Palmcredit

App Spotlight Aella, Alat By Wema App, Branch, Carbon, Cowrywise, FairMoney, GTBank, JumiaPay Nigeria, Kwikmoney, OKash, Palmcredit

11 Apps wey fit borrow you money without BVN for Naija

January 19, 2024 Chimnecherem Friday

11 Apps wey fit borrow you money without BVN for Naija

Find beta way wey no get stress to borrow money for Naija with dis top loan apps like FairMoney, Cowrywise, Okash, JumiaPay Nigeria, Alat By Wema App, GTBank, Branch, Kwikmoney, PalmCredit, Carbon, Aella, wey no need BVN. Check their levels, compare their interest rates, then pick the one among the “apps wey fit borrow you money without BVN for Naija” wey go waka well with your financial matter. We dey carry your privacy for head!

To borrow money from apps wey dey ask for BVN fit dey somehow for Nigerians wey get trust wahala, because dem fit dey reason say their BVN info fit leak and the money for the different accounts wey dey linked to the BVN no go dey safe.

If na so e be for your side, no worry, we get your back. We go provide apps wey BVN no dey compulsory, so that you sef fit relax your mind when you dey borrow money. For those wey dey reason wetin BVN fit be, abeg, we still get your back.

Wetin be BVN?

BVN, wey be Bank Verification Number, na to grab pesin biometric data like fingerprints and face, join am with unique number wey dey identify the person. Na system wey Central Bank of Nigeria put in place to identify individuals for inside banking system and reduce thief-thief, scam, 419 and other bad tins.

Why BVN dey important for loan matter?

BVN dey make loan application waka easy, because e dey give financial institutions one kind standard ID wey dem fit use check person details sharp-sharp, to make sure say no be another person dey form another person. Oya follow us check apps wey fit borrow you money without BVN for Naija;

11 apps wey fit borrow you money without BVN

FairMoney

Out of all the apps wey fit borrow you money without BVN for Naija, FairMoney na the oga kpata kpata. Dem fit just arrange 300k for you now now now without your BVN. And their interest rate dey okay, no be like other apps. Forget, dem dey try, only say if you no pay back on time, dem fit use call spoil your phone for you.

11 Apps wey fit borrow you money without BVN for Naija

Cowrywise

I bin dey think say Cowrywise app na just for saving money, earning interest, and investing. But omo!, e no end there o! You fit also get loans from am. Yes, loans! E no sha simple as e sound. E get more tori wey dey inside. No need for BVN, of course. But na the kind of mutual funds wey you don invest your money and where you wan borrow from go determine how much loan you fit collect.

So, when you dey ask bank or any money place for loan, your mutual fund units na like your collateral. Dem dey act like security, dey talk say, ‘If I no fit pay back the loan, you fit take control of these mutual fund units to cover the amount.’ E be like backup plan, e come follow for apps wey fit borrow you money without BVN for Naija.

Okash

You see ehn, Okash loan app, wey be Opay digital banking app brother, na one app wey fit borrow you money without BVN for Naija dey give loan for Naija. Just the other day, I fill form sharp sharp, and before small time like this, the money land for my account in less than one hour. You sef fit borrow like 50k without this BVN thing, but I no go sha lie you, their interest rate low.

JumiaPay Nigeria

Jumiapay dey spread well-well for business o, dem get one of the biggest shopping platforms for Africa, and na dem still get this app wey be one the apps wey fit borrow you money without BVN for Naija. JumiaPay services dey cover buying of airtime, paying for TV subscriptions, and other other bills. Among all dis things, dem dey still offer sharp-sharp loans wey fit reach 100k and BVN no go lap.

Alat By Wema App

This bank just be like Cowrywise, na Nigeria’s first ogbenge digital bank wey everybody dey yarn about. You fit save and invest inside and still fit collect loans. You see these guys ehn, dem fit quickly disburse loan of up to 2Metres give person without BVN, collateral, or paperwork. I no sabi as dem dey take run am o. True true, na loan app wey follow for apps wey fit borrow you money without BVN for Naija

GTBank

Some of una for this Naija wey be GTBank customers no sabi wetin God do for una sha. GTbank, wey him bank app dey among apps wey fit borrow you money without BVN for Naija, na the only bank for this country wey nor too get kasala, except if other banks don dey corrupt am small small. But no wahala, no be wetin carry me come be that. GTBank na one of the few commercial banks for this country wey dey give people loan without BVN, dem dey try well-well.

Branch

For inside Branch, you fit transfer money to earn, and invest to earn, but dem no go give you shishi say you borrow money, lol, no mind me. Branch na another Nigerian online banking platform wey person fit collect up to 200k with other personal information and bank statement without BVN, come still fit pay back in like 6 months. This na one app wey fit borrow you money without BVN for Naija wey be sure plug.

Kwikmoney

If dem talk say people no sabi dis app, e no mean say e no dey useful. Kwikmoney interest rate dey very competitive and the application process easy. You fit apply for loan of N1 million without BVN, Yes, na so e easy reach. Na Kwikmoney be one app among apps wey fit borrow you money without BVN for Naija wey get flexible repayment terms with no collateral needed, na dis app be baba abeg.

