Frequently asked questions

What is FairMoney?

FairMoney is a digital lending platform. We make it easy for you to apply for a loan and receive your loan into your bank account in minutes 24/7.

I have a complaint or feedback; how do I contact you?

Please send an email to help@fairmoney.in or reach out through our social media platforms from 8am-6pm every Mon-Fri.

Please scroll down to find links to our social media pages.

Where is FairMoney located?

FairMoney offices are located in Bangalore, Karnataka.

How can I get an instant loan?

You need an Android phone, AADHAAR and PAN - that's all!

Download the FairMoney app from the Google Play Store. Sign up with the phone number linked to your Aadhaar, answer a few questions and confirm your identity to receive a loan offer. If you accept it, you will receive your loan instantly in your preferred bank account!

How much can I borrow and for how long?

FairMoney offers loans from Rs.750 to Rs.50,000 for a period of 60 days to 180 days. The better your lending history and positive behavior, the more you can access and the longer the period!

What is the interest rate?

The interest rate varies based on your profile, and ranges from 1% to 3% per month. Taking multiple loans with FairMoney and repaying on time will help you get better rates with us!

Are there any other fees?

In addition to the interest rate, we charge a processing fee for every loan that you get with FairMoney. Depending on your profile, the processing fee ranges from 3% to 10%.

We also charge a minimal late penalty fee (calculated as a % of the outstanding amount after the due date). This fee is only charged if you don’t repay your loan on time and ranges from 0.2% to 0.8% per day.

What makes FairMoney different from other lenders?

Speed of delivery – You can get a loan instantly in 5 minutes, from anywhere in India

Flexibility – You can repay on or before your due date

No hidden charges – Our interest and fees charges are all-inclusive, ensuring transparency

The customer is King – Our team is trained to treat you with the utmost respect at all times

Do I need documents or a collateral?

No document, no collateral!

You will only need to share your Aadhaar and PAN details during the loan application and connect your card or bank account to authorize us to debit your account for the repayment.

What do I need to get a loan with FairMoney?

Not much! You need your Aadhaar card, PAN number, a working bank account and a smartphone to register and apply for a loan with FairMoney. We will verify your data and consult your credit history in order to make a personalized loan offer.

Why was my loan application rejected?

Apologies on that, you can apply again in a few days! It might be for different reasons:

• Not enough information found on the phone: You should increase your phone usage (Calls/SMS) to be eligible.
• We decided not to give you a credit at this time after analyzing your profile. Keep using your bank account with healthy revenues to get a loan soon.

My loan was approved, what happens next?

When your loan is approved, you will receive a text message to your registered mobile number and see your loan pending disbursement in FairMoney app.

We strive to provide the best experience and fastest disbursements, however please note that during weekends and bank holidays your loan may take up to 24 working hours to be credited in your account.

Please contact help@fairmoney.in only if your loan has been approved for more than 24 working hours and you still did not receive the money

How can I repay?

Click on the "Repay" button in the app to pay via Netbanking, UPI, or Card

How do I check my account balance and payment date?

Please log in in the app, you will find your customized dashboard that contains your credit status and/or all the details concerning your current balance.

Can I get another loan immediately?

As soon as your previous loan repayment is confirmed, you can reapply immediately and get another loan in seconds!

If I repay early, do I get a discount?

Not yet.... but soon! Although repaying early may give you access to a next loan at a better interest rate!

How does auto-debit work?

• Auto-debit allows you to repay your FairMoney loan easily without taking care of it!
• After requesting a loan with FairMoney, just tap on “Set up auto-debit” and enter your bank account or card details.
• Your bank will ask you to authorize FairMoney to debit your account at the repayment date. Please note that your bank may charge a small fee to setup auto-debit.

How do I pay via UPI?

• Select the “UPI” option when repaying your loan and follow the steps. 
• UPI requires to download and install a dedicated app (PhonePe, Paytm BHIM UPI, Google Pay, BHIM UPI, Mobikwik…), create your VPA (Virtual Payment Address) and link it to your bank account. Once setup, you will be able to repay your loan by entering your VPA in the FairMoney app and validating the transaction in your UPI app

How do I activate net-banking?

• Select the “Netbanking” option when repaying your loan and follow the steps. If you never used netbanking with your bank account before, please contact your bank or visit your local branch. After activating the netbanking option, you will be able to repay your loan directly from your netbanking interface.

How do I pay via card?

• Select the “Debit/Credit Card” option when repaying your loan and enter your card details. If you don’t have a card, please contact your bank.

What happens if I don't pay back?

We are humans and understand that unexpected and unforeseen situations may occur.

However, we do not reschedule payment dates, you should take a loan only if you have the capacity to repay it to avoid:

• Late fees (starting at 0.2% up to 0.8% per day late - capped at 18% of the principal loan amount)
• Suspension of your FairMoney account
• Report to national credit bureaus as required by law (Transunion CIBIL, Equifax, Experian, CRIF Highmark)

Can I extend my loan duration?

The repayment date is defined during the application process. It's not possible to update it or extend the loan duration.

What is CIBIL?

Transunion CIBIL is a Credit Reference Bureau (CRB) that gathers information on individuals’ credit behavior. All financial services companies in India have access to CIBIL information.

As required by law FairMoney reports to CIBIL. Not repaying your loan on time will negatively impact your CIBIL score and may prevent you from obtaining future loans.

Can I trust FairMoney with my identity and bank account details?

FairMoney is an Indian company with headquarters in Europe. We comply with European data security standards. FairMoney will never sell the information you shared to third parties.

Why is FairMoney requesting my Aadhaar and PAN?

FairMoney request your ID (including Aadhaar and PAN) to verify your identity and ensure that no one else is applying for your loan under your name. We keep this information secure on our servers based in India and process it thanks to world-class solutions.

Why do you request permissions on my phone when installing the FairMoney app?

FairMoney collect and processes securely data from your phone (SMS, device details, location, phonebook) to make a lending decision. This data is necessary for us to approve your loan in real-time without asking you for cumbersome paperwork.

What happens if I lose my phone?

Send an email to help@fairmoney.in to get the details of your loan and your repayment date.

You can also sign in from another phone using your phone number and password

What are your Terms of Use and Privacy Policy?

Please click to read our Terms and Conditions and Privacy Policy

What is FairMoney’s Grievance Policy and Fair Practices Code?

Please click to read our Grievance Policy and Fair Practices Code