Loan apps make it easy to get quick cash, but linking your BVN gives them extensive access to your personal financial data. Fortunately, it is possible to remove your BVN from loan apps if you follow the right steps.
In this comprehensive guide, you’ll learn how to delete your BVN from any loan app to protect your privacy. We’ll cover:
- Why loan apps require BVN and the risks
- Step-by-step instructions to remove BVN
- How to get loans without BVN
- Extra privacy tips for loan apps
- FAQs on removing BVN from lenders
By the end, you’ll know exactly how to take control of your financial data and use loan apps more privately. Let’s dive in!
Introduction
Many digital lenders in Nigeria like Carbon, Renmoney, Branch require new users to enter their BVN for quick verification. This gives the lenders access to your:
- Full name
- Date of birth
- Residential address
- Phone number
- NIN number
- List of linked bank accounts
- Credit history and outstanding loans
While this provides convenience, it also poses huge privacy and security risks, especially if the lender’s data is hacked.
Thankfully, you can remove your BVN from loan apps after taking out a loan. This article will teach you how to delete your BVN step-by-step.
Why Do Loan Apps Require BVN?
Here are the main reasons loan apps demand BVN from users:
- Verification – Confirms your identity and eligibility for their services.
- Credit check – Analyzes your credit score and existing loans to determine repayment ability.
- Fraud prevention – Uses your BVN data to spot fraudulent loan requests.
- SMS notifications – Links your phone number to send payment reminders and notices.
- Targeted marketing – Uses your personal data to customize loan offers and ads.
- Compliance – Helps lenders meet Know-Your-Customer (KYC) and anti-money laundering (AML) regulations.
While these practices make business sense for lenders, they can seriously compromise customers’ privacy. That’s why it’s important to learn how to remove your BVN after getting approved for a loan.
Step-by-Step Guide to Removing BVN from Loan Apps
Follow these simple steps to delete your BVN from any digital lending platform:
1. Login to the Loan App
First, access your account on the loan app that has your BVN. Make sure you login with the correct registered email and password.
2. Go to Profile Settings
Find and open your profile settings menu, usually available from the top right corner or sidebar.
3. Locate the BVN Field
Scroll down and look for the BVN field under your personal information. For some apps like Carbon, you may need to click Verification Info.
4. Remove the BVN
Click the trash icon next to the BVN field and confirm removal when prompted. This will instantly delete your BVN.
5. Log Out and Back In
Log out of the app and log back in to ensure the change is saved. Your profile should no longer display the BVN.
And that’s all it takes! Just 5 quick steps to remove your BVN from any loan app. Make sure to repeat the process for every lending platform that has your BVN.
How to Get Loans Without Providing BVN
If you want to take out loans without handing over your BVN, here are some options:
Bank Loans
Traditional banks often offer personal loans without mandatory BVN, but will require other forms of ID, payslips, etc.
P2P Lending
Peer-to-peer lending platforms like Lendbox allow you to borrow from individual investors without BVN.
Crypto-Backed Loans
Take out loans using your crypto assets as collateral from lending platforms like Nexo, Celsius Network, BlockFi.
Offline Lenders
Some non-digital lenders and cooperatives provide loans based on in-person verification, guarantors, etc.
International Lenders
You can get loans from lending apps like CashAdvance that accept international passports instead of BVN.
The loan options may be more limited without BVN, but it is possible to find lenders who don’t insist on your BVN.
Tips for Using Loan Apps More Privately
In addition to removing your BVN, here are some extra tips to boost privacy when using loan apps:
- Avoid linking your contacts or social media accounts
- Use a separate email just for loan services
- Turn off GPS location data for the apps
- Enable biometric login like fingerprint instead of passwords
- Never use public WiFi to access loan app accounts
- Use VPNs and private browsing when applying for loans
- Monitor your credit reports regularly for unauthorized activity
- Only download loan apps from official app stores like Google Play
Following these best practices will help minimize risks and exposure of your personal data.
FAQs About Removing BVN from Loan Apps
Here are answers to some common questions about deleting BVN from lenders:
Can I take out another loan after removing BVN?
Yes, you can take out additional loans but may need to provide other IDs for verification.
Do I have to pay back existing loans if I remove BVN?
Removing BVN does not affect loan repayment. You still have to pay back any active loans.
Is it risky to delete BVN from loan apps?
There are minor privacy risks if your account is compromised. Enable app locks, strong passwords and 2FA for security.
How long does it take to remove BVN from a lender?
Removing BVN is instant. Just go to profile, delete BVN, logout and login again to confirm removal.
Can I recover my deleted BVN from a loan app?
Unfortunately, once your BVN is deleted it cannot be retrieved. You would have to add it again and re-verify.
Do I need BVN for loan apps like QuickCheck, Palmcredit?
Most loan apps in Nigeria require BVN during signup. But you can delete it later from your profile.
Can loan apps access my bank account without BVN?
No, without your consent loan apps cannot directly access your bank account or transactions without your BVN.
Is it possible to get a loan app account deleted permanently?
You can request for your loan app account to be deleted but it’s difficult. Just removing BVN partially protects your privacy.
Conclusion
We highly recommend removing your BVN from any loan app to limit exposure of your personal financial data. Simply delete your BVN from the profile section of each lender app you use.
Although loans may require alternate verification, privacy risks are reduced when loan apps no longer have direct access to your BVN. Follow our guide and additional tips to securely take out loans while safeguarding your information.
Did you find this article helpful? Let us know if you have any other questions about removing BVN from loan apps. We’re happy to provide guidance on using lending services more privately and securely.
