Can a loan app block my bvn?
Having seen and heard of what loan apps are and the damage they can cause if you fail to comply with their terms of loan application or you default in loan repayment, we the team at JSpecialz have brought to your table all you need to know about your bvn and check if a loan app can block your bvn.
Before diving further into the business of the day, let’s first define BVN in relation to loan apps and it’s application.
What is BVN?
Perhaps you have come across the word BVN before and you don’t know the meaning of BVN or what it stands for, we’ve got you covered.
is a mnemonic for Bank verification Number, the bvn is a very vital number that should be kept secret and away from the eyes of money preys or scammers.
The bvn is a number that is issued to you at the bank that contains all the banking and personal details.Upon the introduction of the bvn in 2015, banks just make use of your details used in creation of your account but it has become a very vital necessity for all Nigerians.
What is the BVN?
The BVN delivers seamless identity verification and validation across numerous electronic platforms that are interoperable.The bio-data, or pertinent information about a person, is displayed after a search of the BVN database (it includes names, phone numbers, addresses, dates of birth).
>Can a loan app block my bvn?
Yes and No, a loan app can and cannot block your Bank verification Number (BVN).
If you borrow money from loan apps and you default in repayment, this is what will happen to you;
- Your BVN and bio-data will be submitted to the credit bureau as a debtor and hence, virtually all loan apps will refuse to offer you a loan you apply in their loaning platform.
- They disturb you and your contacts with calls and threatening messages calling you all kinds of names and all that.
- >Your bvn might be at risk of being forwarded to the CBN to block it (NB: i.e if the loan borrowed is too much and you have refused to pay back even after much persuasion or you are not showing any commitments in paying back the loan).
- Your reputation is at the risk of being tarnished
So, having stated all these facts, I will conclude that, No, A loan app cannot block your bvn because they don’t have the right and access to do so.
Online loan apps can only block your BVN if the Central bank is involved in your matter and as such, only the Central bank have the right to block your BVN because your bvn in the first place was issued by them to you.