Best loan apps in Nigeria without BVN or collateral (no scam)

There are some best loan apps in Nigeria without BVN or collateral that can help you loan money and pay back later.

Most of us need fast cash to solve our daily problems like paying school fees, buying food, paying rent, repairing a car, or even starting a small business.

There are times when you may not have the time to go to the bank or go through a long process.

Others of us don’t even have a BVN (Bank Verification Number) or anything to act as collateral. This is why loan apps have become very popular.

They are apps that can be downloaded on your phone, and you can borrow money in minutes when you need it.

You don’t have to go out of your house or wait at the bank. But be careful since not all loan apps are safe. They can steal your information or mess up with your contacts.

In this post, we will show you the top loan app in Nigeria without bvn or collateral (no scam).

So, let’s get started.

What is a loan app?

A loan app is a mobile application that can help you borrow some money without stress, right on your phone. It doesn’t require you to go to the bank and wait in long queues and complete lots of paperwork.

The process of getting a loan is simple; you can download the app, open an account, request a loan, and the money goes right to your bank account or mobile wallet as long as your application was approved. All you need is a good internet connection and your smartphone.

Most loan apps operate 24/7, and you can apply at any time, day or night, as well as during weekends and even on holidays.

This is very convenient since you can always use quick cash at any time of the day and especially when it’s a personal emergency..

Why do people look for loan apps without BVN or collateral?

There are many reasons why people search for loan apps that don’t require BVN or collateral:

They don’t have a BVN yet
They want quick cash without a long process
They don’t have land, a car, or anything as collateral
They are scared of giving out their BVN for privacy reasons
They want apps that don’t ask too many questions

Luckily, in Nigeria, there are loan apps that can get you money without BVN or collateral. Which are the best ones? Let’s see.

Best loan apps in Nigeria without BVN or collateral (no scam)

1. Palmcredit

Palmcredit is one of the most trusted loan apps in Nigeria. It gives instant loans without asking for your BVN or collateral. After downloading the app, you have the convenience of applying for the loan and getting an introduction in a matter of minutes..

Amount of loan: 2,000 to 300,000
Interest rate: 4 to 24 percent
Loan term: 91 to 180 days
Collateral: Not required
BVN: Not always required for small loans

Why Palmcredit is safe:

Palmcredit operates under Newedge Finance Limited, which is a reputable financial services provider in Nigeria. The company is a fully licensed and controlled company under the Central Bank of Nigeria (CBN), implying that it can work under the formal rules that can secure your information and protect users.

2. FairMoney

FairMoney is another reliable application that provides fast and easy loans to clients. When it involves an increase in the loan amounts, it may require you to present your BVN, but still, it does not take a long time to get the smaller loans, as those smaller loans don’t need BVN or collateral securities.

Loan: 1500 to 500000 Naira
Interest rate: 2.5 to 30 percent
Term of loan: 60 to 180 days
Collateral: Not needed
BVN: Optional for small loans

Why FairMoney is safe:

FairMoney is an approved microfinance bank in Nigeria. It also has bill payments and airtime recharge.

3. Okash (by Opay)

Okash is one of the loan services in the Opay app. It’s quick and easy, and you don’t need to provide a lot of personal information to get loans. You can get small loans in no time without BVN or collateral.

Loan size: 3,000 to 500,000 Naira
Internet rate: 1 percent to 30 percent
Loan term: 91 to 365 days
Collateral: Not needed

BVN: OptionalOkash is a loan platform by Opay, one of the most popular and trusted mobile money services in Nigeria. It’s managed by Blue Ridge Microfinance Bank, licensed and regulated by the Central Bank of Nigeria (CBN) to protect users.

4. Aella Credit

Aella Credit is another great loan app that can give you fast loans without BVN in the initial stage. It’s easy to use, fast, and suitable for emergency financial situations.

Loan size: 2,000 to 1,000,000 naira
Interest rate: 4% to 29%
Loan term: 30 to 60 days
Collateral: None
BVN: May be required for large loans

Why Aella is safe:

Aella Credit is licensed and regulated by the financial services of Nigeria.

5. QuickCheck

One of the best loan apps that gives instant loans with little or no questions is QuickCheck. You don’t need to give collateral and can get funds in minutes.

Loan size: 1500-500,000 Naira
Interest rate: 2-30 percent
Loan term: 91 to 365 days
Collateral: No
BVN: May be optional

Why QuickCheck is safe:

The app is run by a licensed company and has good reviews on the Play Store.

6. EaseMoni

EaseMoni gives quick loans to Nigerians with no requirements except documents or collateral. You can use your phone to apply for the loan easily, and the money will be credited to your bank account once it’s approved.

Amount of loan: 3,000 Naira to 1,000,000 Naira
Available Interest: 5 – 25 percent
Loan term: 91 to 180 days
Collateral: Not required
BVN: Only for high loan amounts

Why EaseMoni is safe:

EaseMoni is run by Blue River micro-finance bank, which is licensed and regulated by the Central Bank of Nigeria (CBN). Being a division of an established financial corporation, it guarantees safe, reliable, and professional loan services to every user.

How to stay safe when using loan apps

Most loan apps are good, but there are also fake apps that can scam you. To stay safe, do the following:

1. Only download from the Google Play Store

Don’t install loan apps when you have been referred to them by WhatsApp or any other website.

2. Read the review before installation

Know what other users think. Don’t use apps that have very bad reviews.

3. Never share otp/ passwords

You should never share your OTP or log in with anybody.

4. Check for CBN approval

Apply apps that are licensed by the Central Bank of Nigeria (CBN) only.

5. Protect your contacts and data

Some apps access your contacts and call your friends when you fail to pay back. Choose apps that don’t violate your privacy.

Benefits of loan apps without BVN or collateral

No stress: No need to go to the bank or bring documents.
Fast cash: Get a loan in less than 10 minutes.
No collateral: No risk to your property.
No BVN: Helpful for those who don’t have a BVN yet.
Flexible loans: Choose the amount and time that suits you.

Important notes

Even though these apps don’t ask for collateral or BVN at first, you must:

Remember to make timely repayment of your loan to prevent black listing.
Accepting a loan should be done after reading its terms and conditions.
Do not take a loan that you may not be able to pay, so as to prevent issues.
Use the loan for useful things like business, school fees, or emergencies.

Conclusion

Loan apps indeed make life easier for many Nigerians, especially those in need of cash urgently, without going through the bank stress. You no longer have to worry if you don’t have BVN or collateral to take a loan. The above-listed apps will now allow you to get cash fast, securely, and worry-free, all through your mobile phone.

This is the list of the best loan apps in Nigeria without BVN or collateral (no scam) that are being used by thousands of users in this country. But never forget to borrow wisely, read contracts, and pay on time. When you do that, you will get more and better loan offers in the future.