Get a short-term personal without issues. By downloading a fair credit loan app, you can get a loan as low as N5000. You do not need to go to offices to get loans. With your mobile phone, it is a lot easier. Download the app from the Google Play store to start.
Read up to learn more about the app and how you can get loans without collateral.
Fair Credit Loan App Review
Fair Credit is a Nigerian digital microfinance bank that offers short-term loans and other services. Aside from providing personal loans, the app has attributes you can use to send and receive money in Nigeria, plus a platform to pay bills. The android app offers loans without collateral ranging from N5000 up to N100,000 with documentation.
The app uses software to gather data on potential clients, including phone records, banking transaction alerts, and BVN, to determine each borrower’s credit score.
Is Fair Credit Loan Legal?
It is 100% legit. Although, it is now on the play store and gives out loans to customers. Nevertheless, we advise users to take notice before applying for a loan. Do well to check reviews by other users before you apply in Nigeria. You can not trust other users’ feedback on the Google play store as most reviews are fake.
Also, you should note that CBN or any government agency in Nigeria does not regulate these loans. You are in charge of the security of your transactions with them, and there is no means to get revenge for unsatisfactory support.
Additionally, the fact that it is available on Google Play does not make the transactions secure. While utilizing loan apps in Nigeria, you are in charge of your security, as the play store only acts as a download location.
Loans Interest You can Get On Fair Credit App.
If this is your first time borrowing, you should anticipate a much smaller loan amount and term. Keeping solid records and repaying loans on time can increase the amount.
Check the loan rates and fees.
Loan Amounts: ₦ 5,000 to ₦ 500,000
One-time service / interest fee: 2%- 35%
Maximum Yearly Percentage Rate (APR): 66.21% – 270.44%
Late fee: a one-time fee of 8% of the unpaid amount due
The lowest repayment period offered = 61 days
Maximum refund period offered = 180 days
For instance, a borrower who accepts a 40,000 loan for our 61-day period would be responsible for paying service/interest fees as low as 14 percent, or 5600, for a total of 45,600.
40,000 in principle + 5,600 in service or interest fees = 45,600. (total payment).
The Requirements For The Loan
Check out the requirement below if you wish to get a loan:
- Be a legal citizen or legal Citizen of Nigeria.
- Have a valid government-issued ID card
- Be at least 18 years old.
- Have a Monthly income source.
- Bind your ATM card to your account
- You must connect your phone number to your BVN.
- Have a good credit score with no unpaid loans from other lenders.
- Have an active bank account.
- You will provide details of two of your next kin and their phone numbers.
How To Download The App
Follow these easy steps to download the app:
- Go to Google Play store
- Search For the Fair Credit app Loan
- Click on it to download and install
How to Get Loans from The App
You can get a loan via the app if you would take the procedures involved. Follow these processes to get a loan:
- Sign up with the phone number attached to your BVN
- You will receive a one-time password via the number for confirmation.
- Enter the KYC information with your home address, next of kin, and employment information.
- Provide your BVN
- Binding your ATM card to your account will cost you N50 and improve your chances of receiving a higher loan.
- After submitting your loan application, the software will analyze your credit score and show the final result in the APP.
- If you qualify for a loan, the loan amount will be promptly deposited into your bank account when the outcome has been displayed, which should take less than two minutes.
- Yow will take a selfie for identity.
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