Have you ever been in need of emergency funds? Bet your answer is affirmative because everyone has been in urgent need of funds at some point in their lives, no matter how much of a planner you can be. Unexpected needs could come up, and when that happens, you look around to see who can help. Guess what! FairMoney is that friend that you can turn to when it comes to emergency loans. 

FairMoney offers a wide range of loan options, which can be used for personal needs like paying bills, shopping and family dependencies, or business needs, which are super easy, stress-free, and quick to access. You do not need extensive documentation, collateral, or the typical office visits which makes the process of borrowing very strenuous, all you need to access a FairMoney loan is good credit history.

What is a Credit History?
Credit history is a record of an individual’s demonstrated responsibility in repaying debts. This information is all contained in an individual’s credit report (a detailed record of a person’s financial and credit history from a number of sources, including banks, credit card companies, collection agencies, and governments). A numerical score is also drawn from this credit history which is known as credit score. This score informs a lender if a customer is credit-worthy or not.


When you submit a loan application with FairMoney, a quick check is done on your credit history and if the process is unsuccessful, it can only mean two things; 

  • You have a bad credit history (You don’t repay loans as at when due or you have unpaid installments on a loan you previously obtained).
  • You do not have a credit history at all (You have never applied or gotten a loan before or your credit history couldn’t be found).

What can you do to improve your chances of getting a loan from FairMoney? Here is a list of what you can do:


1. Pay bills on FairMoney: Use the FairMoney App to pay bills from time to time, if you’ve never gotten a loan before, this will establish a relationship and help FairMoney get enough information to give you a loan offer.

2. Provide Bank Account statement or SMS Alert: Ensure you receive credit and debit alerts from your bank on the device and phone number you are using to apply for a loan or simply upload your bank account statement during your application.

3. Use Phone Number Linked With BVN: Apply for loans using the phone number linked to your Bank Verification Number (BVN) and ensure it doesn’t have a bad record (a BVN could be flagged from the bank if there are records of inappropriate activities carried out with the number).

4. Repay Loans On Time: Early repayment of loans is key in building a good credit history, repay loans on or before the due date and you will most likely get a loan offer as a returning customer.

5. Pay Outstanding Loan Debt: Ensure you are not indebted to any other loan platform, one of the reasons for an unsuccessful loan application is a bad credit report, which could be as a result of owing another platform(s).

If you follow the steps above and your loan application is still unsuccessful, you might need to obtain a credit report from the credit bureau to identify the issues with your credit history and resolve them with the reporting financial institutions. Credit Bureaus are set up to gather information from all financial institutions about people’s loan performance – both positive and negative, and it is from this database that lenders can access the credit history of a loan applicant. 

If you have any questions, feel free to drop a comment.
Keep staying safe and healthy!

Apply for a quick loan here: https://fairmoney.app.link/9rAc8PXcwab