Can I borrow money on FairMoney without BVN? (2023)

Table of Contents

Does FairMoney require BVN?

You need an Android phone and a BVN. That's all! Download the FairMoney app from the Google Play Store. Sign up with the phone number linked to your BVN, answer a few questions and confirm your identity to receive a loan offer.

What are the requirements to borrow money from FairMoney?

There are no requirements for getting a FairMoney loan. Simply sign up on the app and your loan will be processed. This is done without the rigorous due processing like documentation and collateral.

(Video) Loan App in Nigeria without BVN phone number
(Mart Hustle)
Why am I not eligible for a loan on FairMoney?

If you're having issues getting a loan as a new customer or getting a higher loan as a returning customer, it is usually linked to your credit score on the FairMoney app. These are efforts you can do to improve your credit score on FairMoney. The Bank is a serious Fraud.

(Video) Reliable Loan Apps in Nigeria Only | loan with bvn only | loan app without bvn in Nigeria
(Mart Hustle)
How much can I borrow from FairMoney for the first time?

FairMoney is an automated online moneylender that provides single payment loans, installment loans and payroll loans for borrowers. The amount borrowed is then deducted from your account. Their minimum loan amount is N10,000 and the upper limit for a new customer is N40,000 with no collateral or guarantor required.

(Video) Legit And Legal Way To Borrow Money Without Paying Back | How To Take a Loan And Never Pay Back
Which app can I borrow money from without BVN number?

Yes, you can still revamp that small business with loans from these 5 Instant Loan App Without BVN In Nigeria; FairMoney, Aella credit, Okash, Eyowo and ALAT loan apps. They are reliable and require no Bank Verification Number, collateral and less documentations.

(Video) Newly Lunched Loan Apps In Nigeria With or Without BVN Required
(Mart Hustle)
Which bank can I use without BVN?

Formerly known as Mint, Mintyn is the all-digital offering of Finex Microfinance Bank, and includes private and corporate bank accounts, interest-accruing savings accounts, and even services like instant loans and mutual funds, all through a tiered system, which allows you to open an account without a BVN.

(Video) FairMoney Loan App Review// Borrow money online without collateral in 2022
What is the highest loan FairMoney can give?

How much can I borrow and for how long? FairMoney offers loans from loans of up to 1 million Nairas for a period of up to 18 months. The better your lending history and positive behavior, the more you can access and the longer the period!

(Video) How to GET N100,000 LOAN with Fairmoney App. As a first time borrower
How much is the maximum loan on FairMoney?

Get loans up to ₦1 million, a bank account with free transfers, a debit card for spending, and more. Scan the QR code with your phone camera to download the FairMoney app.

(Video) Fair Credit Loan App Review // loan without credit check in Nigeria
(Mart Hustle)
What is the easiest app to borrow money in Nigeria?

Below are the top 8 best instant loan apps in Nigeria with low-interest rates for android and iOS devices:
  • Aella quick loan app. Get App.
  • Umba instant loan app. Get iOS AppGet Android App.
  • Okash loan app. ...
  • QuickCheck loan app. ...
  • Palmcredit instant loan app. ...
  • Fairmoney instant loan app. ...
  • Branch instant loan app. ...
  • Carbon loan app.
9 Oct 2022

(Video) Online Loans in Nigeria (My Personal Experience) // Scam or Legit?
What will happen if I don't pay my FairMoney loan?

Depending on your profile, the processing fee ranges from 3% to 15% (GST applies) We also charge a minimal late penalty fee (calculated as a % of the outstanding amount after the due date). This fee is only charged if you don't repay your loan on time and ranges from 0.2% to 0.8% per day.

(Video) "Loan Apps are Blackmailing me" How to identify unlicensed loan apps in Nigeria

How do I know if I qualify for loan?

Most personal loan lenders review your credit score, credit history, income and DTI ratio to determine your eligibility. While the minimum requirements for each of these factors vary for each lender, our recommendations include: Minimum credit score of 670.

How can I get loan immediately?

If you need to borrow money immediately, the most popular options are personal loans, cash advances online, payday loans, pawn shop loans, and banks or credit unions. But be careful with cash loan options that promise you a quick loan with no credit check.

Can I borrow money on FairMoney without BVN? (2023)
What is the USSD code for FairMoney loan?

USSD Code for Loans in Nigeria
PlatformUSSD Code for Loans
Fairmoney Loan*322*2#
First Bank First Advance*894*11# or *894#
Glo Cash*322*1*04225701*Amount#
23 more rows

Which app can I borrow money urgently?

Specta is an online lending platform that gives you loans of up to 5 Million in one transaction all within 5 minutes! No collateral, no paperwork and no visit to any office. With Specta, you can take care of urgent personal and business needs anywhere, anytime.

Can I get loan from FairMoney without ATM card?

