Talking about online borrowing in Uganda, everyone tends to be cautious, hesitant, and reluctant to trust such options. It’s understandable because this method doesn’t require direct face-to-face interaction and carries a considerable risk when it comes to loan repayment. However, not all apps fall into this category. If you’re considering trying out a lending app, Faircredit is a name you shouldn’t overlook.
Faircredit’s Service Model
With Faircredit, customers won’t incur any fees. Additionally, they receive free advice and have the flexibility to choose the most suitable loan amount within their preferred timeframe. This lending platform operates entirely online, eliminating the need for both parties to meet in person for discussions. Borrowers only need to provide clear images of their identification documents, and once the application is approved, the loan process is swift. There are multiple loan options available for customers ranging from Ugx 80,000 to Ugx 700,000 over a period of 365 days, with a low interest rate of 7%. Therefore, feel at ease when borrowing from Faircredit.
Faircredit Contact Information
Email: [email protected]
Working Hours: 9:00 AM to 6:00 PM, Monday to Sunday.
Address: Bypass Road, Kampala, Uganda
Highlights of Faircredit
Despite being recently established, Faircredit has immediately captured customer attention, thanks to the following highlights:
- Easy Borrowing: As mentioned earlier, having personal identification documents is sufficient to easily apply for a loan.
- Transparency: All loan-related information, including the borrowed amount, interest rates, and duration, is clearly provided to customers through the app.
- Time-saving: The maximum time for processing applications is 50 minutes, with a maximum delay of around 24 hours.
- No Physical Meetings: Every step and procedure is conducted through the application platform. Both parties don’t need to meet in person but still receive quick loan assistance.
- No Collateral Required: One of Faircredit’s main highlights is that customers don’t need to provide collateral or prove their income when borrowing money.
- Online Disbursement: The borrowed amount is directly transferred to the customer’s account by the system.
Limitations of the Faircredit App
Certainly, alongside the aforementioned advantages, Faircredit also has certain limitations that users need to be aware of:
- Processing times for applications may be longer than expected due to a high volume of borrowers or during holidays.
- Approval for loan applications is stringent for customers with a history of bad debts.
- Unsatisfactory customer service attitudes, especially when customers make late or no payments.
As per the earlier information, the interest rates for loans on Faircredit are relatively high compared to the general standards set by other loan apps. This puts significant pressure on borrowers when the repayment period approaches. However, with the 7% per year rate, customers won’t incur any additional fees.
First-time borrowers will only be eligible for smaller loans ranging from Ugx 80,000 to Ugx 700,000. To qualify for the maximum loan amount, you must build a high borrowing score by taking multiple loans and making timely repayments.
What are the Requirements for Borrowing from Faircredit?
Customers wishing to borrow money from Faircredit need to meet the following conditions:
- Faircredit serves customers aged between 20 and 59 residing in Uganda.
- Having valid identification documents with complete and clear information is necessary.
- Borrowers must have stable employment and a regular monthly income.
- Having a bank card for swift receipt of borrowed funds.
The Borrowing Process at Faircredit
To avail of loan assistance from Faircredit, customers need to follow these steps:
Step 1: Users download the app from loanapp.store to their mobile phones.
Step 2: Verify information via the registered phone number to receive the OTP code, then input it in the designated field.
Step 3: Provide complete information as required, including Name, Address, Date of Birth, Occupation, etc.
Step 4: Take a portrait photo along with identification documents for verification purposes.
Step 5: Await assessment from the Faircredit app, including the loan amount and repayment terms. If the customer agrees, they proceed directly with the staff.
Have you understood the requirements related to Faircredit? If you have the need, consider choosing it right away.