturing into any business becomes easy, and as a matter of fact, there’s visually no business without money, irrespective of the model.
You can take personal loans to start a small business in your area and pay back as your business grows. That’s exactly how many businesses have stood to date.
-
Child adoption
I know you are probably surprised to hear that some people also need loans for adoption.
Though this isn’t applicable to everyone because some people already have children naturally, there may be no need in this case. Even though this may not be very common in Nigeria, i can still assure you it’s happening.
-
self Investment
People take loans to invest in themselves, such as by getting a quality education. Many Nigerians have this dream and vision of pursuing education, but unfortunately, there’s not enough funding.
While some of them back off, others go the extra mile to take loans, which many of them are able to sort out even before completing education.
The next time you start approaching your coursemates in wrong conditions, you should understand that not all of you came with personal funding. Some of them are in debt to pursue that same course.
People prefer loan apps to banks
Banks also give loans, but have you ever wondered why people prefer taking loans from online apps than going directly to their banks.? There are so many reasons to this.
-
The application process is tough:
If you’ve ever tried to take loans from the bank, you will understand how difficult the process can be, especially from top commercial banks.
The requirements alone can cause a change of plan. Because you wouldn’t want to go through such a tasking process. So the next option that will come to mind is online loans.
-
Banks ask for collateral:
The bank will never loan you money without collateral, and this is where it gets tougher because many of the people trying to take loans don’t even have any valuables that can be used as collateral.
This is one of the main reasons online lending apps won’t stop thriving, because many of them don’t need collateral to give loans.
-
Banks have hidden charges:
You may not have idea in this regard because it will never be stated in their outlines.
The banks have hidden charges you will forcefully pay when you take loans. In most cases you won’t even know you are paying these charges.
Loan apps without Bvn in Nigeria
If you are still searching for loan apps without BVN in Nigeria, it automatically means you are not updated with the current happenings between the central bank and other financial institutes.
Few years ago, when this online money lending started trending, it was pretty simple, and with just few steps, you would get funds credited to your account. But currently, you can no longer take loans without applying your BVN as a means of KYC…
Kyc is a must on any of this platforms, as implemented by CBN.
There are so many fake online platforms that claim to be giving loans without requesting a bank verification number, but at the end, they will steal your information and compromise your account without your notice.
That’s why you must avoid such apps by all means. If you really need to take loan legitimately, here are some platforms you should consider!.
-
Fairmoney
This is one of the biggest loan apps in Nigeria, with over 10M installs and a good rating from customers. This app is licensed by CBN. This means it’s safe when it comes to dropping personal details.
Fairmoney also has a mobile banking section for people who want to bank with them. But the loan area is what you will first observe when you launch the app. It’s easy to use, but it requires your BvN for validation.
Before you apply for a loan you can check for interest rates using their official calculator.
-
Okash App
This is also a CBN licensed loan app where you can get funded without collateral. OKash is owned by the Opay company, “one of the biggest online banking apps in Nigeria.
You can lend from 3,000 to 500,000 and pay back in 91 to 365 days, depending on your repayment plan. Just like other apps we shall be discussing in this article, you also need Bvn to access loans through Okash.
You won’t be granted loan in this app if you are below 20 years of age. Start thinking other alternatives.
-
Carbon loan
This app has two functions. They also offer mobile banking services. This means you can create an account on Carbon just like other microfinance banks. You can send and receive money as well.
With carbon loan, you can take as much as 1Million naira and as little as 5,000 depending on your capacity, and your loan threshold can range from 7 to 180 days. You can download the Carbon app for Android or iPhone devices.
-
PlamCredit Loan
This is a reliable money landing app in nigeria with the loan repayment duration of 91-365days.
There are so many misleading contents online claiming that palmcredit doesn’t require Bvn but that’s not true. PlamCredit is not an exemption. You also need Bvn to access their instant loan.
-
Branch loan
If you are looking for a place to get big or small loans and pay back over a long period of time, you should consider using branch. You can download the app on the Google Play Store to get started.
Branch also offers mobile banking services. You can create an account, send and receive money using branch.
How to identify fake loan apps
There are so many fake loan apps online with a negative motive entirely. You definitely need to avoid them if you don’t want to be a victim.
-
No credit score validation:
Every legitimate loan app is supposed to work with CRC. This organization helps in accessing users account information to know their actual transaction history and if it’s suitable for taking that loan.
You can’t be transacting 100K monthly, and you are applying for 1M loan to pay back in three months. Your transaction history doesn’t match, and as a result, your loan application is supposed to be rejected. That’s how a real loan app works. When you see anything contrary to that, it’s a red flag.
-
Advance payments
When a loan platform asks for an advance payment before processing, you should immediately know they are not genuine, and as such, you are advised to run.
If you do otherwise, this fake loan app can take advantage of your desperation by extracting money from your account using the submitted details during registration.
-
Not always on public
They don’t usually own an official website representing their brands. They are either from one social platform or another.
You can’t get them at any specific office address. They usually operate in ghost mode online, looking for whose information to steal for their crim*inal operation.
Before you take loan from any app for small businesses or whatever purpose, be sure to check their overall reviews, access their official website and social media handles for verification. You can even visit their office address for an inquiry.
In addition to the above, they don’t usually have their apps uploaded on playstore because of people’s reviews.
References:
In real life I own a skincare store and trust me, There’s a lot of experience over the years both personally and from customers reviews and that’s exactly what motivated me to starting this blog. To educate more people in this regard and create awareness about many underrated products which are very active.
