Fairmoney Review – If you are looking to borrow money from Fairmoney without requisite knowledge of its work dynamics and loan procedures, here is a fairmoney review to help you make informed decision prior to your loan application.
FairMoney loan
Fairmoney is a digital bank, instant loan provider in Nigeria. Its customers are not required to provide collateral before they can access the facility.
Users can join fairmoney remotely, where loans are disbursed straight to your bank account.
With Fairmoney Nigerians have been able to fund several projects and businesses of immense concern, drive the private sector, entrepreneurship and personal concerns.
Loan amount range between N1,500 to N1,000,000 where repayment period spreads from 61 days to 18 months at a monthly interest rate of between 2.5% to 30%.
How to apply for a fairmoney loan
To access the Fairmoney loan you will first and foremost download the FairmMoney app
- Download and install Fairmoney app on Google Play store
- Sign up with your details and log in to the app
- As a new user you are required to create a profile, while returning users can apply for a loan straight away
- Your account will be credited shortly after application is deemed successful.
Requirements
There are no special requirements to accessing fairmoney loan, all you need is an Android phone and a BVN. Download the FairMoney app from Google Play Store. Sign up with a phone number linked to your BVN, answer a few questions and confirm your identity to receive a loan offer, once accepted your loan will be disbursed to your preferred account number straight up.
Products offered
Payday loan: The Fairmoney payday loan is designed to help salary earners with a monthly overdraft.
Education: The Fairmoney education loan is aimed to help parents meet their children and wards school fees, tuition and other education related financial requirements.
Business: For businesses who are looking to cover cash flow payment, the business loan is ideal.
Auto loan: For customers who want to buy car
Peer to Peer loan: Granting loan access among friends and peers
Home owner loan: This is referred as mortgage loan for customers who are looking to buy a house.
FairMoney Review
Pros
- There’s a flexible and convenient repayment plan
- Loan approval happens in minutes and swift
- No guarantor is required to access a loan
- There’s no collateral required from obligors.
Cons
- Fairmoney collect and processes secure data from your phone, device details, location, phone book which could be used against you should you fail to repay the loan when due. They most times call people from your contact informing third party of your indebtedness.
Interest rate
Interest rate is pegged between 2.5% to 30%
How do I repay my Fairmoney loan?
This part of the bargain is not what many borrowers want to associate with, however, it’s binding on you to repay your loan after disbursement.
To repay your loan,
- Kindly log in to your Fairmoney account/app
- Click on the “Repay” icon
- Then follow the instructions outlined promptly.
There are different repayment option on the app to help complete your transaction which include (USSD, debit card, bank transfer, and the Fairmoney bank)
The auto debit function
Note: Your account can be debited automatically to repay your loan without you taking care of that yourself. Your bank will usually enquire if you’d like to set a feature and authorize Firmoney to debit your account at exactly the set repayment date.
To repay via card
If you wish to repay your loan via a card,
- Log in to your app
- Select “Debit/credit card” option usually when repaying your loan
- Enter the your card details (PAN, CVV, date of expiry)
- Follow the prompt to complete your repayment.
What happens if I don’t pay?
This is something you will not like to know, however, you are advised to take loans you have the capacity to repay.
Payment dates are not rescheduled, avoid late payments to avert suspension of your Fairmoney account, the company has a window to report to the credit bureau which will affect your credit score.
How to increase your loan amount
To increase your loan amount going forward, you should have the ability to repay your loan on or before the due dat.
Read also: Renmoney review – How to apply, interest rate & Repayment
Repaying your loan timely will build and improve your credit rating, which by implication boosts your chances of borrowing more money above the initial threshold.
Why your Fairmoney application was rejected
If a rejection occurs, you have a window to reapply within the next 15 days, a number of reasons could lead to rejection, ranging from not finding enough information on your phone.
You are advised to increase activities with your phone to boost your chances.
Fairmoney customer service
You may have concerns to reach Fairmoney customer service for enquiry or resolution of issues, kindly reach out via any of the below
Phone: 01 7001276, 01 8885577
Email: help@fairmoney.ng
Office address: 3 Ajao Road, Off Adeniyi jones, Ikeja, Lagos, Nigeria.
Conclusion
Here you have a FairMoney review where you’ve been handed a first-hand information on what to expect into the various facilities available.
Loan amount range between N1,500 to N1,000,000 where repayment period spreads from 61 days to 18 months at a monthly interest rate of between 2.5% to 30%.
Are there questions you’d wish addressed, let’s get talking via the comment section.