FairMoney: Requirements, Interest Rate, Get Up N150,000 In five Minutes
FairMoney; We guess you arrived at this post looking for a way to solve your immediate monetary problem, needed an emergency loan, or wanting to boost your business, with fairMoney you can achieve all that just within 5 minutes.
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In this article we will teach you how you can get up to N150,000 loans just with your mobile phone i.e. no paperwork, no collateral is needed.
Let’s start our discussion by looking at what fairMoney is all about.
What is fairMoney?
FairMoney is Nigerian based money lending which focuses on offering loans to Nigerian.
They offer personal loans, education loans, and business loans.
The founder and Chief Executive Officer of FairMoney are Laurin Hainy which its loan officer is Felix Ojokpe.
Getting a loan from them is less stressful, unlike other money lending company that normally takes up to 48 hours for you to get approved. FairMoney loan requirements are close to nothing from the information we gathered.
Haven known what the platform is all about, let’s look at there loan requirements.
FairMoney Loan Requirements
Listed below are the requirements for getting a loan from FairMoney.
- A Smartphone.
- Your Facebook account (Not always necessary).
- Bank account (Where the money will be disbursed).
You can see that applying for a loan on FairMoney is just simply easy.
Now let’s look deep on how you can apply and get approved within 5 minutes.
How to apply for FairMoney loan
- First, download the FairMoney loan app on your Smartphone.
- Open the installed app and fill the necessary information needed from you.
- Fill in your first name, last name, and your fairMoeny referral code (It’s optional).
- Fill in your BVN and add your card details to the FairMoney app(Your BVN is 100% safe with FairMoney).
- Put in the amount you want and the period of time you want it and also provide your bank details.
- Once your loan is approved, FairMoney will send your money directly to your bank account.
FairMoney referral program
When you refer someone to get a loan from the loan provider, and the person happens to pay back his/her loan, you will automatically get a discount of N500 off your own loan payment.
Make you tell them to make use of your own FairMoney invite link that the only way FairrMoney will know that you are the one that invited them.
FairMoney interest rate
FairMoney interest rate is not something that is not constant; it varies and ranges from 10% to 30% per month depending on your credit score.
NOTE: Your interest rate depends on your credit score, you will get a very good interest rate if you have lower credit risk and you can as well get a higher interest rate if you have a bad credit score.
What happens if your loan is not approved (Rejected)
In most cases, your loan application may not be approved that is to say you get a reject, it could be because of so many reasons. We have gathered some reasons for your loan rejection which are listed below.
- Having a bad credit score/history (Try fixing it before reapplying again).
- You provided misleading or false information during your loan application.
- FairMoney may think that you do not qualify for their loan or that you cannot pay back as at when due.
What should I do for my loan to be approved on fairMoney?
If your loan gets rejected at the first or second application, try reapplying again in few weeks. Do not delete your SMS history, call history most importantly your bank alert history.
If you follow the steps mentioned above, we assure you that your next loan application will be successful.
FairMoney contact number /Customer service
We regret to tell you that there is no contact number or customer service number reason best known to them but we think that they do not want to attend any call for now.
Writing on the Fairmoney loan review, Fairmoney can only contact you when you fail to make a repayment of your loan on the agreed date.
FairMoney loan repayment
After getting approved on fairMoney, you are expected to pay back your loan with the interest as at when due.
NOTE: FairMoney does not allow rescheduling of repayment like other money lending companies i.e. make sure that repayment date is okay by you before you think of accepting the loan.
Below are the few ways by which you can make a repayment of your loan.
- ATM card (Make sure that is the same card you used when applying for the loan).
- Bank transfer.
- Cash deposit via the following account details..MyCredit as the account name, Stanbic IBTC is their bank name and their account number is 0023462495.
What you need to do after the transfer has been done successfully.
- Use the code on your FairMoney app in your transfer description.
- Send a screenshot of your payment to email@example.com for them to update their system after your repayment.
Other fairMoney repayment information you need to know
Based on our own experience on FairMoney repayment, it’s better for you to pay back your loan on time; failure to do so may turn out to be something else like something you never expected.
For instance, failure to pay back your loan as at when due that is on the agreed date, the company will start charging you 1.5% interest every blessed day for the period of 28 days until you pay up your loan and after the 28 days, if you still don’t pay up, they will start contacting your friends and family members to recover there loan which may not be future to you.
Also, they can report you to the credit bureau of Nigeria and as a result if that, it will be difficult for you to obtain another loan from any money lending company in Nigeria not just from FairMoney.
FairMoney will probably suspend your account and then take further legal action like charging you to court for loan default.
What makes FairMoney different from other lenders?
Below is the cure difference they have between this particular lending platfrom and other lending platforms.
- Speed of delivery: You can get a loan instantly in 5 minutes, from anywhere in Nigeria.
- Flexibility: You can repay on or before your due date with a reduced interest rate.
- No hidden charges: There interest charges all-inclusive, ensuring transparency.
- The customers are King: There team is trained to treat you with the utmost respect at all times.
My own thought on FairMoney loan
According to my own experience with them, I can say that they are worth working with but sometimes their interest rate is very high, I have seen some people getting up to 50,000 on there first loan application and on the other hand, I noticed that some Nigerians are just greedy which lead to there loan rejection.
Bear in mind that for you to get up to 150,000 which is there highest loan offer, for now, you need to borrow a little at first, payback and borrow again.
The simple trick is the more you pay back on time the higher the amount you get.
Secondly, sometimes you will notice some technical problems on the loan app, If this happens to you, try contacting FairMoney by sending them an mail to firstname.lastname@example.org they will respond to you as soon they get your complaint.
Is FairMoney loan legit?
In my own humble opinion and with my experience with FairMoney so far, I can say that they are legit i.e. they do not scam every one of your documents is safe with them both your BVN and some other personal information about you.
Also from the reviews, I read online, I learned that fairMoney is sincerely giving out loans to Nigerians.
If you need an urgent loan if you want to pay your school fees or your children’s school fees if you want to start up a business or a loan to solve an immediate problem, think of FairMoney.
They will definitely send you a response within a few minutes of submitting your loan application.
If you have any question you wish to ask or if there is anything you wish to know about fairMoney loan review, kindly use our contact page to reach out to us we will reply to you immediately.