Fairmoney Loan Requirements, Interest Rates, and Everything You Need to Know

Fairmoney Loan Requirements, Interest Rates, and Everything You Need to Know

FairMoney is a well-known Nigerian firm that is authorised to provide loans in the country. This organization offers Nigerians fast loans with repayment terms ranging from four to twenty-four weeks. Following the company's entry into the loan market in Nigeria, they have received excellent feedback from their customers. Their loans are made available through their mobile app, and they have adjustable interest rates.

Fairmoney Loan Conditions

1. You must have a smartphone.
2. You must have a Facebook account.
3. You must have a bank account (where the money will be deposited).

HOW TO APPLY FOR A FAIRMONEY LOAN

• To begin, you must first download and install the Fairmoney app.
• Then, launch the installed app and enter the required information.
• Enter your first and last names, as well as your Fairmoney referral code.
• Enter your BVN and debit card information into the Fairmoney app.
• Enter the amount you want, the length of time you want it for, and your bank account information.
• When the Fairmoney app accepts your loan, the funds will be sent to the bank account you specified.

THE INTEREST RATE ON FAIRMONEY

Please keep in mind that the Fairmoney interest rate ranges from 15% to 30%.

It is important to note that the interest rate is determined by numerous criteria. For example, if you have a lower credit risk, you can obtain a better rate, and you can receive a better interest rate based on the length of the loan, etc.

Please keep in mind that if your application was denied, it might be for a variety of reasons, including:

You submitted wrong information in your application.

Perhaps you have a poor credit history.

Perhaps Fairmoney believes you do not qualify for their loan at the moment.

You can, however, try again in a few weeks. However, do not remove your phone's SMS history, call history, or bank alert history.

Please keep in mind that there is no Fairmoney contact or customer support number. However, if you want to contact Fairmoney, send them an email at help@fairmoney.ng. You may also contact Fairmoney on their Facebook, Twitter, and Instagram pages.

Repayment of their Loan

Once your loan has been granted, you will be required to repay it by the agreed-upon date.

Please keep in mind that Fairmoney will not enable you to amend this due date, so be sure it works with your schedule before accepting their loan.

Here are a few options for repaying this loan:

Using an ATM card (The same card you used during your loan application)

Through a bank transfer

Making a cash deposit using the following account information. The account is called MyCredit, the bank is Stanbic IBTC, and the account number is 0023462495.

Once all of the transactions have been completed successfully, you must:

In your transfer description, include the code from the Fairmoney app.

After that, email a snapshot of your payment to help@fairmoney.ng so that Fairmoney can update their system after your payment.