How to Get Business and Personal Loans with FairMoney Nigeria

People frequently need financial aid in today’s fast-paced environment to accomplish their ambitions.

Whether you need money for a personal necessity or for business needs, loans can help you get where you want to go quickly.

Yet applying for a loan can be difficult, particularly if you don’t have a high credit score or don’t know where to start.

FairMoney app can help with that. A financial technology startup called FairMoney Nigeria lends money to Nigerian citizens and small businesses.

Fairmoney is not just known for loans; I have been using the Fairmoney app to do many things, and in this article, I will be discussing the many amazing things you can do with the Fairmoney app apart from taking a business loan or a quick personal loan.

What is FairMoney App?

A digital lending platform called FairMoney offers loans to Nigerian citizens and companies. To assist people and businesses in reaching their financial objectives, it provides quick and simple loans. Just within 5 minutes, you can access up to N1,000,000.

The loan application procedure has been streamlined by FairMoney loan app, making it simpler for people to obtain loans without the requirement for security or a high credit score.

Loan applications are evaluated by the organisation using technology, and approval of loans takes only a few minutes.

The Fair Money app is also a platform for you to save your money and get an interest rate that is better than the commercial banks.

You may automatically save money by using the Fair money app. You can put money away every day and take it out whenever you choose.

You can use the Fairmoney app to buy airtime, and electricity, and pay your utility bills in addition to loans and savings.

Fairmoney is a fantastic app since it gives you cashback when you use it, which means that a certain amount will be returned to you. The Fairmoney app is one of the few apps that I use for my daily transactions and you can download the Fairmoney app now from the Google play store and enjoy the benefits.

Types of Loans Available

Personal loans and business loans are the two categories of loans offered by FairMoney Nigeria.

Personal Loans: For those who require immediate access to money, FairMoney Nigeria offers personal loans up to N1,000,000.

These loans can be used for private necessities including education, home renovations, and urgent medical care.

Business Loans: FairMoney Nigeria offers up to N1,000,000 in business loans to organizations in need of funding. These loans may be used for working capital, inventory acquisitions, and business expansion.

Eligibility Criteria for Loans

To be eligible for a loan from FairMoney loan, you must meet the following criteria:

1. You must be a Nigerian citizen
2. You must be at least 18 years old.
3. You must have a valid bank account
4. You must have a source of income

Documents Required for Loan Application

To get a loan from FairMoney Nigeria, you’ll need to upload some or all of the following documents:

1. A valid means of identification (National ID, Driver’s License, or International Passport)
2. Your BVN (Bank Verification Number)
3. Bank Statement (for the last 6 months) – Optional but very important as this can increase your loan amount limit.
4. Proof of income (salary bank account statement or business account statement)

How much can I borrow for the first time in FairMoney?

The amount you can borrow for the first time with FairMoney depends on various factors such as your credit history, income, and loan repayment capacity.

Typically, first-time borrowers can access loans ranging from ₦1,500 to ₦500,000. However, the specific loan amount you can borrow will be determined by FairMoney’s assessment of your creditworthiness and other relevant factors.

How to Apply for a FairMoney Loan

Applying for a loan with FairMoney Nigeria is easy and straightforward. Here are the steps to follow:

Step 1: Download the FairMoney app on your smartphone from the Google Play Store or Apple Store. Click Here to download the Fair Money loan app onto your phone.

Step 2: Create an account on the app using your phone number and email address. The phone number option is available for you to use.

I will suggest that you use a phone number that you used for your BVN registration for easy verification.

You will need to enter the referral code. Kindly you this code: N5AT5

The next step is to enter your BVN so that they can verify your details by pulling your information from the BVN data. Fairmoney Nigeria, or Fairmoney Micro Finance Bank, is a licensed financial institution. So you don’t need to be afraid about entering your BVN number because Fairmoney is legit.

Step 3: Fill out the loan application form with your personal and financial details. There is no big deal here, just enter your personal information or your business information if you are self-employed.

Step 4: Upload the required documents (valid means of identification, bank statement, and proof of income). This process is simple and straightforward.

Step 5: Submit your loan application. After all the information has been filed, you can then apply for a loan by entering the amount that you need. They will check your credit score and that will determine the amount.

Step 6: Wait for the loan to be approved. If your credit score is good, you will get a loan, and approval depends on so many factors that only the app can determine, and this is based on the information that you submit and your credit score.

Your loan request can be rejected. If this is the case, try again next time. Good luck!

Fairmoney Loan Repayment Options

With its loans, FairMoney Nigeria offers a variety of flexible repayment alternatives. Personal loans have a repayment duration of 1 to 18 months, while business loans have a repayment time of 1 to 18 months. You have a few options for loan repayment: There are 

Debit card
Bank transfer
USSD code

Conclusion

Obtaining a loan can be difficult, but thanks to the FairMoney loan app, it’s now simpler than ever. FairMoney lets you get a loan quickly and easily, even if you don’t have a lot of money or a good credit score. You can use the loan for personal or business purposes.

You can apply for a loan from FairMoney Nigeria and gain access to the money you need to reach your financial objectives by following the instructions provided in this tutorial.

Start planning for your financial future right away by downloading the Fairmoney app. 

Frequently Asked Questions (FAQs)

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