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Many borrowers are looking for Loan apps without face verification, and bank verification number (BVN). In fact, many loan borrowers are looking out for Loan with NIN-only.
However, I want you to know that BVN, NIN and Face Verification are part of the essential eligibility requiremnts to obtain a Loan from any online lender or Loan app.
There are a few key reasons why Nigerians are looking for loan apps that don't require their BVN, NIN, Face Verification or other forms of identity verification such as home address:
1. Privacy concerns: Many Nigerians are hesitant to share their sensitive personal information, like BVN, with loan apps due to concerns about data privacy and potential misuse of the information.
2. Accessibility: Some Nigerians may not have a BVN or other forms of government-issued ID, making them ineligible for loans from mainstream apps that require this verification. These individuals are seeking alternatives that are more accessible.
3. Faster loan approval: some borrowers believe that loan apps without BVN verification can provide faster loan approval and disbursement, which is appealing to those in urgent need of funds. However, this is not entirely true.
4. Avoiding credit checks: Loan apps that don't require BVN or other identity verification may also be bypassing credit checks, making them more attractive to borrowers with poor credit histories
In nutshell, the main reasons are a desire for privacy, accessibility for those without formal identification, faster loan processing, and the ability to obtain loans without extensive credit checks.