FairMoney Loan Requirements: How to Qualify for FairMoney Loans (2024)

FairMoney is a digital bank and lending platform that provides instant loans to Nigerians. FairMoney loans are unsecured, meaning that you do not need to provide any collateral to qualify.

How to qualify for a FairMoney loan

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To qualify for a FairMoney loan, you must meet the following eligibility criteria:

  • Be a Nigerian citizen
  • Be at least 18 years old
  • Have a valid Bank Verification Number (BVN)
  • Have a monthly income of at least N1,000

To apply for a FairMoney loan, you will need to download the FairMoney app from the Google Play Store. Once you have created an account, you can fill out the loan application and submit it for review.

FairMoney will review your loan application and credit score to determine whether or not you are eligible for a loan. If your application is approved, you will receive the loan funds in your bank account within minutes.

Here are some tips for qualifying for a FairMoney loan:

  • Build a good credit history. FairMoney will review your credit history when making a loan decision. A good credit history shows that you have a history of repaying your loans on time.
  • Meet the eligibility criteria. Make sure that you meet all of the eligibility criteria for FairMoney loans before applying.
  • Provide complete and accurate information on your loan application. Be sure to provide complete and accurate information on your loan application, including your income, employment status, and contact information.
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FAQs

What is the minimum loan amount I can borrow from FairMoney?

The minimum loan amount you can borrow from FairMoney is N10,000.

What is the maximum loan amount I can borrow from FairMoney?

The maximum loan amount you can borrow from FairMoney depends on your credit history and income. For new customers, the maximum loan amount is N40,000.

What is the interest rate on FairMoney loans?

The interest rate on FairMoney loans varies depending on the loan amount and repayment term.

What are the repayment options for FairMoney loans?

You can repay your FairMoney loan in installments over a period of 1 to 12 months.

What happens if I miss a loan payment?

If you miss a loan payment, you will be charged a late payment fee of 5% of the outstanding balance.

Conclusion

FairMoney loans are a convenient and affordable way to borrow money in Nigeria. If you are looking for a quick and easy loan, FairMoney is a good option to consider.

However, it is important to remember that FairMoney loans are not free money. You will need to repay the loan plus interest. It is important to make sure that you can afford to repay the loan before you apply.

If you are unsure whether or not you qualify for a FairMoney loan, you can use the FairMoney loan calculator to estimate your monthly repayments.

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