FairMoney is a top Nigerian-French FinTech firm that is authorized to provide loans in Nigeria.
In a country where the economy isn’t mass-friendly and the cost of living is very high, it’s no surprise that the lending app business is thriving.
The reason is that people have to survive despite the incredibly high cost of living. So they turn to loan apps for help.
Undoubtedly, loan apps provide Nigerians with access to unsecured quick loans, allowing them to access money as quickly as possible to pay certain bills.
You can already guess that Fairmoney is one of many successful credit apps in Nigeria. If you’re interested in their origins and how they work, read on.
Here’s everything you need to know about this loan app before doing business with it.
They offer instant loans to Nigerians with no collateral. Since it entered into the lending industry in Nigeria, The company has received positive reviews from its customers. The loan is made available through its mobile app, and they offer flexible rates of interest.
Fairmoneyiss is a fintech company operating in Nigeria that specializes in providing low-interest, short- to long-term loans to Nigerians.
In layman’s terms, Fairmoney is a loan app you can use when you need urgent cash to meet your needs.
Unlike banks, Fairmoney does not require collateral to obtain loans from companies. One of the reasons this lending app is so highly rated by Nigerians is that the interest rates are said to be flexible.
The process of signing up for FairMoney is easy as you can sign up through the Facebook login. This alone eliminates the worry of difficulties in making an application for a loan.
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FairMoney loan requirements
Here are the requirements to obtain a loan from FairMoney:
- Basic personal information like name and email
- Bank Verification Number (BVN)
- Bank Account details
- Automatic Teller Machine card (ATM card). This is required as it is the card that will be used to deduct you from the repayment of loans.
- A picture of you could be required in real-time
- App. You can only apply for a loan via the app
How can you obtain the loan from FairMoney Loan
Follow these steps for getting an advance from FairMoney:
1. Fairmoney Loan App Download
To be able to get a loan, you need to download the application. If you don’t have the application, it’s impossible to obtain a loan. At present, the app is only available on Android. It isn’t available that works for iOS, Windows, or Blackberry. This means that you’ll need to have an Android phone to get the loan. Visit the Google Play store to download the app.
2. Sign up for a Fairmoney loan
Once you’ve downloaded the application then the following step to take is to click on it to sign up. It is easy to sign up using Facebook!
3. Answer a few questions to receive a loan offer
In this stage, you’ll need to answer a couple of questions. Your answer will assist the app in calculating your credit score. Based on this, you’ll receive a loan proposal. The loan offer you will receive is contingent upon several variables. If you repay the loan in time, you’ll get access to better deals.
4. Accept the loan offer
If you receive an offer for a loan the only thing you need to do is click on it to accept it.
5. Get a loan
Once you’ve accepted the loan, you will be able to receive the loan money immediately.
If your loan application is denied If you are denied, you can try another time within 15 days.
What is the cost?
You can obtain loans ranging from N1500 to N150 000. The amount you receive depends on the credit scores of your as well as other aspects. However, if you pay back your loan in time, you’ll be able to get access to more money.
FairMoney Loan Interest rate
FairMoney offers a flexible interest rate. You can take out loans and pay them back in between 4 and 24 weeks. You can then repay in monthly installments. Monthly interest rates are from 2% to 28 percent. Annually, the maximum APR can be as high as 13 percent.
Fair money interest rates are fairly fair, ranging from 15% to 30%. A few factors determine the interest rate you will get from this loan app.
First, your credit history or score determines how much interest you will earn on your loan. For example, if you have good credit, you are more likely to get a lower interest rate on your Fairmoney loan.
Another thing that affects interest on loans taken with Fairmoney is the term of the loan. But before you can start thinking about interest rates, you need to pass the fair money exam.
Some of the factors that prevent Fairmoney from approving a loan application after review are:
Are you having problems with your credit history?
Incorrect information was provided.
However, if Fairmoney does not approve your loan application, you can always start over.
PROS And CONS Of the FairMoney App
PROS
Fast Approval and Payout Rates
No paperwork is required.
The amortization schedule is straightforward.
Cons
You won’t get a lot of money on your first application.
The term “loan”
The term of the loan can be anywhere from 4 to 24 weeks.
FAIR MONEY Repayment
There are a variety of options available to pay back loans. When you apply for a loan, you need to create an ATM debit card. All you need do is to load funds into your account. Start the app, select payment, and then pay.
You may also make payments by bank transfer or cash deposit using the following information:
Account Name: MyCredit
Bank Name: Stanbic IBTC
Account Number: 0023462495.
Please add the code given in the app to your transfer reference/description.
It is important to contact customer support before and after you have made your payment to notify them of your payment. You can take a photo of Prof.
Once you have paid off your debt, please send a screenshot of your payment to Fairmoney via help@fairmoney.ng. Make sure the code generated when you receive your Fairmoney reimbursement account is added to the instructions when sending money to Fairmoney.
FairMoney Head Office
Unfortunately, for the moment they are not offering on-site support. This post will be updated if they do.
FairMoney customer service.
The email address to contact customer service is help@fairmoney.ng.
At the moment they don’t offer telephone support. It will update this page once it can.
FairMoney App On iPhone
The app is available only on Android phones. It is possible to download it via Google Playstore. Google Play store. There is no Fairmoney for iPhone users for now.
FairMoney website
This website can be found at Fairmoney.ng
How much can I borrow from FairMoney, and for how long?
You can borrow up to 1 million Naira from Fairmoney. However, it depends on how often and when you borrow and return what you borrow. You can also borrow money.
What would happen if I defaulted on my Fairmoney loan?
A service charge is added to the overall feeling you pay. Also, Fairmoney may significantly reduce the amount you can borrow or you may not be able to obtain another loan from this platform.
Why does Fairmoney need my BVN?
Your BVN is essential to verify your identity and ensure you have not been dropped out by another company.
