Loan App That Doesn't Require Bvn Phone Number
Getting a loan can be a daunting task, especially if you don't have a bank verification number (BVN) or a phone number. However, with the advancement of technology, there are now loan apps that don't require a BVN or phone number. In this article, we will discuss the best loan app that does not require BVN phone number and how to use them.
What is a BVN?
Before we dive into the loan apps that do not require a BVN, let's first understand what a BVN is. A BVN is a unique number that identifies every customer of Nigerian banks. The Central Bank of Nigeria introduced BVN to reduce fraud in the banking system and make banking transactions safer and more secure. To obtain a BVN, you need to provide your biometric information, such as fingerprints, photograph, and signature.
Having a BVN is essential for opening a bank account, transacting, and obtaining a loan from a bank. However, some loan apps now allow you to borrow money without a BVN.
Loan Apps That Don't Require BVN Phone Number
Here are some of the best loan apps that don't require a BVN or phone number:
1. Branch
Branch is a loan app that allows you to borrow money without a BVN or phone number. The app uses your Facebook account to verify your identity and determine your creditworthiness. To use the Branch app, you need to download it from the Google Play Store, create an account, and apply for a loan. The loan amount ranges from $50 to $1,000, and the repayment period is between four to 40 weeks.
2. FairMoney
FairMoney is another loan app that does not require a BVN or phone number. The app uses your debit card to verify your identity and creditworthiness. To use the FairMoney app, you need to download it from the Google Play Store, create an account, and apply for a loan. The loan amount ranges from $25 to $500, and the repayment period is between one to three months.
3. Carbon
Carbon (formerly Paylater) is a loan app that allows you to borrow money without a BVN or phone number. The app uses your debit card to verify your identity and determine your creditworthiness. To use the Carbon app, you need to download it from the Google Play Store, create an account, and apply for a loan. The loan amount ranges from $50 to $1,000, and the repayment period is between two to six months.
How to Use Loan Apps That Don't Require BVN Phone Number
Using loan apps that don't require a BVN or phone number is easy. Here are the steps:
Step 1: Download the App
The first step is to download the loan app from the Google Play Store. Search for the app using its name and click on the download button.
Step 2: Create an Account
After downloading the app, open it, and create an account. You will be required to provide some personal information, such as your name, email address, and bank details. The app will use this information to determine your creditworthiness.
Step 3: Apply for a Loan
The next step is to apply for a loan. Select the loan amount and the repayment period. The app will show you the interest rate and the total amount you will repay, including the interest.
Step 4: Get Approved and Receive Your Loan
If your loan application is approved, the money will be disbursed to your bank account within a few minutes. You can use the money for whatever you want, but make sure you repay the loan on time to avoid penalties and damage to your credit score.
Conclusion
Getting a loan without a BVN or phone number is now possible with loan apps like Branch, FairMoney, and Carbon. These loan apps use alternative means to verify your identity and determine your creditworthiness. However, make sure you borrow only what you can repay and repay on time to avoid penalties and damage to your credit score.