Fair Money Loan Nigeria: App, Requirements, Interest rate; ₦150,000 in 5 Mins
What is Fair Money?
Fair Money loan is an online loan service that has been issuing loans through its website and mobile app to Nigerians without collateral. This means that you can conclude an agreement with them and receive money, simply using your smartphone with Internet access.
|Sociologists call our contemporaries a connected generation – generation C, connected to the global network. These are people who communicate daily, learn news and buy goods and services through their gadgets – on the Internet.
They value the speed and comfort that new technologies provide. It does not matter how old they are – 18, 35 or 60. For the first time, speaking about the distinctive features of a generation, sociologists do not limit it to their age limits.
How does Fair Money loan Nigeria Work?
Uncomfortable situations come and most times they are unforeseen. Almost every one of us at least once in a life has been in a situation where money may be urgently needed.
This problem can be solved in several ways: seek help from friends or colleagues, write an application for early payment of your salary, or contact a bank and apply for a loan.
All of the methods I listed above are used by millions of citizens of our country. But each of them has its drawbacks, sometimes, Friends and colleagues may refuse if they do not have the amount of money you need;
Having taken the salary ahead of schedule from the employer, you will have to work for free next month, so again you will have to look for money; A bank loan is one of the most reliable and profitable solutions in this situation. But such bank loans can take you from several days to several weeks to process.
This is a no-go option for those who need money as soon as possible. Therefore, the best solution to this problem is to get money on credit through the Internet.
There are several online loan companies in Nigeria now after the advent of the BVN giving individuals and small businesses loan fiances. One of those company is Fair Money loan, you can get a small loan online urgently in Nigeria via the Internet without collateral, Yes! Without collateral.
Everything is done 100% online All you that is required is Internet access, a mobile phone and a valid bank account with BVN details.
Fair Money Loan Nigeria Requirements
Quick online loan- The microfinance organization Fair Money offers citizens of Nigeria a loan on favorable terms for them. All you need for a quick loan is be over 18 years old, have a completed and valid BVN Valid profile and working bank accounts and ATM Cards.
If you meet these criteria, then getting a loan from fair money is few steps away. The whole procedure emanates in several simple stages listed below:
- You choose the amount you need and the maturity;
- Send the code that will be sent to SMS on your phone.
- And that’s all. The money will be transferred to you on a bank. As a result, you will spend no more than 10 minutes on a loan application, however first time need to patiently follow the application process from start to finish.
And while you do not have to go somewhere, stand in lines, spend your precious time. After all, you get an Internet loan without leaving your home or office.
For registration for a Fair money Loan in Nigeria, you will need only your Smartphone (iOS or Android) or PC, Internet connection, and an active SIM card used to register your bank account(s) and BVN-Bank Verification Number.
Why Use Fair Money loan Nigeria?
All people who have ever tried to get a loan from a bank, faced with a complex procedure for drawing up very complex and unfavorable agreements.
The first and most important thing that clients of credit organizations are faced with is a large package of documents. A variety of certificates and documents may be required from you, and some you are given you need to hire a lawyer to interpret them fully to you.
Some banks will request for your birth certificate, even certificates of your property. It is also imperative that you provide the bank with a statement of income.
As if that is all, after providing all the required documents, it remains likely that you will not be able to receive the requested loan, they waste your time energy and sink your hope.
They will need to go through several multilevel checks of solvency and reliability of its customers. Therefore, even commonplace debt on utility bills can cause credit denial.
|The online microfinance organization Fair Money works with customers on the principle of complete trust. Therefore, to apply for an online loan all you need is your BVN, valid bank accounts and legal identity naming details.|
Also, a large number of bank loan refusals occur due to a poor credit history of the client. That is, if you have ever overdue one payment on a previously taken loan, then you are unlikely to receive a new one.
Fair Money Loan Process
To take a loan online you need to go through a simple procedure for registering and applying for a loan:
- Register in the “Fair Money loan app” on your mobile.
- Fill out and submit a loan application.
- Wait for the decision on the loan, which will be made within 15-20 minutes after sending the application, for the first time it may run to a few days.
- Get the money in your submitted bank account
- Another advantage is that you can borrow money at any time convenient for you, 24/7 round the clock. Indeed, the company “Fair Money loan” works 24 hours a day and seven days a week.
How to Download Fair Money app and register
The registration is pretty simple and straightforward, for greater convenience, you can install the “Fair Money loan app on your Android smartphone, or use the online website to get started.
The application for obtaining a microloan online is urgently valid provided that all previous loans taken at Fair Money loan have been repaid on time and without delay.
Fair Money Nigeria Interest rate
Currently, Fair Money use a simple interest rate which is arrived at using your profile, usually within 10% to 30% per month.
All payments of the Borrower under the Loan Agreement, including the amount of interest, penalty (fine, penalty), commissions and other payments stipulated by the Loan Agreement, with the exception of the Loan amount, in total cannot exceed the amount of the Loan issued for the entire period of the Loan Agreement.
Can I use Fair Money Anywhere in Nigeria?
You can use Fair money loan service from any city or village in Nigeria without asking for leave from work and without leaving home.
The loan is transferred to your bank card within 5 minutes, you can get money and pay off the loan at any time of the day or night. Online loan financial services like fair money make loan more accessible, and life is more comfortable for the businessman. This is a convenience that traditional financial institutions like commercial banks can rarely create.
Fair Money Loan offers
Fair money does not specialize in large loans. FairMoney offer loans from N1,500.The maximum loan amount is N150,000.
However, the company expects that you create a good credit history and later get access to credit products of banks, for a larger amount and at a lower percentage.
How to repay Fair Money loan
Repayment can be done in-app using bank transfer, cash deposit or paying with your ATM card. If you want to pay via cash to the bank, below is the Fair money account details:
|Account Name: MyCredit
Bank Name: Stanbic IBTC
Account Number: 0023462495.
How Secure is Fairmoney?
You need not worry about giving your BVN to fair money to get a loan, the essence of the BVN is to know your credit history with other Nigeria loan service providers.
Much more your personal data is protected by the latest technologies – a 2048-bit encryption key. This means that the details of your payment card or bank account are securely locked.
Fairmoney Loan Defaulters
They will charge a fine of 1.5% of the amount of the unfulfilled obligation for each day of delay. If you are uncooperative, you will be reported to the national credit bureaus and you will not be able to access any further loans from any other financial service be it from a bank or an online microloan service like Branch and Fair money.
Much more your account will be debited and automatic debit will be made on your account to forcibly repay your loan.
Fair Money Nigeria Contact Details
You can use the in-app support menu to get real-time support from the dedicated fair money support team or better still send them an email on firstname.lastname@example.org.
We Advise that:
You do not borrow more than half your monthly income. Return loans on time and without problems. Soberly assess your financial capabilities. You may need to ask yourself:
- Will there be enough money for a monthly payment on a loan and for mandatory expenses such as – rental housing, utilities?
- Will you live calmly until your next paycheck?
Online loans are urgent help in difficult situations, not a constant source of income.
Also, Try to prevent late payments. Good credit history is an investment in the future. Someday your financial reputation will help you get a loan for business development. Pay the loan on time and the amount of the next loan will increase.
Each Microloan Fair Money gives and you repay on time improves your credit history. Microcredit organizations and banks are loyal to responsible borrowers.
Set yourself a real period for which you will repay the debt, Waiting for wages from day to day, but not sure about the exact date? Be safe and specify the loan repayment period with a margin: you can always repay the debt ahead of schedule and without penalties. Do it when you have the chance, don’t always wait till deadline before finding a way out.