Fair Credit Loan is a digital bank that gives you access to instant personal loans without collateral or much documentation. You can get up to NGN One Million personal loan at an annual interest rate from 10% to 30% for a repayment period of 61 to 180 days.
This article will look at Fair Credit Loan App Review and everything you need to know about the credit app. Let’s get started!
What is Fair Credit Loan App?
Fair Credit Loan App is a legit Nigerian digital microfinance Android-based app that offers you access to get personal loans and perform other functions, like making free transfers and paying bills.
Fair Credit Loan App is loan software that uses your personal information like BVN, banking transaction alerts, and phone records to build your credit score.
The Fair Credit loan app is a new app that is relatively fresh in the business but so far has gained over 10k downloads on the Google play store. The review has been mixed – both positive and negative.
To qualify for a loan at Fair Credit, ensure you store good bank transaction alerts on your phone. Also, you must not have any outstanding debts from other loan apps.
To start, you must visit the Google Play Store and Download the App, correctly input all the asked questions. The algorithm will immediately analyze your information and calculate your credit score, determining the loan amount you are qualified for. Do note that all things will take a few hours.
Personal information that you will be asked for while registering for Fiar Credit App are:
- Your phone number – is the one connected to your BVN. It will serve as a one-time password which will be sent for verification
- Your employment details
- Your residential; address and Next of Kin
- Your BVN number
- To increase your chances of a higher loan amount, you will have to bind your ATM card to the App, which will cost you NGN 50.
Fair Credit Loan App Pros and Cons
- It has a simple User Interface
The User Interface of the Fair Credit Loan App is simple, making it easy to use and navigate. You don’t need to spend studying the App before you begin to use it. Also, it provides clear instructions on the app pages that inform you of the functions and counter effects of each instruction in clear language.
Also, it comes with optimized buttons, which help you to complete tasks on the App efficiently.
- Gives Payable Loans
The emphasis of Fair Credit loans on personal instant loans gives you access to payable loans from NGN 1,500 to NGN 500,000.00, and loans are issued to your credit score, making it easy for you to pay back.
- The loans are progressive.
If you pay your loan at the due time or earlier, it places you in a position to receive higher loans. The increase in your creditworthiness automatically is an increase in your loan offers.
- No Additional Cost
You don’t have to incur additional fees while processing your loan. Also, there are no hidden charges.
- High-interest rate
The interest rate of Fair Credit Loan is between 10% to 30% which is relatively high. However, the increase in your creditworthiness positively influences your interest rate. You may be charged a lower interest rate in this state.
- Low Loan limit
Initially, it offered a loan limit of NGN 5,000 to first-time customers, which is relatively small.
However, this can be frustrating for first-time customers that want a higher loan. However, this loan limit can be extended, after which your monthly salary and other factors are calculated and analyzed.
Is the Fair Credit Loan app legit?
The Fair Credit loan app is legit; however, the App is relatively still new in the business and has mixed customer reviews on the Google Play Store wall. It is currently available for downloads at the Google Play Store, but it is not registered or regulated by CBN or any Nigerian government agency. Please note that you are solely responsible for the security of your transactions.
Another time, its availability on the Google Play Store does not automatically testify to its credibility. It is simply an avenue to download the App. So you are responsible for the security of your funds!!
Fair Credit Loan Requirement for First Timers
Below are the Fair Credit Loan requirements for first timers
- You must be of 18 years of age
- You must be a legal citizen or resident of Nigeria
- You must have a monthly income source
- You must possess an active bank account
- You must bind your ATM card to your account
- You must provide the details of two of your Next Kin
- You must not have an outstanding loan from other loan lenders.
- You must possess a valid government ID card such as a driver’s license, NIN, or international passport.
- Your phone number must be connected to your BVN.
Fair Credit Loan App Interest Rate
The Fair Credit loan app interest rate ranges from one-interest service of 2.5% to 30% for an Annual Percentage Rate (ARP) of 30% to 260%.
For example, if you borrow NGN 100,000 for three months.
- The interest rate of the initial deposit is 30%. 30% of 100,000 is NGN30,000
- The monthly repayment for three months is NGN 43,333
- The total amount payable is NGN 130,000
- This represents an APA of 120%.
How to Borrow with Fair Credit Loan App
To borrow with fair credit loan apps, follow the steps below:
- Step 1 – Visit the Google Play Store to download the App
- Step 2 – Sign Up for the App
- Step 3 – Correctly input all asked personal details and questions. The system automatically calculates the amount of loan you are eligible for using an Algorithm to calculate your creditworthiness.
- Step 4 – Accept the loan offer.
- Step 5 – Receive the loan. However, if your loan application is rejected, you can apply again for another loan in 15 days.
How Much Can You Borrow with Fair Credit Loan?
You can borrow money ranging from NGN 5,000 to NGN 1,000,000. However, the loan is progressive. As a first-timer, due to certain factors, you can have a low limit of NGN10,000 to NGN40,000. The loan limit increases as your return and your creditworthiness increase.
Is my BVN Safe with Fair Credit?
Yes, your BVN is safe with Fair Credit as it does not discloses your personal information to the public.
Fair Credit Loan app is a legit loan app that is relatively new in the business. However, you must apply caution when using and borrowing from the App because it is not formally registered or regulated by any Nigerian government agencies. You must also like “Okash Loan App – Loan Capacity up to 500,000.”