Please note your ATM card details is an essential requirement during your loan application on the FairMoney app. Without this, your loan cannot be processed because you need to connect your card to the app.

Can someone change his BVN number?

A customer can update his/her information only at the bank where he/she has an account. No, the BVN doesn't change.

How can I get my BVN number online?

To check your BVN online, you must have registered and gotten your unique 11 digits from your bank. Now, to see this number online, simply login into your bank app. Click on the menu option and your BVN should be displayed there. The location of the number, however, varies from one banking app to another.

How can I create BVN online?

Enrollment Steps
  1. Log-on to Online Integrated Solutions (OIS) or VFS Global website.
  2. Select Location.
  3. Click on the BVN ENROLMENT TAB.
  4. Read BVN Enrolment Instruction.
  5. Download BVN enrolment form.
  6. Book BVN Biometric Capturing Appointment.
  7. Print Appointment Booking Slip.
28 Sept 2022

What happens if I don't have a BVN?

To open a bank account without BVN while using just your phone number, you will need to dial the USSD code of the bank. For GT Bank, dial *737# and follow the prompt. For Zenith bank, dial *966# and follow the prompt. For First Bank *894#.

Can I have 2 BVN one number?

You can't have two bvn number, it just one link to many or all your bank account. Why did diamond bank claim to create new bvn for you, because it's not possible. BVN is centrally manage by department under CBN.

Which bank is the owner of FairMoney?

Laurin Hainy, Founder & CEO of FairMoney. After four years of providing credit through a loan app, FairMoney has evolved to a digital bank following its Microfinance Bank (MfB) licence from the Central Bank of Nigeria (CBN).

Which country owns FairMoney?

FairMoney, the quick loan app, now licensed and regulated by the Central Bank of Nigeria (CBN) as FairMoney MicroFinance Bank (FairMoney), has expanded its offering to include investment instruments.

What bank does FairMoney use?

These Terms and Conditions apply to and regulate the provision of financial services provided by FairMoney MFB, a digital microfinance bank that is licensed by the Central Bank of Nigeria (CBN) which provides financial services via its flagship mobile app – FairMoney™ to the Customer herein.

Which app can borrow me 200k in Nigeria?

Paylater is an easy-to-use and entirely online lending platform that provides short-term loans to individuals and small businesses in Nigeria to help cover unexpected expenses or urgent cash needs. With Paylater, you can access up to 500,000 Naira loan with no collateral.

How much can Kuda borrow me?

4. Participants in the pilot program can borrow up to 50,000 naira at a daily interest rate of 0.3% of any amount they borrow. The amount available to borrow varies for different participants depending on credit reports and how much the participant has been using their account. 5.

How do I remove my BVN from FairMoney?

Such Users can notice their wish to delete the information from FairMoney account by sending an email to However the User who has availed or loan is approved from any of our lending partners, then the User account information cannot be deleted.

Does FairMoney send messages to your contacts?

You can enable or disable access to this information at any time, through Your Device settings. **We will NEVER communicate with any person from your contact list.

Does Kuda bank give loan?

No paperwork, no embarrassment, just 0.3% daily interest. Kuda Overdrafts are short-term loans you can take anytime as long as you use your Kuda account regularly.

Which app gives free money in Nigeria?

1. Swagbucks. With this app you can make money by completing surveys online, watching videos, and Shopping. The app can be tricky most of the time but if you find your way it can be fun to use.

What is the punishment for not paying bank loan?

The punishment for non payment of personal loan can be imprisonment in worst cases since the banks get nothing by sending the defaulter to jail. Their interest lies in the payment of loan. The bank may start with settlement, arbitration, or even a civil suit.

What is the punishment for not paying online loan?

You get a losing credit score

Your credit score is what lenders look into first before deciding if your application is either havey or waley. Non-payment of loans simply equals to lower credit scores, which will eventually disqualify you from making any secured loans in the future.

How do I get a higher loan from FairMoney?

You can access higher loan amounts and longer repayment periods if you repay your loan on time or make payments in the app.

Which bank gives personal loan easily?

HDFC Bank customers can get Personal Loans with minimal or no documentation. In fact, if they are pre- approved for a Personal Loan, they can easily apply for it. Lower interest rates: Interest rates on Personal Loans are lower than other sources.

How do you know if your loan is denied?

By law, you're entitled to a free copy of your credit report if a loan application is denied. The lender should provide instructions in your declination letter for requesting a free report from the credit reporting company the lender used to make its decision.

What's the best reason to ask for a loan?

Consolidating debt is one of the most common reasons to borrow a personal loan. According to a 2022 LendingTree study, debt consolidation was the most popular reason to apply for a personal loan among consumers with excellent credit.

Can I get a loan on the same day?

