Merely looking at the topic simply means that you owe FairMoney and not ready to pay your debt. Maybe you receive some messages or calls that they will block your bvn.
Well, I’m here to explain to you whether FairMoney and other loan apps can block someone’s BVN especially if you default.
Let’s proceed.
Can fairmoney block my bvn?
No. FairMoney cannot block your BVN as they do not have the right to block BVN in Nigeria.
It’s not just FairMoney alone, but this also includes other loan apps or loan sharks.
I know that most Nigerians do not joke with their bank verification number, especially since it is very compulsory or mandatory in the Nigerian banking industry.
As a loan defaulter, once you hear that the a loan app will block your BVN, that scares the hell out of you.
Seriously, it is one of the biggest jokes I’ve seen: loan apps or companies threatening to block a defaulter’s bank verification number.
The question you need to ask yourself is, “Who gave them the power to do so?”
Come on, that’s a big empty threat.
Such a big one that you should just laugh out loud upon hearing it.
You shouldn’t be scared that these loan apps will block your bank verification number because such will never happen.
They only say this just to scare you and to make you pay your debt. As you know, in Nigeria, without a BVN, you cannot access your money.
Thus, when you default, some of these loan apps, especially the loan sharks, will start calling your number, making threats, and blocking your BVN.
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What of loan apps blacklisting a bvn?
Still, loan apps can’t blacklist your BVN as they don’t have the right or authority to do so.
Do you want me to tell you the truth?
Bank Verification Numbers cannot be blocked, especially if they are legitimate.
Banks cannot simply block or blacklist your bank verification number. Banks can only freeze your bank account which will restrict you from having access to the account especially debit transactions.
Now, when you talk about loan apps, which include the likes of FairMoney, please don’t be afraid because they don’t have the power to block or blacklist your bank verification number.
I repeat this again;
FairMoney cannot block your BVN or blacklist it because they do not have the power or authority to do so.
Who have the power to block a bvn?
CBN. The Central Bank of Nigeria has the full authority to block or blacklist a bank verification number.
However, banks can get authorization to blacklist a BVN, especially if it is deemed to be illegal or the bank account along with the bvn is used for fraudulent activities.
Loan apps including FairMoney can’t get such authorization or power to blacklist a bvn.
What they do
So, what they do to their defaulters is instill fear in them by claiming they will block their BVN, call the police, or take them to court.
Now, listen, in terms of getting the police involved, they can do that or even take you to court.
This is why I recommend that you try to pay up your loan.
One major thing I love about FairMoney is that they don’t go about calling or harassing your contacts about the debts you owe them.
No, they do not do that at all.
Some loan apps are particularly fond of this, especially the unregistered loan apps in Nigeria called the loan sharks.
They will illegally have access to your phone contacts and copy them.
Once you default, they will begin harassing you and your contacts with meaningless threats and insults.
Please avoid unregistered loan apps in Nigeria.
FairMoney and how it works
FairMoney is a digital financial service provider that offers quick and convenient loans through its mobile application, primarily catering to the needs of individuals and small businesses in Nigeria.
The process of obtaining a loan through FairMoney is designed to be swift, user-friendly, and entirely digital, making it accessible to individuals who may not have conventional banking connections.
How it Works:
- Download and Registration: To begin using the FairMoney app, users must first download it from the Google Play Store, as it is currently only available for Android devices. Once the app is installed, users can register by providing their basic personal information, including their phone number, Bank Verification Number (BVN), and bank account details.
- Loan Application: Once registered, users can apply for a loan directly through the app. The app analyzes the user’s financial behavior, credit history, and other relevant data points to assess their creditworthiness.
- Instant Approval and Disbursement: If the user is eligible, the loan is approved almost instantly. The funds are disbursed directly into the user’s bank account within minutes. The amount one can borrow ranges from a few thousand naira to larger amounts, depending on their credit score and repayment history with FairMoney.
- Loan Terms: FairMoney offers varying loan terms, typically ranging from 7 to 30 days, though some users may qualify for longer periods. Interest rates also vary based on the loan duration and the user’s credit profile. The rates are transparent and displayed upfront before the loan is accepted.
- Repayment: Users can repay their loans through bank transfers, debit cards, or directly through the app. Timely repayment is crucial as it improves the user’s credit score, allowing access to larger loans in the future. Late payments may attract penalties.
Overall, FairMoney provides a convenient way for individuals to access short-term credit quickly, particularly in emergencies or for business purposes.
Can FairMoney block my BVN? The answer is no. FairMoney cannot block your BVN or blacklist it because they do not have the right, power, or authorization to do so.
Please kindly pay up your debts if you owe these loan apps or loan companies because you will have bad credit and will not be able to obtain a loan afterward.
hello, but what do I do when someone is using my name and bvn to borrow money from loan apps?
Please advise.
Someone used your name and bvn without your consent to borrow money?
I would like to know how possible is that because they usually ask for phone number linked to the bvn and which a verification code will be sent to the phone number for confirmation.
For me to advise you, I need to know whether you know the person who used your identity to borrow money.
pls the bank should help me to secure my account
Your account is secured by your bank, and you should also take the necessary measures to secure it.
Fair money is a scammer please stop telling me stop collect my money I will take you people to court soon there a man there Efe is scammer
how can I handle easy buy,I collected phone from them I deposited a particular amount and the remaining money was divided into 5.
am supposed to make my first payment on December 6th last year which I couldn’t so they started calling insulting .e and even sent me a cursed messages which makes me to return back the phone without asking for a refund of the 46900 I deposited.
could you believe they are still calling me despite I have returned back the phone,and I told them I don’t need the phone anymore because of that phone they makes me to lost my job cus they called my boos.now I don’t have work for now and I don’t have where to see the money I used the phone for just one month how can I stop them from disturbing me ? I have different evidence against them.