How to borrow money on Fairmoney App (Instant Loan)
Need financial help to cater to pressing needs or solve urgent issues? Have you already run to friends and families for help all to no avail? No worries, getting a loan might be the best next step for you.
But getting a loan from commercial banks in Nigeria is not as easy as it seems. You will need to bring a guarantor, use your properties as collateral, and also provide plentiful paperwork.
As all these processes are strenuous, it’s a real turn-off. These are some of the many reasons why Fintech companies over the years have evolved to make borrowing loans easy and simple for individuals, small or large-scale businesses.
One of these Fintech companies is Fairmoney, a digital bank that gives out instant loans which require no guarantor, collateral, or paperwork.
You can get up to a loan of N1 million within a few hours as long as you meet all requirements.
In this guide about “How to borrow money on Fairmoney app“, you will be shown how to borrow a no-stress instant loan from Fairmoney, how to repay Fairmoney loan, and also answer some questions that you might need answers to.
Without boring you anymore with my TED talk, let’s get into it…
How Fairmoney came to be (History)
Fairmoney, the Fintech digital financial institution licensed by CBN (Central Bank Of Nigeria) and insured by NDIC (Nigeria Deposit Insurance Corporation) was founded in March 2017 by a Nigerian-German man named Laurin Hainy and a co-founder called Nicolas Berthozat.
The company has made a name for itself as a reliable loan disburser within a short period with offices present in more than 3 continents.
Their loan ranges from N1,500 to N1 million and the installment repayment period extends 18 months.
The following series of content will be explaining how you can get a loan from Fairmoney, the requirements needed for your loan to be granted successfully, how to repay a Fairmoney loan, and so on.
Requirements for Fairmoney loan
Before you get to apply for or acquire a Fairmoney loan, some requirements need to be met.
Below are a few major ones:
- You must be over 18 years of age, applicants under that will be rejected
- Your 11-digits BVN (Bank Verification Number) will be required
- ATM (Automated Teller Card) must be linked to your Fairmoney account so they can charge you seamlessly for loan repayment
- You will need to download the Fairmoney app available for Android users only. An IOS device version hasn’t been released yet
Scan through the requirements, if you meet them all then congratulations, you can apply for a loan.
The next section will explain “How to borrow money on Fairmoney app“, let’s proceed.
How to borrow money on Fairmoney app
The Fairmoney loan borrowing process is seamless and easy, follow the below step-by-step procedures once all the above-outlined requirements are ready.
- The first thing that you need to do is download and install the Fairmoney mobile app available for Android devices only
- After a successful installation, launch the app and click on “Get Started“
- You will be required to sign up for an account, input your mobile phone number a verification code will be sent via SMS
- Enter the verification code, create a secure authentication PIN and fill all other personal information prompts
PS: Make sure that the phone you used to register for a Fairmoney account is the one linked to your BVN
By the time the above process is done, you will have yourself a Fairmoney account and be ready to apply for a loan.
To apply for Fairmoney loan:
Since your Fairmoney account is ready, you are ready to apply for a loan.
You just need to answer a few questions, these answers will be heavily used to decide if you will get a loan offer or not.
If you happen to get a loan offer after answering the questions, click to accept it and the loan amount will be deposited into your Fairmoney account.
How to repay Fairmoney loan
To repay your Fairmoney loan when you’re ready, open the app and click on your loan to reveal details about it.
Click on “Repay” on the details page and choose to pay in full or manually enter the amount you want to repay at the moment.
Click on “Next” and select your most preferred payment method, if you want to transfer, Fairmoney will provide you with a unique account number.
And If you choose to dial a USSD code, a unique USSD string will be generated, copy and dial it to make payment.
You can also use Fairmoney auto-debit if you don’t want to repay manually, what is auto-debit?
Auto debit will allow you to repay your loan easily by authorizing your bank to allow Fairmoney to automatically debit your account at the repayment due date.
Fairmoney interest rates
Fairmoney interest rate ranges from 2.5% to 30% (APRs from 30% to 260%) and the loan amount ranges between N1,500 to N1 million with a minimum repayment period of 61 days to a maximum of 18 months.
And that sums it up for this guide on “How to borrow money on Fairmoney app“, if you have any questions that are not covered on this topic, kindly use the comment section below.
Alternatively, you can reach out to Fairmoney support at >> email@example.com >> on Facebook >> or on Twitter.