How To Apply For A Fairmoney Loan In Minutes – Step By Step Guide

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How To Apply For A Fairmoney Loan In Minutes - Step By Step Guide

How To Apply For A Fairmoney Loan In Minutes .

FairMoney is one of the most recognized loan apps in Nigeria.

It is a loan app in Nigeria that offers its users an easy way of lending money.

FairMoney Loan was launched in May 2018 and ever since the app has disbursed over three hundred thousand nairas to Nigerians who need loans.

This has helped thousands of individuals and businesses move closer to realizing their dreams. Some may have even successfully started their businesses due to these loans. They have made it possible for individuals and small businesses to thrive despite the reality of their situation.

Before we go right to the steps on how to apply for a loan on the FAIRMONEY app, here are a few things that we think you should know.

Overview of FairMoney Loan

FairMoney provides you with an easy way of getting a loan. This is because you don’t need collateral to get a loan from them.

With FairMoney Loan, you can get an instant loan of up to as much as 500,000 without needing any even collateral and this can be done in less than 5 minutes.

The FairMoney Loan App.

This is where all the transaction takes place.

The FairMoney app helps you gain access to finance via the tech of an app. It is fast, reliable, secure, and most of all, free!

The FairMoney app is a mobile banking app and it is available on Play Store to those looking forward to downloading the app.

How Much Can I Borrow And For How Long?

FairMoney loans from 1,500 to 500,000 with durations for loans up to 60 days and above. 

Of course, you should expect interest. Their monthly interest is also about 10%-30% monthly.

There are no additional fees or hidden costs when processing your loan.

What Are FairMoney Loan Requirements?

There are no tough requirements to get a loan from FairMoney.  

To get a Fairmoney loan, below are the fee requirements that must be met:

1. Loan collectors must be above the age of 18. It is believed that individuals under the age of 18 may still depend on their guardians largely. Thus, they may not have a stable source of income thereby defaulting on the loan when due.

2. You are to submit your Bank Verification Number (BVN).

This increases the loanable amount available to you and it also ensures that FairMoney is safe to give you the loan.

If customers still refuse to pay their loan after every appropriate action has been taken. FairMoney has the right to report such customers to their bank while they take necessary actions. 

3. You will need to provide your bank account details. This is where your loan will be sent once all processes are completed.

4. Stable source of income. You must have a means of paying back the loan. This is more important than the reason why you need to take the loan.

Remember that this is an official agreement between you and an organization. You have to pay back.

5. You can either use your Phone number or Facebook details.

Ensure that the phone number is linked with your Bank Verification Number (BVN) to increase your chances of getting a better loan.

6. You must have downloaded the Fairmoney loan mobile app.

How Do I Apply for a FairMoney Loan?

To get money from FairMoney, you’ll need to follow these steps carefully.

1. Go to Google Play Store, and search for the FairMoney app (most times, you don’t even need to search. It may be one of the apps that will be displayed to you once you open the app).

2. Download the application and install it.

3. Sign up with your phone number or Facebook profile.

4. Create a profile if you’re a new user or applying for a loan as an old user.

5. Fill in every necessary detail correctly.

You would be asked to fill in your name, date of birth, bank details (like your account number), and any other necessary information. Don’t worry about your details as it’s safe with them.

6. Get credited with money in your bank account within a matter of minutes. It is that easy.

From these steps, you’d also affirm that getting a loan on FairMoney is easy and of course, a very straightforward process that anyone can carry out. 

Does Fairmoney Call People’s Contacts?

Fair money loan app stated in their policy that they will never call or send messages to the contacts of their customers, concerning the loans they took. However, when your loan is overdue FairMoney may call you (not your contacts) to talk about how you plan to repay their loan.

I can assure you that they do this in the most professional way possible.

Any Difficulties?

The worst that can go wrong is to encounter a network or server issue and you don’t even have to flinch about this. Fair money has good customer service and their customer care team would respond to you in no time.  

The best part, FairMoney services are accessible to every Nigerian.

What Do People Have To Say About FairMoney?

People will always have different experiences to share about using a particular loan service. Fair money is not an exception.

We have seen different views from customers concerning their experience with the app and we would share some of the reviews. 

Google Play Store shows that the FairMoney loan app has about 545,885 reviews. In terms of rating, the mobile app has 4.4 stars on Playstore, which is actually a good rating. A very good one.

In the review section, different customers dropped their experiences with the app so far and gave suggestions on what they think will help improve the services. While some customers attested that the app has always been saving them from the financial crisis, there are still some that complain of being disappointed.

Here are some of the reviews given by randomly selected customers.

“The platform saved me when I wanted to augment some stuff but fumbled at a critical stage when it asked me to link my card. I’ve been keeping a good record of repayment before the due dates without using a card as a repayment method. This last experience is the worst compared to the previous experiences put together. There should be other options aside from adding debit cards.”

Another user said this- “The loan app is the best loan app I’ve seen so far. Once you pay early, they increase your loan amount and also the interest is reduced. But my last experience was no fun at all. After repaying all the money that I should have actually paid in two months in less than a month, my loan amount was totally reduced instead of increasing it. And the interest rate was high. Please, do something about it.”

Another user –  “Very good and timely app but, the interest rate should be reviewed downward to make repayment easy on such a soft loan. The disappointing thing about the app was instead of an upward loan increase, it was decreased by almost half of what was previously approved even when you paid on time (N90,000 was approved and after I paid on time and reapplied, it was cut to N64,000).”

Pros:

The loan is approved within minutes

No collateral or guarantor is needed.

Cons:

From the reviews, all customers seem to have one issue in common- High-Interest rate. And they are calling out FairMoney to work on this.

Asides from this, we are yet to find any wrong thing with the app or its services, if we do we will update this section.

Conclusion:

FairMoney is a popular loan service provider in Nigeria 

which has proven to be reliable over the years. 

Its ratings and other wonderful reviews are enough to show you that it’s a good loan app.

If you need a loan, you can go to the FairMoney loan app now to obtain a loan.