FairMoney is a leading Nigerian-French FinTech company that is licensed to give loans in Nigeria. They provide instant loans to Nigerians without collateral.
You can sign up for FairMoney using your Facebook account.
The requirements for accessing a loan from FairMoney:
- Basic personal information such as name and email address
- Bank Verification Number (BVN)
- Bank Account details
- Automated Teller Machine card (ATM card) details. This is needed because it will be used to debit you for loan repayment.
- A photo of you may be needed in real time
- FairMoney App. You can only apply for a loan from the FairMoney app
STEPS TO GETTING A LOAN FROM FAIRMONEY
Follow these steps to get a loan from FairMoney:
- DOWNLOAD THE APP
To get a loan, you must download the app. Without the app, it is impossible at the moment to get a loan. Currently, the app is only available for Android devices. There is no app for iOS, Windows or Blackberry. That means you will need to use an android phone to be able to access a loan. Go to Google Playstore to download app.
- SIGN UP
Once you have downloaded the app, the next step is to tap on it and sign up. You can sign up quickly with Facebook!
- ANSWER A FEW QUESTIONS TO GET A LOAN OFFER
At this point, you will have to answer a few questions. The answers will help the app calculate a credit score. Based on that, you will get a loan offer. The offer you get will depend on a lot of factors. As you pay back your loan on time, you will have access to higher offers.
- ACCEPT LOAN OFFER
Once you get a loan offer, all you have to do is click to accept it.
5. RECEIVE LOAN
Once you have accepted the loan offer, you will receive the money right away
If your loan application is rejected, you can apply again in 15 days.
You can get loans ranging from ₦1500 to ₦150, 000. How much you get will depend on your credit score and other factors.
FairMoney has a flexible interest rate. You can borrow money and pay back within four to 24 weeks. That means you can pay back in monthly instalments. The monthly interest rates range from 2% to 28%. The maximum annual APR is 13%.
There are many options for repayment of loans. At the point of applying for loan, you have to set up your ATM debit card. All you have to do is load money in your account. Open the app, click on payment, and repay.