Do you try applying for a loan on the FairMoney app and your application was declined, this blog post will bring you some of the reasons why you are not eligible for a FairMoney loan and alternative apps you can get loans from if FairMoney declines your loan application.

FairMoney is one of the popular loan applications in Nigeria that gives short-term loans to people that are qualified for the loan and have all the necessary requirements for getting a loan on the FairMoney app.

Why am I not eligible for a loan on FairMoney

Loan application on FairMoney is done online without needing to bring a collateral security or any document before your loan application is approved. All your need to get a loan on the FairMoney is just your bank account, an active account on the FairMoney app, and finally your Bank Verification Number before you can apply for the loan on the FairMoney app.

FairMoney offers loans ranging from ₦1,500 to ₦500,000 with interest rates ranging from 10% to 30%. The loan repayment period ranges from 61 days to 180 days, and users can choose to repay their loans in weekly or monthly installments.

Why Am I Not Eligible For a Loan on FairMoney

If your loan application is been declined on the FairMoney loan app, it means that you are not eligible for the loan. However, here are some of the reasons why you are not eligible for a loan on the FairMoney loan app.

No Enough Information On Your Phone

If your phone doesn’t have enough information like enough Phone contacts and SMS records, your application for a loan will be rejected. FairMoney needs to get enough information about you, so during your loan application, the app will ask you to grant them access to your contact on your device. With this information on your device, they can easily reach out to your contact if you don’t pay your loan on time.

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By increasing your phone contacts and SMS and the number of calls, your loan application will be approved in your next attempt.

No Enough Money In Your Bank Account

Before FairMoney approves your application, they usually debit your bank account to check how active your account is. The amount that is debited from your account will be credited back once they have confirmed that your account is active.

If you don’t have enough money in your account, it will prevent FairMoLoaney from checking the activeness of your account and hence your loan application will be rejected.

You Are Below 18 Years Of Age

Loans are only given to people that are above 18 years of age. If your age is below 18 years, you have to wait till when you are 18 years and above before you can get a loan on the FairMoney loan app.

You Are Found Wanting By Other Loan App

If you are owing other loan applications like Branch, LCredit, or KiaKia loan, your application will likely be declined on the FairMoney loan app. You must be on good credit terms with other loan apps before your application can be approved on the FairMoney app.

You Have An Outstanding Balance

You cannot apply for another loan on the FairMoney loan app if you have not cleared your previous or outstanding balance on the FairMoney loan app.

You Blocked Access To Your Phone Contact

If you don’t give FairMoney app to get access to your phonebooks and contacts, they will reject your loan application. You must grant the app access to your phonebooks, call logs, and SMS inbox to get approval on the Fairmoney loan app.

You Are Using A Verve ATM Card

FairMoney usually asks applicants to link their ATM card to the app in other to debit their account to know the activeness of the account. However, if your ATM card is the Verve issued card, it won’t work with the Fairmoney loan app, so you need the Visa ATM or MasterCard ATM to continue your loan application.

The above-mentioned points are why you are not eligible for a loan on the FairMoney app.

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Frequently Asked Question

How Much Loan Can I Get From Fairmoney?

You can get from N1,500 to 500,000 loans on the FairMoney loan app with a flexible repayment duration.

How Do I Upgrade My Fairmoney Account To Level 3?

You can upgrade your FairMoney account to Level 3 by submitting any of your government-issued identity cards and a valid proof of address to the FairMoney customer service team.

Which Loan App Is Like Fairmoney

Loans apps that are like FairMoney loan are:

  • Carbon App
  • Branch Loan App
  • KiaKia Loan App
  • LCredit
  • Palm Credit
  • Aella Loan App


FairMoney is a convenient digital lending platform that offers loans to individuals in need of financial assistance. However, being denied a loan on the platform can be discouraging.

It is important to note that there are several factors that can contribute to a loan application being denied, including incomplete information and a poor credit score. It is advisable to take steps to improve your credit score before applying for a loan on FairMoney or any other lending platform.


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