How To Deactivate, Close Or Delete Your FairMoney Account Easily

How Does FairMoney Work?

FairMoney’s operations are built on a combination of advanced technology and a better user experience.

The process of opening an account and applying for loans is simple and can be completed in just a few minutes. Here is a detailed breakdown of how FairMoney works:

Download the App: To begin using FairMoney, you first need to download the mobile app from the Google Play Store or Apple App Store.

Sign Up: Secondly, you need to provide your personal information, which includes your name, date of birth, and phone number, to create an account.

Link BVN: One of the most essential parts of opening a Fairmoney account is to link your BVN especially these days when the federal government has made it compulsory for all financial platforms to collect users BVN.

Therefore, as a user, you must link your BVN to your FairMoney account for identity verification.

Account Verification: Aside from collecting your BVN, Fairmoney will also need your facial look and a picture of your face will be taken but note, it’s basically for account verification.

Apply for a Loan: Once the account is verified, you can apply for a loan by selecting the loan amount and repayment period. FairMoney offers loans ranging from N1,500 to N3,000,000, with repayment periods of up to 6 months.

Loan Approval: After you have signed up, provided and met requirements and applied for a loan, your loan request will be reviewed and if approved the loan amount is disbursed into your Fairmoney account and from there you can use it for any purpose.

Repayment: If you want to make your loan repayment, you can repay the loans through the app using various payment options, such as bank transfers or mobile money services.

Savings Account: In addition to loans, FairMoney also offers savings accounts that allow users to save money, earn interest, and access credit more easily.

Now let’s delve into exploring how to deactivate, close or delete your Fairmoney account easily and successfully.

How To Deactivate, Close Or Delete Your FairMoney Account Easily

When you no longer need or want to use your Fairmoney account, you have the option to close, delete, or deactivate it. Each of these options has its own benefits and consequences, so it’s essential to understand the differences and choose the best option for your situation.

In the following steps, I have expatiate more on how to close, delete or deactivate your Fairmoney account easily:

Closing Your Fairmoney Account

Closing your Fairmoney account means that you will no longer have access to the services provided by the platform. To close your account, follow these steps:

Contact Fairmoney Customer Support: Reach out to Fairmoney’s customer support team via their website, social media, or the app’s in-built chat feature.

Provide them with your account details and the reason for closing the account.

Pay Off Any Outstanding Balances: Before closing your account, you need to ensure that you have settled all outstanding loans, paid any fees, and repaid any overdrafts because failure to do so may result in additional charges or penalties.

Request Account Closure: Lastly, once you have informed the support team of your intention to close the account and paid off any outstanding balances, they will guide you through the process and confirm the closure or help you close it at their end.

Deleting Your Fairmoney Account

Deleting your Fairmoney account means removing all personal information and data associated with the account.

Please note that this particular option is irreversible, and you will lose access to any account history, loan records, and other data. To delete your account, follow these steps:

Contact Fairmoney Customer Support: As with closing the account, reach out to Fairmoney’s customer support team via their website, social media, or the app’s in-built chat feature. Inform them of your desire to delete your account.

Request Account Deletion: After confirming your identity and understanding the consequences of deleting your account, the support team will guide you through the process and delete your account.

Deactivating Your Fairmoney Account

Deactivating your Fairmoney account means temporarily suspending access to the account without deleting any data. This option allows you to reactivate your account at a later time if you change your mind.

To deactivate your account, all you need to do is to contact their customer care representative and state explicitly that you want to deactivate your account.

Note that you shouldn’t mistake it for account deletion. If you get in touch, they’ll be glad to help with your decision.

FAQs On How To Deactivate, Close Or Delete Your FairMoney Account Easily

The following frequently asked questions are related to how to close, delete or deactivate your Fairmoney account, kindly explore them now:

What happens if I don’t pay FairMoney?

If you fail to make payments on your FairMoney loan, the consequences can be severe.

Late payments may result in additional fees and penalties, which can increase the total amount you owe.

Moreover, your credit score may be negatively affected, making it more difficult for you to secure loans or lines of credit in the future. Fairmoney is not an illegitimate loan app, it is duly registered with CBN.

Therefore, they may take legal action to recover the outstanding debt, including engaging debt collection agencies or initiating a lawsuit.

How do I talk to FairMoney customer care?

To get in touch with FairMoney customer care, you can call them at 017001276, send an email to support@fairmoney.ng, or visit their office at 10A Awolowo Road, Ikoyi, Lagos, Nigeria.

The customer care team is available to assist you with any questions or concerns you may have about your loan or account.

How do I stop a loan company from accessing my bank account?

To prevent a loan company, such as FairMoney, from accessing your bank account, you can:

Contact your bank and request that they place a stop-payment order on any transactions authorized by the loan company. This will prevent them from making withdrawals from your account.

Revoke any authorizations or agreements you have given the loan company, either online or in writing, to access your bank account.

If you have given the loan company a check or any other form of payment, destroy it immediately to ensure they cannot use it.

Which bank is FairMoney under?

FairMoney is not under a specific bank. Instead, it is a financial technology company (Fintech) that partners with local banks in Nigeria to provide digital loans and other financial services.

These partnerships allow FairMoney to offer loans through a mobile app while maintaining compliance with Nigerian financial regulations.