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FairMoney is a mobile finance platform offering easy and fast access to instant loans. FairMoney loan services are available on its mobile app, which provides customers with convenient options for disbursement and repayment.
It also offers competitive rates, making it a great alternative to traditional banking and financial institutions.
FairMoney is a digital bank, created by Laurin Hainy and evolved from a loan app. It provides credit within Nigeria, holding a Microfinance Bank (MfB) licence from the Central Bank of Nigeria (CBN).
The Fintech company have their headquarters in Lagos, Nigeria.
See Top 10 best loan apps in Nigeria as well as USSD code for loans in Nigeria 2022.
How to get FairMoney loan
FairMoney offers loans of up to N1,000,000 for a start with the loan limit being subject to review based on your repayment history.
You may also be eligible to borrow more as your trust rating increases.
All you need is an Android phone and your BVN (Bank Verification Number) to start.
Simply download the FairMoney app from the Google Play Store, create a profile using your phone number linked to your BVN, answer a few questions, confirm your identity, and accept your loan offer.
Once approved, you will receive the funds instantly into your bank account!
You don’t need documents or a collateral, absolutely not! All you need is your BVN (Bank Verification Number) details, plus a bank card or bank account connected to make payments with.
No collateral is required when applying for a loan with FairMoney.
The interest rates for the loan vary depending on the amount and length of the loan, with a monthly interest rate of 2.5% to 30% (APRs from 30% to 260%) applied.
What are the consequences of not paying back?
If you cannot make payment when it is due, we do not offer the option to reschedule payments.
Late fees may be incurred, and your FairMoney account may be suspended.
They are legally required to report late payments to national credit bureaus as required by law (CRC, First Central).
Therefore, it is important to only take out a loan if you have the capacity to repay it.
Reasons Why You Might Not Be Eligible for a FairMoney Loan
There could be several reasons why you’re not eligible for a loan on FairMoney.
These include having not enough credit history or income to qualify; having a debt-to-income ratio that is too high; living in an unsupported state; or having negative marks on your credit report.
If you have any questions, complaints, or feedback regarding your FairMoney loan, you can contact their customer care using the following method: Email: support@fairmoney.com
This article was updated 2 months ago
