Share Now
LairaPlus Loan App

Free

In Nigeria    V1.0.1.2

5.0 (1 million +)

Security Status

in Nigeria

LairaPlus APP

Best loan app

in Nigeria

Free

In Nigeria   V1.0.1.2

5.0 (1 million +)

Security Status

Is there any other alternative loan authentication method in Nigeria to BVN?

In Nigeria, the Bank Verification Number (BVN) has been a crucial requirement for loan verification and authentication. However, there are alternative methods for loan verification that can be used in place of BVN. These methods offer flexibility and convenience for individuals seeking loans, especially those who may not have a BVN or face challenges with BVN verification. This article will explore various alternative loan verification methods available in Nigeria and their significance in the lending industry.

National Identification Number (NIN)

The National Identification Number (NIN) issued by the National Identity Management Commission (NIMC) serves as a unique identifier for individuals in Nigeria. It is increasingly being recognized as an alternative to BVN for loan verification. Lenders can use the NIN to verify the identity of loan applicants and assess their creditworthiness. With the government’s push for NIN registration and integration across various services, it has become a viable option for loan authentication.

Tax Identification Number (TIN)

The Tax Identification Number (TIN) is another alternative method for loan verification in Nigeria. Lenders can leverage TIN to validate the financial status of borrowers and ensure compliance with tax regulations. TIN provides insights into an individual’s tax history and financial responsibilities, making it a valuable tool for lenders when assessing loan applications. As a result, individuals without a BVN can still access loans using their TIN for verification.

LairaPlus Loan App

Free

In Nigeria    V1.0.1.2

5.0 (1 million +)

Security Status

for Android

Passport Data

Passport data, including the bio-data page and visa entry/exit stamps, can be utilized for loan verification purposes. This method is particularly beneficial for non-resident Nigerians who may not have a BVN but possess a valid Nigerian passport. Lenders can use passport data to establish the identity and travel history of applicants, enabling them to make informed decisions regarding loan approvals.

Employer Verification

Employer verification involves validating an individual’s employment status and income through their employer. This method is valuable for loan applicants who may not have traditional forms of identification like BVN or NIN. Lenders can directly liaise with an applicant’s employer to confirm their employment details and financial stability, providing an alternative route for loan verification.

Utility Bill Verification

Utility bills, such as electricity, water, or internet bills, can serve as proof of address and identity for loan applicants. By examining the details on these bills, lenders can verify the authenticity of an individual’s personal information and residency status. This method offers an alternative means of verification for individuals who may not have a BVN or formal identification documents.

Collateral-based Loans

In cases where traditional forms of identification are not available, individuals can opt for collateral-based loans. Lenders may accept valuable assets, such as real estate, vehicles, or high-worth possessions, as collateral for loan applications. This approach allows individuals without BVNs or other formal identification to secure loans based on their asset holdings, providing an alternative avenue for accessing financial assistance.

In conclusion, while the BVN remains a primary tool for loan verification in Nigeria, there are several alternative methods that individuals can utilize to access loans. From leveraging national identification and tax numbers to employing unconventional verification approaches, these alternatives offer greater inclusivity in the lending process. By embracing these alternative methods, both lenders and borrowers can navigate the challenges associated with BVN verification and ensure broader access to financial opportunities in Nigeria.

LairaPlus Loan App

Free

In Nigeria   V1.0.1.2

5.0 (1 million +)

Security Status

in Nigeria

LairaPlus APP

Best loan app

in Nigeria

Free

In Nigeria   V1.0.1.2

5.0 (1 million +)

Security Status

Suggested Articles

READ MORE
What are the interest rates on easy money loan app in Nigeria?

Qingsong Money is a popular loan application in Nigeria, which provides easy and convenient loans for individuals and small businesses. However, one of the key factors that borrowers consider when choosing a loan application is the interest rate. In this

Continue Reading
What is the borrowing process like in Nigeria with Easy Money Loan App?

QuickMoney is a loan application that offers financial services to Nigerians. It is a reliable and fast loan app that provides instant loans to people who need them urgently. The application process is easy, and one can access the funds

Continue Reading
Are there any loan applications in Nigeria that do not require BVN verification?

In Nigeria, getting a loan can be quite a challenge, especially when you don’t have a Bank Verification Number (BVN). A BVN is a unique identifier that is used to verify the identity of bank customers in Nigeria. It allows

Continue Reading
How to contact LairaPlus Cash Loan App customer service team?

The LairaPlus cash loan app provides convenient and quick lending services to users. However, there may be times when you encounter problems or need assistance while using the app. Therefore, it is essential to understand how to contact the customer

Continue Reading
How to contact the customer service team of LairaPlus Credit Loan App?

In today’s fast-paced world, credit loan applications have become increasingly popular due to their convenience and accessibility. One such application that has gained significant attention is LairaPlus. If you are a user of LairaPlus and find yourself in need of

Continue Reading
How to determine if an easy money loan app is legal in Nigeria?

With the rapid growth of financial technology (fintech), the availability of loan applications has greatly increased. In Nigeria, many individuals are turning to easy money loan apps as a convenient way to access quick funds. However, it is crucial to

Continue Reading