FairMoney Loan: Interest Rates, Requirements & USSD code

In a country where the economy doesn’t favor the masses, but the cost of living is extremely high, it’s not weird to find that the loan app business thrives.

The reason is, people need to survive regardless of the unbelievable high cost of living. Hence, they turn to loan apps for the rescue.

Undoubtedly, loan apps offer Nigerians access to quick loans without any collateral, making it easy to access money to foot certain bills as soon as possible.

You can already guess that Fairmoney is one of the numerous loan apps that thrive in Nigeria. If you’re curious about their origin and how they operate, keep reading.

We’ll show you all you need to know about this loan app before you venture into business with them.

What Is FairMoney?

As earlier explained, Fairmoney is a fin-tech company operational in Nigeria and specializes in giving soft, short-term to long-term loans to Nigerians.

In a Lay man’s terms, Fairmoney is simply a Loan app that comes through for you when you urgently need money to fulfill a need.

Unlike the bank, Fairmoney doesn’t demand collateral to get a loan from the company. One reason this loan app is praised among Nigerians is none other than its supposedly flexible interest rates.

How Do You APPLY ?

Although Fairmoney doesn’t require too much documentation and collateral from you, you have to go through a process to get the loan.

Before you can apply for the loan, you must first pass the screening process that matches up to the requirements set by the app to be eligible for a loan by the app. To apply for a loan on Fairmoney, follow the steps below.

• Get the App: You’ll need to download the Fairmoney app on google PlayStore . If you use an iOS device, you won’t download the app as it’s not available on the app store. You could try an alternative route that might need you to download it directly, off google, or through a link that allows you to download the app from the website.
• Create an Account: After successfully downloading the app, create an account. You’ll need to use the phone number that’s registered on your BVN. If you’re sure you still have access to the number, proceed to start the account creation process. If you don’t want to register with your phone number, you can always register with your Facebook account.
• Fill in Your Details: You’ll need to fill in your details and honestly answer some of the questions asked. Your response would be vetted and used to determine how much your first loan amount would be, the interest, and the length of days you can borrow the money for.
• Loan Offer: After your loan offers have been released, select the amount you want. Click on the accept button. By now, you should have filled in the account number you’d like the money to be credited into. Note that if Fairmoney did not approve your loan request, you could apply after 15 days.

FairMoney Loan Requirements

Fairmoney loan doesn’t come with strict requirements like collateral and other documentation.

Frankly, Fairmoney doesn’t seem like a fan of documentation. As a result, they do not require a lot from you. All you should have to apply for a loan with Fairmoney includes;

• A Fairmoney account
• A functional smartphone
• A valid BVN
• Valid bank details

Once you have all of these, you’re all ready to get a loan from Fairmoney.

Fair Money Interest Rates

When it comes to Fairmoney’s interest rates, it is quite fair as it ranges from 15% to 30%. Few factors determine the interest rate that you’ll get from this loan app.

For starters, your credit history or score determines how much interest you’ll get on a loan. For instance, if you have a good credit score, you’ll most likely get lower interest on your Fairmoney loan.

Another thing that impacts the interest you’ll get on any loan you take from Fairmoney is the loan duration. But you have to pass Fairmoney’s scrutiny before thinking about the interest rates.

After the scrutiny, some of the factors that would prevent Fairmoney from approving your loan request includes the following if;

• Have a bad credit history.
• Provided incorrect information.

Nevertheless, if Fairmoney doesn’t approve your loan request, you can always try again.

PROS And CONS Of FairMoney App

PROS

• Fast approval and disbursement rate
• You do not need any documentation.
• The repayment plan is easy.

CONS

• You won’t get a huge sum of money when you apply for the first time.

FAIR MONEY Repayment

After borrowing money from Fairmoney, you’ll have to pay back what you borrowed at the agreed or set date.

You should know that Fairmoney doesn’t offer a loan extension feature. Hence, you’re expected to pay back what you owe on the agreed date.

To that effect, Fairmoney offers some repayment options for you. They include;

• Paying with an ATM card: The ATM card has to be the same card you registered on the app.
• Direct Cash Deposit: Deposit the principal amount you borrowed and the interest to the Stanbic IBTC account with account number 0023462495.
• Bank transfer: You can do this with your bank app or USSD.

Once you’ve successfully paid what you owe, send a screenshot of the payment to Fairmoney via [email protected]. Ensure that the code generated from getting Fairmoney’s account for repayment is added in your description when you attempt to send the money to them.

Fair money Contact Details

If you ever need to reach out to Fairmoney to resolve an issue, you can reach them via their email address [email protected]. Unfortunately, they do not have any mobile numbers.

FAQ

• How much can I borrow from FairMoney, and for how long?

You can borrow up to 1 million naira from Fairmoney. However, it depends on how often and how early you borrow and return what you owe. You can also borrow money.

• What would happen if I defaulted on my Fairmoney loan?

A service charge would be added to the overall feel you’re supposed to pay. Also, Fairmoney would drastically reduce the amount you can borrow from them, or you might not get another loan from this platform.

• Why does Fairmoney need my BVN?

Your BVN is essential in verifying your identity and checking to ensure you did not default from other companies.

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