Fairmoney is an online lending platform that has been launched in Nigeria. Since entering the lending industry, the company has assisted thousands of its users, who are made up of individuals and small businesses, achieve their dreams by giving them instant loans.
Meanwhile, customers obtain instant loans on Fairmoney with no collateral and without the need for physical documentation or to visit an office.
Another important aspect of the sector is its ability to provide customers with loans of up to 150,000 Naira and a minimum of 1,500 Naira disbursed daily, which is required to be paid back in 1 to 3 months as a monthly installment.
Even with that, customers that maintain a positive loan history performance will also have an opportunity to enjoy its flexible interest rate. The monthly interest rates range from 15% to 30%, which depends on several factors, either when you have a lower credit risk or depending on the duration of time that you want the loan.
How to get a loan from Fairmoney
With the following steps, one can get a loan from Fairmaoney.
1) Download the App: You must obtain the app. Without it, you will be unable to access the loan at the moment. Meanwhile, the app is only available for Android. That is, you must use an Android phone, which makes it easily downloaded from the Google Playstore.
2) Sign up: Once you are through downloading the app, tap on it and sign up with your phone number or Facebook profile.
New users are to create their profile or summit application with the following requirements:
i. Name, active email address, and your fairmoney reference code.
II. Bank verification number (BVN).
III. Banking Details
IV. an automated teller machine (ATM) that will be used to debit you during loan repayment.
3) Specify how much you want.
4) receive a loan
Once you have provide the following, fairmoney company will send you your money into the account you provide. And if your application is rejected, you can still apply again within 15 days of the rejection.
If you refer someone to Fairmoney and the person you refer pays back his or her loan, you will probably get a 1,000 naira offer for your own loan payment.
How to pay back
Remember, after your loan has been approved and sent to you, you are required to pay it back on the agreed date, which is why it is important that you do not change or delay the schedule.
If you fail to pay, they will charge you 1.5% interest each day you fail to pay, which sometimes your delay will lead the company to report you to the credit bureau of Nigeria, which will make you unable to obtain a loan from any company in Nigeria. However, you can pay back through the following:
Using your ATM card, the same card you used to obtain the loan
Cash deposit with the following details
Account Name: Mycredit
Bank Name: Stanbic IBTC
Account number : 0023462495
In addition, add the code given in your app to transfer reference or description. Also, send a screenshot of your payment to customer service at email@example.com in order to reflect your payment on their system.