On this page, you will find possible solution on the possibility in regards to getting quick loans without BVN requirements in Nigeria.
Hey! Are you interested in a loan that doesn’t require you providing your Bank Verification Number (BVN) but could not find any? Or maybe, you are only searching for places to get fast cash loans in Nigeria? I welcome you to Naira Side where we publish resourceful content in relation to daily searches in Nigeria.
We learn a lot of Nigerians are bordered and searching for how to get loans without BVN requirements which is why we came up with this content on this page. This I guess is due to the fact, most commercial bank or financial institute always ask for BVN before issuing loans out. Well, I guess there is nothing wrong providing your BVN if you know you are going to pay back and you are aware the financial institution is trusted and your information are secure with them. There are quite a good number of reasons why most financial institution ask for BVN details before giving out loans. You can find some of them below;
Reasons Why Most Financial Institutions Ask for BVN before Loan
You will find top reasons why most financial or banking institute ask for BVN details of their clients before granting their loan requests below;
- Most loans are being transferred by account and not cash. The BVN requested is to verify that YES! You are the verified owner of the bank account who is requesting for loan.
- Current loans offered by financial institution have nothing to do with collateral. This means that, you won’t have to drop any of your property/valuable before they give you part of their money. They need your BVN to be able to contact your bank in case there are issues with your loan payment.
- Not all people are eligible for some loan amount. BVN is required by most approved financial institute so they can analyze and verify you are the type that can repay back the amount you are applying for in your request form.
- Financial institute also make use of BVN to verify if you have been blacklisted for loans in Nigeria. One can be blacklisted for future loan request in Nigeria by CBN if he/she request loan and refuse to pay back.
From the above listing, you will see that financial institute asking for your bank verification number (BVN) has nothing bad in mind. They are only asking to make sure you both have good experience and/or transaction. There is no harm providing your BVN to them. However, if you still need a loan that doesn’t require you to provide your BVN you can proceed.
How to Get Loans without BVN Requirements in Nigeria
Since no financial institution can allow you access to loan without BVN, you can consider other top options. You will find the top 2 ways on how to get fast loans without BVN requirements below;
Try Operating Bank Loan
The bank you are operating with will never ask you to provide your BVN number before they issue you a loan. However, there are a lot of limitations most especially if you are not operating a corporate account. One of the limitations is that, the amount you will be able to borrow as a loan is wholly dependent on the amount that comes into your bank account on monthly basis.
This simply means that; if your account receives an average of 100k monthly, you won’t be able to request for a loan beyond that amount. However, financial institution can give you loan amount worth hundreds of thousands since they have all information to track you in case there are issues in relation to you not paying back.
Another option to consider when it comes to getting quick loans without BVN requirement in Nigeria is;
Get a Loan from a Nearby Bureau
I am not referring to those big bureaus here. Nearby Bureau as used on this page means money lender. There are so many individual money lenders you will find within your vicinity if only you keep your ears on ground and eye upwards.
Most money lenders in Nigeria only need to know you individually or maybe, they will require that you provide the following;
- A passport photograph
- Provide 2 referees
- Your identity card and also;
- A copy of both referee identity cards
In fact, there is no possibility that you cannot get a loan in Nigeria provided you intend paying back. Money lenders are a good option and you get paid not in bank account which could be delaying. You only need to accept to their terms (due date & interest) while they hand over the requested loan to you in cash.
Conclusion & Recommendation: Getting Loans without BVN Requirements
Loans is no doubt a good option to save yourself from time of financial need when you no money at disposal. However, it do comes with a lot of troubles which is why we strongly advise you don’t collect more than what you can pay. From above 2 listing on how to get loan without BVN requirements in Nigeria, we will say using a money lender is the best option to consider.