Simple Steps to Apply for Fairmoney Loan in less than 10 Minutes
Do you want to apply for Fairmoney Loan and get approved but don’t know how to go about it? I’ve got you covered, because in the next few minutes I’ll show you how to get a loan from Fairmoney.
This is going to be a straight forward post, but I’m also going to write a few things you need to know about Fairmoney Loan and things to look out for.
So if you want to get the best out of this post, read it to the end and skip no part, because you don’t want to miss any part as everything you read on this page is true and very important.
Getting a loan in Nigeria is now easy and doable by many people, every now and then, new loan apps are showing up and it will be difficult to tell which one is worth giving a shot.
On this blog, I’ve written many posts about loans and how to get quick loans in Nigeria without collateral, if you want to see them, I’ll link to them from this post.
Before we start, you should also know that you can get a loan from Fairmoney without collateral and the amount you can borrow is quite good.
Now, without wasting time, let’s proceed with the post.
What is fair Money?
Fairmoney is a micro finance bank that is licenced by the Central Bank of Nigeria (CBN).
Fairmoney has been in existence for quite some time now and they have been giving very good service to their users.
I’m also a user if Fairmoney and I can tell that they are one of the best micro finance bank apps that you should use in Nigeria.
with your Fairmoney account, you can send and receive money all across the country and also use it to pay for bills.
You can save money in your Fairmoney account because it is safe and they are licensed by the CBN.
But one thing I love most about Fairmoney is that, you can use it to get a quick loan without collateral in Nigeria.
With just a few clicks of the button, your loan application will be reviewed and approved, and you can get your loan directly in your Fairmoney account which you can then Withdraw and use it for whatever you borrowed it for.
Check out fairmoney website
How to apply for Fairmoney Loan in Nigeria
1. Download the Fairmoney app from playsfore and install it
2. Sign up with your active phone number and a password, add “J9BNS” as your referral code, if you do so, you’ll receive 50 Naira to 500 Naira bonus
3. Log into your account with your phone number and password
4. Verify your account with voter’s card and BVN
5. Click apply for a loan
6. Fill out the application and wait for feedback
Note: make sure you use J9BNS as your referral code, because if you do, you’ll get up to 500 Naira sign up bonus.
But if you don’t, you may lose the sign up bonus.
If you follow all the above steps completely, you’ll receive a text message about your Fairmoney loan.
You’ll see how much you can borrow and how much you’ll pay back. You don’t need a Collateral or any paperwork to get approved for Fairmoney loan.
It will take about 24 hours before you’ll receive a text message from Fairmoney
Fairmoney Loan requirements
You need a BVN, Government issued ID card, Active bank account and a smartphone to request for a loan from Fairmoney.
So before you start following the steps to getting a loan from Fairmoney, make sure you have all the above mentioned things, if not, your loan request may not be approved.
Their requirements are very basic unlike other loan providers that will ask you to submit proof of address, passport and other things.
What happens if i don’t pay my fairmoney loan
If you fail to repay your Fairmoney loan, Fairmoney will report to all credit bureaus and it will affect your future loan requests, which means when you apply for another loan, your application will be rejected.
That is why it is advised that you borrow the amount you can repay, and if you’re borrowing for a business, be sure that the business is profitable enough.
If you know that you may find it difficult to repay your loan, then it is better you don’t apply for it in the first place.
How much can I borrow from FairMoney for the first time?
The amount you can borrow from Fairmoney for the first time ranges from 1500 Naira to 500,000 Naira.
This solely depends on your transactions and now often you use you make transactions on your account, if you use your account regularly, then you’ll more likely qualify for bigger amounts compared to someone who don’t transact much.
So, if you want to qualify for bigger loans, transact with your account often.
Can I borrow money twice on Fairmoney?
You can borrow a loan from Fairmoney severally, after requesting a loan from Fairmoney, you need to pay back the loan to request for another one.
The more you repay your loan, the more you’ll be able to borrow loans on Fairmoney, that’s how it works.
Why am I not eligible for Fairmoney Loan?
If you receive a text notification that you don’t qualify for Fairmoney loan, maybe it’s because you don’t transact much with your account or you don’t repay your recent loans on time.
If you want to be qualified for Fairmoney loan, make sure you have link your BVN to your account and also make sure that your account is fully verified.
Download Fairmoney app from Google play store
Fairmoney app is available on Google play store, you can download it for free and create your account, click Fairmoney app download to get the app on play store.
Final thoughts
If you’ve been looking for how to get a loan from Fairmoney, I’m sure this post was able to help you out.
If you have any questions about this post, leave them in the comments section, I’ll take out time and reply to all your questions.
Thanks for reading, have a nice day.
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