The best loan app in Nigeria that is legit will ask for high-interest rates and require that you must submit all forms of verification to get a certain amount of loan from them, Loan Apps in Nigeria are becoming a threat and can infest most people’s privacy and leak their BVN to hackers or malware.
However, many do not take their time to read these loan apps’ terms and conditions before completing creating their account and just share their privacy at the risk of any future implications. in this article, we will share with you a list of fake loan apps in Nigeria and the best loan apps without BVN to grant you a loan.
Some wise question I usually ask myself is why is loan apps becoming more saturated than normal and how to does loan apps recover their money from defaulters that refuse to pay back.
I have not seen where any loan app come to arrest anyone for not paying, nor do users submit collateral before taking a loan from them.
In the case of commercial banks, they verify and ask for evidence of repayment before they can grant a loan request but most apps just give loans anyhow.
Well, most loan apps usually do not give loans but just collect users’ personal details like BVN and access their contact.
But why do people want loans by all means, what does a loan mean?
What is Loan?
A loan is a thing that is borrowed, especially a sum of money that is expected to be paid back with interest.
Then, how can someone borrow a loan without the mind of repayment?
How can a legit organisation or fintech loan app give you a loan without a profit-oriented plan or how to get you to pay it back?
That is why you should either read their terms and condition carefully or know the list of fake loan apps and avoid using them.
from our research, we did like to list some best loan apps in Nigeria with top-rated reviews from users and a list of fake loan apps to avoid.
If you are looking for loan apps in Nigeria without BVN required, then you will get few with a list amount of loans and high-interest rates. we will try to help you find a few but know why you need a loan and a repayment plan.
Why Do Loan Apps Need BVN
BVN which stand for Bank Verification Number is a unique number that helps financial institute controlled by the Central Bank of Nigeria (CBN) track and record your financial data.
So, most data of you are stored in and retrieved through this medium with or without your consent. CBN made it mandatory for these channels or applications not to store your BVN because it is now like your signature of approval.
And once input shows you are the only one that authorized the consent and use of it, any transaction or financial tracking can be done with it.
But most fake loan apps in Nigeria store and send your data to third-party applications to get more access to your activities and off-app use to see your credit or debit card details.
Let it not surprise you that some of these loan apps are owned by hackers and scammers.
Before you download and install any loan or money app on your device again, check for their authentication and license. many claim that they are approved by CBN but really do not or were not even checked by any authorized body for verification.
We can not mention the list of fake apps in Nigeria enough because every day new loan app keeps coming up with different interest rates and methods to collect user data.
This means that we can list the top best loan apps in Nigeria that are trusted and legit as approved by FG and CBN.
Best Loan Apps In Nigeria Now
There are a lot of online loan apps in Nigeria that can give you a loan in minutes without colorectal or BVN depending on your account status with them in past times.
Most Online Loan Apps have other payment platforms like Opay – Okash and Palmpay – Palmcredit.
So, they know your track record and credit worthiness.
Before you can access a loan through their loan app, you have to sign in with the main app account.
While some platforms like Quickteller can only give loans to a registered business with CAC and commercial banks can give loan to salary earners, individual with collateral and registered company that has bank account (corporate account) with them.
Quick Legit Loan Apps in Nigeria With Low-interest Rate
If you are looking for a Loan app without an ATM card in Nigeria then some of the online loan apps can do it, here are the top legit loan apps.
- FairMoney Mirco Finance Bank.
- Pivo Technology Limited.
- RenMoney Mirco Finance Bank Limited.
- Carbon MicroFinance Bank Limited.
- Creditwave Finance Limited.
- Branch International Financial Services Limited.
Branch Loan App
Branch App is typically known to be an online bank and loan to both individuals and small businesses, they give personal loans ranging from 1,000 to 500,000 with a repayment duration of 62 days to 1 year and loan interest rate from 3% to 23%. also, Branch is a registered microfinance bank under the due operation of Branch International Financial Services Limited and licensed and regulated by the Central Bank of Nigeria.
Many people do know about the Branch Loan app because their interest rate is high and it does require BVN to create an account but will not demand many documents to give you a loan.
FairMoney Loan App
If you watch youtube videos in Nigeria a lot, you will see this loan app advert almost all the time.
FairMoney is well known as a Loan App with a low-interest rate and fewer documents required, on google play store alone this loan app has over 10 million downloads and good reviews by users. also, this loan app is licensed by the Central Bank of Nigeria and other regulatory bodies such as NDIC. it is a registered microfinance bank under the name FairMoney MicroFinance Bank.
FairMoney loan amount range between 1,500 to 1,000,000 with repayment periods from 61 days to 18 months at a low-interest rate that ranges from 2.5% to 30%.
among all loan apps, this app is rated top 4 in the loan and finance category.
we want to try to list all loan apps in Nigeria and giving details will make this content long to read, most app on the app store and play store gives you an insight into their interest rate and other information. we will list them and categorize them into best, top, new and list of fake loan apps in Nigeria to make this content readable.
we have explained the top best loan apps, let’s see others in their category of preference.
New Loan Apps in Nigeria
- Okash By Opay.
- QuickBuck by AccessBank.
- Ease Cash.
- Awlla Loan App.
- Irorun App.
- Go Money.
- Borome Loan App.
- Aje Loan app.
- Social Lender.
Here are lists of quick new loan apps in Nigeria, this is not the whole list but you can check out the interest rate of all these and repayment periods.
Video: List Of Fake Loan App In Nigeria
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