“Fairmoney App Review: Best Loan App In Nigeria”. This day getting a loan in Nigeria has proven to become more easer,
with a loan app, you can get an instant loan direct to your bank account and pay it back later.
And these loan companies have been a great help to companies, business owners, and even students.
As long as you have a mobile phone that’s connected to the internet then you can take a loan with your phone, and also with your BVN.
So, all you need to do is make sure you read this article to learn how to take a loan from Fairmoney.
You need to understand that getting a loan is very simple, but getting from the right lender is very important that you also need to consider,
which is why in this FairMoney app review, I’ll talk about everything you just need to know about Fairmoney.
What Is Fairmoney Loan App?
FairMoney MFB is a licensed Money Lender by the central bank of Nigeria.
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Fairmoney provides short-term cash loans for both business and personal use to meet their urgent cash needs. And if you’d agree with me there are times we run out of cash and we need urgent cash to fix things.
And not just that, FairMoney is owned by a France-based Fintech company with operations based in Nigeria and India.
Fairmoney loan app uses artificial intelligence to make sure they analyze your bank records and your phone contact and validate your BVN to make lending decisions.
And the loan is 100% carried out online, with no collateral required, and you can apply at any time.
And the fantastic thing with fairmoney is that FairMoney is more than just a loan app that you can take a loan without any collateral.
There is savefairmoney investment feature that you can even save your money and be getting daily interest for what you keep.
How Legit Is Fairmoney?
I know most people want to be very sure if this loan app is legit or not before dashing out their information.
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To the best of my knowledge, I’ll boldly answer you Yes that fairmoney is legit because l myself have tried the loan app my very self.
So, the FairMoney loan app is legit and secure, and the company is owned by a France based company and uses European-level encryption to secure its transactions, So you’re are very safe.
The report has it it’s a legit loan company which l told you that I’ve tried and connected loan about two times, which my first one was N2,500 while the last one was N25k.
Once you had successfully downloaded the app to your phone,
you need to know that fairmoney will ask for your permission to scan your phone, financial location data, your contact,
and other important information in order to verify your identity and provide you with an instant and best loan offer.
And you also need to understand that this will help you better understand and improve your requirements with them.
Fairmoney loan app takes very privacy seriously and you too should accept it that way, and all your personal data will never be shared with anyone without your permission or consent.
Like l said earlier, Fairmoney is not just a loan app, but a loan with all you need to be happy why using it. And With the FairMoney app, you can:
- Get a bank account from wema bank
- Get an ATM card
- Save money with them
- Recevie an intant loan
- Pay your bills
- Recharge airtime
- Buy data
- Add money to your account Send money to any bank account for FREE
And much more….
Is Fairmoney App On iPhone
Well,
at the time of writing this article, fairmoney doesn’t have an app for iPhones. They only have Android phones.
How To Apply For Fairmoney Loan In Just 5 Minutes
- Click here to register or download and install the FairMoney App from the Google Play store, or simply copy and paste this referral code into the referral field (ZJ5WD). And once you’ve successfully done that.
- You’ll be asked to provide your 11-digit BVN number and phone number linked to your bank and BVN.
- Next is to add your ATM card which paystack will charge you N50 for card tokenization) and bank account details
- Then Verify your identity and the information you’ve provided if they’re correct.
- Your money will be sent directly to your Bank account within 5 minutes.
Fairmoney Loan Interest Rate
Loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%)
An example of a FairMoney loan
Borrow ₦100,000 over 3 months
Interest (total cost of the loan): ₦30,000 (30% rate)
Three monthly repayments: ₦43,333
Total amount payable: ₦130,000
Representative: 120% APR
How Do I Repay Fairmoney Loan?
Repaying fairmoney loans is very simple and it’s what everyone can follow.
All you need to do is click on the “Repay button” in the app to pay with a Debit (ATM) card or Bank Transfer.
- Click on the ‘Loan details’ on your screen
- Then click on the ‘Pay’ button
- Next is to select the ‘Full loan amount’ that you want to pay, or ‘Enter the amount’ manually and enter the amount you would like to pay
- Then click on ‘Next’
- From here you get to see the repayment options, such as;
- Debit (ATM) card
- Bank Transfer
- USSD Transfer
If you follow the above steps you can successfully repay your loan.
How Much Can I Borrow From Fairmoney For The First Time
FairMoney has various loan offers that range between N1,500 to N1,000,000.
And it has Monthly loan payments and interest rates.
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And you also need to understand that your information has a very great impact on the loan they’re going to offer you.
When l tried it for my first-time l was offered N40k at my first time and to repay in 90 days (three months). So it all depends on your credit score.
How Do I Download Fairmoney App?
Click here to download from the google play store, and once you’ve done that,
on the “referral code field” copy this “code and paste there” (ZJ5WD) because without that you’ll not be allowed to get a loan.
Conclusion:
To anyone looking for the best place to take a loan “Fairmoney” is the best place for you.
And the good thing with fairmoney is that you can take N40k, 50k, and even 80k for your first application.
And I’m sure this article helps you find out everything you needed to know to get a loan from fairmoney.
Now, Over To You:
Did you enjoy this article? Do you think fairmoney is the best place for you to take a loan?
Have you tried fairmoney loan app or another loan app in Nigeria before now?
Do leave me a comment down below to know what you feel about this post.
And most importantly, don’t forget to use the share button on this post to share with your friends who need a loan.
Sharing is caring.
Frequently Asked Questions*
- What is fairmoney?
FairMoney is a digital bank. They 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 fairmoney?
Please send an email to fairmoney via help@fairmoney.ng or reach out through their social media platforms.
- Where is FairMoney located?
FairMoney office is located in Lagos, Nigeria.
- How can I get an instant loan from fairmoney?
You need an Android phone and a BVN. That’s all! Download the FairMoney app from the Google Play Store. Sign up with the phone number linked to your BVN, 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 loans of up to 1 million Nairas for a period of up to 18 months. The better your lending history and positive behavior, the more you can access and the longer the period!
- What makes FairMoney different from other lenders?
Speed of delivery – You can get a loan instantly in 5 minutes, from anywhere in Nigeria Flexibility – You can repay on or before your due date No hidden charges – And their interest and fees charges are all-inclusive, ensuring transparency the customer is King – their team is trained to treat you with the utmost respect at all times.
- Do I need documents or collateral?
No document, no collateral! You will only need to share your BVN details during the loan application and connect your card or bank account to authorize us to debit your account for the repayment.
