Are you in search of a fast loan to solve some monetary problems?
If so, then Fairmoney is one of the best credit platforms you can look up to. They provide desperate Nigerians with timely access to a secured mortgage without staking your assets or guarantor.
Also, you don’t have to visit their office, with your mobile device; you can get credit from them as fast as possible
USSD Code is one of the easiest and fastest ways to collect cash from this lending platform in addition to their mobile app, but not many Nigerians know about it.
This is why we’re taking the time to shine a light on the Fairmoney USSD code. In the interim, before we begin our discussion, we would like to learn a little more about this lending platform and how it works.
This is a licensed internet-based lending platform that was launched around March 2017.
They provide soft instantaneous credits for individual and trade intents without the need for documentation or collateral as earlier mentioned.
In addition, their credits have flexible interest rates with short and long-term repayment.
There are essentially two ways to get credit from Fairmoney. You can either use their mobile app or the USSD code. When you wish to pay off your creditors, you may use one of these methods.
What’s required to get a Fairmoney loan?
There are certain things you will have to hold before you can get credit from this online lender. They will include:
- Cellphone, preferably Smartphone.
- Facebook account or Email
- BVN number
- A bank account to receive the fund
Fairmoney USSD Code
As we said earlier in our discussion, the quickest way to request a credit from this private lender is the USSD request. Fairmoney USSD is *3226#.
You can use any network service to complete your credit claim, whether it’s MTN, Glo, Airtel, or 9Mobile. Interestingly, you don’t need a Smartphone for this service.
Your button phone is enough. In addition, there is no charge for the service.
Can I Pay Back The Fairmoney Credit With USSD?
Oh yes, you can repay the money you borrow on this platform using the same USSD you borrowed before. By following the order promptly, you will see the reimbursement option.
If you can’t settle for fast code, there are other options like instant budging or the Fairmoney mobile app. We’ll show you how to pay off Fairmoney credits.
What about Fairmoney App?
Besides the USSD code, the Fairmoney app is another means of borrowing. The app is open on Google playstore and is only for Android devices. Download the software and get instant credit.
The organization also develops mobile software that will use the details stored on your device to provide a rating algorithm. The idea is to set up credit points for people who do not have access to banking facilities.
Steps To Obtain Credit through the Mobile App
Just in case you were unable to access credit from Fairmoney using the USSD, complete these steps in the mobile software.
- Enable your mobile data and sign into the app.
- You will need to set up a Fairmoney account. To perform this step, you can use the contact line that is linked to your BVN or bank account. But if you don’t want to sign up with a contract, the option to use a Facebook account is available.
- At this stage, you must fill in your data properly. Note that your answer will be used to determine how much you can borrow, the rate of profit, and the length of time you can borrow.
- A list of available funds will appear on your screen. Select the payment you desire to borrow and click the “agree” button. You will now have to await approval, which may take a few minutes.
- When the funds are authorized, you will be credited immediately. In case your credit is not approved, you must wait 15 days to be eligible for another credit. Some of the factors which disqualify some people from the loan include poor account history and incorrect details.
Mortgage Profit Rate
The profit rate for Fairmoney credit is determined by two things, your account history, and the credit base. If you have a strong account history and a good credit rating, you are more likely to have a lower interest rate.
However, the monthly interest rate on their mortgages varies from 10% to 30%. Additional costs may be incurred if you do not refund the money you borrowed within the agreed period.
The fine is generally 0.2% plus interest.
With Fairmoney, you can borrow as low as1500. The largest amount of money you can borrow is 500,000 with a payback period of up to 60 days (about 2 months), and more.
If your claim exceeds this amount, you will need to check in other financial platforms or even the bank.
Repaying Fairmoney Credit
As mentioned above, you can refund your credit through USSD, mobile app, and bank transfer. Let us show you how to complete your refund using either of these options.
- Log into the Fairmoney mobile app and select Loan Details.
- In the list of options that are displayed, tap Pay and continue.
- Now you tick on ‘total loan amount’.
- You will have the option of paying back the full amount or a specific amount. Click on the option you like, and then continue.
- Once you are done with the step above, you will be given reimbursement options outlined above to choose from. Select the desired option and go ahead.
The Downside to Getting A Fairmoney Credit
As easy and quick as getting a Fairmoney loan can be, there is a small drawback. You can’t have access to huge amounts of money if you’re applying for the first time.
Before you are eligible for a large amount, you need to consistently get credit from them for some time. Other than this disadvantage, there’s nothing else at the moment.
Fairmoney is a solution for individuals who require instant credit to resolve some financial problems. With their USSD code, you can strongly apply for a mortgage and obtain a credit alert.
However, there are other media you can use as the mobile app and finalize the process. The next time you need a loan with this private leader, you can see the USD code to use above.