Here we go with the question of the day, which is: can FairMoney remove money from my account?
From the question above, I believe that you have borrowed money from the FairMoney app or are perhaps looking forward to borrowing money from the loan app.
From my experience thus far with FairMoney, I will explain what you need to know when it comes to borrowing money from FairMoney.
Let’s proceed.
Can fairmoney remove money from my account?
Yes, FairMoney will withdraw money from your bank account if you owe them or have not repaid the loan you borrowed from them.
Kindly note that FairMoney, like other digital lenders or financial platforms, typically has the ability to automatically debit your account if you have an outstanding loan with them and have agreed to such terms in your loan agreement.
Before you borrow money from the FairMoney loan app, you will be required to enter your bank verification number along with your debit card details.
This makes it easier for FairMoney to deduct from your bank account for any outstanding loans you have with them.
If you have money in your bank account and the date for loan repayment has arrived, rest assured that FairMoney will deduct the money from your account even if it’s not the full loan repayment.
For Example;
You owe FairMoney a total amount of ₦250,000, and you have ₦70,000 available on the due date for loan repayment.
In this type of situation, what FairMoney will do is deduct ₦70,000 from your bank account and will wait until the next time you have money in the account.
Even if the amount in your bank account is ₦2000, FairMoney will still deduct the money until the loan repayment has been completed.
Keep in mind that if you owe FairMoney any amount of money, the amount will be deducted from your bank account.
The truth is that they will state it in the terms and conditions, but many don’t read those terms and conditions before borrowing money from these loan apps.
Aside from FairMoney, other loan apps and even banks will deduct money from your account if you owe them.
This is not new unless you are new to money lending from banks and non-bank financial institutions.
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What you need to do
If you borrowed money from the FairMoney loan app, I recommend that you repay the loan.
Don’t expect me to tell you not to do so because no one forced you to collect a loan from them.
If you’re not ready to repay the loan, simply contact FairMoney and request that they extend the loan repayment date. You really need to plead with them, and from what I have observed, they can extend it to two weeks or a month.
Within these days, you can source for a way to repay the loan.
The reason I’m saying this is because if you don’t repay the loan, FairMoney will begin to disturb you with calls and messages.
They may even threaten to take you to court, but I haven’t seen that happen.
The correct sentence is:
So what I would advise you to do is to request an extension for the loan repayment, and I am sure your request will be granted.
When you don’t care
If you don’t really care about repaying the loan you borrowed from FairMoney, simply block your debit card and request a new one.
From my observation, the loan app will deduct money from your account via your debit card. If the debit card is no longer active or linked to your bank account, FairMoney won’t have access to the money in your account.
This is the only way to prevent FairMoney from deducting money in your bank account.
So, you go block the card and request a new one from your bank.
Requesting a new debit means the bank will link the new debit card to your bank account.
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When they can’t deduct money from your account
I noticed that if FairMoney cannot deduct money from your account due to insufficient account balance or you have blocked your debit card, they will start giving you many calls and messages.
They can even go to the length of contacting your contacts, though I’m yet to see that happen. However, some say they do it just like any other loan app.
But the difference between them and other loan apps is that they are not aggressive or abusive.
The only threat you will receive from them is that FairMoney will threaten to take you to court, and they will call your contacts and explain to them that you owe them money and have refused to repay your loan.
Aside from this, you won’t receive any aggressive or abusive calls and messages from them.
One thing I know for sure that I will likely do is report your bank verification number.
Once your BVN has been flagged, you will not be able to receive a loan in Nigeria again, especially from registered loan apps, banks, and non-bank financial institutions.
This is one of the major reasons why I will recommend that you repay your loans. In advanced countries, you will definitely be sued in court.
FairMoney Quick Overview
FairMoney is a digital financial platform that provides quick and convenient financial services, primarily through a mobile app.
It was founded in 2017 and is primarily focused on providing microloans, but it has expanded to offer a wider range of financial services, including savings, bill payments, and more.
Key Features of FairMoney:
- Instant Loans: FairMoney’s core offering is instant, unsecured loans. Users can apply for loans directly through the app, and if approved, the funds are typically disbursed within minutes. Loan amounts and repayment terms vary based on the user’s credit profile.
- Savings Accounts: FairMoney allows users to save money in dedicated savings accounts. These accounts may offer interest on savings, making them a useful tool for managing finances.
- Mobile App Based: The entire FairMoney experience is app-based, making it accessible to anyone with a smartphone and internet connection. The app is available on Android, and potentially on iOS as well.
Features of loan apps I hate
- High Interest Rates: As with many short-term lenders, interest rates on FairMoney loans can be high.
- Short Repayment Periods: The loans are often short-term, which may lead to financial strain if not managed carefully.
- Risk of Over-Indebtedness: Because loans are easy to obtain, there’s a risk that users may take on more debt than they can manage.
Before proceeding to borrow money from the FairMoney loan app, please be aware that they will deduct the money from your account when it is time for loan repayment. And this is where I come to the conclusion of today’s question of the day; can fairmoney remove money from my account.
Can microfinance banks like fairmoney, okash debit any of my accounts linked to my bvn in the event of a loan default? Can they do this even if they don’t have my atm card details? Can they use direct debit instruction or GSI to debit me?
No way, they can’t.
Even banks don’t have the power and access to do such a thing. These loan apps don’t know the bank accounts linked to your BVN except for the account you gave them.
pkease, kindly stop the debit card requested today, 20th January, 2025 whose amount of N3,000 had already be debited in my acct
Alekhue Osaremhen
A/N
1291608686.
please reverse this transaction by creditting my account.
Thanks
Kindly contact FairMoney.