FairMoney is one of Nigeria’s leading digital microfinance banks, offering instant loans without collateral. They offer loans up to N1 million, a bank account with free transfers, a debit card for spending, and many more. The company is licensed by the Central Bank of Nigeria (CBN), and all deposits are insured by the Nigeria Deposit Insurance Commission (NDIC).
How To Loan From FairMoney
Ever since the emergence of FairMoney into the lending sector of Nigeria, the company has earned the people’s trust, having more than 5 million app downloads in Nigeria. To get a loan, follow these easy steps:
- Download the FairMoney app: You must download the FairMoney app to be able to request a loan. The app is currently available on Google Playstore for Android users only. You will need an Android phone to access the app using Windows, iOS, or a Blackberry device.
- Sign Up: Once the app is downloaded and installed, follow the instructions to sign up.
- Answer a few questions: You will be required to answer a few questions. These include your
● personal details,
● bank debit card number,
● residential home address details,
● two contacts of relatives or friends,
● the sector of employment,
● monthly income earned,
● your bank account details,
● Reason for the loan
● No ID card is required, but your picture will be taken in the app. You also must accept permission and access to your location and phone number.
Your answers to these questions will enable the app to calculate your credit score; based on that; you will get a loan offer. The loan offer may not be precisely the amount you requested.
- Accept loan offer: Click Accept upon receiving a loan offer and being okay with the amount.
- Receive: Upon accepting a loan offer, you will immediately receive the loan amount. The amount will show in your FairMoney credit balance. It takes a few minutes to 24hrs for the amount to reflect in your FairMoney balance. Once your FairMoney loan has been reflected in the credit balance, you can transfer it to your Nigerian bank account. You will receive an alert from your bank that you got a payment from FairMoney.
Note: It is important to note that you will only be eligible to apply again after 15 days if your loan offer is rejected.
FairMoney Loan Requirements
Requirements for a loan on FairMoney are:
● Basic personal information (Name and Email Address)
● Bank account details
● Bank verification number (BVN)
● ATM card details
● A photo is required to be taken in the app
● Home address details
● Employment status
● Details of two family members or friends.
● Monthly salary
● The FairMoney app
How Much Can You Get On FairMoney?
FairMoney typically loans clients any amount from N1,500 to N500,000. The amount you’re eligible to loan depends mainly on the credit score calculated by the app, amongst other factors.
Your credit score increases as you borrow and pay it back in time, granting your access to higher loan sums.
FairMoney Interest Rate
Monthly interest rates on FairMoney range from 10% to 30%. Credit scores and loan duration determine interest rates. Clients with higher credit scores tend to get lower interest rates.
FairMoney Loan Term
FairMoney Loan terms range from 4-24 weeks.
How To Repay FairMoney Loans
Repayment of loans can be made in several ways:
1. By Debit Card: When initially applying for a loan, you must provide your ATM debit card details. This is needed to debit you during loan repayment. To Repay loan:
● Deposit the loan amount into your account.
● Open the FairMoney app.
● Click on payment and repay.
2. Via bank transfers or cash deposits: You can repay the loan amount by depositing into provided bank details unique to your FairMoney account. This payment can be made via transfer or at any bank. FairMoney uses Wema bank. Once you sign up for a FairMoney loan, you also have a FairMoney Wema Bank account number. You can repay your FairMoney loan by paying into the Fairmoney Wema Bank account given to you by Fairmoney. Before doing so, contact Fairmoney customer care so they can track your payment and update your repayment.
FairMoney Head Office
28 Pade Odanye close, off Adeniyi Jones, Ikeja, Lagos, Nigeria.
FairMoney Customer Care
01 7001276 / 01 8885577
The app is an Android mobile banking app that makes paying bills and getting loans faster and easier. You can download the FairMoney bank and loans app on Google Playstore.
You can check out the FairMoney website: www.fairmoney.io
FairMoney was launched in the Nigerian market in March 2018. The platform now boasts of lending about one thousand five hundred loans daily to Nigerians.
That’s it on how to borrow money from Fairmoney also, read our article on how to borrow money from KashNow.