Fairmoney Loan: Procedures In Applying For Loans, Requirements And All You Need To Know With Interest

Most often, small, medium and even large scale businesses may want to keep the business flowing, but may lack the fund for day to day running of the business or for expansion purposes. Hence, they may require more funds or capital in terms of loan when other means of getting capital has been exhausted. The only consideration here for any serious business person is to get a business loan. Many businesses see loan processes as very difficult especially when going to bank for finance.

Today, we will be sharing with you how to get a stress free business or personal loan with little interest and no collaterals from FairMoney, one of the lending platform in Nigeria. With FairMoney, you can get up to N100, 000 or more, which are short term loans for individuals or for small businesses in Nigeria.

What is FairMoney?

FairMoney is a certified and licensed Nigerian online financial lender that provides quick and instant loans for individuals and small scale businesses with no collaterals.

The Amount Of Funding You Can Get From FairMoney And The Duration

FairMoney offers individuals and small business loans from as little as N1, 500 to as much as N150, 000 for a duration which is agreed upon ranging from one to three months. Having a positive lending history, a better and fast loan repayment can give you good opportunity in getting more access to larger loans for a longer duration.

What Is The Interest Rate For Getting Loans?

According to FairMoney, the loan interest rate can vary from person to person based on your profile, lending history and better repayment of loans at the appropriate time as stated above. The interest rate per loan ranges from 10% to 30% per month.

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What Are The Procedures For Applying For A Loan?

To apply for an instant loan for an individual or a small scale business from FairMoney, first, you must have an android phone, then go to Google play store to download the FairMoney App. After the FairMoney is downloaded from the Google play store which is less than 50 MB, you will have to sign in with your Facebook personal profile account, then answer a few questions and verify your identity to get a loan offer. If after you must have read all the terms and conditions for loan application and accept it, you will receive your requested loan in less than 5 minutes into your preferred bank account.

What Are The Requirements To Get A Loan?

You don’t have any loan document? You don’t have any collateral? No wahala! You can still get a loan without document or collateral from FairMoney. According to FairMoney, you will only need to share your BVN during loan application and connect your ATM Card to authorise them to debit from your bank account for the repayment of the loan at when due.

Other Requirements You Must Note

You must have enough information on your phone
You must have increased phone usage like calls and SMS before you can be eligible for a loan.
You must keep your bank account healthy, as in you need an active bank account with revenue flowing in and out.