How to get loan from Fair money
The process of getting a loan from fair money is an easy one and the most important thing is that you must have a BVN and an active debit card. The BVN is for identification while the debit card is needed for repaying.
The Fair money loan is to be optioned from their mobile application. This mobile app is available on Android only so you need an Android phone to access it, iOS users cannot get this app.
To get a loan,
⦁ Download and install the mobile app from the Google Play Store then launch
⦁ Register with either your Facebook account or your mobile number
⦁ Confirm your identity with your BVN and link your debit card
⦁ Provide your bank details and requested loan amount
That is all; if you follow the steps accordingly, your bank account will be credited with your requested loan amount and you can use it for what you want.
Fair money loan amounts
As you register, you can request loan of any amount between N1,500.00 – N150,000.00. This amount can be increased with time if you keep a positive loan record.
Fair money loan duration
The loan you get from Fair money has a duration of one to three months before it expires. This time-frame can be increased with time if you keep a positive loan record.
Fair money interest rates
As it is with most money lending platform, you always get to pay an additional amount as interest when it is pay back time.
Fair money charges 10% to 30% per month as interest. The particular percentage you will be charged depends on your loan amount and loan record.
Fair Money Repayment
As you linked your debit card with your Fair money account, you can easily pay by using it. To do so;
⦁ Launch the app and click on Repay
⦁ Confirm the payment amount and proceed
Your bank account will be debited and it will also reflect on your Fair money app.
Repayment via bank transfer or bank deposit is also possible. Below are the bank details;
Bank: Stanbic IBTC
Account Name: MyCredit
Account Number: 0023462495
When filling your teller, ensure you enter your Fair money account code which is in your dashboard. To verify your repayment after depositing, send a copy of your teller or screenshot of the payment to [email protected].
Note that failure to repay your loan upon maturity, your bank account will be charged with 1.5% of the loan amount per day as late fee. Failure to pay after some days, your account will be automatically debited and your Fair money account will be suspended.
Fair money is a legal platform so transacting with them is safe. For more information, questions or enquires, you can contact Fair money via mail by sending a mail to [email protected].