Home Finance How to Close, Delete or Deactivate Your Fairmoney Account Easily

How to Close, Delete or Deactivate Your Fairmoney Account Easily

FairMoney is a digital bank that provides collateral-free personal loans, a bank account with zero convenience fee on bill payments in Nigeria. It is the number 1 most downloaded fintech app in Nigeria, with over 10,000 daily loan disbursements and over 5 million users.

FairMoney was founded in 2017 by Laurin Hainy and Marc-Henri Desportes. The company is headquartered in Lagos, Nigeria, and has offices in India and Germany. FairMoney is backed by investors such as Sequoia Capital India, Quona Capital, and Speedinvest.

However, due to personal reasons, you might have decided to close your Fairmoney account. In this blog post, we will show you how to quickly and easily close, delete or deactivate your Fairmoney account. We’ll provide step-by-step instructions to make sure the process is hassle-free. So keep reading to learn how to get your Fairmoney account off your hands in no time!

Why You Might Want to Close, Delete, or Deactivate Your Fairmoney Account  

There could be various reasons why you might want to take this step. Let’s explore a few possibilities:

  1. Limited Usage: If you rarely use your Fairmoney account or have found an alternative financial service that better suits your needs, it may be time to bid farewell to your Fairmoney account.
  2. Privacy Concerns: Concerned about your personal information being stored in the Fairmoney system? Closing, deleting, or deactivating your account can give you peace of mind and ensure that your data is no longer accessible.
  3. Account Security: If you suspect any unauthorized access or potential security breaches, it’s advisable to take immediate action and close, delete, or deactivate your account to protect your sensitive information.
  4. Financial Changes: Maybe your financial situation has changed, and you no longer require the services offered by Fairmoney. In this case, it’s sensible to cut ties and close your account to avoid any unnecessary charges or fees.

Remember, your decision to close, delete, or deactivate your Fairmoney account should be based on what is best for you and your financial circumstances. Now that we’ve explored the reasons why you might want to take this step, let’s move on to how you can easily accomplish it. Stay tuned for the next section!

How to Close, Delete or Deactivate Your Fairmoney Account Easily  

Closing, deleting, or deactivating your Fairmoney account is a simple process that can be done in just a few steps. Here’s how to do it easily:

Step 1: Send an Email Request

  • Initiate the process by sending an email to help@fairmoney.in. This email will serve as your formal request to close, delete, or deactivate your Fairmoney account.
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Step 2: Check for Pending Loan Transactions

  • If you have any pending loan transactions with Fairmoney, it’s important to address them before proceeding. You might not be able to close your account if there are unsettled loan obligations.

Step 3: Account Verification

  • Fairmoney may require you to verify your identity as a security measure. Follow any instructions provided to complete this verification.

Step 4: Settle Account Balance

  • Ensure that your Fairmoney account has a balance of zero. This means settling any outstanding dues, fees, or payments associated with your account.

Step 5: Follow Instructions from Fairmoney

  • Be attentive to any instructions given by Fairmoney’s customer support team. They might request additional information or documents to confirm your identity and proceed with the closure.

Step 6: Receive Closure Confirmation

  • Once all necessary steps are completed and any pending loan transactions are resolved, Fairmoney will confirm the closure of your account. Look for a confirmation message, usually sent to your registered email address.

Step 7: Review Closure Details

  • Carefully review the closure confirmation message to ensure all details are accurate. This might include the effective date of closure and any relevant information.

Step 8: Seek Further Clarifications

  • If you have any questions or concerns regarding the closure process, don’t hesitate to reply to the email correspondence from Fairmoney’s customer support.

By following these steps, you can easily close, delete, or deactivate your Fairmoney account without any hassle. Remember to withdraw any funds or transfer them to another account before closing your account to avoid any inconvenience.

Read Also: How to Close, Delete or Deactivate your Renmoney Account Easily

What happens when you close, delete, or deactivate your Fairmoney account?  

Closing, deleting, or deactivating your Fairmoney account can have several consequences. Here’s what happens when you take this step:

  1. Account Suspension: If you choose to deactivate your account, Fairmoney will suspend it temporarily. During this time, you won’t be able to access your account or use any of its features.
  2. Loss of Data: Closing or deleting your account means you will lose all your account data, including transaction history, saved payment information, and any preferences or settings you have customized.
  3. Unsubscribed from Services: By closing, deleting, or deactivating your account, you will no longer receive any communication or updates from Fairmoney.
  4. Termination of Access: Once your account is closed, deleted, or deactivated, you will lose all access to the Fairmoney platform and its services.
  5. Permanent Closure: It’s important to note that once you close, delete, or deactivate your account, it is usually irreversible. Make sure you are certain about your decision before proceeding.

By understanding what happens when you take these actions, you can make an informed decision about closing, deleting, or deactivating your Fairmoney account.

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How do I delete my loan account?

If you wish to delete your loan account with FairMoney, the process is relatively straightforward. First, you’ll need to ensure that you have paid off any outstanding loan balance and settled all your dues. Once that’s done, you can reach out to FairMoney’s customer support to initiate the account closure process. They will guide you through the necessary steps and provide you with the information you need to proceed.

Can FairMoney remove money from my account?

FairMoney does not have the authority to withdraw funds from your account without your explicit consent. They are a lending institution and operate within the legal framework of financial regulations. Any loan disbursements and repayments are conducted based on the terms and conditions you agreed upon when you took out the loan. FairMoney does not have access to your account for direct withdrawals.

What happens if I don’t pay FairMoney?

If you fail to make your loan payments to FairMoney as per the agreed schedule, it can have various consequences. Initially, you might incur late fees or penalties for missed payments. Your credit score might also be negatively impacted, which could affect your ability to secure loans in the future. FairMoney may attempt to contact you to remind you about the missed payments and discuss potential solutions.

If the situation continues and you still don’t make payments, FairMoney might take legal actions to recover the outstanding amount. This could involve hiring a collection agency or pursuing legal proceedings, which can further damage your credit history and financial standing.

How do I contact FairMoney customer care?

To get in touch with FairMoney’s customer care, you can typically find their contact information on their official website or within their mobile application. They usually provide multiple channels for communication, such as phone numbers, email addresses, and sometimes even live chat options. When reaching out to customer care, make sure to have your relevant account details ready, as this will help them assist you more effectively.

How do I permanently delete my FairMoney account?

If you’ve decided to permanently delete your FairMoney account, you’ll need to follow a specific process. Start by paying off any outstanding loans or dues you might have. Then, contact FairMoney’s customer support and request an account closure. They will guide you through the necessary steps, which may involve providing specific information to verify your identity and account ownership. Deleting your account should be done carefully, as it’s a permanent action and cannot be undone.

Final Thoughts 

In conclusion, closing, deleting, or deactivating your Fairmoney account is a simple process that can provide you with peace of mind and flexibility in managing your finances. Whether you rarely use the platform, have privacy concerns, suspect security breaches, or experience financial changes, it’s important to make a decision that aligns with your needs. Remember to carefully follow the step-by-step instructions provided to easily accomplish the closure, deletion, or deactivation of your account. 

Be aware of the consequences, such as temporary suspension, loss of data, and termination of access. Take the time to consider your decision before proceeding, as it is usually irreversible. By understanding the reasons, steps, and outcomes involved, you can confidently take control of your Fairmoney account and move forward with your financial journey.