FairMoney Loan App Review – Instant Quick Loans

Did you know I got up to 1,600,000 on fair money loan app in just 2 minutes after requesting for the loan in January 2023? The Fairmoney loan app can be an effective financial instrument for achieving a variety of short- and medium-term financial goals.

With the advancement of technology, getting approved for an unsecured personal loan may now be completed in just a few hours with the use of a straightforward smartphone app like the Fairmoney lending app.

Personal loans are unsecured obligations, like Fairmoney loans. This suggests that no collateral is needed to secure the loan.

So personal loans are a fantastic alternative to consolidating credit card debt with a higher interest rate into fixed-rate agreements with a reduced interest rate.

FairMoney is one of the best mobile apps for quick online loans in Nigeria and this article clarifies how the loan app works and features the most ideal approach to use it to get your loan approved as quickly as would be prudent.

What Is Fairmoney App?

FairMoney is a computerized loan software called FairMoney provides prospective borrowers with single payment loans, installment loans, and payroll loans.

The obtained amount is subsequently subtracted from your account at the specified interest rate.

They don’t require collateral or guarantors and their minimum loan amount is N10,000 while their maximum loan amount is N40,000.

The cost of borrowing, your credit score, and your payback history are some of the variables that affect interest rates.

When a loan application is approved, a decision is made within 15 seconds, and the applicant receives the funds within 5 minutes. day and night, seven days a week.

Loans are delivered through a mobile Android app, and financing options are provided instantly.

Barely 3 years prior, in March 2018, FairMoney propelled in Nigeria.

Presently, dispensing more than one thousand 500 loans day by day, the organization has helped a large number of people.

Private companies have also been able to draw nearer to their goals and above all, access to funds made conceivable by the power of technology.

Clients can get to moment loans on FairMoney without collateral, broad documentation or office visits, which normally make getting money distressing for users.

Quick Disclaimer: We are not Fair Money company; the information provided is for information purposes and personal opinion based on what we’ve tried with the app. Do read their terms and interest rate policies before you proceed.

Mathieu is the co-founder and CTO of fair money operations all over west Africa and the world.

Related: Okash Personal Loan app review – All You need to know

How Does Fairmoney Loan App Work?

You can obtain immediate loans up to £150,000 with the FairMoney loan app without providing any collateral or paperwork.

You only need to download the FairMoney app, join up, and follow a short application process to get a fast loan in about 5 minutes. They offer personal and business loans.

A quick response, safe, dependable, and cost-free Android mobile banking app is called FairMoney, and it is accessible in Nigeria.

They make it quick and simple to secure loans and pay payments. For consumers who promote their friends to use the app to get loans, they also provide a referral bonus.

Their products include:

• Payday loans – FairMoney payday loan is designed to provide monthly overdraft to staff of companies, ministries, Parastatals and other establishments.
• Education – Any salary earner, self-employed or professional Public and Private companies, Students, Government sector employees including Public Sector is eligible for a personal loan.
• Business – The loans help business to cover cash flow payments when due.

Before you can obtain loans through the app however, there are requirements that you have to satisfy such as Age (not less than 18 years), Bank Verification number and a smartphone.

It’s as easy as that.

How to Download Fairmoney For iPhone and Their Website

Unfortunately, for users of Apple products, the fairmoney loan app is not available at the time of writing of this article.

It is only available for Android users and can be downloaded on the Google play store by easily by inputting ‘FairMoney loan app’ in the search icon.

However, you can reach them through their website at www.fairmoney.ng for any further questions and inquiries.

How Do I Borrow Money From FairMoney?

In need of money urgently, you can’t go wrong taking loans from FairMoney? The following guidelines will help you to successfully obtain a loan through the FairMoney loan app.

• First, you need to Download FairMoney loan app on Google Play Store as explained above
• After downloading, launch the app and click on ‘Get Started’.
• Input your phone number.
• A verification code will be sent to your phone. Enter it.
• Create a secret PIN number that is unique and only you know and complete the registration process by filling your personal details.

After successfully registering on the FairMoney loan app, you can then apply for your own quick loan by following the guidelines listed below.

• Launch the FairMoney loan app and click on apply.
• Fill in the information needed on the next page like name, address, nearest bus stop etc.
• You will get a loan offer thereafter.
• Enter the loan amount of your choice as long as it doesn’t exceed your limit and repayment period.
• Input your banks details and the money will be credited to your account in less than 5 minutes if loan is approved.

Loan Repayment

• On the home screen of your app, click on the ‘loan details”.
• Click on the play button.
• Choose “full loan amount” to settle your loan one-off or “enter amount” to choose the amount of money you would like to pay if you’re not in a position to settle it completely.
• Click next and follow the following options.
• For bank transfer, your unique Providus bank account number and account name will be displayed on the screen.
• Click on copy and deposit your loan amount to this account using the online banking platform or over the counter at any bank of your choice.
• For USSD transfer, the USSD code of your bank together with the loan amount to be repaid followed by the Providus bank account number where the money will be sent to.
• Copy the code and paste in on your phone dialer to repay the loan.
• For Debit card transfer, select ATM.
• The card(s) registered to your account will be displayed.
• Choose the card of your choice and click on the “pay” option.
• The loan amount will be deducted directly from the account that has been linked to the ATM card.

Related: USSD short code to borrow loan on your phone

How Much Can I Borrow From FairMoney?

The minimum loan amount you can receive through the FairMoney loan app is ₦1,500 and can be as high as ₦1,850,000 depending on your credit score, history.

Unlike C24 Loans, Palm credit loan app, and others, the first amount is very higher.

How Much Is Fair Money Interest Rate?

FairMoney loan interest rate ranges from 10% to 28% EIR and APR from 120% to 260%.

FairMoney loan repayment period is between 61 days to 180 days permitting borrowers to pay back their loans in installments.

How Long Does Fair Money Take to Process a Loan?

After successful loan application through the app, it takes just 5 minutes for your loan to be processed and you will be notified if your loan is approved or rejected.

If approved, your bank account will be credited immediately.

What Happens When You Don’t Pay Back Your Loan?

We can advise you today to always pay your loans on time because the detriments of not doing so are so much.

Each day after the agreed due date of repayment, the FairMoney loan app will charge an extra 1.5% interest rate on the amount you fail to pay up.

And that is not all, you will also be reported the Credit bureau of Nigeria which means you will lose any chance to borrow from any other loan platform available in Nigeria.

Your account might get suspended and you will end up being sued. You don’t really want any of that, do you?

You can reach out to the Fairmoney customer service platform by sending them an mail through help@fairmoney.ng.

FairMoney Loan App Summary Notes

You can utilize a Fair Moneys Loan to start a new company endeavor of your choice, pay off your college loans, or resolve personal problems.

One of the best features of the Fairmoney loan app is that you will get a notification shortly after submitting your loan application.

We sincerely hope that this information will be sufficient to assist you in effectively and efficiently obtaining your loan.

However, if you have any additional queries, feel free to visit their website or get in touch with them using the information in the aforementioned article.

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