FairMoney offers instant loans from N1,500 to N150,000 through its mobile application with the “No Excuses” campaign

FairMoney, the mobile bank for emerging markets, is launching the ‘No Excuses’ campaign to encourage individuals and small businesses to take advantage of its loan offer of N1,500 to N150,000.

FairMoney disburses over 6,500 loans daily, and since the company began operations in 2017, it has shaken up the banking landscape, disbursing over a million loans to individuals and small businesses across Nigeria.

How FairMoney Works

A customer can download the app from the Google Play Store and based on their credit score, calculated using artificial intelligence, receive an instant credit offer between N1,500 and N150,000.

The first credit is always for a period of between 15 and 30 days. Customers who show good repayment behavior can extend the loan term up to 3 months.

Seun Oratokhai, Head of Direct Marketing, explains why FairMoney is launching the No Excuses campaign

Explaining the idea behind the “No Excuses” campaign, Seun Oratokhaidirect marketing manager, FairMoney said“From our research, we have learned that most individuals and small business owners who need a quick loan first turn to family and friends, or a commercial bank. Unfortunately, they can get a long list of excuses such as “I wish you had asked me yesterday”, “I borrowed what I spend”, etc. Many of these people also struggle to meet the demands of commercial banks, such as guarantees and documentation.

“Our guarantee to potential borrowers is that, if they meet the eligibility criteria, there is ‘no excuse’ for obtaining a loan from FairMoney. We also do not ask for documents or guarantees. FairMoney requires, these are some personal data, the BVN and bank details of the customer,‘ Oratokhai, concluded.

How to get a FairMoney loan?

Getting a loan with FairMoney is easy and can be done in a few quick steps. First, the applicant needs to download the FairMoney app from the Google Play store. The applicant can register using their phone number and answer a few questions to get a loan in just five minutes. Funds are disbursed instantly and, depending on the loan offer, can be repaid in one, two or three installments easily within the app. Refund options include automatic bank transfer, USSD and debit card (ATM).

A fun and engaging part of the “No Excuses” campaign is “The Friends Loan Test‘ in which consumers ask friends and family for loans and post their funniest excuses on social media using the hashtags #FriendsLoanTest and #QuickLoansNoExcuses. FairMoney will repost the funniest apologies on the company’s social media pages, and the post with the most likes each week will win prizes. ‘The Friends Loans Test’ is running until 19th Dec 2019. Additionally, customers who refer their friends will receive N500 off their next loan.

FairMoney customers can also use the app to pay for value-added services such as airtime and data with no transaction fees and a significant discount.

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