How to get Loan without BVN in Nigeria

There are a lot of loan apps on the internet today, which help people whenever they are in need of urgent assistance. It is not a new thing to hear that even the best loan apps in Nigeria need a BVN, before processing any loan. For the purpose of this article, we would be looking into How to get a loan without BVN in Nigeria.

Is there really a way to get a loan in Nigeria, without the submission of one’s Bank Verification Number (BVN) ?. This article would give a straightforward and definitive answer regarding this query. You would get to understand whether or not your BVN is safe with loan apps if they can block your account, and which lending organization can offer you a loan without requesting for BVN.

How to get a loan without BVN in Nigeria

Apparently, there isn’t any reputable loan organization in Nigeria, where one can borrow money, without dropping their Bank Verification Number (BVN). Loan lenders set out rules like this just to reduce the likely hood of fraud. In Nigeria when it comes to financial lending to individuals, one of the prominent means of identification is the Bank Verification Number (BVN). This is needed to access previous borrowing activities such as credit score and creditworthiness, so you can now see, it is absolutely never possible to get a loan with BVN.

The only way one can get a loan without BVN is either by seeking loan assistance from a family member, a friend, or at one’s workplace, Also, provided one has a salary account at any reputable bank in Nigeria, a loan can be easily obtained; without the need of BVN, in as far, one can pledge likelihood of subsequent quarterly pay.

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Why is it so difficult to get a loan in Nigeria Without BVN

There are a number of obstacles that make getting a loan in Nigeria without a Bank Verification Number (BVN) difficult. Financial institutions and lending apps use the BVN system because it is an effective and secure method for verifying consumers’ identities and other personal information. These institutions are requiring a BVN in an effort to cut down on identity theft and fraud.

According to the Money Laundering (Prohibition) Act 2011, a BVN is required in order for loan applications to be processed in Nigeria. With the use of this law, illicit actions like money laundering and the detection of potential terrorist threats can be monitored and banks would be held responsible for the accounts they create. It is illegal for lending applications to give out loans without first validating the borrower’s identification with a BVN, as required by the law.

Personal loan eligibility is determined in part by the BVN, making it a crucial piece of information for lenders. Depending on the needs of the lending institution, it verifies the applicant’s status as a citizen of Nigeria, a permanent resident of Nigeria, or the holder of a long-term visa for Nigeria. The minimum age for applicants is also set at 18. The BVN allows loan applications to verify that borrowers meet these requirements.

Applicants for loans in Nigeria often additionally need to provide proof of permanent residence. Lenders can assure compliance with all rules and regulations by making the loan in accordance with the borrower’s state of residency.

The BVN is also important because it helps loan apps confirm the borrower’s identity and stops imitation. Loan apps that deserve trust in Nigeria put the safety of their users first and work hard to stop fraud. The borrower may face future financial and legal issues if someone requests funds in their name without providing a BVN. For instance, if a loan is taken out in someone else’s name without their permission, the borrower may end up paying default interest and having their name added to delinquent files without ever knowing it.

Can Loan App Block My BVN?

Your BVN (Bank Verification Number) cannot be blocked by loan apps in Nigeria; only the CBN has the right to do so. If you don’t pay back a loan, the National Credit Bureau will receive your information and classify you as a high-risk borrower. You may find it challenging to get future loans from any Nigerian loan site if you have a bad rating.

Understanding how having a bad credit history can affect your capacity to acquire credit during financial hardships is crucial. Therefore, it is essential to prioritize loan repayment. If you are unable to do so, get in touch with the loan provider to talk about your alternatives for debt reduction or repayment.

Read Also: Best Loan Apps in Nigeria with Low Interest Rates in 2023

To maintain a good credit history and be able to receive financial aid when necessary, it’s crucial to pay back your loans on time. Failing to do so could make it more difficult for you to get credit in the future.

How safe is my BVN with loan apps?

The safety of your BVN (Bank Verification Number) when submitted to loan apps depends on the security measures implemented by the specific loan platform. It is essential to choose loan platforms that have authorization from the National Information Technology Development Agency (NITDA), as they are more likely to have proper security protocols in place to protect your personal information.

Your BVN is a crucial identifier that is connected to your financial records, and if it falls into the hands of a criminal loan organization or unauthorized third parties, there is a potential risk of unauthorized access to your sensitive personal and financial data.

To ensure the safety of your BVN, it is advisable to research and use loan apps that are reputable, have positive user reviews, and prioritize data security. Additionally, you should review the privacy policy and terms of service of the loan app to understand how your personal information, including your BVN, will be handled and protected.

By being cautious and selecting trustworthy loan platforms, you can minimize the risk of your BVN being compromised and maintain the security of your personal information.


Can I get a loan without my BVN number?

Borrowing money in Nigeria is extremely difficult without a BVN. Borrowers who apply to non-BVN-required loan providers may be asked to provide collateral or guarantees in place of a BVN. A borrower’s credit history, income, and ability to repay the loan are all taken into account even though the loan is unsecured.

Does FairMoney require BVN?

Yes, FairMoney requires a BVN (Bank Verification Number) for loan applications. To apply for a loan through FairMoney, you will need an Android phone and a BVN. Simply download the FairMoney app from the Google Play Store, sign up using the phone number associated with your BVN, answer a few questions, and complete the identity verification process. Once completed, you will receive a loan offer from FairMoney.

Does PalmCredit require BVN?

Yes, PalmCredit requires you to have a BVN (Bank Verification Number) to apply for a loan. In addition to a smartphone, PalmCredit specifically requires you to have a phone number that is linked to your BVN. This means that you need access to the same phone line that is registered with your BVN in order to be eligible for a loan from PalmCredit.

Can I get another BVN from another bank?

No, you cannot obtain another BVN (Bank Verification Number) from another bank. The BVN is a unique identifier assigned to an individual by the bank where they initially enrolled for their BVN. The BVN is linked to your personal information and biometric data, and it remains the same regardless of how many different banks you have accounts with. You can only retrieve or update your BVN information at any branch of the bank where you initially enrolled for the BVN.

Can BVN be deactivated?

Once you have enrolled for a BVN (Bank Verification Number), it cannot be deactivated. The BVN system was implemented by the Central Bank of Nigeria as a biometric identification system to enhance security and reduce fraudulent activities in the banking sector. The purpose of the BVN is to uniquely identify individuals and link their biometric data to their bank accounts. Therefore, the BVN remains active and cannot be deactivated once it has been assigned to an individual.


Without a BVN (Bank Verification Number), it can be difficult to get a loan in Nigeria. The majority of lenders mandate a BVN as an essential requirement for loan applications. However, there may be other choices, such as offering collateral or guarantees. Finding possible loan opportunities without a BVN requires investigation and exploration of each lender’s requirements.

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