Fairmoney-Borrow, Save, Invest And Transact.
What is Fairmoney?
Fairmoney is a platform that offers digital banking services. They also offer loan services, of which their major target is to be able to apply for and receive loans with ease
So basically it’s more of a money-lending platform than a digital bank
So if you’re looking for a quick, easy-to-access loan, look no further and check out the Fairmoney platform.
How to apply for a loan?
You’ll need a BVN and your Android phone.
You’ll need to go to the Google Play Store, get the Fairmoney app, answer the questions that follow and make sure they are all correct, and then link your BVN digits to the platform so it can confirm your identity, also make sure the phone you used is linked with your BVN.
You can then be able to receive the loan you applied for, into your account as soon as possible.
Applying for a loan doesn’t require collaterals or any further documents, the only requirement you’ll need to get a loan from the Fairmoney platform is your phone number which is linked to your BVN, the BVN and then connect your bank account to your Fairmoney account, your card can also work for this.
This gives Fairmoney access to debit your account for easy loan repayment.
This is where Fairmoney has an edge over its competitors and other lenders. With Fairmoney you can get a loan fast, as fast as under 10mins from anywhere you are in Nigeria.
Fair money has a trained team to deal with your issues on the platform as well as give your respect as a customer, so it’s always the customer’s first.
There are no hidden charges, all transactions are fully transparent. You can choose to pay on or before the date of repayment.
Just as getting the loan is easy repaying is also easy, on your Fairmoney dashboard there’s a repay button that you can just click and either choose to pay with a card or bank transfer.
Also, note that your loans won’t always be accepted for certain reasons which are
The phone isn’t being used much in terms of calls and SMS, increasing this can give you a chance to get qualified for more loans.
You were not being credited a loan because your profile lacks vital pieces of information to help you get a loan, revisit your profile, and make the necessary additions or changes to help you qualify for a loan.
To view your loan details like the amount to be paid and how much due is all being displayed on your app, just log in to see the details on your dashboard.
It is also possible to set up scheduled withdrawals for your loans from your bank account. This makes it possible for your bank to take money from your account before the loan’s due date.
You can simply and promptly repay your debts thanks to this service.
Going through the Fairmoney platform you can see that there’s an option to extend your loan duration. Go to the Manage Loan tab from your dashboard to see if you have this option enabled as it’s not currently available for everyone but don’t worry as the Fairmoney team is making one available for you.
What are your penalties for not paying back your loan?
First, anyone applying for a loan should do so fully knowing that he can be able to repay on the agreed date and time.
Fairmoney doesn’t reschedule dates for loan repayment so be ready to pay on whatever dates agreed.
But do know that when you fail to repay your loans on time you attract:
- Extra fees to repay instead of one agreed on.
- Your Fairmoney account could be suspended
- Your details submitted to the national credit bureaus
It’s also understandable that sometimes events like your phone going missing can lead to you not repaying ya loans on time.
Thus, in the unlikely event that you encounter yourself in this circumstance, get in touch with Fairmoney assistance as soon as possible using their help channel or sign in using the password, or phone number linked to your account.
Data Safety
Fairmoney isn’t like the multiple lending platforms that claim to give you loans but it’s trying to steal your data and information.
Trusting Fairmoney with identity information and bank details isn’t a hassle as Fairmoney is headquartered in Europe although being a Nigerian indeed they are in compliance with the European data standards and as such they can’t share your information with third parties.
Saving on the Fairmoney Platform
To start saving on the Fairmoney platform you’ll need to save with fairsave, just like other saving plans on other platforms, Fairmoney has Fairsave.
To start saving with Fairsave, all you need to do is locate the “enter fairsave” button and click on it, then choose how much you’d like to save.
The funds are now deducted from your main Fairmoney account into your Fairsave, however, if during the funding process, your account balance is not enough to complete the transaction, you’ll be given the option to fund your Fairmoney account to complete the transaction.
Interest
Your interest while saving with Fairsave on Fairmoney accumulates daily and is also paid daily.
But your returns are calculated at the rate of 10% after 365 days. So if you save 50,000 for 365 days you get 55,000 at the end of the 365 days.
To withdraw all you just need to do is click the withdrawal button and your cash is debited from your fairsave account and credited to your main Fairmoney account.
Also note that your Fairmoney account limit determines how you can save and keep it in your Fairmoney account, so the higher the level the more funds you can save.
The Fairmoney support team should be able to handle this for you.
Just as you can save anytime you can also withdraw your money anytime as well but you can’t withdraw directly from your Fairsave into your bank account, you can only do this once you’ve withdrawn into your Fairmoney account.
What level of security does Fairsave offer for my money?
Your money in your Fairsave is extremely safe as long as Fairmoney has licenses from the Nigeria Deposit Insurance Corporation and the CBN.
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Conclusion
This is just a tip of what Fairmoney has to offer you can check out the platform’s faqs page to know more about what you can get out of this amazing platform.
So if you want to get easy loans and also want to earn interest on your money without investing then Fairmoney is the platform to look out for.
Go check out the platform yourself and see what’s inside for you.
