FairMoney : Best Guide To Nigeria’s Leading Digital Bank
FairMoney is a leading Nigerian fintech company that provides financial services, including personal loans, business loans, savings and investment products, and a digital bank account. With a mission to empower underserved communities with access to financial services, Fair Money has become one of the most popular financial platforms in Nigeria.
FairMoney Personal Loans
Fair Money’s loans are a popular option for individuals seeking quick and easy access to cash. These loans are typically unsecured, meaning they do not require collateral, and they can be approved and disbursed within minutes. Loan amounts range from ₦1,500 to ₦3,000,000, with repayment terms ranging from 3 to 24 months. Interest rates are competitive and vary based on the loan amount, repayment term, and borrower’s creditworthiness.
Fair Money Business Loans
Fair Money also offers business loans to help entrepreneurs and small business owners grow their businesses. These loans can be used for various purposes, such as expanding inventory, purchasing equipment, or hiring additional staff. Loan amounts range from ₦50,000 to ₦5,000,000, with repayment terms ranging from 6 to 24 months. Interest rates are determined based on the loan amount, repayment term, and business’s financial history.
Savings and Investment Products
Fair Money offers a variety of savings and investment products to help customers grow their wealth. These products include FairLock (fixed-term deposits) with interest rates up to 24% per annum, FairSave (savings accounts) with no monthly fees or minimum balance requirements, and FairInvest (mutual funds) with a variety of investment options.
FairMoney Digital Bank Account
FairMoney’s digital bank account provides customers a convenient and accessible way to manage their finances. With a Fair Money bank account, customers can make deposits and withdrawals, transfer funds, pay bills, and purchase airtime and data. Account holders also receive a physical ATM card that can be used to withdraw cash from ATMs nationwide.
Eligibility for FairMoney Services
To be eligible for Fair Money’s personal loans, business loans, or digital bank accounts, individuals must be Nigerian citizens or residents with a valid Bank Verification Number (BVN). They must also be at least 18 years of age and have a regular source of income.
Repayment Options for FairMoney Loans
Fair Money offers a variety of convenient repayment options for its loans. Customers can repay their loans through their Fair Money app, bank transfer, or any authorized Fair Money agent.
Consequences of Defaulting on a FairMoney’s Loan
Failure to repay a Fair Money loan can have negative consequences, including:
Late fees: Late fees are charged for payments made after the due date.
Impact on creditworthiness: Defaulting on a Fair Money loan can negatively impact an individual’s creditworthiness, making obtaining loans from other lenders difficult.
Legal action: In some cases, Fair Money may take legal action to recover the outstanding loan amount.
Frequently Asked Questions (FAQs)
1. How much is FairMoney’s first loan?
The amount of Fair Money’s first loan depends on the borrower’s creditworthiness and repayment history. However, first-time borrowers can typically expect to receive a loan of up to ₦50,000.
2. Which bank is Fair Money under in Nigeria?
FairMoney is a licensed microfinance bank in Nigeria. It is not a subsidiary of any traditional commercial bank.
3. What happens if I don’t repay my Fair Money loan?
Failure to repay a Fair Money loan can result in late fees, damage to creditworthiness, and potential legal action.
4. Can I borrow Money on FairMoney without BVN?
No, a BVN is required to apply for a Fair Money loan or open a FairMoney bank account.
Conclusion
FairMoney is a reputable and innovative financial services provider that caters to the needs of underserved communities in Nigeria. Fair Money empowers individuals and businesses to achieve their financial goals with its suite of personal loans, business loans, savings and investment products, and digital bank accounts.
