How much can FairMoney borrow me?

Asked by: Norma Cartwright  |  Last update: December 12, 2022
Score: 4.2/5 (32 votes)

FairMoney offers loans from loans of up to 1 million Nairas for a period of up to 18 months. The better your lending history and positive behavior, the more you can access and the longer the period!

How much loan can I get from FairMoney for the first time?

FairMoney is an automated online moneylender that provides single payment loans, installment loans and payroll loans for borrowers. The amount borrowed is then deducted from your account. Their minimum loan amount is N10,000 and the upper limit for a new customer is N40,000 with no collateral or guarantor required.

What happens if you dont pay FairMoney?

Depending on your profile, the processing fee ranges from 3% to 15% (GST applies) We also charge a minimal late penalty fee (calculated as a % of the outstanding amount after the due date). This fee is only charged if you don't repay your loan on time and ranges from 0.2% to 0.8% per day.

What are the requirements for FairMoney loan?

There are no requirements for getting a FairMoney loan. Simply sign up on the app and your loan will be processed. This is done without the rigorous due processing like documentation and collateral.

How long does it take to get FairMoney loan?

We make it easy for you to apply for a loan and receive your loan into your bank account in minutes 24/7.

Up to #1,000,000 Loan on Fairmoney// Fairmoney loan 2022

20 related questions found

What is the highest loan FairMoney can give?

FairMoney offers loans from loans of up to 1 million Nairas for a period of up to 18 months. The better your lending history and positive behavior, the more you can access and the longer the period!

Which bank owns FairMoney?

These Terms and Conditions apply to and regulate the provision of financial services provided by FairMoney MFB, a digital microfinance bank that is licensed by the Central Bank of Nigeria (CBN) which provides financial services via its flagship mobile app – FairMoney™ to the Customer herein.

Can loan app block my BVN?

A loan app cannot 'BLOCK' your BVN, they can only prevent you from getting further loans from their platform or getting loans from other loan app.

What happens if online loan is not paid in Nigeria?

Failure to pay back a loan could result in court charges in Nigeria, but not much is known about this: and for good reasons. Loan defaulting is a civil matter and not a criminal offence, so you typically won't go to jail for defaulting on a loan.

Does Kuda bank give loan?

No paperwork, no embarrassment, just 0.3% daily interest. Kuda Overdrafts are short-term loans you can take anytime as long as you use your Kuda account regularly.

Can I go to jail for not paying online loans?

2. Can you be arrested and sent to jail if you fail to pay your debt? Many borrowers default on a loan every day, and the common question they ask is whether nonpayment of the loan will result in imprisonment. The answer is no.

Can loan apps track you?

Can loan apps come to my house? A loan app cannot come to your house. However if you already downloaded their app and collected their loan, they can access your contact list, databases, BVN, profile details and can report you to the credit bureau and blacklist your name against your BVN if you default on your loan.

Can I trust FairMoney with my BVN?

We request for your BVN to verify your identity and make sure you didn't default from other companies. FairMoney is a Nigerian-French company with European data security standards. We will never share your BVN information with third parties.

Does FairMoney work on iPhone?

Fairmoney App Download

IOS devices. This means that you can now download fairmoney app for iPhone as well as download Fairmoney appfor android.

How do I pay back my FairMoney app?

  1. Click on 'Loan details' on the home screen.
  2. Click on 'Pay'
  3. Select 'Full loan amount' to pay your loan in full or select 'Enter amount' to manually enter the amount you would like to pay.
  4. Click on 'Next' to view the available repayment options including:

What app can borrow me money instantly?

Here is a list of top 7 mobile apps for online busines and personal loans in Nigeria.
  • Paylater. ...
  • Palmcredit. ...
  • Branch. ...
  • QuickCheck. ...
  • Aella Credit. ...
  • FairMoney. ...
  • KiaKia.

Who can block my BVN?

Can my BVN be blocked? The CBN has the authority to block your BVN if they discover any illegal transactions or if they receive multiple credible reports of fraud associated with your bank account.

How do I know if my BVN is blacklisted?

Several factors can help you determine if your bvn has been blacklisted in Nigeria, such as your inability to transact or your bank contacting you. But the most effective way to know if your bvn is blacklisted in Nigeria is to use any of the registered Credit Bureau portals in Nigeria.

How do I stop loan apps accessing my contacts in Nigeria?

Please kindly go to settings in your android phone, click on app & notifications. Scroll down to app permission and deny them access to your contacts, sms, photo gallery and storages on your phone, they won't be able to reach out to your contacts anymore or post your pictures.

Can loan apps access my gallery?

It is advised to avoid taking loans from these applications as they charge 30% to 35% rate of interest per annum and also harass borrowers by way of taking access to their contacts/photos/gallery and sending messages to people known to them.

Does FairMoney send messages to your contacts?

You can enable or disable access to this information at any time, through Your Device settings. **We will NEVER communicate with any person from your contact list.

Can I change my BVN?

You cannot change your unique Bank Verification Number. However, you can update your information associated with it, like your name and phone number. To do this, visit the nearest branch of the bank you registered BVN and the customer service officials will guide you.

Does FairMoney have ATM card?

Stand a chance to win ₦5,000 when you activate your FairMoney ATM card by making any transactions via POS or ATM. To request for a card, please log into the FairMoiney app.

Who founded FairMoney?

Fairmoney's three founders, Laurin Hainy (CEO), Nicolas Berthozat (COO) and Matthieu Gendreau (CTO) knew this market and decided in 2017 to start by helping millions of underbanked people whose access to credit could change their lives.

Which country owns FairMoney?

With over 1.3 million users, Nigerian-based fintech FairMoney wants to replicate growth in India. There are more than 1.7 billion underbanked people globally, the majority of which are from emerging markets.