FairMoney is a completely integrated online moneylender that offers borrowers single-payment, installment, and payroll loans. Your account is then debited for the balance lent.
The minimum loan amount is N10,000, and the maximum loan amount for a new customer is N40,000. There is no need for collateral or a guarantor.
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Monthly interest rates vary from 10% to 28% EIR (Effective Interest Rate per month), and annual percentage rates (APR) range from 120 percent to 260 percent.)
When you apply for a loan, FairMoney credits your account using conventional bank transfers, which take just a few minutes in Nigeria.
Do you want to borrow money with Fairmoney? Begin by installing the software.
An Android phone is needed. From the Google Play Store, you can get the FairMoney app. To accept a loan bid, sign up with the phone number associated with your BVN, answer a few questions, and confirm your identity. If you approve it, your loan will be sent to your chosen bank account immediately!
FairMoney provides one- to three-month loans ranging from N1,500 to N500,000. The more you can borrow and the longer the duration, the better your credit history and good conduct!
Here’s How to Repay Fairmoney Loan.
To pay with a Debit (ATM) card, USSD, or Automatic Bank Transfer, go to the app’s “Repay” button (via your Providus wallet)
1. On the home screen, select ‘Loan details.’
2. Select ‘Pay’ from the drop-down menu.
3. Choose ‘Full loan amount’ to pay off your loan completely, or ‘Enter amount’ to manually enter the amount you want to pay. 4. Click ‘Next.’
5. You’ll find the following repayment options here:
1. Your Providus Bank account number (990*******) and account name are listed here (FairMoney – [Your Name])
2. Select ‘Copy’ and deposit funds into this account using your online banking platform or at any bank.
Transfer via USSD
1. Here you will find your bank’s USSD code, as well as the amount you wish to repay and the Providus Bank account number to which the funds will be transferred. 2. Copy and paste this code into your phone dialer to make a payment using your debit (ATM) card.
1. Choose ‘ATM card’ from the drop-down menu.
2. You’ll see the card(s) linked to your account here.
3. Click ‘Pay’ after selecting the desired card.
4. The payment will be deducted from the card’s linked account.
If you don’t pay back on time, here’s what happens:
We are human beings, and we know that unpredictable and unforeseen events will occur.
However, since we do not reschedule payment times, you can only take out a loan if you are confident in your ability to repay it.
> Late fees (1.5 percent per day late) > National credit bureau survey – you won’t be able to get a loan from someone else in the future > Suspension of your FairMoney account > Debit from your bank account automatically
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