Last updated on September 8th, 2023 at 09:25 pm
FairMoney is a loan app in Nigeria that offers its users an easy and stress-free way of lending money.
They launched FairMoney Loan in early March 2018. The online lending platform can now boast of disbursing over one thousand five hundred loans daily to Nigerians.
Before the launch, FairMoney has been able to help thousands of Nigerians and Nigerian businesses inch a bit closer to their dreams by providing them with the financial backing they can not afford at the moment. They have made it possible for individuals and small businesses to thrive in spite of the reality of their situation.
An Overview of FairMoney Loan
This loan platform provides you with a different way of getting a loan in Nigeria and it does this with no collateral. With FairMoney Loan, you can get an instant loan of up to as much as ₦500,000 without needing any paperwork or even collateral. This would be done in under five minutes or lesser.
FairMoney Loan App
The app helps you gain access to critical finance via the power of modern technology. It is fast, reliable, secure, and most of all, free!
It’s an android mobile banking app that makes getting loans and paying bills very fast and easy. This makes it one of the best loan apps in Nigeria.
How Much Can I Borrow from FairMoney and for How Long?
You can access a FairMoney Loan in the range of ₦1,500 to ₦500,000 with durations for loans up to 60 days and above. The monthly interest is also about 10%-30% monthly. The process does not incur any additional fees or hidden costs when processing your loan.
What are FairMoney Loan Requirements?
There are no requirements for getting a FairMoney loan. Simply sign up on the app and your loan will be processed. This is done without rigorous due processing like documentation and collateral.
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How to Apply for a FairMoney Loan
Follow the steps below to get a loan from FairMoney
- Download the Android application from Google Play Store.
- Sign up or log in with your phone number or Facebook profile.
- Create a profile of you’re a new user or apply for a loan as an old user.
- Get credited with money in your bank account within a matter of minutes.
FairMoney takes customer experience and satisfaction as a major priority. To this effect, they have launched a new app that does this perfectly. The app is easy to use and reliable, announcing its next phase of growth as the easiest way to get a loan in Nigeria.
Getting a loan on FairMoney is easy and of course, a very straightforward process that anyone can carryout. Here are a few steps to follow when you’re trying to get a loan.
These steps can’t be wrong. It optimizes FairMoney to make its services accessible to every Nigerian.
FairMoney Loan Review
Getting a loan can be a rigorous process, with all the requirements and time taken for processing it. FairMoney makes all of that easy. This makes them a fast and reliable option to use every time.
Pros
- Loan is approved within minutes
- No collateral or guarantor needed
Cons
We haven’t found any reason why you wouldn’t want to use FairMoney. We will update this section if we do.
What is the highest amount FairMoney loans?
FairMoney offers a loan of up to N3,000,000 with a tenor of 24 months. However, note that you do not have access to this amount as a new user. Instead, your limit cap is decided after a credit assessment and increases over time. Basically, the better your lending history and loan repayment behaviour, the more the amount of loan you can access and the longer your repayment period will be.
What is FairMoney interest rate per annum?
Generally, Fairmoney Interest rates range from 2.5 to 30% depending on the loan amount and repayment period. Note that the exact interest rate and tenor will be communicated during your loan application process.
If you do not repay at the agreed time, you will be subject to late fees at the discretion of FairMoney, your lending account will also be suspended, and you will be reported to the National Credit Bureau and possibly permanently suspended from lending from other credible lending institutions
What happens if I don’t pay my FairMoney loan?
Failing to repay your Fairmoney loan will see the amount subjected to late repayment fees at their discretion. Additionally, your Fairmoney account will be suspended and you will be reported to the national credit bureau. This may lead to suspension across other lending platforms, government loans and credible institutions.
How much can I borrow from FairMoney for the second time?
More often than not, the amount you get on Fairmoney the second time is usually 2X of your first loan amount. This means if you initially borrowed ₦2,000, you will most likely have access to up to ₦4,000 the second time.
Bottom Line
Fairmoney is a popular loan service provider which has proven to be reliable over the years. You can obtain a loan from the platform by downloading the app and applying today.
