Can Loan app block my BVN?

Can A Loan App Blacklist BVN? No, a loan app cannot block your BVN. Only the Central Bank of Nigeria (CBN) has the authority to do so. If you fail to repay a loan from a loan app, the app may report you to the CBN, which may then blacklist your BVN. This will make it difficult or impossible for you to get a loan from any financial institution in Nigeria.

If you are struggling to repay a loan from a loan app, you should contact the app’s customer service department to discuss your options. They may be able to work with you to create a payment plan that fits your budget. You can also contact the CBN for help.

Here are some tips for avoiding loan app scams:

Only borrow money from reputable loan apps. Do some research before you apply for a loan, and make sure the app is registered with the CBN.
Read the terms and conditions carefully before you agree to a loan. Make sure you understand the interest rate, repayment terms, and any other fees that may apply.
Don’t be afraid to negotiate. If you can’t afford the monthly payments, ask the app for a lower interest rate or a longer repayment period.
Be aware of the risks. Borrowing money from a loan app can be a risky proposition. If you’re not able to repay the loan, you could end up in debt and with a damaged credit score.

If you’re considering taking out a loan from a loan app, be sure to weigh the risks and benefits carefully. Only borrow money if you’re sure you can afford to repay it.