FairMoney has been on the forefront of innovation with the development of their new loan app that can be downloaded directly to your phone. The FairMoney app has streamlined the process of borrowing money and added some helpful features to help you make sure you always know exactly where you stand with your finances, even as you receive, send, and repay money using this innovative service! Here are all the details about this innovative new app that could change the way you borrow money in the future!
The FairMoney loan app gives you the power to make and track your payments towards your loans in real time. This means you can manage any of your loans without being restricted by the operating hours of any financial institution, and you get to keep track of every payment made, down to the last cent – making budgeting simpler and easier than ever before! There are also plenty of other benefits to using this app, so if you’re curious about the details and whether it’s right for you, read on for all the information you need to know about FairMoney!
How much can I borrow?
You can apply for a loan of up to N150,000 The amount you’re approved for will depend on your credit score and other factors. If this is your first time borrowing, you may be approved for a smaller amount.
The loan-to-value (LTV) is a financial term used by lenders to express the ratio of a loan amount to the value of an asset purchased. The LTV ratio is one of the key risk factors that lenders assess when qualifying borrowers for a mortgage. A higher LTV ratio suggests more risk because the lender has less equity in the property should the borrower default on the loan. For this reason, loans with high LTV ratios often have higher interest rates.
How much will I pay back each month?
You’ll pay back a fixed amount each month, which will include both your principal and interest payments. Your monthly payment will be determined by your loan term, interest rate, and loan amount. You can make additional payments on your loan at any time without penalty, which can help you pay off your loan faster.
Can I get a good interest rate?
The average interest rate for a FairMoney loan is between 10-15% depending on your credit score. You can use the app to check your rate before you apply.
What’s the minimum and maximum amount I can borrow? There is no minimum amount you can borrow, you can borrow up to N150,000.
How does repaying work?
When you repay your FairMoney loan, the app automatically deducts the amount from your account balance. You can also make manual payments by going to the Payments section of the app. There, you’ll see all your upcoming payments and can tap on each one to make a payment. If you have any questions about repaying your loan, you can always contact customer support.
You can repay your FairMoney loan at any time without penalty. In fact, they encourage it! The sooner you repay your loan, the less interest you’ll pay overall. If you have the means to repay your loan early, we recommend doing so.
Annual percentage rate (APR) information
The FairMoney loan app offers users an annual percentage rate (APR) of 15%. This is a competitive rate when compared to other personal loan apps on the market. When taking out a loan with FairMoney, you can expect to pay back slightly more than what you borrowed due to the APR. However, the total amount you repay will still be lower than what you would’ve paid with a traditional bank loan. Additionally, there are no hidden fees or charges associated with taking out a loan through FairMoney.
How do I apply for a FairMoney personal loan?
You can apply for a FairMoney personal loan by downloading the app and completing the application form. The application process is simple and takes only a few minutes. You will need to provide some personal information, such as your name, address, date of birth, and bank verification number. You will also need to provide financial information, such as your income and expenses. Once you have completed the application form, you will submit it for review. A decision will be made within 24 hours and you will be notified of the decision via email. If you are approved for a loan, the money will be deposited into your bank account within 48 hours.
What’s the application process like? First, you’ll need to download the FairMoney app and create an account. Then, you’ll fill out some basic information about yourself and your financial situation.
Is there any charges
When you take out a loan with FairMoney, there are no origination fees, prepayment penalties, or late fees. They do, however, charge a small interest fee. This helps them keep your account active and cover things like customer support and security.
is there penalty for late payment
The FairMoney loan app is a great way to get a quick and easy loan. However, there are some things you should be aware of before using it. First, there is a penalty for late payment. If you’re more than seven days late on your payment, you’ll be charged a late fee. Second, your interest rate will go up if you’re late on your payments. Third, you’ll need to have a good credit score to qualify for the best rates. Fourth, you’ll need to provide some personal information when you apply for the loan. Fifth, the loan terms are usually between one and twelve months. Sixth, you can use the money for anything you want.
Why use FairMoney over other payday alternatives?
The first thing that sets FairMoney apart is that they’re a licensed lender. That means they’re subject to state regulations, which gives borrowers some protections. You have up to 12 months to repay your loan, but you can make early payments with no penalties.