Banks may approve you for a loan and give you the money within the same day, but the entire process of applying and getting funding could take several business days. Some credit unions offer same-day (or very fast) options. Alliant Credit Union, for example, may offer funding the same day you apply online.

How do you qualify for a PayPal loan?

At least $20,000 in PayPal sales in the last year if you have a Premier account or $15,000 in PayPal sales if you have a Business account.
  1. FICO score of at least 580.
  2. At least nine months in business.
  3. Annual revenue of at least $33,300.
  4. Personal guarantee.
5 Oct 2022

Can I get a loan in 2 days?

Same-day loans are available from certain online lenders and even some banks and credit unions. Few major personal loan providers offer same-day approval and funding, as most take at least 2 business days, but there are some worthwhile exceptions.

How can I get a instant loan in 5 minutes?

The best way to get an instant loan in 5 minutes is to borrow from a friend or family member since they can give you cash or use an electronic transfer service to send you money immediately. No reputable companies will send funds to you within minutes or even 1 hour after you apply.

How do I know if my BVN is blacklisted in Nigeria?

First, you can go to the Central Bank of Nigeria website and check the list of blacklisted individuals. Second, you can call your bank and ask them to do a BVN check. This will tell you if your name is on the blacklist or not. Third, you can go to a commercial bank and ask them to do a BVN check for you.

How can I get a loan fast without documents?

Robocash offers you a cash loan without documents. All you need is Address proof and PAN Card. You do not need this physical document or scanned copy. You can upload the photo of these documents on the Robocash app and website.

Can I get loan without ID?

Unfortunately, you cannot obtain any form of cash loan without identification. To be eligible for a title loan, you must provide a government-issued photo ID. That may be disheartening if you don't have one form of identification, but do not worry!

Can I get loan without BVN in Nigeria?

If the loan is collected from a friend or an association, you might not need a BVN because of the level of trust between you and your friend or the association. A BVN is however needed to get a loan from banks and other verified private money lenders in Nigeria.

Do loan apps ask for BVN?

The answer is, No reputable loan app in Nigeria will be willing to offer you a loan without requesting your BVN.

Can I use NIN as BVN?

You must complete your NIN registration even if your BVN has generated a NIN,” the commission stated. “If your NIN was generated due to the BVN record harmonisation with the National Identity Database, you will not have access to the NIMC mobile app and your NIN-SIM integration will be invalid.

How can I get my BVN easily?

How can I get my BVN number in Nigeria? Go to any bank in Nigeria and fill out a BVN Enrolment form. Submit the form and allow them to take your biometric information, e.g. fingerprints, facial photo, and signature. The bank will give you an acknowledgement slip with the transaction ID.

Can I get my BVN number online?

To check your BVN online, you must have registered and gotten your unique 11 digits from your bank. Now, to see this number online, simply login into your bank app. Click on the menu option and your BVN should be displayed there. The location of the number, however, varies from one banking app to another.

Can someone get my BVN through my phone number?

It does not matter what network you use. Each BVN is attached to a phone number – a number that you submitted when registering for your BVN. Simply dial *565*0# on your phone with that number or line in it and the system will display your BVN.

Can someone get my BVN through my account number?

Can I trace a person's BVN through his bank account number? Short answer is you cannot unless you know which bank that account is maintained with, and even if you knew that, the bank would not give you the details without a court order or a tax authority notice or a police inquiry or something to that effect !

What will happen if my BVN is blacklisted?

You may therefore not be able to meet your short or long term needs and may access credit facilities from other lenders at a higher interest rate because you are categorized as high risk. You may also be denied employment opportunities if judgment was taken against you.

Does FairMoney send messages to your contact?

You can enable or disable access to this information at any time, through Your Device settings. **We will NEVER communicate with any person from your contact list.

Can FairMoney deduct money from my bank account?

5.12 You consent that FairMoney MFB can deduct funds from customer's account when such funds have been established as erroneous or fraudulent in nature.

Who is the owner of FairMoney?

Laurin Hainy, Founder & CEO of FairMoney. After four years of providing credit through a loan app, FairMoney has evolved to a digital bank following its Microfinance Bank (MfB) licence from the Central Bank of Nigeria (CBN).

You might also like
Popular posts
Latest Posts
Article information

Author: Velia Krajcik

Last Updated: 03/14/2023

Views: 6103

Rating: 4.3 / 5 (54 voted)

Reviews: 85% of readers found this page helpful

Author information

Name: Velia Krajcik

Birthday: 1996-07-27

Address: 520 Balistreri Mount, South Armand, OR 60528

Phone: +466880739437

Job: Future Retail Associate

Hobby: Polo, Scouting, Worldbuilding, Cosplaying, Photography, Rowing, Nordic skating

Introduction: My name is Velia Krajcik, I am a handsome, clean, lucky, gleaming, magnificent, proud, glorious person who loves writing and wants to share my knowledge and understanding with you.