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Fairmoney: An Online Money-Lending Company

Fairmoney: An Online Money-Lending Company

Are you looking  for where to get quick cash before the big dough enters your account? Look no further as we bring you a platform that can help you solve your financial problems before the end of the month. Read this article to know more about Fairmoney, an automated online money platform that provides loans to borrowers whether on a single payment or on installmental payment.

Fair money is a Nigerian based online money lending platform that provides short term loan to people that needs financial help with headquarter in ikeja. It is regulated by the central bank of Nigeria as a microfinance bank. It provides a stress-free loan to customers.

Fairmoney loan out a minimum of ten thousand naira and maximum of forty thousand naira for starters, they don’t take collateral or guarantor, that is why it is being referred to as a stress-free loan. Their interest rate is determined by some factors such as the amount you want to borrow and your repayment history ( for old customers). They are opened 24hours a day; 7 days in a week.

The loan duration is for sixty days and above which is the same as two months and above with a service charge of 10% –  30%. The interest rate is determined by the amount you borrow i.e. the higher the amount, the higher the charges, the lower the amount, the lower the charges. For example, the service charge of a person that borrowed #20000 will be lower to that of the person that borrowed #40000. Also, your application can be rejected if you refused to pay your previous loan as at the due date and if finally accepted, you won’t be able to assess a higher amount and additional charges would be added to every loan you assess.

Fairmoney: An Online Money-Lending Company

Benefits of using Fairmoney

No collateral is needed

Collateral such as houses, cars and landed properties are not required to assess loan on the fair money platform.

Their service is very fast

Once you complete your application, you’ll get notified if your loan has been approved or rejected within five minutes.

No guarantor is required

Since it is an online loan platform, you don’t need a guarantor to stand-in for you before your loan will be approved.

It is convenient to pay

You don’t have to visit any office in order to pay back as the money will be deducted directly from your account when the date is due.

Requirements for Loan Application

  1. Valid bank information I.e. name, bank name, account number
  2. Bank verification number which is usually 11 digits
  3. A browsing phone
  4. A complete application online

If you have a negative report on your profile, your loan will not be approved. The following steps will help you clear your name:

  • Pay your outstanding debt
  • Get a clearance certificate
  • Place a call through to the credit bureau or send them an email. If you choose to send an email, the message should contain your full name, phone number, gender, bank verification number and your clearance certificate.

Conclusion

If you find it difficult to download the application on your phone, simply dial * 3226# and follow prompt.

Also Read

Agent Banking in Nigeria: All You Need To Know To Get Started

Mutual Fund: All you need to know about Piggyvest

Cowrywise Mutual Fund

How to get Loan from Kwikcash

What You Need To Know About Finance

How To Get Loans In Nigeria Without A Salary Account/Collateral

How To Get A Business Loan In Nigeria: Application Requirements, Companies And Process

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