FairMoney Loan: Interest Rates, Requirements & USSD code, how legit, Apply now
Fairmoney is a Nigeria-French fintech company that is authorized to give loans to Nigerians.
This company is noteworthy for providing quick loans in Nigeria without asking for any collateral.
Since its launch into the fintech sector in Nigeria, the company has received a lot of praises from users about its flexible interest rates. The loan can be requested using the mobile app.
Fairmoney develops an application that provides a scoring algorithm by using the information on your smartphone, which grants it access to create credit scores for people with no good access to banking facilities,
especially in developing countries. The company provides fast and secure loans for medical, car, and personal emergencies.
The company was initiated in march 2017. The online lending platform has granted a whopping sum amounting to one million loans for personal and business purposes in Nigeria. It has covered places mapped out by the banks.
This company offers you multiple ways of requesting loans in Nigeria and you can get the loan instantly. You can get loans from fairmoney without any requirement of paperwork and this could be done in a few minutes.
FairMoney Loan App
The Fairmoney app helps you get easy access to urgent loans using the recent modern innovations. These services are fast and totally free.
Fairmoney has combined customer experience and fulfillment into creating an app that is easy, reliable, and secure to use in getting a loan. Fairmoney loans are as easy as ABC and can be gotten by anyone.
Fairmoney users can also utilize the app in paying bills, subscribing, data, purchasing airtime and so many other functions without paying any charges and with a significant discount.
How Much Can I Borrow from FairMoney and for How Long?
Fairmoney loans ranged from 1,500 to 500,000 with a tenor for up to 60 days and above. The monthly interest ranges from 10%-30% depending on the amount borrowed. The company does not attach any extra charges or fees to the loan.
You can access a FairMoney Loan in the range of ₦1,500 to ₦500,000 with durations for loans up to 60 days and above. The monthly interest is also about 10%-30% monthly.
The process does not incur any additional fees or hidden costs when processing or after getting your loan.
FairMoney Loan Requirements
When it comes to Fairmoney loans, there are no requirements. Getting a loan is as easy as just signing up and processing your loan without any prolonged processes.
How to Apply for a FairMoney Loan
Follow the steps below to get a loan from FairMoney
To easily apply for a loan, quickly download the Fairmoney loan app from the play store. However, this version is only available on Android.
The app has no version for iOS, Windows, or Blackberry at the moment. It is impossible to get a loan without the app.
- 2. Sign up
Once you have downloaded and launched the app, quickly sign up with the phone number connected to your BVN.
Answer some required questions, confirm the received message to verify your identity. You can also sign up using your Facebook account.
- 3. Answer a few questions to get a loan offer
After the sign-up, you’ll be required to provide an answer to a few questions. These answers assist the algorithm to predict your credit score which will be used in offering you a loan.
A lot of processes will be determined before getting a loan. As you repay your loan on time, you will be granted access to a higher amount of loans.
- 4. Accept loan offer
Verify the loan offer you have chosen, then click accept.
- 5. Receive loan
After the previous step, then you’ll instantly receive your loan into your registered bank account.
You can reapply in 15 days if your loan request is rejected.
FairMoney Loan Review
Getting a loan can be a stressful process with all the processes required and longevity of period, sometimes wasted. Fairmoney is easy and reliable in getting money as soon as possible and the best alternative for emergencies.
- • Loan is approved and granted within minutes
- • No collateral or guarantor or documentation requirements.
No complaint or con has been laid pertaining to this fintech company. This site will update you in case of any change.
What happens if I don’t pay FairMoney?
If you don’t repay your loan on time, an additional processing fee will be enacted on every loan you get from Fairmoney.
in addition, a penalty of 0.2% fee per day will be added to the initial interest. However, this is only enacted on failure to repay your loan on time.
Fairmoney ussd code
The USSD code for getting a loan from Fairmoney is 3226#. It is as easy as checking your airtime balance.
Repayment of loan
There exist many ways to repay your Fairmoney loan. You will be required to set up your ATM debit card at the point of registration.
You’ll be required to deposit the money in your registered bank account, launch the app and click on a replay loan.
You can also make use of this alternative method of depositing into Fairmoney account with these details;
Account Name: MyCredit
Bank Name: Stanbic IBTC
Account Number: 0023462495.
You’ll be sent a code in your app, add the code to your transfer description. Take a screenshot or photo as proof and send the payment info to customer care, be sure to contact customer care before and after the transaction.
FairMoney Head office
However, Fairmoney has no physical office as per se. But, we’ll keep updating this information when provided.
FairMoney customer care.
To contact customer care, compose an email to [email protected]
They currently do not offer phone services. However, this info will be updated when available.
The app only has a version for Android phones. You can download and launch the app from the Google Playstore.
Visit Fairmoney at fairmoney.ng
Youwin is a Nigerian focused Educational And Career blog, With the Vision To Inspire & Empower Young Persons; Helping Them Realise & Maximise their Potentials.
this articles was written by a team of bloggers for youwin.org.ng, the writer is a University graduate, he holds a degree in Economics from the University of Nigerian Nsuka (UNN).
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