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Fairmoney Loan Requirements in Nigeria

  • May 18, 2022

This post contains information about the Fairmoney loan requirements.

FairMoney is a leading Nigerian lending company with a loan-giving license. They offer Nigerians instant loans with no collateral. 

Since its entry into the Nigerian lending sector, the company has received positive feedback from users.

One of the things that let the company gets good reviews is the requirements to get loan from Fairmoney.

Not withstanding, the Fairmoney loan requirements still get people talking, because you definitely can’t get a loan without meeting the requirements.

Anyways, this post is curated to guide you on the requirements needed to qualify for the Fairmoney loan. In other words, the Fairmoney loan requirements qualification guide.

Without further ado, let’s get started!

About Loan Requirements on Fairmoney

Fairmoney is one of the most popular online loan companies, as they offer people flexible loans in minutes.

But is their loan requirements flexible?

Sincerely speaking, Fairmoney is one of the few loan-giving companies that make applying for loans and getting them almost instantly super easy in Nigeria.

Just think about it. If you can get loans within 5 minutes, it is obvious that the loan requirements are super flexible.

While there are no strict requirements to get loan on Fairmoney, the few requirements they have is mandatory, and without passing the requirements, you’ll not be able to get any loan on the Fairmoney App.

Now, let me walk you through these requirements and how to qualify for the fairmoney loan in just a few steps.

Fairmoney Loan Requirements

Below are the full Fairmoney loan requirements.

1. The Fairmoney App

The #1 requirement to get loan from Fairmoney is to download the Fairmoney App. This is because you can get Fairmoney loan only on the Fairmoney Mobile App.

The app is available for iPhone and Android.

2. Your Full Name

The second Fairmoney requirement is your full name. This includes your Surname, First Name, and Middle Name. 

Keep in mind that the name provided must correlate with your bank account details.

3. Email Address & Phone Number

Your phone number and your email address are other mandatory fairmoney loan requirements.

This is because after downloading the app and you’ll need to sign up with your phone number where a unique shortcode will be sent for verification.

During sign-up, you’ll also need an Email address which can be Gmail, Yahoo Mail, iCloud, or Outlook.

4. Bank Verification Number (BVN)

Your BVN is a priority to get loans on any loan app, Fairmoney is no different too.

5. Bank Details

Another requirement to get loan on Fairmoney is your bank details. This includes your account name and account number.

Your Account number is also used for fund disbursement after your loan is approved.

6. Automated Teller Machine (ATM) Card

Your ATM card number is a must while looking to get loan from Fairmoney.

Fairmoney uses your ATM card to repay your loan when it is due.

7. Face Verification

The last but not least Fairmoney loan requirements is face verification.

It is mandatory you take a picture of your face (Selfie) while registering to get a loan on the Fairmoney App.

How to Qualify for Loan on Fairmoney

In order to qualify for a Fairmoney loan, you’ll need to have a good credit score and some proof of income.

You’ll also need to provide some information about your debt-to-income ratio and your current monthly payments.

Below is a simple list of what is needed to qualify for Fairmoney loan.

  • The Fairmoney App.
  • Basic personal information such as name, phone number, and Email.
  • Bank Verification Number (BVN).
  • Bank Account details.
  • Automated Teller Machine card (ATM Card).
  • A real-time facial photo of you.

Once you meet these requirements, you’ll be instantly eligible to get loan from Fairmoney.

Note: After some months of taking loans from Fairmoney, you may be asked for more verification such as Identity Card verification and possibly Address verification.

Fairmoney Loan Requirements – FAQs

Are there requirements for loan on Fairmoney?

Yes, similar to other loan Apps, Fairmoney has requirements that are needed to be passed before you can get loans.

What are the requirements for Fairmoney loan?

To be eligible for a Fairmoney loan, you must:

-Be at least 18 years old

-Have a regular source of income

-Have an active bank account

Conclusion:

Hearing about online loans, sometimes the requirements of some platform can make you think otherwise unless you try it yourself.

I believe the Fairmoney loan requirements provided in this post will help you easily and quickly get loans from Fairmoney without worries.

Do you still have questions?  Then, feel free to drop them down in the comment box below. I’ll be glad to help.

Cheers!