Fairmoney Loan: Review, Requirement, And How to Apply For Loan As A First Timer.

Fairmoney Loan: Review, Requirement, And How to Apply For Loan As A First Timer.

Fairmoney Loan: Review, Requirement, And How to Apply For Loan As A First Timer.

fairmoney loan works only for people who have a BVN number, an account number with any of the banks in Nigeria, a Regular source of income to repay back the loan when or before the due date, and a Debit card.

One of the goals set aside by fairmoney is to see small businesses grow with good customer service that works 24/7 Monday to Friday (9 AM – 5 PM).

 

what fairmoney all about

Fairmoney loan is a registered online lending platform that provides both business and personal loans, fairmoney loan service is provided by Mycredit investment in Nigeria, As a first-timer, you can borrow as little as ₦1,500 and as much as ₦500,000 with loan duration starting from 61 days to 1 year.

 

Fairmoney Loan
Fairmoney Loan

 

is fairmoney legit?

fairmoney is a legit loan system that you can trust with your BVN account information, fairmoney is operated with European security standards from a Nigeria-french company that will never disclose or sell your personal details to a third party.

 

Why choose FairMoney?

  • No hidden charges
  • you get your loan less than 5 minutes after application
  • fairmoney has a well-trained staff that is ready to listen to any complaint
  • you can repay your fairmoney loan on or before the due date with a reduction in interest rate.
  • No paperwork, Documentation, or collateral is needed before you get your loan
  • fairmoney rewards you with N500 discount off your loan every time you invite a friend

 

ALSO READ – Kashkash loan app: what you need to know before applying for the loan

 

Fairmoney Loan App Review

fairmoney has over one million downloads from the google play store, with 129k reviews from its users, the recommended android version for fairmoney loan app is 4.4 upward.

 

fairmoney loan requirements

Before you can borrow a loan from fairmoney you must have put certain things in place in other to be able to access the loan.

  1. Good internet connection
  2. Android Phone
  3. Valid bank account information
  4. BVN number connected to phone and account number

 

RELATED – 9ja cash loan app – How does 9ja cash loan work?

 

How much can I borrow using fairmoney? you can get a loan amount starting from ₦1,500 to ₦500,000, to increase your chance of getting a higher loan from fairmoney you need to have a good credit history by paying your loan before or due date and positive behavior towards borrowing of loan, fairmoney give up to 1% daily discounts to reward customer for early re-payments and charge up to 1.5% daily late fees for late payments.

fairmoney interest rate

Interest rates range from 2.5% to 30%, APR from 30% to 260% per year Monthly.

For Example if you Borrow a loan of NGN100,000 over 3 months the Interest (total cost of the loan): NGN30,000 (NGN100,000 * 30% = NGN30,000 interest) Representative APR: 120%

The total amount to repay will be NGN130,000

Three monthly repayments of NGN 43,333.

 

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How to sign up on FairMoney App

  • Download the FairMoney loan app
  • Sign up with your phone number
  • Create your secure PIN

 

How To Apply For Fairmoney Loan

How can I get an instant loan? Below are steps to follow for people that want to get fairmoney loan.
  • Click ‘Apply’ on the home page
  • Answer a few simple questions
  • Receive a loan offer
  • Select amount and period
  • Accept loan offer
  • Enter bank details to receive your money
How To check Fairmoney account balance and payment date? To check fairmoney account balance and payment date, please log into your account, you will find the dashboard that contains your credit status and all the information concerning your current balance.

 

How to Repay fairmoney loan

simply click on the “Repay” button in the loan app to pay with a Debit (ATM) card, USSD, or Automatic Bank Transfer (via your Providus wallet)

  1. Click on ‘Loan details’ on the home screen
  2. Click on ‘Pay’
  3. Select ‘Full loan amount’ to pay your loan in full or select ‘Enter amount’ to manually enter the amount you would like to pay
  4. Click on ‘Next’
  5. Here you will see the following repayment options:

 

How to Repay fairmoney loan (Bank Transfer)

  1. Here you will see your unique Providus Bank account number (001*******) and your account name (FairMoney – [Your Name])
  2. Click on ‘Copy’ and make a deposit into this account via your online banking platform or over the counter at any bank.

