This post will answer questions on how much can fairmoney borrow me for the first time and second time.
With over 5 million downloads and tons of positive reviews on the Google Play Store, Fairmoney is undoubtedly one of the most used lending and finance apps in Nigeria.
On the Fairmoney app, you can get and withdraw your loan instantly within minutes to your bank account.
The cool thing here is that you don’t even need collateral, a guarantor, or a government-issued ID card to get your first loan on Fairmoney.
However, how much can Fairmoney borrow me for the first time is becoming one of the most asked questions by new users on the App.
Well, getting a loan for the first time on the app may be a little bit hard, and the amount you’ll be eligible for may vary depending on your credit score, so as the second time too.
Therefore, let’s see how much you can borrow on Fairmoney for the first and second time.
About Fairmoney First Loan and Second Loan Limit
Talking about your first loan, Fairmoney will give you a loan even if it’s your first time creating an account with them. However, you need to meet the Fairmoney loan requirements.
Irrespective of how good your credit score is, your first loan on Fairmoney will be very little as the company needs a little time to see if you can be trusted.
As time goes on, you’ll start gaining trust in the eye of the company, and their system will increase your loan limit as you go.
This lead to your second loan where sometimes you may get double of your first loan.
On your second loan on Fairmoney, your loan amount will be increased if you pay your first loan early.
Now, you would have gained more trust from their system, and your loan limit will be automatically increased giving you around double your first loan.
How Much You Can Borrow from Fairmoney the First Time
Like I said earlier, the amount of money you can borrow on Fairmoney the first time depends on your credit score.
After testing your credit score, Fairmoney will review your loan application. If you qualify for a loan, you can get anything from ₦1,500 to ₦5,000 the first time.
- A good credit score may get ₦5,000 and above.
- An average credit score may get ₦3,000 and below.
- A poor credit score may get ₦1,500.
- A very poor credit score may not be approved for a loan by Fairmoney.
How Much You Can Borrow from Fairmoney the Second Time
As said earlier, the amount you get on Fairmoney the second time is usually 2X or double of your first loan amount.
This means if you are eligible for:
- ₦1,500 the first time, you may get ₦3,000 the second time.
- ₦3,000 the first time, you may get ₦6,000 the second time.
- ₦5,000 the first time, you may get ₦10,000 the second time.
And the list goes on and on.
That’s all about the first and second loan limits on Fairmoney.
By now, if you’re among those asking “how much can Fairmoney borrow me for the first time” and “how much can I borrow from fairmoney for the second time”, I believe you’ve gotten the answers you seek.
If you still have questions concerning this topic, please use the comments box below, I’ll be there to help.