Fair Credit: How to get loan, requirements & more
Fair Credit is a fast loan service in Nigeria that allows eligible people to borrow loans without much stress. The loan can be used to cover personal or business expenditures. In this post, you will learn how to get a loan on Fair Credit.
You will also learn other useful info, such as the requirements to get a loan on Fair Credit, how to download the Fair Credit mobile app, the lowest and highest loan amounts you can obtain from Fair Credit, Fair Credit loan interest rates and lots more.
What is Fair Credit, and how does it work?
Fair Credit is an instant loan service provider that lends money to eligible Nigerians. You can obtain money from Fair Credit and pay later, alongside a small interest.
One of the things that make Fair Credit stand out from other money lending apps is that it allows users to obtain loan amounts of up to ₦1 million.
You can borrow money in simple steps without providing collateral. To get started, go through Fair Credit loan requirements to see if you qualify.
If you’re eligible, you should download and install the Fair Credit loan app from the Google Play Store. After installation, register with your details and apply for your instant loan.
Fair Credit loan requirements
- A valid phone number to receive confirmation codes and notifications
- Your Bank Verification Number (BVN) to confirm your details and check if you’re not a debtor on other loan platforms
- You must be a resident of Nigeria. If you are a Nigerian citizen residing outside the country, you are not eligible for this loan
- Your age must be within the range of 20 to 55 years
- You must have a reliable monthly source of income
If you have the requirements kindly proceed by downloading the Fair Credit loan app below.
Fair Credit mobile app download
The Fair Credit loan app is only available for Android phone users as of the moment of writing this article. If you have an iOS or Windows device, consider getting an Android phone to apply for your Fair Credit loan.
You can download and install the Fair Credit loan app directly from the Google Play Store. It has a small size of 15 MB and over 100,000 downloads. It currently has a review rating of 4.9 from over 4,000 users.
How to get a loan from Fair Credit loan service
Due to regular app updates, some buttons/processes might have been changed when you download the app. However, they still follow the same basic procedure as mentioned here.
1. Launch the Fair Credit loan app.
2. Input the phone number linked with your BVN. You can also use another one to register if you don’t have that phone number at the moment.
3. Fill in your personal details. This includes your full name, date of birth, residential address, next of kin, employment details, etc.
4. Enter your Bank Verification Number (BVN). It will be used to crosscheck the details you just provided. It will also be used to crosscheck if you’re not owing other loan services.
5. A one-time password (OTP) will be sent to your phone to confirm if you’re the owner. Enter the code and proceed.
6. After confirming your phone number, you will be able to apply for a loan on WeCredit. Input the amount you want to obtain, set your preferred repayment term and follow the prompts.
Your loan application will be reviewed. If approved, you will be notified by Fair Credit and the amount you applied for will be sent to your bank account.
How much loan can you get from Fair Credit loan service?
As long as you’re eligible and filled all details correctly, you can obtain a loan amount within the range of ₦1,500 to ₦1 million. You can’t borrow an amount higher than this from Fair Credit.
Although you can obtain up to ₦1 million on the loan platform, it won’t be immediately after you become a user. You have to first establish some level of trust by obtaining many loans and paying them back on/before the due date.
Fair Credit loan repayment term
Aside from making the loan application process easy, Fair Credit also gives users more than enough time to pay it back.
Repayment can be done between 3 months (95 days) to 18 months (540 days).
Fair Credit loan interest rate
Fair Credit monthly interest rates range from 2.5% to 30% (APRs from 26% to 32%). The Instant loan service also offers interest discounts of up to 90% for early repayments.
Here’s an example for a better understanding of how Fair Credit loan interest is calculated.
If you obtain a loan of ₦100,000 on the Fair Credit mobile app and you set your repayment term to be 3 months, the:
- Interest rate is 26%
- Interest amount will be ₦8,667 every month
- Total amount to be repaid will be ₦126,000
Where is the Fair Credit head office located?
Fair Credit has a head office where they manage the loan services they offer. You can also visit the office if you have any complaints. It is situated in Myhoung barracks Yaba Lcd, Yaba, Lagos, Nigeria.
Fair Credit customer support and email address
For questions and complaints, you can always contact Fair Credit customer support through their email address.
Email address: email@example.com
Don't miss a thing. Follow us on Telegram. If you love videos then also Subscribe to our YouTube Channel. We are on Twitter as MakeMoneyDotNG.