If you are wondering or want answers to this question, Is fairmoney Registered With CBN then you are mon the right page with answers to the questions.
FairMoney is a top Nigerian-French FinTech firm that is authorized to provide loan in Nigeria.
They offer instant loans to Nigerians with no collateral. Since its entry into the lending industry in Nigeria The company has received positive reviews from its customers. The loan is made available through its mobile app , and they offer flexible rates of interest.
The process of signing up for FairMoney is easy as you can sign up through the Facebook login. This alone eliminates the worry of difficulties in making an application for an loan.
Is FairMoney registered with CBN?
FairMoney is duly registered with the Central Bank of Nigeria, CBN as a digital microfinance bank and all dealings with Fairmoney are legit and legal.
Fairmoney has been offering loans through a lending app for four years, has grown into a digital bank after receiving a Microfinance Bank (MfB) license from the Central Bank of Nigeria (CBN)
FairMoney loan requirements
Here are the requirements to obtain a loan from FairMoney:
- Basic personal information like name and email
- Bank Verification number (BVN)
- Bank Account detils
- Automatic Teller Machine card (ATM card). This is required as it is the card that will be used to deduct you from the repayment of loans.
- A picture of you could be required in real time
- App. You can only apply for a loan via the app
How can you obtain the loan from FairMoney Loan
Follow these steps for getting an advance from FairMoney:
1. Fairmoney Loan App Downlaod
To be able to get a loan to get a loan, you need to download the application. If you don’t have the application, it’s impossible to obtain an loan. At present, the app is only available on Android. It isn’t available that works for iOS, Windows or Blackberry. This means that you’ll need to have an Android phone to to get the loan. Visit Google Playstore to download the app.
2. Sign up for Fairmoney loan
Once you’ve downloaded the application then the following step to take is click on it to sign up. It is easy to sign up using Facebook!
3. Answer a few questions to receive a loan offer
In this stage you’ll need to answer a couple of questions. Your answer will assist the app in calculating your credit score. Based on this, you’ll receive a loan proposal. The loan offer you will receive is contingent upon a number of variables. If you repay the loan in time, you’ll get access to better deals.
4. Accept the loan offer
If you receive an offer for a loan the only thing you need to do is click on it to accept it.
5. Get a the loan
Once you’ve accepted the loan, you will be able to receive the loan money immediately.
If your loan application is denied If you are denied, you can try another time within 15 days.
What is the cost?
You can obtain loans ranging from N1500 to N150 000. The amount you receive depends the credit scores of your as well as other aspects. However, if you pay back your loan in time, you’ll be able to get access to more money.
FairMoney Loan Interest rate
FairMoney offers an interest rate that is flexible. You can take out loans and pay it back in between 4 and 24 weeks. You can then repay in monthly installments. Monthly interest rate are from 2% to 28 percent. Annually, the maximum APR can be as high as 13 percent.
The term “loan”
The term of the loan can be anywhere from 4 to 24 weeks.
Repayment of the loan
There are a variety of options available to pay back loan. When you apply for a loan, you need to create an ATM debit card. All you need do is to load funds into your account. Start the app, select payment, and then pay.
You may also make payments by bank transfer or cash deposits using the following information:
Account Name: MyCredit
Bank Name: Stanbic IBTC
Account Number: 0023462495.
Please add the code given in the app to your transfer reference/description.
It is important to contact customer support prior to and after you have made your payment to notify them of your payment. You can take a photo of prof.
FairMoney Head Office
Unfortunately, for the moment they are not offering on-site support. This post will be updated in the event that they do.
FairMoney customer service.
The email address to contact customer service is e9******[email protected]***0.com
In the moment they don’t offer telephone support. It will update this page once they are able to.
FairMoney App On Iphone
The app is available only on Android phones. It is possible to download it via Google Playstore. Google Playstore. There is no Fairmoney for iphone users for now.
This website can be found at fairmoney.ng