Fairmoney, a widely popular lending and finance app in Nigeria, offers users the convenience of instant loans without the need for collateral, guarantors, or government-issued ID cards. Many new users wonder about the loan limits for their first and second borrowing experiences. In this blog post, we’ll delve into how Fairmoney determines your loan amount and the potential increase for your second loan.
Your First Loan with Fairmoney
When applying for your initial loan on Fairmoney, your credit score plays a significant role in determining the amount you’re eligible to borrow. The company assesses your creditworthiness and reviews your application accordingly. Despite having a good credit score, the first loan amount may be relatively small as the company observes your repayment behavior to establish trust.
- A good credit score might secure you ₦5,000 and above.
- An average credit score could lead to ₦3,000 or lower.
- A poor credit score might result in a loan of ₦1,500.
- Very poor credit scores might not qualify for a Fairmoney loan initially.
Your Second Loan with Fairmoney
After responsibly repaying your first loan, your trustworthiness increases in Fairmoney’s system. This positive track record influences the amount you can borrow for your second loan, potentially doubling the initial loan amount. Early repayment of your first loan might further enhance your chances of receiving a larger second loan.
- If you received ₦1,500 for your first loan, you could get ₦3,000 for your second loan.
- A first loan of ₦3,000 might lead to a second loan of ₦6,000.
- Starting with ₦5,000 could result in a second loan of ₦10,000.
FAQs
How much can I borrow from Fairmoney the first time?
When you apply for a loan from Fairmoney for the first time, the loan amount you can borrow typically ranges from ₦1,500 to ₦50,000. However, the exact loan amount depends on various factors such as your credit score, repayment history, and the information provided during the loan application process.
Can I borrow more money the second time with Fairmoney?
Yes, if you successfully repay your first loan on time, you may be eligible for a larger loan amount the second time. Fairmoney generally increases your borrowing limit after you demonstrate consistent repayment behaviour. The second loan could range from ₦5,000 to ₦200,000, depending on your creditworthiness.
What factors determine how much I can borrow from Fairmoney?
The amount you can borrow from Fairmoney is determined by several factors, including your credit history, the frequency of your loan repayments, the completeness of your profile, and your ability to repay the loan on time. Fairmoney evaluates these factors to assess your risk and determine a suitable loan amount.
Is there a way to increase my borrowing limit with Fairmoney?
Yes, to increase your borrowing limit with Fairmoney, you need to ensure that you repay your loans on time and maintain a good credit history. Consistent and responsible borrowing, as well as keeping your profile up-to-date, can help you qualify for higher loan amounts in the future.
Conclusion
In summary, your credit score significantly impacts your initial loan amount with Fairmoney, with subsequent loans potentially doubling based on responsible repayment behaviour. Whether you’re wondering, “How much can Fairmoney lend me for the first time?” or “What’s the borrowing limit for my second Fairmoney loan?” – this post has provided you with insightful answers. As you continue to build trust and maintain timely repayments, Fairmoney’s loan limits could increase, offering you more financial flexibility in the future.
Also Read: UBA Loan Code: How to Borrow Money from UBA Bank in 2024