Are you a student or a business person and you need some loan to solve an immediate problem?why not get instant loans online from fairmoney.
Not too worry,after reading this short article I will have to tell you all you need to know about fairmoney.
- What is fairmoney?
- How to get loans.
- What happens if you don’t pay back your Loans?
What is Fairmoney?
FairMoney is a licensed online lender, that helps and provides instant loans for people in order to meet up their urgent cash needs or when they are stranded.
FairMoney offer loans from N10,000 – N40,000 for a period of 15 – 30 days.
NO Collateral is needed to get loans from fairmoney, because you will only need to share your BVN during the loan application and connect your ATM card to authorize fairmoney to debit your account for the repayment.
The interest rate on fairmoney therefore varies based on your credit scoring assessment, between 15% – 30%.
How to Get Loans
Getting loans from fairmoney might be quite stressful but it’s certainly not that stressful to get loan,its just some forms to fill and for you to enter some of your details.
To get loans from fairmoney,you need an Android phone.
After downloading the app, Sign in with Facebook, answer a few questions to confirm your identity to receive a loan offer.
If you have accepted everything required, you will receive your loan instantly on your preferred bank account!
You can also get a loan from FairMoney via Interswitch.
If you pay earlier,you will get discounts on your interest,because your interest is calculated daily
What happens if you don’t pay back your Loans?
Before you request for loan on fairmoney, you must make sure you have the capacity repay the money you are requesting for.
Things that will happen if you don’t repay your loans:
- You will be Reported to national credit bureaus – you will not be able to access loans from any company in the future
- Late fees (1.5% per day late)
- Suspension of your FairMoney account
- Legal actions✅✅
To avoid falling a victim of any of these,request for loans you have the capacity to repay.
There are still other things that might happen if you don’t repay your loans.So it’s better to request for loans you can repay.
1.Is Fairmoney Scam or Legit?
From what we have heard from some people that have said, Its not a scam.
These are some comments people made about Fair money.
For me, I think it’s Legit.Why not give it a try and see for yourself.
2.Can I get a new Loan after my First Loan?
Yes !!!You can apply and get new loans instantly!!As soon as soon as your previous loan repayment is updated.
3.Why should I give out my BVN
Fairmoney request for your BVN to verify your identity and make sure you didn’t default from other companies.
Dial *565*0# from the phone number linked to your bank account to get your BVN No.N20 will be charged for each time you check.
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