PalmCredit

As you hear PalmCredit so, you fit dey think say na division of PalmPay company, me sef bin dey reason am like dat. Even though dem get the same name for the beginning, dem be different companies. Inside PalmCredit, you fit borrow small money, but no money small reach wey no fit solve any problem, walai. Dem fit give you from 10k to 200k without needing BVN, and their interest rate no too high, reason am now.

Carbon

This Carbon app dey very popular o. No Nigerian fit count loan apps or even apps wey fit borrow you money without BVN for Naija without mentioning this one, maybe because dem dey treat people wella. Carbon app fit give loans wey range from 1.5k to 1 meters without your BVN. E be one-in-all app for money management.

Aella

For inside apps wey fit borrow you money without BVN for Naija, Aella na the last one I go talk about. This Aella dey do plenty things, you fit use am pay bills, invest, transfer money, and even get instant loans. For inside here, person fit collect loan wey reach 1 million naira without stress and BVN, with interest rate from 2-20%. You see as e low, bah.

Final Talk

Abeg, make you sabi say even if these apps wey fit borrow you money without BVN for Naija no need BVN, sometimes dem fit still bring am as option when you dey fill form to get loan. You fit see am for some apps, but you get option to waka pass am, and you go still collect the loan. If you sabi other apps wey fit give people loan without BVN, abeg write am for the comment section to help another person.

Frequently Asked Questions

Which app dey legit to borrow money for Naija?

Legit apps wey person fit borrow money from for this Naija plenty yakpa, and most of them dey here.

E get any loan app wey no need BVN?

Yes o, na wetin we just talk about finish now now now. All the apps wey I mention for up no need BVN. No be say dem no go fit ask you for the app make you put am o, but e no dey compulsory.

How I fit collect loan within 10 minutes?

Loan apps wey I sabi wey fit give loans sharp-sharp na Okash, EasiMoni, and FairMoney. So if your body dey hot and you no fit wait for long, just use any of the 3 apps wey I don mention, dem dey deliver in less than 10 minutes sef.

I fit borrow money from Opay?

Dial *955# with the phone number wey you use register your Opay account.
Select the option wey talk “loan”.
Follow the instructions wey dem go give you until your loan arrive.

Or

If your Opay app dey updated;

Waka go your dashboard, you go see loan option, click on am.
E go carry you go EasiMoni loan (dem and Opay dey affiliated)
Fill in wetin dem ask you.
The loan go land inside your Opay account.

How much be OKash first loan?

Na from 3k to 5k with interest rates wey dey between 0.1% to 1% daily.

App Spotlight ALAT, CreditWise, EaseMoni, Newcredit, OKash, Palmcredit, QuickCheck

Apps to borrow money instantly in Nigeria

December 30, 2023 Chimnecherem Friday

Apps to borrow money instantly in Nigeria

People borrow money for various reasons, be it for urgent business needs, academic pursuits, or other undisclosed purposes. Opting for online loans is advisable due to the absence of collateral requirements and the avoidance of physical confrontations during the repayment period.

If you’re unsure about the ideal lending apps, I’m here to assist. The following apps are exclusively accessible to Nigerian citizens, meticulously curated with insights from user reviews. This comprehensive review includes the pros and cons of each app, information on loan limits, and their respective interest rates.

Importantly, all these apps have a clean record, free from any past or present reports of scams, ensuring their trustworthiness. Now, lets dig in to the apps we have to review today.

7 Apps to borrow money instantly in Nigeria

Palmcredit

People might assume that this app and PalmPay are from the same company simply because they share the same prefix, but they aren’t. They actually belong to different companies. Palmcredit allows you to borrow from the range of NGN10,000 to NGN300,000 and repay within 91 to 365 days.

If you’re not at least 18, don’t consider borrowing from this app, as it only lends to individuals between 18 and 60 years old. The company is located at AIT Road, 17 Oguchi Okorie Street, off A. I. T. Rd, Lagos, Nigeria.

You can easily borrow by downloading the app, and there’s no need for collateral or paperwork. The Annual Percentage Rate (APR) varies from 24% to 56%. For example, a 6-month loan of NGN80,000 incurs a 4% monthly interest rate, resulting in a 48% APR. The repayment schedule involves paying NGN19,200 per month for 180 days, totaling NGN99,200.

Pros:

No collateral or paperwork required
Quick loan processing
No hidden fees, rollover charges, or transaction fees
With consistent use of the app and timely repayments, the credit score improves, leading to reduced interest rates and longer loan durations
Palmcredit provides instant access to funds during times of urgent need

Cons:

High interest rates
Palmcredit is specifically tailored for Nigerian residents
Age restriction
Limitation in borrowing smaller amounts after borrowing a larger sum, which may restrict flexibility
Payment reflection delays

ALAT

ALAT is a product of Wema Bank and stands as Nigeria’s pioneering fully digital bank, offering users a convenient option for obtaining collateral-free loans. Users can apply for loans ranging from NGN 50,000 to 3 million within one hour, subject to specific eligibility criteria. The application process is streamlined, and borrowers can repay the loan at a 2% interest rate per month over a flexible period of 3 to 24 months.

