Every Nigerian citizen is required to have a BVN card as evidence of identification. Whether it is for travel, business, school, or any other reason, a BVN card is the only way to verify your identity. The biometric data of the user is stored on the BVN card, which speeds up the verification procedure. It is critical that your BVN information be valid and up to date at all times.
Since the widespread use of rapid personal loan applications, the usage of BVN cards has made the process easier for many Nigerian borrowers. KYC verification takes seconds when your BVN card number is validated with your cellphone number. This speeds up loan approval by simplifying immediate loan applications with paperless documents.
The lender determines the loan amount depending on your credit score. Lenders may grant a loan ranging from $5,000 to $150,000 or more, contingent on the submission of 100 percent legitimate documentation.
In the lack of a BVN card, the loan documentation process required the submission of physical documents, which took a long time. As a result, the loan verification procedure took a long time. However, today’s situation for borrowers in Nigeria is significantly better, as they can simply utilize their BVN cards to obtain immediate loans. The BVN card soft copy or BVN number must be posted on the fast loan app or credit portal for paperless document verification when using the paperless documentation approach.
So here are 5 easy steps to get an instant loan with BVN Card
Shortlist and download an instant loan app on your phone via Google Play Store
Register with your mobile number or email id
Set your EMI and tenure using the EMI calculator
Verify identity with BVN card number
Get approval in seconds with real-time KYC verification
In addition, disbursement is made straight into the borrower’s bank account. The BVN card’s strength is that it allows for rapid borrowing in minutes. Lenders use BVN biometrics to validate the borrower’s BVN card information. If there is any duplicity or the information on the BVN is erroneous, the borrower will be penalized in addition to the loan being rejected.
A genuine BVN card boosts a borrower’s trustworthiness and raises their chances of getting a loan approved. It is a basic document that every Nigerian should keep on hand for various online and offline authentications. An BVN card is a fundamental document to authenticate a borrower’s identification, especially when it comes to rapid personal loans. Even if your credit score is excellent, you will need a BVN card to start a loan application.
One such personal loan app, LCredit quick loan powered by Cashigo, requires a BVN card number connected to the borrower’s cellphone number. LCredit is a user-friendly rapid lending software that uses paperless documents and provides instant loan approval to the applicant.
With BVN’s instant loan approval, many people’s lives have been made easier by receiving timely financial assistance in only a few clicks.
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Download the LCredit app here