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How to Borrow Money from FairMoney Bank in Nigeria: A Step-by-Step Guide
“How to borrow money from FairMoney bank in Nigeria”, is one question many Nigerians wonder about. This is because fast and dependable financial assistance is becoming increasingly widespread every day.
With the emergence of various digital lending platforms like FairMoney Bank, borrowing has become much easier.
Therefore, FairMoney provides an efficient solution for individuals needing short-term financial aid by offering accessible and adjustable loan alternatives.
As such, borrowing money through FairMoney Bank is a seamless process that can be conducted entirely online, thereby eliminating all forms of excessive documentation and tiresome procedures.
Poor cash flow management or sudden expenses may lead you to FairMoney, which eases your borrowing through excellent technology and quick service delivery.
If you want to learn how to borrow from FairMoney Bank in Nigeria, the following guide will provide you with essential requirements, application processes and key features.
12FAQs
What is FairMoney?
FairMoney is a digital lending platform that gives micro-loans to individuals in Nigeria.
Using technology, FairMoney makes the loan process seamless, with no need for traditional banking procedures like paperwork and physical visits.
The app wants to make borrowing money easier, with loans from small to big amounts depending on your credit score and needs.
Read also: Full List of Blacklisted Loan Apps in Nigeria
What makes FairMoney different from other Lenders?
What makes FairMoney different from other lenders is their speed of delivery. You can get a loan instantly in 5 minutes from anywhere in Nigeria.
They also have no hidden charges, with their all-inclusive interest and fee charges ensuring transparency.
How do I download and Install the FairMoney App on my Phone?
The first step to borrowing money from FairMoney Bank in Nigeria is to download and install the app on your phone. Follow these steps.
A. Go to Your App Store:
Open the Google Play Store (for Android) or Apple App Store (for iOS) on your phone.
B. Search for FairMoney:
Type “FairMoney” in the search bar and locate the app. Make sure to download the app by FairMoney Ltd.
C. Download and Install:
Click on download and wait for the app to download on your device.
D. Open the App:
Once installed, open the FairMoney App and start the registration process.
Read also: How to Borrow Money from Airtel App in Nigeria | A Step-by-Step Guide
How do I create an Account on FairMoney App?
To access FairMoney loan services you need to create an account. Here’s how to do that.
1. Sign Up:
On the app’s home screen, sign up or create a new account.
2. Provide Personal Information:
You will be asked to provide basic personal details such as your full name, phone number, email address, and valid ID number. This will help to verify your identity.
Also, FairMoney collects and securely processes data from your phone (SMS, device details, location, phonebook) to make a lending decision. This data is necessary to approve your loan in real-time without asking you for paperwork.
3. Create a Password:
Choose a strong password for your account. Make sure it has letters, numbers and special characters.
4. Accept Terms and Conditions:
Read the app’s terms of service and privacy policy and tick the box.
5. Verify Your Identity:
You may need to upload a valid ID and a selfie to complete the verification process.
How do I Set Up a Profile on the FairMoney App?
Once you have created an account, set up your profile:
1. Fill Profile Information:
Please add more details, such as your residential address, employment information, and monthly income. This will help FairMoney determine your loan eligibility.
2. Link Bank Account and BVN:
You need to link a bank account for loan disbursement. To ensure a smooth transaction, enter your bank account details and your Bank Verification Number (BVN).
3. Review Information:
Double check all the information provided to ensure it’s correct. Incorrect information will delay loan approval.
Read also: 21 Loan Apps That Will Give 500k Loan to First Timers in Nigeria
How to Borrow Money from FairMoney Bank.
Now that you have your account and profile set up, you can apply for a loan using the following steps:
A. Choose Loan Amount:
On the app’s dashboard, select the amount you want to borrow. FairMoney has various loan amounts, so select one that suits you.
B. Choose Loan Term:
Select the repayment period that is convenient for you. Loan terms can be from a few weeks to several months.
C. Review Loan Terms:
Read through the loan terms and conditions, interest rate and repayment schedule. Make sure you understand the total cost of the loan before you proceed.
D. Submit Application:
After reviewing the details, submit your loan application. FairMoney will review it to determine your loan eligibility
E. Wait for Approval:
The app will process your application, which will take a few minutes to a few hours. After this period, you will receive a notification regarding your application status.
F. Loan Offer:
If approved you will see a loan offer with the amount, interest rate and repayment terms. Review the offer.
E. Accept Loan Offer:
If you agree with the terms accept the loan offer through the app. Your loan will be processed for disbursement.
F. Fund Transfer:
Once accepted, the loan amount will be transferred to your linked bank account. Transfer time may vary but usually takes a few hours.
How to Borrow Money from FairMoney Bank in Nigeria via USSD
FairMoney USSD code is 56615#.
After you have an account with FairMoney, you can dial this shortcode from the phone you registered on FairMoney to access the loan services.