ALAT prioritizes transparency, ensuring there are no hidden charges. Users have access to customer support through email, phone, and an online support portal for any assistance they may require.
Pros:

Collateral-free loans
Fully digital banking app
User-friendly interface

Cons:

Possible SMS and data charges
Potential challenges for users less comfortable with technology
Limited physical presence
Some reported issues with the recent app update

QuickCheck

QuickCheck Loan App is a user-friendly platform that provides collateral-free loans to Nigerians without requiring guarantors. The app offers annual interest rates starting from 5% on the first loan, with subsequent monthly rates ranging from 2% to 30%. Borrowers can apply for loans ranging from ₦1,500 to ₦1,000,000, with flexible repayment terms spanning 91 days to 1 year. Usually, users undergo a credit scoring process to determine eligibility and then place an order for a loan.

Pros:

Low interest rates
Flexible repayment structure
Transparent loan terms
Emphasis on security and reliability, utilizing artificial intelligence for credit scoring and ensuring encrypted data for user privacy
Timely repayments can improve users’ credit scores, granting access to higher loan amounts, longer tenures, and lower interest rates.

Cons:

Exclusive availability for Android users
Credit scoring may pose a challenge for individuals with lower credit scores, limiting their eligibility for loans
Payment and verification delays
Difficulty changing the bank account within the app.

OKash

If you already have the Opay app installed on your phone, you should also consider its mechanized lending service, OKash. In the app, interest rates range from 0.1% to 1% daily, resulting in an Annual Percentage Rate (APR) between 36.5% and 360%. This is minimal compared to other loan apps.
The verification process may involve a phone call, and the final application result is communicated through the app and SMS. OKash offers users loans ranging from NGN 3,000 to NGN 500,000 with repayment periods of 91 to 365 days. To be eligible, you must be between the ages of 20 and 55. The physical branch is located in Lagos.

Pros:

Flexibility in repayment terms with extended periods.
Quick loan disbursement.
Paying back on time can positively impact the interest rate.
Low-interest rates.
OKash emphasizes the security and privacy of user data.

Cons:

Okash would call you on weekend days, like Sundays, and may even contact you between 10pm and 5am, when your loan is due or nearing its due date.
When you don’t pay up on time, they add over N1500 each day, which is too huge!
Inconsistencies in loan limits.
Loan amount limitations.
Restrictions on repayment modules.
Age limit for eligibility.

Newcredit

The Newcredit app services have been available for over 3 years and have gained a significant user base. This is largely attributed to its reputation for providing easy access to loans with amounts ranging from ₦10,000 to ₦300,000 and repayment periods of 91 to 365 days.
To be eligible, you must reside in Nigeria, fill out basic information, and submit the loan application. Additionally, applicants must be aged between 18 to 60, providing necessary documents and proofs. The platform ensures a secure loan process and features an APR ranging from 24% to 56% per annum.

Pros:

Fast and Easy Borrowing Process
Flexible Repayment Options
Simple Application Process
Fast Disbursement and High Loan Limit
No Mortgage Required

Cons:

Difficulty in Lowering Loan Amount
Short Loan Duration
Relatively High Interest Rates

EaseMoni

EaseMoni, much like Okash, is reportedly owned by Blue Ridge Microfinance Bank Limited. It is typically displayed on Opay’s online banking app, identifiable by its icon (ensure your Opay app is updated to view this feature). The microfinance banking license from the Central Bank ensures robust security for user data.
EaseMoni offers loan products ranging from NGN 4,000 to NGN 1,000,000, with a repayment period spanning 91 to 365 days. Interest rates fluctuate between 5% and 10% monthly, resulting in an Annual Percentage Rate (APR) ranging from 60% to 120%.

Pros:

Fast and Reliable Service
Credit Limit Increase
Revolving Loan Benefit
Extended Loan Tenure
Borrowers also receive timely repayment reminders, reducing the risk of forgetting to make payments.

Cons:

High Interest Rates
Delay in Loan Limit Increase
Limited Flexibility for Repayment
Repeated Loan Offers

CreditWise

The CreditWise loan app provides loans ranging from ₦10,000 to ₦300,000, with flexible repayment periods spanning 91 to 365 days and annual interest rates ranging from 12% to 20%. To be eligible, users must be Nigerian residents aged 18-60 and provide valid documentation and proofs. To access a CreditWise loan, install the app, register an account, submit a loan application, and receive the approved loan directly into your bank account.

Pros:

Ultra-Fast loan disbursement
Varied repayment periods
Simple application process
Instant loan approval
Flexible payment options

Cons:

Automatic generation of repayment plans
Inability to cancel loans
High interest rates

Conclusion:

These apps do not demand mortgage or collateral and offer a reasonable repayment period. Opting for online borrowing is safer than offline transactions, where one might face bullying and humiliation over owed money. Moreover, each of the mentioned apps prioritizes the security and privacy of your data, ensuring a trustworthy experience. Feel confident in using them without hesitation.
If you know of any apps similar to the ones mentioned above, please share them in the comment section. Your insights can be valuable to others seeking reliable borrowing options.