For a number of reasons including high interest rates and difficult requirements, loans have held a negative reputation, keeping potential beneficiaries from making good use of the opportunity. This situation was a result of the rigid bank policies that made loan applications prolonged and demanding. However, FairMoney is changing this story; by making loans flexible, immediate and fair, everyone can now access financial support right when they need it.
If you’re wondering how we’re able to do this, here’s a list of previous notions about loans you may have heard and how FairMoney is discarding them.
You Need A Guarantor Or Collateral
FairMoney eliminates the requirement of collateral or someone to stand as your guarantor. This is a common pre-condition with traditional lending institutions, however with FairMoney, applying for a loan is not as complicated. From the comfort of your room, you can get a loan using the FairMoney app on your mobile phone.
The Interest Rates Are Very High
Interest rates are a major reason people are scared of taking loans. This is why FairMoney loans come with comfortable interest rates that are fair to everyone. Unlike other loan platforms, interest on your FairMoney loan is not fixed, it is calculated by the length of your loan period which typically lasts between 4 – 26 weeks with the respective interest rate of 15% – 28%. Also, as you maintain a positive loan history, your interest rates are adjusted to your advantage.
Repayment Policies are Rigid
FairMoney makes it easy for you to repay your loans by giving you flexible repayment options. You can choose to pay back your loan in one, two, or three months!
Loans Take Time To Access
FairMoney loans are instant and easily accessible! Loan applications are simple and do not take time. Within five minutes of applying for a loan, you get a loan offer and funds in your account!
It’s time to discard those negative stories you’ve heard about loans! With up to N150,000 instantly available to you on the FairMoney app, you can save yourself from the excuses you get from other lending platforms about why you can’t access a loan.
Here’s how to apply for a loan with FairMoney:
Step 1: Visit the Google Play Store on your phone, search “FairMoney” and hit the “Install” button.
Step 2: Sign up with Facebook or your phone number, and then answer a few quick questions in 2 minutes.
Step 3: Receive a loan offer instantly.
Step 4: Share your bank details to receive your loan.