In Nigeria, access to financial services has been revolutionized by the introduction of various loan apps that offer quick and convenient loans to individuals and businesses. However, many people face challenges when applying for loans due to the requirement of a Bank Verification Number (BVN). Fortunately, there are several CBN-approved loan apps that provide financial assistance without requiring a BVN. This article presents the top 10 CBN-approved loan apps that don’t require BVN in 2024, enabling users to access funds with ease.

1. Branch

Branch is a well-known loan app that offers quick loans to Nigerians without requiring a BVN. The app uses alternative data to assess creditworthiness, allowing users to borrow money easily.

Key Features:

• Loan Amount: ₦1,000 to ₦500,000.
• Loan Tenure: 4 to 52 weeks.
• Interest Rate: Competitive rates starting from 1.7% monthly.
• Repayment: Flexible repayment options.

2. Carbon

Carbon, formerly known as Paylater, is another popular lending platform that provides loans without the need for a BVN. This app offers a user-friendly interface and a quick loan application process.

Key Features:

• Loan Amount: Up to ₦1,000,000.
• Loan Tenure: 1 to 12 months.
• Interest Rate: Starting at 5% per month.
• Repayment: Multiple repayment options available.

3. KiaKia

KiaKia is a fast-growing loan app that focuses on providing quick loans to individuals without requiring a BVN. The app evaluates users based on their financial behavior rather than traditional metrics.

Key Features:

• Loan Amount: ₦1,500 to ₦500,000.
• Loan Tenure: 7 to 30 days.
• Interest Rate: Varies based on loan duration and amount.
• Repayment: Easy repayment options.

4. FairMoney

FairMoney is a digital lending platform that offers loans to Nigerians without asking for a BVN. This app uses advanced algorithms to evaluate users’ creditworthiness based on their mobile data and transaction history.

Key Features:

• Loan Amount: ₦1,500 to ₦500,000.
• Loan Tenure: 4 to 30 days.
• Interest Rate: Starts from 2% per month.
• Repayment: Simple repayment methods.

5. Lendigo

Lendigo is a loan app that specializes in providing quick loans to small businesses and individuals without the need for a BVN. The app is designed to offer personalized loan solutions based on user needs.

Key Features:

• Loan Amount: ₦10,000 to ₦2,000,000.
• Loan Tenure: 30 to 90 days.
• Interest Rate: Competitive rates based on risk assessment.
• Repayment: Flexible repayment options.

6. Aella Credit

Aella Credit is an innovative loan app that provides financial assistance to users without requiring a BVN. The app focuses on delivering a seamless borrowing experience while ensuring users’ privacy.

Key Features:

• Loan Amount: Up to ₦1,000,000.
• Loan Tenure: 30 to 90 days.
• Interest Rate: Starts at 4% per month.
• Repayment: Convenient repayment schedules.

7. QuickCheck

QuickCheck is a lending platform that offers personal loans without the need for a BVN. The app uses alternative data to evaluate creditworthiness, making it accessible to a wider audience.

Key Features:

• Loan Amount: ₦1,500 to ₦1,000,000.
• Loan Tenure: 7 to 30 days.
• Interest Rate: Competitive rates starting at 5%.
• Repayment: Easy repayment options.

8. Palmpay

Palmpay is not only a payment platform but also offers loans to its users without requiring a BVN. The app is designed to provide quick financial solutions to individuals and businesses.

Key Features:

• Loan Amount: ₦1,000 to ₦500,000.
• Loan Tenure: Flexible terms.
• Interest Rate: Varies based on the loan amount and tenure.
• Repayment: User-friendly repayment methods.

9. Lendly

Lendly is a user-friendly loan app that provides quick access to loans without the need for a BVN. The platform is designed to cater to users’ financial needs promptly and effectively.

Key Features:

• Loan Amount: ₦1,500 to ₦500,000.
• Loan Tenure: 7 to 30 days.
• Interest Rate: Starting at 5%.
• Repayment: Simple and flexible repayment plans.

10. Zedvance

Zedvance is a well-known loan app in Nigeria that offers personal loans without the need for a BVN. The app allows users to access funds quickly, making it an excellent option for those in need of urgent cash.

Key Features:

• Loan Amount: ₦50,000 to ₦1,000,000.
• Loan Tenure: 1 to 12 months.
• Interest Rate: Competitive rates starting from 4% per month.
• Repayment: Flexible repayment options.

Conclusion

In 2024, these top 10 CBN-approved loan apps provide Nigerians with the opportunity to access quick loans without the hassle of a Bank Verification Number (BVN). By offering flexible loan terms, competitive interest rates, and easy application processes, these apps cater to the diverse financial needs of individuals and small businesses. When considering borrowing options, it’s essential to conduct thorough research and ensure that the chosen loan app aligns with your financial goals and needs. Always remember to borrow responsibly and be mindful of repayment terms to maintain a healthy financial standing.