Fairmoney Loan: Application Requirements, Interest Rates And All You Must Know

For those who don’t know, FairMoney is a leading Nigerian company that is licensed to offer loans in Nigeria. This company provide instant loans to Nigerians and gives 4weeks to 24weeks to pay back the loan without collateral. After the entrance of the company into the lending sector in Nigeria, they have earned positive reviews from their users. Their loans are given via their mobile app and they offer flexible interest rates.

The Fairmoney Loan Requirements

You need a smart phone.
You need a facebook account.
You need a bank account (where the money will be deposited).

HERE IS HOW TO APPLY FOR FAIRMONEY LOAN

To start, you will need to download and install the Fairmoney app.
After which, open the installed app and fill the needed information.
Enter your first name, last name, and your Fairmoney referral code
Enter your BVN and add your debit card to the Fairmoney app.
Enter the amount you want, how long you want it for and put your bank account details.
Once the Fairmoney app approves your loan, they will send your money to the bank account that you provided.

THE FAIRMONEY INTEREST RATE

Please be aware that the Fairmoney interest rate varies from 15% to 30%.

Note that the interest rate depends on several factors, you can get a better rate if you have a lower credit risk, and you can get a better interest rate depending on the duration you want the loan, etc.

Please note that if your application was not approved, it could be because of some reasons such as;

The information you provided during your application is incorrect.
Maybe you have a bad credit history.
Maybe Fairmoney thinks that you don’t qualify for their loan at the time.

However, you can try to re-apply again in a few weeks’ time. But ensure you do not delete your SMS history, call history or your bank alert history from your phone.

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Their Contact Number

Please note that there is no Fairmoney contact number or customer service number. However, in case you are interested in contacting Fairmoney, just send them an email via help@fairmoney.ng and you can also contact Fairmoney on their Facebook, Twitter and instagram page as well.

Their Loan Repayment

Once your loan has been approved, you will be asked to pay back your loan by the agreed date.

Please be aware that Fairmoney will not allow you to change this due date, so ensure that the due date fits into your schedule before you accept their loan.

Below are few methods that you can pay back this loan;

Using your ATM card (The same card you used during your loan application)
By bank transfer
Making cash deposit via the following account details. The account name is MyCredit, Stanbic IBTC is the bank name and account number is 0023462495.

Once all the transaction has been done successfully, you will need to:

Make use of the code from the Fairmoney app in your transfer description.
After everything, send a screenshot of your payment to help@fairmoney.ng, ensure you do this so that Fairmoney can update their system after your payment.