FairMoney is a leading Nigerian-French FinTech company that is licensed to give loans in Nigeria. They provide instant loans to Nigerians without collateral. Ever since its entrance into the lending sector in Nigeria, the company has earned positive reviews from users The loan is given through its mobile app and they offer flexible interest rates.
Signing up for FairMoney is easy, as you can easily do that using your Facebook account. That alone reduces the need to worry about difficulty in signing up to get a loan.
FairMoney loan requirement
Below are the requirement to get a loan from FairMoney:
- Basic personal information such as name and email
- Bank Verification number (BVN)
- Bank Account detils
- Automated Teller Machine card (ATM card). This is needed because it will be used to debit you for loan repayment.
- A photo of you may be needed real time
- App. You can only apply for loan from the app
How to get a loan from FairMoney
Follow these steps to get a loan from FairMoney:
1. Download the app
To get a loan, you mustdownload the app. Without the app, it is impossible at the moment to get a loan. Currently, the app is only available for Android. There is no app for iOS, Windows or Blackberry. That means you will need to use an android phone to be able to access a loan. Go to Google Playstore to download app.
2. Sign up
Once you have downloaded the app, the next step is to tap on it and sign up. You can sign up quickly with Facebook!
3. Answer a few question to get a loan offer
At this point, you will have to answer few question. The answer will help the app calculate a credit score. Based on that you will get a loan offer. The offer you get will depend on a lot of factors. As you pay back your loan on time, you will have access to bigger offers.
4. Accept loan offer
Once you get a loan offer, all you have to do is click to accept it.
5. Receive loan
Once you have accepted the loan offer, you will receive the money right away
If your loan application is rejected, you can apply again in 15 days.
How much can you get?
You can get a loan from ₦1500 to ₦150, 000. How much you get will depend on your credit score and other factors. But as you payback your loan on time, you will have access to more funds.
FairMoney Interest rate
FairMoney has a flexible interest rate. You can borrow money and pay back between 4 to 24 weeks. That means you can pay back in monthly installment. The monthly interest rates range from 2% – 28%. The maximum annual APR is 13%.
The loan term ranges from 4 to 24 weeks
Repayment of loan
There are many options to repay loan. At the point of applying for loan, you have to set up your ATM debit card. All you have to do is load money in your account. Open the app, click on payment and repay.
You can also repay via bank transfers or cash deposit with the following details:
Account Name: MyCredit
Bank Name: Stanbic IBTC
Account Number: 0023462495.
Please add the code given in the app to your transfer reference/description.
Make sure that you contact the customer care before and after payment to inform them. Take a screenshot as prof.
FairMoney Head office
Unfortunately, at the moment they do not offer in office support. We will update this post when they do.
FairMoney customer care.
The customer care email is firstname.lastname@example.org
At this moment, they do not offer phone support. This page will be updated when they do.
The app is only available for Android phone. You can download it from the Google Playstore.
The website is fairmoney.ng