Getting a loan from many companies, or bank is hard, as they will require a collateral before you take the loan. Here you will learn how to borrow money from FairMoney in 5 minutes with their mobile application.
FairMoney loan app has over 5 million users, and still counting. It is an online lender that provides bill payments, and instant loans The company is been patronized by many, and they always deliver as promised. With FairMoney loan, you don’t need any collateral to get a loan. Yes! It is not required.
Within 5 minutes, your loan will be delivered to you. I know this sounds funny, or crazy, but that’s the fact. It works. You just have to make sure you pay them back. They are fast and superb. Let’s look at the requirements to get the loan.
Requirements to borrow from FairMoney
The complete requirements to get a loan from FairMoney are;
- An Android with an internet connection.
- A master card, Visa, or other acceptable credit card.
- Your phone contact must contain your guarantor’s name.
How to borrow money from FairMoney in 5 minutes
To borrow money from FairMoney in 5 minutes,
- Go to PlayStore, and search with the keyword ‘FairMoney‘, or download here.
- Click, and download the application.
- Install the application on your device.
- After installation, open the application, and click on ‘Sign up with phone number’.
- Enter your phone number (use your BVN phone number if possible) then click on ‘Next‘.
- You will get an OTP (One Time Pin), enter the pin to proceed.
- Lastly, you will need to enter your credit card details, reason why you need the loan, amount needed. Then, allow them to upload your contacts.
You have a big chance of getting a minimum loan of N5,000. There’s possibility that they can offer you more, but you need to build trust with them first. If you lose your phone after getting a loan from them, you can email them @ firstname.lastname@example.org.
At first, you can borrow N5,000 without collateral, and more later also, without collateral. Please make sure you use a valid credit card. If you want your loan to be processed faster, use the number that is linked to your BVN if you can.
Why you need to get a loan from FairMoney
- It is fast and secured (no stress).
- You can repay on or before your due date.
- No hidden charges.
Below you will find frequently asked questions and answers concerning FairMoney loan.
Why do FairMoney need my contact list?
During the registration, you entered a name as your guarantor. FairMoney will check to see if your guarantor is on your phone contact before offering you the loan.
How do I check my card in FairMoney mobile application?
To check your card in FairMoney mobile app, log into the application, click on ‘Account‘, then click on ‘My cards‘
What else can I use FairMoney application to do?
You can also, use FairMoney app for Internet services (No cost), recharge cable TV (no cost), and buy data/airtime.
Who can get a loan from FairMoney?
Loan from FairMoney is only available to Nigerian, and Indian citizens at the moment. You can only apply with your phone number.
How much can I borrow from FairMoney?
You can borrow from N1,500 to N500,000 within a period of one to three months. If your lending history is great, and you do pay back in time, this increases your chance to borrow higher amounts.
What is the interest rate?
The interest rate ranges from 10 to 30% per month, depending on your profile. You can also access FairMoney from anywhere in Nigeria.
Do I need to provide collateral before getting a loan from FairMoney?
No collateral, or document required. All they need is your BVN, and ATM card details. Once you provide them, you will get your loan in 5 minutes.
How can I pay back a loan I got from FairMoney?
To pay back your loan, login to the app, and get a separate WEMA Account number for you only. Send the part, or full payment to the account number to top up your FairMoney account.
If you made a part payment, log into the application, and click on ‘Pay loan‘.
If you made a full payment, the amount will be automatically deducted from the FairMoney mobile app.
Last Modified: August 17, 2021 by OKVIX
Okoronkwo Vincent. Founder OKVIX.COM. A Blogger, content creator, and SEO Expert. He loves to share important articles to keep users informed.