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FairMoney Loan App USSD Code (2022): What is the Application Process for a FairMoney Loan? – Those who are interested in learning How do I apply for a FairMoney Loan can use this guide. The Fairmoney app, as well as the Fairmoney USSD code, will provide you with information regarding every step of the process involved in obtaining a Fairmoney loan.
About Fairmoney App
In 2018, the Fairmoney app was introduced in Nigeria as a loan app. Its purpose was to make it simpler for individuals to obtain personal loans. Now, Fairmoney has transformed from a platform for lending money into a digital bank that provides services such as opening a bank account with no fees for making transfers between accounts, a debit card for making purchases, and a great deal more.
All deposits made through the Fairmoney app are protected by the Nigeria Deposit Insurance Corporation (NDIC), which has granted Fairmoney a licence by the Central Bank of Nigeria (CBN) (Nigeria Deposit Insurance Corporation).
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Application for FairMoney Loans
The FairMoney loan application provides unsecured loans to residents of Nigeria in almost the same amount of time it takes to clap your hands ten times (5 minutes).
According to Fairmoney, one of their customers is approved for a loan every eight seconds. which is a very interesting fact to take into account. As of the time that this article was written, the lending company known as cum digital bank asserts that it distributes more than 10,000 loans on a daily basis.
Since it made its debut on the Nigerian lending market, the mobile loan application has quickly gained popularity and has been met with overwhelmingly positive responses from users. The loan can be obtained through the mobile app provided by the company, and the interest rates are subject to change.
Who Owns the Fairmoney?
One of the most widely used loan applications in Nigeria is called FairMoney. It is a Microfinance bank that is licenced and regulated by the Central Bank of Nigeria (CBN), and it is currently in the process of transitioning into a digital bank that also provides investment instruments.
Laurin Nabuko Hainy, Matthieu Gendreau, and Nicolas Berthozat are the founders of FairMoney. Hainy serves as CEO, Gendreau as CTO, and Berthozat as co-founder (COO). Investors such as TLG Capital, Tiger Global Management, NewFund, Flourish Ventures, Speed Invest, DST Global, and Le Studio VC have contributed to the total funding amount of $54.4 million that the company has obtained.
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What is the minimum amount that I can get from Fairmoney to get started?
When you become a new customer at Fairmoney, the maximum loan amount you can receive is N1,000,000, while the minimum loan amount you can receive is N1,500. When you get a loan from Fairmoney, you won’t need to provide any collateral and you won’t need a guarantor either.
Interest rates are determined by a number of different factors, two of which are your repayment history and the cost of borrowing money. A decision regarding the loan is made within the first 15 seconds, and the applicant receives the funds within the first 5 minutes if the loan is approved.
The amount of money you receive is based, in part, on your credit score as well as other criteria. You will, however, have access to additional funds if you are timely in the repayment of your loan.
How do I go about obtaining a loan from Fairmoney?
It is easy to get a loan through FairMoney, and the following steps will walk you through the process:
- Install the Fairmoney loan app by searching for it in the Google Play Store.
- To sign up or log in, you can use the email address, phone number, or Facebook profile that you have associated with your account.
- You can either sign up for an account or create a profile (for new users)
- Please respond to the questions that will be posed to you on the application.
- Accept loan offers, and specify the amount you’d like to borrow.
- As soon as your application is approved, the funds will be transferred into your bank account.
USSD Code for the Fairmoney Loan
*322*6# is the USSD code for the FairMoney Loan service. You can also acquire a Fairmoney Loan by installing the Fairmoney Loan App on your mobile device. In order to obtain an instant loan from FairMoney, you are not required to provide any documentation or collateral.
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How long does it take to pay back a loan with Fairmoney?
Fairmoney loans typically have terms ranging from four to twenty-four weeks in length.
What is the Current Interest Rate for Fairmoney? What Are the Repayment Periods?
The annual percentage rates (APRs) for Fairmoney loans range from 30 to 260 percent, with the monthly interest rates ranging from 2.5 percent to 30 percent. Due to the adaptability and user-friendliness of the interest rate, the Fairmoney platform supports the use of monthly instalment payments.
Loan with Fair Money On the Fairmoney loan app, the repayment periods range from 61 days to 18 months, and early repayments can receive an interest discount of up to 90 percent of the original loan amount.
How do I go about repaying a loan from Fairmoney?
There are a lot of different options for paying back a loan. When you apply for a loan, the first thing you have to do is set up your debit card for the ATM. At this point, the only thing left for you to do is add some funds to your account. Launch the Fairmoney app, go to the payment menu, and then finish up the transaction.
You also have the option of paying through cash deposits or wire transfers. You then take a screenshot of the confirmation page after the successful completion of the payment.
Terms and Conditions for the Use of Fairmoney
When you sign up for a Fairmoney Account or use any of the services that are offered on the FairMoney App, you are agreeing to comply with all of the terms and conditions that are outlined by Fairmoney. You also agree to comply with the additional Fairmoney policies that apply to you, such as the Fairmoney Privacy Policy, the Fairmoney Acceptable Use Policy, and the Fairmoney Consent to Receive Electronic Disclosures. This is all part of the same agreement (E-Sign Disclosure and Consent).
How to Contact Fairmoney
The number to call for assistance with Fairmoney is 01 7001276 or 01 8885577.
Support for Customers of Fairmoney
Emailing help@fairmoney.ng will put you in touch with the Fairmoney customer service team.