Last Updated on May 10, 2023
Need a quick financial boost? Look no further than FairMoney, the digital lending platform that’s changing the game for borrowers in Nigeria. With its lightning-fast approval process, competitive interest rates, and flexible repayment plans, FairMoney Loan is the go-to choice for thousands of Nigerians in need of a loan.
But is it right for you? In this review, we’ll take an in-depth look at FairMoney’s loan options, how to apply for a Fairmoney loan, and the overall user experience of the lending platform to help you make an informed decision.
So buckle up and join us on this journey as we explore the world of FairMoney loans.
About Fairmoney Loan
Fairmoney app was launched in 2018 as a loan app in Nigeria as a way for people to access personal loans easily. Now Fairmoney has transitioned from a lending platform into a digital bank that offers a bank account with free transfers (No fees), for paying bills, a debit card for spending, and much more.
Fairmoney is licensed by the Central Bank of Nigeria (CBN) and all deposits made through the app are insured via the NDIC (Nigeria Deposit Insurance Corporation).
How do I Apply for a Fairmoney Loan?
To borrow money from the Fairmoney app just follow these steps:
- Download the Fairmoney loan app from Google Play Store.
- Use your phone number, email address, or Facebook profile to sign up or log in.
- Create a profile (for new users) or sign up (for new users)
- Answer a few questions you’ll be asked on the app.
- Accept loan offers and indicate how much you want.
- Money will be deposited into your bank account within minutes of approval.
You can also pay through bank transfers or cash deposits. After payment, you take a screenshot as proof that it was successful.
How Much Can I Borrow from Fairmoney for the First Time?
The minimum loan amount you can get from Fairmoney is N1,500, and the maximum loan amount for a new customer is N1,000,000. Getting a Fairmoney loan doesn’t involve any collateral or the need for a guarantor.
A variety of factors influence interest rates, including your repayment history and the cost of borrowing. Within 15 seconds, a loan decision is made, and if granted, the applicant obtains funds within 5 minutes.
Your credit score and other criteria determine how much you receive. However, if you repay your loan on time, you will have access to more funds.
Also See: Top New Loan Apps in Nigeria to Check out
FairMoney Loan App
The FairMoney loan app offers Nigerians no-collateral loans at almost the time it takes to clap your hands 10 times (5 minutes).
Fairmoney claims that One FairMoney client gets a loan every 8 seconds! which is a very interesting stat. This lending company cum digital bank also claims that it disburses over 10,000 loans per day as of the time of writing this.
Since it entered the Nigerian lending market, the loan app has become so popular and received excellent feedback from customers. The loan is obtained through the company’s mobile app, and the interest rates are variable.
See: How to Qualify for an ALAT Loan
Who is the Owner of Fairmoney?
FairMoney one of the most popular loan apps in Nigeria is a Microfinance bank that is licensed and regulated by the Central Bank of Nigeria (CBN) as it transitions into a digital bank that also offers investment instruments.
FairMoney was founded by Laurin Nabuko Hainy (CEO), Matthieu Gendreau (CTO), and Nicolas Berthozat (COO). The company has raised a Total Funding Amount of from investors like TLG Capital, Tiger Global Management, NewFund, Flourish Ventures, Speed Invest, DST Global and Le Studio VC.
See: Best Loan App without BVN in Nigeria
Fairmoney Loan USSD Code
The FairMoney Loan USSD code is *322*6#. You can also get a Fairmoney Loan by downloading the Fairmoney Loan App. You don’t need any documentation or collateral to get an instant loan from FairMoney
What is the Loan Term for Fairmoney?
The loan term for Fairmoney is between four to twenty-four weeks.
What is the Fairmoney Interest Rate? Repayment Periods?
The Fairmoney interest rates (monthly) range from 2.5% to 30% with APRs from 30% to 260%. The Fairmoney platform allows monthly instalment payments as the interest rate is flexible and user-friendly.
Fairmoney Loan Repayment periods range from 61 days to 18 months with Interest discounts of up to 90% for early repayments on the Fairmoney loan app.
See: List of Fake Loan Apps in Nigeria to Avoid
How can I Pay back a Fairmoney loan?
There are numerous ways to repay a loan. When you apply for a loan, you must first set up your ATM debit card. All you have to do now is fund your account with money. Open the Fairmoney app, select payment, and complete the payment.
What Happens If I Don’t Pay My Fairmoney Loan
If you do not pay back your Fairmoney Loan at the stipulated time, then you’ll incur late repayment fees from FairMoney, you will also be reported to the credit bureaus in Nigerich will reflect in your credit history which will result in you finding it difficult to get loans from other lending companies in Nigeria.
How do I Apply for a Fairmoney Loan
You can apply for a Fairmoney loan by downloading the Fairmoney app, creating and account and requesting for a loan by following the loan application processing instructions.
Fairmoney Loan Requirements
The main requirement for a Fairmoney loan is a smartphone, your BVN and the phone number linked to your BVN. Other requirements include answering a few questions that confirm your identity to receive a loan offer.
Fairmoney Terms and Conditions
Fairmoney Contact Number
The Fairmoney contact number is 01-7001276 / 01-8885577
Fairmoney Customer Care
To reach Fairmoney Customer care email: [email protected]
Fairmoney App Link
The Fairmoney app link is https://fairmoney.app.link/referral?referral_code=XUS2G.
Fairmoney Loan USSD Code
The FairMoney Loan USSD code is *322*6#.
Fairmoney Loan Interest Rate
The Fairmoney loan interest rate can range from 1% to 3% depending on your loan profile.
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