Warning!!! FairMoney Loan App Will Do This to You

fair money loan app

FairMoney loan app Nigeria prove to be one of the reliable and efficient loan app lenders in this country. But there is something about them you should be very careful about.

Especially if your loan repayment habit is based on borrowing money from John to pay back your loan. And immediately after your loan repayment is confirmed, you reapply for another loan to give John back his money.

This process will always require you to apply for a bigger loan each time you repay a loan. This is because you’ll need more money to cover up for the interest paid. Since you’re borrowing the money from someone to repay the loan.

Before you know it, you’re in a bigger debt than you initially taught of.

If the above scenario perfectly describes you, beware! You might soon find your self left sobber in the hands of FairMoney.

Fair money loan app will soon put you in a very tight serious problem with your borrower.

But first, let’s see why FairMoney is a good money lender.

What is FairMoney Loan?

FairMoney is a licensed online loan lender that provides a quick and easy unsecured loans to both individual and small business owners.

They provide loans without collateral. You don’t need any paperwork to get a loan from Fairmoney. All you have to do is to download the FairMoney loan app from the Google Play store to your Android smartphone.

How Do I Apply For a FairMoney Loan?

To apply for a FairMoney loan, follow the below steps.

After installation is complete, you begin the registration process which should not take more than 2 minutes to complete. Like all other loan app lenders, you need the following to complete the registration process:

  • Your Android smartphone with an internet connection.
  • BVN Number.
  • Your active mobile number linked to your BVN account.
  • Personal identification details.
  • Residential Address.
  • Bank account details.

After completing all the above steps, and your mobile number verified. You can apply for your first loan. If your application is approved, your loan will be disbursed through the bank account you leave during the registration process.

One more thing, you’ll need to authorize your MasterCard for the repayment of your loan. A small amount (one-time fee) will be deducted from your account to authenticate the ownership of the MasterCard.

Once you complete this process, you’re good to go.

FairMoney loan offers start at #1,500 and up to #500,000. Loan tenor ranges from 7 days, 1 month to 3 months, depending on your credit score, loan history, positive behavior, and other factors.

Loans interest rate also differs, it starts from 10% and up to 30%. Some financial factors determine your loan interest rate and tenor. This is something you can not control on your part but you can influence a big part of it by ensuring you repay on time and promptly.

The company (FairMoney) pride itself as one of the leading lending platforms in Nigeria. They boost the speed of loan delivery, unparalleled customer services care representative, flexibility, no hidden charges, etc.

You can contact the FairMoney customer service at help(at)fairmoney.ng through your email address. It is advisable to use the email address you attempt to register with on the system. This will make identification easier and speed the communication level.

Why You Should be Aware of FairMoney.

At first, when you start taking loans from the FairMoney loan app, everything will be fine and running smoothly.

You take a loan, repay back on time and you’re always good to reapply for another loan. As you continue taking these loans, and paying back on time, be prepared for when the unexpected will happen.

This thing has happened to two of my closest people. And is not funny or good at all. In fact, it left them devastated and in a financial situation that troubled them for a while. It has happened to me too, but I wasn’t concerned as it was a small amount of money and at the time, I was just experimenting with the app.

This is it…

After taking several loans and repaying back on time without any defaults, FairMoney just decided not to offer them a loan again.

This usually happens immediately after a major loan repayment.

The firs time I experience this action from FairMoney was with my loan account.

I’d just repaid a loan of #7,500 and wanted to reapply but was surprised to see this error message in the app.

Unfortunately, you’re not eligible for a loan.”

At first, I thought it was just an application error. Maybe the app needs to be updated or something like that. So I open the Google play store app and search for FairMoney to see if it require an update. But not so, the app is in the latest version.

So I thought of another option to uninstall and reinstall the app. I did this and log in to the app but to see the notification message again. That was when I began to think this is not an app error but something from the company.

Before I went further, take a look at my FairMoney loan history before I became not eligible to take a loan.

The last loan I took from FairMoney was #7,500 with an interest fee of #1,650 making a total of #9,150 to be paid back. And as you can see in the screenshot above that I even make repayment a day before the loan tenor date. The loan was disbursed on the 12th of October, 2019 and to be paid on the 11th of November, 2019.

Here is an email sent on the 10th of November to remind me of the loan repayment. Take note of the date in the email below and the screenshot above.

fairmoney loan email message

The moment I received that email notification, I went ahead to make the payment.

After making that payment and log into the app to reapply for a loan, I was surprised to see the notification message. I emailed them several times to know what could’ve been the reason for their action.

The customer care representative then writes back that I should keep the app on my phone, make airtime and other bills purchase. That if I keep the app and using it for other financial purposes, I might possibly get a loan offer and be eligible for a loan.

Is been more than 5 months now, I remain not eligible for a loan. Though, I never bothered to use the FairMoney app for other financial services as she advises.

My preferred and best loan app for any financial spending is Carbon. That’s a topic for another day.

For further proof and as I said earlier, here is a screenshot from another FairMoney customer which the same thing happens to.

As you can see from the image above, this client take a loan of #70,000 on the 4th of March and make repayment on the 1st of April. This is a 30 day loan period and is not even up to the 30 day loan tenor.

But this client was denied loan offer even after making repayment on time.

Conclusion

I hope you get my point in this post and learn from it?

FairMoney loan app is a good and reliable money lender but with this kind of services, one should be very careful taking loans from them.

My advice is that you don’t borrow money to repay your loan. Make sure you’re making payment from your personal income. This will put you on the safer side should in case this kind of incident happen to you.

What’s your personal experience taking a loan from FairMoney? Share your thought with us in the comment box.

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