BenedictFairMoney Loan – Get N500k Loan From FairMoney
FairMoney is one of the most popular loan apps in Nigeria with over 10 million downloads on Google Play Store and over 10,000 daily loan distributions both to individuals and business owners.
The FairMoney loan is a product of FairMoney Microfinance Bank, a duly registered and licensed bank by the Central Bank of Nigeria and the chosen bank app to millions of Nigerians. Fair Money offers a variety of loan options to its customers and each customer is offered a unique opportunity to increase its borrowing strength as he/she continues to borrow and pay back loans.
Getting Started With FairMoney Loan
To get started with your loan journey on this platform, you simply need to download the Fairmoney app, sign up, upload your ID card and selfie image, and then proceed to request your personal or business loan.
You must note that as a first-timer on this loan app, you will not be trusted with a huge amount because the company wants to see how efficient you are at handling little things. However, if you can pay back the little loan amount given to you on time, your credit score will rise, and will will be able to borrow a higher amount over time. So, it is advisable to collect whatever amount you are offered as a first-timer on the app.
How Much Loan Can I Get?
FairMoney usually starts all loan applicants with small amounts ranging from N1,500 to N5,000 but those who collect this amount and can repay it before the deadline will then be offered higher amounts depending on the purpose(type of loan) of their loan application.
Personal Loan
For those whose reason for requesting a loan is personal or household expenses, you can request a loan of up to ₦3,000,000 (Three Million Naira) in 5 minutes with no collaterals but this is only possible if you have a good credit stand.
Business Loan
If your purpose of applying for a loan is business, then you can get up to ₦5,000,000 (Five Million Naira) through the FairMoney SME loans option.
The amount of loan you get generally depends on the purpose of the loan and your credit history. This is why you may be required to submit the bank state,ment of the account while requiring for certain amount.
How to Get Upto N500k Loan From FairMoney
If you want to get up to N500k loan from Fairmoney within the shortest possible time, you can use the speed credit boosting method which is simply collecting and repaying any amount of loan you are offered in at most 1 week from the date you got the loan. You can also pay back in a few days and then apply for a higher amount. This will rapidly boost your loan credit and your chance of getting a higher amount.
Another way of increasing your loan amount with ease is to use the Fairmoney Fairsave feature. This feature allows you to save money on the app and earn interest of up to 14%.
Loan Interest Rate
The interest rate for FairMoney loans ranges from about 10% to 30% (ten to thirty percent)Â monthly. The interest rate is generally affected by the loan spread and the amount you are given.
Finally
One of the most discouraging things about FairMoney loans for most people is how to become eligible for a loan and because the company’s customer base is quite large, some people get discouraged easily and uninstall the app. But it is advisable to leave the app even if you try and you are not eligible at the moment. Always open the app and check your loan offers as you may never know when you will be eligible.
Benedict