If you’re wondering how to repay your FairMoney loan, we’ve got you covered!
What happens if i don’t pay my Fairmoney loan
What happens if i don’t pay my Fairmoney loan? FairMoney offers a convenient and hassle-free loan repayment process. Once you’ve received your loan through their instant loan app, you can easily repay it within the agreed-upon timeframe. Simply download the FairMoney MFB App, complete the registration process, and voila! You’ll receive your loan in no time.
With FairMoney, you can enjoy competitive interest rates, longer loan tenures, and no collateral requirements. Say goodbye to the stress of loan repayments and hello to financial flexibility.
What happens if you don’t pay back FairMoney loan?
At FairMoney, we understand that life can throw unexpected curveballs your way. While we empathize with such situations, it’s essential to note that we do not have the provision to reschedule payment dates. When you take a loan, it’s crucial to ensure that you have the capacity to repay it within the agreed-upon timeframe. This will help you avoid potential consequences, such as incurring late fees, suspension of your FairMoney account, and reports to national credit bureaus as mandated by law. These credit bureaus include Transunion CIBIL, Equifax, Experian, and CRIF Highmark. To maintain a positive financial standing, it’s always advisable to borrow responsibly and honor your repayment commitments.
Does FairMoney ask for BVN?
At FairMoney, we kindly ask for your Bank Verification Number (BVN) as part of our identity verification process. This is to ensure that you haven’t defaulted on any previous obligations with other companies. As a Nigerian-French company, we adhere to stringent European data security standards. You can trust that your BVN information is handled with the utmost confidentiality, and we will never disclose it to any third parties. Safeguarding your privacy and protecting your personal information are our top priorities.
How do I pay back FairMoney loan?
Once the transfer is completed and the funds are deposited into your FairMoney bank account, you will see the transaction reflected in the app as a deposit. Repaying your loan is a simple process. Just click on the “Repay Loan” button and choose the FairMoney option to initiate the repayment. The moment you confirm your repayment, your loan will be instantly repaid. It’s a convenient and hassle-free way to manage your loan repayment through the FairMoney app.
How much can I borrow from FairMoney and for how long?
With FairMoney, you have the opportunity to borrow a substantial amount and choose a suitable repayment period. Depending on your lending history and positive behavior, FairMoney offers loans of up to N3,000,000. The better your lending history and positive behavior, the higher the loan amount you can access. Additionally, you can enjoy a flexible repayment period of up to 24 months, giving you ample time to repay the loan without undue pressure. FairMoney rewards responsible borrowers by providing them with increased borrowing capacity and longer repayment periods, ensuring that you can meet your financial needs comfortably.
Fairmoney customer service
To ensure the repayment of your loan, including any additional fees, penalties, and the flat interest rate, you agree to pay us by the specified Payment Due Date as outlined in this Agreement.
In case of any unauthorized loan applications made using your Account, the Lender will assume that you have authorized them unless you inform us in writing within 24 hours of detecting fraudulent activity on your account.
You can repay the loan either by transferring funds directly to the bank account provided by the Lender, by authorizing an electronic debit from the card/account you have provided, or through other acceptable electronic channels.
If you wish to repay the loan before the Payment Due Date, you must provide sufficient notice and repay the full loan amount along with the flat interest rate. Repayment via electronic debit card will follow the procedures detailed below:
- The Lender will charge a one-time processing fee when you set up a new debit card on your Account. In case your card is expired or about to expire, you will need to obtain a renewed card from your bank or provide us with another personal debit card.
- The Lender will deduct the repayment amount from the card on the due date. We will only process transactions related to loan repayments on the card. If you accidentally make a double repayment, we will make reasonable efforts to process a refund in a timely manner.
- You agree to indemnify us against any losses, liabilities, or damages that may arise if you use a third party’s card on your Account without their consent.
- If there is a default or insufficient funds in your bank account, we are authorized to charge any other cards associated with your Account until the debt is settled, excluding the primary card listed.
- We prioritize the security of your card details. Therefore, we do not store card details on our platform. Instead, we process card details through a secure payment gateway that complies with PCI DSS standards.
You agree to provide us with accurate and up-to-date personal, social media, phone, and financial records whenever reasonably requested for analysis.
You will indemnify and hold harmless the Lender and its representatives from any suits, claims, damages, losses, liabilities, and expenses arising out of the extension, suspension, or termination of credit under this Agreement or any loan document. However, you will not be liable for indemnification if such liabilities solely result from the gross negligence or willful misconduct of the Indemnified Person, as determined by a court of competent jurisdiction.
Additionally, you agree:
- Not to provide us with false information or signatures, whether electronic or otherwise.
- To pay any Late Fee or penalty fee as stated in the terms and conditions.
- To make all payments through direct debit on cards or electronic funds transfer, as specified in the application form.
- To promptly notify us of any changes to your name, mailing address, email address, or telephone number.
- To fulfill any other promises made in this Agreement.
- To accept this Account only if you are of legal age and have the capacity to enter into a valid contract.
- Not to engage in any illegal or criminal activities using the FairMoney platform, as FairMoney Microfinance Bank cannot be held responsible for any unlawful actions committed by you.
- To grant the Lender legal authority to deduct the full loan repayment amount before the due date if it is determined that the loan was fraudulently obtained.
- To provide accurate information and details as required on the application form provided.
Conclusion
Defaulting on your FairMoney loan can lead to various consequences. While the specific actions taken by FairMoney may vary depending on the loan amount and repayment plan, there are a few common outcomes. Firstly, if you fail to repay your loan on time, FairMoney may charge you additional late fees. These fees can accumulate over time and increase the overall amount you owe. Additionally, your FairMoney account may be suspended, restricting your access to their loan services. Furthermore, FairMoney may report your default to credit bureaus, such as the National Credit Bureaus or Credit Information Bureau India Limited, depending on your location. This can negatively impact your credit score and make it more challenging to secure loans in the future. It’s important to note that FairMoney does not engage in loan harassment, but repaying your loan promptly will help you build a positive reputation with the platform. To avoid these consequences, it is advisable to make necessary arrangements and strive to repay your FairMoney loan within the agreed time frame.
