How to Close, Delete or Deactivate your Fairmoney Account Easily

Is Fairmoney a Legit and Trusted Loan App?

Yes, Fairmoney is a legit and trusted loan app. It has been in operation since 2017 and has served over 5 million of users across Nigeria.

The app is regulated by the Central Bank of Nigeria (CBN) and licensed by the Lagos State Lotteries Board.

Reasons that could make people deactivate their Fairmoney accounts

There are definitely some reasons why people may deactivate their Fairmoney accounts. Some of these reasons include:

High-interest rates: Yes, I’ve compared it with Okash and some other loan apps, Fairmoney interest rate is a bit high.

Fairmoney’s interest rates may be considered high by some users, which could lead them to seek alternative loan options with more favorable terms.

Repayment difficulties: If a user finds it difficult to repay their loan on time, it’s possible they could decide to deactivate their account to avoid further penalties or damage to their credit score.

Security concerns: Users may deactivate their accounts if they become concerned about the security of their personal information or the app’s privacy policies.

Unsatisfactory loan experience: Some set of people don’t deactivate their accounts either because of security reasons or because of repayment difficulties but because of their unsatisfactory loan experience.

Note that I’m not claiming all these disadvantages could be found with Fairmoney, rather it’s a general issue individuals often experience with most loan apps.

Now let’s get to the root of this article which is to know how to close, delete or deactivate your Fairmoney account easily.

How to Close, Delete, or Deactivate your Fairmoney Account Easily

Have you decided to close, delete or deactivate your Fairmoney account?

If yes, ensure you follow the steps below:

Contact Fairmoney’s customer support: Since fairmoney does not provide a way for you to close, delete or deactivate your Fairmoney account directly from the app, you can get it done just by reaching out to Fairmoney’s customer support team through any of their contact details.

Provide necessary information: The support team will ask for your personal details which includes your full name, email address, and phone number, to verify your identity.

Read: How to Close, Delete or Deactivate your Piggyvest Account Easily

Request for account deactivation: Now, when any of the customer care responds to your call or message, kindly inform the support team that you would like to deactivate your account permanently.

Wait for confirmation: Fairmoney’s support team will review your request and confirm the deactivation of your account.

Delete personal information: Once your account is deactivated, remove any sensitive information related to your account from your device, such as login credentials and transaction details and that’s all, you shouldn’t be able to login to the account again.

FAQs On How to Close, Delete or Deactivate your Fairmoney Account Easily

Here are some helpful frequently asked questions on How to Close, Delete or Deactivate your Fairmoney Account Easily with answers:

How do I delete my loan app account?

If for Fairmoney, unfortunately, you cannot delete your account by yourself right from the app but can be done easily by contacting their customer care representative.

However, some loan apps like Okash allow account owners to delete their accounts.

To do that, you have to log in to your loan app account using your registered mobile number and password or OTP (One-Time Password) sent to your registered mobile number.

After you have logged in, kindly go to the “Settings” section within the app.

Look for the “Delete Account” or “Close Account” option in the settings menu.

Here, follow the prompts you’re being provided to confirm your decision to delete your account.

Note that you may be required to provide a reason for deleting your account or confirm your identity.

Once the deletion process is complete, your account will be closed, and you will no longer have access to its features or services.

Remember that deleting your account is a permanent action, and you will lose access to any loans or savings you have with the app. If you wish to rejoin the platform in the future, you will need to create a new account and reapply for any loans or services.

What happens if I don’t pay FairMoney?

If you fail to make payments on your FairMoney loan, several consequences may occur:

Late fees: FairMoney may charge late fees or penalties for missed payments.

Negative impact on credit score: Late or missed payments can negatively affect your credit score, making it more difficult to access credit in the future.

Debt collection: If your loan remains unpaid for an extended period, FairMoney may engage debt collection agencies to recover the outstanding amount.

Legal action: In severe cases, FairMoney may take legal action against you to recover the outstanding loan amount.

Can I liquidate my FairMoney loan?

Yes, you can liquidate your Fairmoney loan.

However, to do this, you need to quickly inform Fairmoney customer care representatives on the choice to liquidate your loans.

How do I cancel a money loan?

To cancel a money loan, follow these steps:

Contact your lender as soon as possible and inform them of your decision to cancel the loan.
Request a written cancellation agreement or a written confirmation of the loan cancellation.
Make sure you understand the lender’s cancellation policy and any associated fees or penalties.
Ensure that all loan documents have been returned or properly disposed of by the lender.
Monitor your credit report to verify that the loan has been accurately reported as canceled.