Not everyone can be opportune to have this emergency fund since some people eat from hand to mouth. As such, eating a decent meal is a challenge in itself, not alone having money set aside to meet emergencies. So, for those who do not have an emergency fund, what do they do when the problem of life knocks on their door? This is where the FairMoney loan comes into play.
What is a FairMoney Loan?
FairMoney loan is the loan offered by FairMoney. FairMoney is a digital bank that provides quick or instant loans to eligible individuals in minutes via its instant loan app without collaterals.
How Does FairMoney Loan Work?
FairMoney loan works similarly to other digital bank loans. You only need to download and install the FairMoney app, input vital information such as your names, phone number, BVN, date of birth and card. The app will access data on your phone such as SMS, phone contacts and location in other to determine if you are eligible for a loan.
If you are eligible, the loan will be sent to your bank account in minutes. If you repay the loan on or before the due date, you will get a high loan offer next time.
Is FairMoney Loan Legit?
We live in a world where if one is not careful, one can fall into the hands of fraudsters. However, for an organization like FairMoney, one doesn’t need to have these worries as FairMoney is real and there is nothing like fraud or scam attached to the name of FairMoney.
How Much Can You Get from FairMoney?
Based on your lending history and other undisclosed criteria, you can borrow as high as ₦1 million from Fairmoney for a payback period of up to eighteen (18) months. It is important to pay the loan on time to build trust and also get a chance to qualify for higher loans in the future.
Loan Eligibility and Requirements
To be eligible for a loan from FairMoney:
- You must have a BVN
- You must be 18 years and above
- You must have a good credit score or lending history
The following are also required:
- An android smartphone
- An active bank account and payment card
- An active phone number
What is FairMoney Loan’s Interest Rate?
The interest rate of FairMoney is about 10-30% monthly. There are no additional charges to be paid.
How to Apply for FairMoney Loan
To apply for a FairMoney loan is easy. Follow the steps below.
- Download FairMoney app on Google Playstore
- Open the app and register with the correct personal details. Kindly note that it is important to register with the phone number linked to your BVN.
- After submitting the requested information, indicate the amount that you need and wait for the app to check your eligibility and determine the amount that could be disbursed to you.
It is important to point out that you will need to add your bank card (ATM card) with your PIN and CVV to make it easy for FairMoney to charge your card automatically when your loan repayment is due.
How to Repay FairMoney Loan
Repaying the loan borrowed from FairMoney is simple and there are two ways to repay FairMoney loans.
Through Bank Card: You need to fund your linked bank card with enough money that will cover the amount to be paid. FairMoney will charge the card on the due date.
Through Bank Transfer: You can make repayment through bank transfer. Go to the app and select ‘Bank Transfer’ as your preferred payment method and you will see the bank account number to pay into. You can contact support with proof of payment after sending the money.
Since life is filled with many bumps, one can be prepared and still not be too prepared. Loan apps like FairMoney then come into play to lighten one’s burden. However, you must pay back on time to be able to get a higher loan next time.