There are many reasons why people borrow money. Sometimes, it may be due to wanting to start a new business, medical expenses, wedding, school fees or otherwise. It does not matter what the reasons are, Fairmoney is available to give you loan and without having to be worried about collateral.
Fairmoney realises that day to day finance can be very challenging, reason why they create a flexible smooth and mode of payment with a very low interest rate. Loan can be accessed through your mobile phone any day.
How does fairmoney loan app work?
Fairmoney is one of the most downloaded loan apps in Nigeria that gives you access to loan to meet up with your urgent needs. What is more, it can be accessed from anywhere in Nigeria.
To get started, you will need an android smartphone. You can download fairmoney loan app from google play store.
Sign in to the app with your Facebook for quick utilization with your email address or phone number, provide answers to the questions and you are good to go.
There would be a need to provide your BVN during registration and also link your debit card to the app, the card will be used to automatically debit your account for repayment.
You will be provided with the loan status in a few minutes; if it is accepted, the loan amount will be sent to the bank account you provided.
With fairmoney loan app, you can get between N2,500 to N150,000 with a loan duration of 4 weeks to 26 weeks and interest rate which ranges from 5% to 28%.
To get access to higher loan, having a good credit score is vital if you are the type that defaults on loan repayment, getting another or higher loan with a longer repayment period becomes a problem. Making early payment gets you discount as well.
When you refuse to pay up as at when due, you get late fee charge of 1.5% every day. You will also get blacklisted by National Credit Bureau which means you may not get loan from anywhere in the future, suspension from your account and automatic debit from any of your banks account linked with your BVN.
Why you should use fairmoney
- It is very fast and simple to set up.
- Get a loan up to N150,000 with no collateral.
- No documents or paperwork needed.
- You can access a higher loan when repayment is regular.
Low-interest-rate and flexible mode of payment.
- No question asked. Use the fund anyway you want it.
- Payments can be spread to over 6 months depending on the borrowed fund.
Why a loan may be rejected
There are a lot of reasons why a loan request is rejected. The most common ones are:
- The app will read into your phone including your SMS, if there is no much information about who you are, you should make call and SMS frequently. Request for a loan in next 15 days.
- At times, having low or no activities and healthy revenue could pose difficulties of getting loan. You should use an account connected to your business/workplace account to have a better chance.
- Previous loan defaulters may get their loan request rejected.
- Entry issue on your BVN profile could be another reason why your loan request is not approved.
- Your loan may have been approved but due to network issues, you might not be credited until they provide solution. You can always confirm from them through their contact details.
Fairmoney contact details
- Facebook: https://facebook.com/fairmoney.ng/
- Twitter: https://twitter.com/fairmoney_ng
- Instagram: https://www.instagram.com/fairmoney_ng/
- Email: firstname.lastname@example.org
- website: www.fairmoney.ng
How to repay?
The app has a dedicated button to pay back the borrowed amount but in the event that things beyond your control happen, you can always pay into fairmoney’s bank account.
- Account name: MyCredit
- Account number: 0023462495
- Bank: Stanbic IBTC
After payment, you will be required to take a scanned copy of the teller and send to email@example.com.
If you are in doubt, you can always contact the care center through the contact details I provided.
Fairmoney is a partnership of Nigerian and french company with more concentration on data security. Be rest assured that you are secured as they follow a very strict principle. In other words, fairmoney is legit and the app is safe to use.
It is unquestionably one of the best loan apps in Nigeria with regular updates of the app to provide better users experience. The downside is that there is no affiliate program like we have seen on branch loan app and palmcredit loan app. However, it is still a good app for everyone who needs a quick loan.