The digital age has made executing our daily tasks very easy as this is reflected in the financial industry. The introduction of the USSD code has linked the telecommunications and financial industries. This invention has made it very easy for people to access their finances via their phones. If you are a user of the FairMoney platform, you may be wondering if there’s a FairMoney loan USSD code. The short answer is Yes, and we will be discussing it below.
An Overview of FairMoney
FairMoney is a loan platform that was founded by Laurin Hainy, Nicolas Berthozat, Matthieu Gendreau, in 2017. Basically, this popular online lending platform offers customers in Nigeria instant loans and fast access to bill payments. Recently, the company was also launched in India and keeps providing more fast loans to its users.
According to their CEO, in 2020, FairMoney disbursed about $93 million in loans to over 1.3 million consumers who sent more than 6.5 million loan applications.
What are the advantages of transacting with USSD?
USSD, short for Unstructured Supplementary Service Data, is a highly interactive service that allows quicker two-way communication and fast interaction in real-time. With this service, users can instantly send and receive responses on their phones. Here are some advantages of transacting with USSD:
1. USSD does not need any internet connection or even a data subscription to work.
2. It permits free-of-charge roaming.
3. USSD can function perfectly across all mobile networks. It just needs a solid connection to any GSM network to work since it’s neither mobile nor SIM-based.
4. It functions excellently on all GSM standard mobile phones.
5. The means of interaction are very fast and user-friendly.
6. It is very cost-effective for all businesses to implement and run. Also, it is free for customers to access.
What’s required to get a Fairmoney loan?
To ensure that your FairMoney loan application is successful, you need to have some things in place. They include:
- Cellphone, preferably Smartphone.
- BVN number
- Facebook account or Email Address
- A functioning bank account to obtain the fund
What is the FairMoney Loan USSD Code?
Basically, the FairMoney loan USSD code is *322*2#. Just dial this code on your phone to get instant directions on how to access the loan in a few minutes. However, you may need to first register on the FairMoney platform before you can borrow loans using the USSD code.
The good part about USSD code is that it is compatible with any mobile network and you don’t need a data connection to access this service. The minimum amount of a FairMoney loan you can access with their USSD code is NGN 1,500, while the maximum amount of a loan is NGN 1,000,000.
Can I Pay Back The Fairmoney Loan With USSD?
Yes, you can pay back your FairMoney loan using the USSD code you used to borrow. Basically, all you have to do is to dial the code and follow the order promptly, you will get the reimbursement option.
What happens if I don’t pay back my FairMoney loan?
If you don’t pay back your loan after the due date, FairMoney, just like many other online lending platforms, will charge you an extra fee. If you default on your loan for long, they may blacklist your account and this reduces your creditworthiness. You will not be able to access loans from banks and other lending platforms.
Bottom line
The FairMoney Loan USSD Code is *322*2#. To access instant loans with this code, just dial it on your phone and follow the prompt. If you don’t have access to a smartphone, but need money urgently, the USSD code can help you to access instant funds.