 

How to Repay fairmoney loan (USSD Transfer)

  1. Here you will see your bank’s USSD code combined with the amount you would like to repay and the Providus Bank account number the funds will be transferred to
  2. Copy this code and paste in your phone dialer to make payment

 

How to Repay fairmoney loan Debit (ATM) card

  1. Select ‘ATM card’
  2. Here you will see the card(s) registered to your account
  3. Select the desired card and click ‘Pay’
  4. Payment will be deducted from the account linked to the card

How To Connect ATM Card On Fairmoney App.

Below are steps on how to connect your ATM card to fairmoney App to enable you to make payment.

step 1: Click account at the button on the home screen.

Connect ATM Card On Fairmoney App
Connect ATM Card On Fairmoney App

 

step2: After that click on my card.

click on my card
click on my card

step 3: where you will be directed to supply your card details, please input your card information correctly starting from the card number, Expiry date, and the three-digit number at the back of the card (CVV).

 

Step 4: An OTP will be sent to you from your bank, and N50 naira will be taken from your card and refunded immediately just to test your card.

An OTP will be sent to you from your bank
An OTP will be sent to you from your bank

please register a card you can use to make an online transaction, and be rest assured that your information are secured with fairmoney loan app.

 

What happens if I don’t pay my FairMoney loan?

We are humans and understand that unexpected and unforeseen situations may occur.

  • Late fees (1.5% per day late)
  • Report to national credit bureaus
  • Suspension of your FairMoney account
  • Automatic debit on your bank account.

 

Fairmoney contact Address

you can forward all complaints or feedback through various platforms.
  • fairmoney customer service email – help@fairmoney.ng is available every Monday to Sunday
  • Fairmoney customer service hotline (01 700 1276) is available every Monday to Friday (9 AM – 5 PM).
  • fairmoney social media platform from 7 AM – 11 PM every Monday – Sunday.

 

NOTE

please don’t make borrowing a habit only apply for a loan you have the capacity of paying back

 

Frequently Asked Question On Fairmoney Loan

These are frequently asked questions we get from people who have applied for fairmoney loan or about to apply for the loan.

 

Why was my fairmoney loan application rejected?

Apologies for that, please you can re-apply again in 15 days! It might be for separate reasons:

  • Not enough details found on the phone: You should improve more on your phone usage (Calls/SMS) to be eligible.
  • from the information supplied we decided not to give you a credit at this time after analyzing your profile. Keep doing transaction with your bank account with good revenues to get a loan soon

 

Why can’t I connect my card?

Meet the customer care unit of your bank and ask them to enable your card for online transactions. You should be able to receive an OTP (One-Time Password) on your phone.

 

I paid 50 Naira but I didn’t get a loan!

The loan transfer should be done instantly – but can take up to 24 hours. Please bear with us. If not received after 24 hours, please send an email to help@fairmoney.ng or call our Customer Service Hotline on 017001276 or 018885577 from 9 am-5 pm every Mon-Fri.

Can I extend my loan duration?

The loan repayment date is specified during the application process. It’s not possible to update it or extend the loan duration.

 

Can I get another Fairmoney loan immediately?

As soon as you finish paying up your previous loan, and the loan repayment is confirmed, you can reapply immediately and get another loan in seconds.

 

If I repay my fairmoney loan early, do I get a discount?

fairmoney is giving up to 1% daily discounts to reward customers for early re-payments and charge up to 1.5% daily late fees for late payments.

it is advisable to pay up your fairmoney loan on time to enjoy this amazing life time offer from fairmoney.

 

What happens if I lose my phone?

please forward all email to help@fairmoney.ng or call fairmoney Customer Service Hotline on 01 700 1276 from 8 am-9 pm every Mon-Sun to get the information of your loan and your repayment date. You can also sign in from another phone if possible.

 

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