Read also: FairMoney USSD Code For Loan And Transfer in Nigeria with FAQs
What are FairMoney’s Policies for Borrowing Money?
You need to know FairMoney’s policies to borrow smoothly. Here are some of them.
1. Interest Rate:
Be aware of the interest rate on your loan. However, FairMoney provides clear information on the rates and fees for their loans.
FairMoney loan interest rates range from 10% to 30%, and there are no additional fees or hidden charges during the loan process.
2. Late Fees:
Know the consequences of late payment, including any additional fees or charges that will be applied. Also, your credit score and chances of getting a loan in the future will be affected when you make late repayment.
It will also lead to a high interest rate on future loans. You are not supposed to make late payments so that your BVN details are not reported to the Credit bureau.
3. Privacy and Security:
FairMoney values your privacy. Its headquarters is in Europe, and it follows European data security regulations.
You can also review their privacy policy to know how your data is protected.
4. Loan Limits:
The general loan limit from FairMoney is a minimum of ₦1,500 and up to ₦500,000.
Other loan amounts that are higher or lower than these other amounts depend on your credit history and repayment record.
How Can You Effectively Manage your Loan?
Once someone gets money through a loan, managing it properly becomes crucial. Otherwise, they will face serious penalties, besides destroying their good credit rating, which has taken years to build.
Therefore, following the steps below can help out in the effective management of loans
A. Keep Track of Your Loan:
Keep track your loan balance, repayment schedule and next payments by using the FairMoney app.
B. Make Payments on Time:
Stick to your repayment schedule and always pay on time to avoid late fees and negative effects on your credit score.
C. Set Payment Reminders:
For payment reminders, check if the app has options for this. Remember, this is one way not to forget any Installment dates.
D. Get in Touch with Customer Care:
You can contact FairMoney’s customer service via the app in case you experience any challenges or have questions concerning the loans you have borrowed from them.
How to Repay Loan Borrowed from FairMoney
Repaying is one of the most critical things to remember when borrowing money from FairMoney. Here’s what you need to do:
1. Review Repayment Terms:
Look at the repayment terms in your loan agreement. This includes how much you owe everyone and when you should repay them.
2. Make Payments:
You can pay directly from the app or your bank’s online payment system. For card or bank transfer payments, click on the “Repay” button located on the app. Ensure you adhere to the repayment plan.
3. Check Your Balance:
You are recommended always to check your loan balances on the application frequently to help you know what remains.
4. Early Repayment:
If you have enough funds and want to pay off your loan before then, then it might be possible not to get extra charges in such a case. For more information, kindly contact FairMoney about early repayment options.
How do I Troubleshoot Common Issues that may Arise while Borrowing?
At times, problems might arise throughout the borrowing period. Here’s how to effectively deal with them:
A. Problems with the Application (Apk)
If the app has any technical issues, restart it or upgrade it to a newer version. If problems persist, contact FairMoney’s technical support team.
B. Queries on Loans
To ask questions about your loan application and account, use either FairMoney’s customer service contact within the software or their official website.
C. Disagreement Settlement
In case of disputes or discrepancies regarding your borrowing, keep records of all communications and seek remedy via official channels of FairMoney.
FAQs
Why was my loan application rejected?
If your Loan application is rejected, it could be for different reasons. One reason could be that there isn’t enough information on your phone. To fix this, you should increase your phone usage (Calls/SMS) and try again after a few days.
Another reason could be that your profile was not found eligible for a loan after analysis. The solution is to keep using your bank account and maintaining healthy revenues so that you can get a loan soon.
Can I extend my loan duration?
Yes, you can extend your loan duration by going to “Manage loan” in the app to see extension offers.
Do I need documents or a collateral to borrow from Fair Money?
No, you do not need any document or collateral to borrow money from Fair Money App.
You will only need to share your BVN details during the loan application and connect your card or bank account to authorize FairMoney to debit your account for the repayment.
What do I do if I misplace my phone after taking funds from FairMoney?
If you lose your phone after borrowing money from Fair Money, you must contact help@fairmoney.ng for the loan details, including when it must be repaid. Alternatively, you may log into another phone using your phone number and password.
Is it possible for me to pay off my Loan ahead of when it’s due?
FairMoney supports early payments because they are beneficial for an individual’s credit rating, enabling them to avail themselves of greater amounts next time around.
Will FairMoney call my contacts?
FairMoney affirms they will never communicate with anyone from your contact list.
Conclusion
In Nigeria, getting a loan from the FairMoney App is meant to be easy. This guide will show you the steps to take to successfully apply for a loan.
Be it downloading or repaying loans, among other things, FairMoney is there to ensure that its users’ financial needs are well taken care of.
Make sure that you are familiar with the terms of any loan before you apply so that you can repay it smoothly without denting your credit profile and becoming financially unstable.
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References
- fairmoney.io – FAQs
- tucnigeria.org.ng – FairMoney Loan: Interest, Requirements, How to Apply
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