Here’s everything you need to know about FairMoney loan app. What is the interest rate? How to access the loans with ussd code? Terms and conditions, requirements and repayment options.
Fair Money is one of the best fintech apps providing long term loans to credible Nigerians as of today.
Though Fairmoney loan app requires your bvn, you can easily get up to 1 million naira without any hassle, and I think that worth submitting your BVN for.
How to get FairMoney loan
- Download the FairMoney loan app from the Google Play Store.
- Click on Sign up. To avoid difficulty, ensure you sign up with the phone number that is associated with your BVN
- Answer some startup questions as required
- confirm your identity
- Link your bank account to Fair Money
- Make a request for a quick loan offer.
FairMoney Loan USSD code
FairMoney loan ussd code is not available for now. They haven’t initiate the use of code in accessing their loan services.
This in turn means that you cannot access their service on certain phones. You will need a smartphone with internet functionality.
Fair Money Loan interest rate and repayment
FairMoney loan interest rates start at 2.5% and can go up to 30%. Repayment periods ranges from 7 days to 18 months depending on the amount you borrowed.
If you repay your FairMoney loan before the due date, your repayment will be at a lower interest rate
Now, how to repay FairMoney loan. The process is simple.
Open the FairMoney app and click on repay loan. A screen will pop up and you’ll be asked whether you’re making full repayment or part payment.
Click on confirm loan repayment. In one or two minutes your loan should be cleared.
Fairmoney highest loan
Fairmoney app can offers you loans up to 1 million Naira. Their repayment period is convenient as you can have up to 18 months repayment period depending on your loan amount.
Your lending history will determine how much your loan offer can be. If you have a credible lending history, you will get a big loan offer.
FairMoney loan Requirement
Here are the FairMoney loan requirements
- Bank account
- Bank verification Number (BVN)
- Good credit history
- Age from 18 to 60
For some other apps it isn’t so easy to obtain loan. So many requirements and paperwork. But with FairMoney loan app everything is so super easy and straightforward.
What makes Fairmoney loan better?
- Instant delivery – Getting loan on FairMoney is so quick, as you can obtain your fast loan in just 5 minutes, even from the comfort of your home.
- Flexibility – You have choice to make repayment on the due date or before.
- No collateral or documents are required
- No hidden charges – With FairMoney, all interest and charges are transparent. Nothing is hidden. You will always see how much offer you’ve got and how much you’re to pay back and for how long.
- Good customer service– Fairmoney has a well trained team and they treat their customers with respect.
- They don’t defame defaulters like some other loan apps do.
- Extend loan duration – when you’re unable to meet up with the repayment date, you have option to extend the loan duration. To do this, on FairMoney app, just go to “Manage loan”. There you will see if you have this offer available for you.
- They do not charge late fees.
FairMoney VS Kuda bank, Carbon
Both FairMoney and Kuda bank are good. Carbon is a perfect alternative too. They offer the same service to qualified Nigerians.
Just make sure you have a good credit report before applying.
To download the app, go to Google play store and search for FairMoney app. Click on install to download on your phone.
Terms and conditions
The following are Terms and Conditions that to stands for every loan offers given by the FairMoney company to each of its borrowers. It regulate and explains what offer an intending lender can get and the rules that govern their loan services.
By accepting this terms and conditions and opening an account you agree that you read and comprehend it and are ready to abide by it.
By agreeing to these terms and conditions you agree
- not to modify the fairmoney loan app, or do anything like renting, combining, sub-licensing or translate the app into another one.
- that you are capable of making repayment on the due date your full principal loan and the interest fees.
- You are 18 years old or above
- fairmoney can check your credit report based on the information you provided during sign up.
- that you’re a Nigerian and or a resident of Nigeria
- you can and should only add payment card or bank account to your FairMoney Account if you are the legitimate owner and name holder of it. FairMoney will treat violation to this as a fraudulent act and will be taken seriously.
- You will need to submit some of your personal informations like your BVN, date of birth in the process to obtain a loan.
Is FairMoney legit?
FairMoney is a legit loan company. They are licensed by both Central Bank of Nigeria (CBN) and Nigeria Deposits Insurance Cooperation (NDIC)
Millions of Nigerians have borrowed money from them and are still doing so every day.
Where is FairMoney address in Lagos?
Though they are based in Lagos, no much information is available about FairMoney head office, as they operate a virtual service that necessarily doesn’t need physical location.
How to extend fairmoney loan?
Lunch the app. On the homepage you will see a button that says extend loan. Click on it and you’ll be asked to choose for how many days you want the extension to be.
If you still not satisfied with the options in the app, feel free to contact FairMoney and explain your situation to them. They are always will to listen.
How to delete FairMoney account?
You may want to delete your account. In such case you can talk to them via what’s app or phone call.
Note that you won’t be able to delete your account if you’re having unpaid loan. Make sure you’ve cleared your debt before contacting their customer care agent.
Fairmoney contact number and email
- +234 1 888 5577
- +234 1 700 1276