Fairmoney Loan: 2020 Review & How to Apply for up to N500,000

Fairmoney loan

Fairmoney loan is designed for salary earners or business owners in Nigeria who are in need of funds to take care of personal issues. They can apply for a loan through the fairmoney loan app, up to N500,000 without collateral for a period of one to three months, and it comes with an affordable interest rates.


About Fairmoney

Fairmoney is a licensed online lender, that provides instant loans and bill payment to Nigerian consumers through the fairmoney loan app which can be installed via Google play store (Android users) or through Apple play store (iOS users).

They started with a digital microcredit application on Android, and currently roll out additional financial services (current account, savings, debit card) while expanding the products to Western Africa and South-East Asia.

 They are a team of 45 between Paris and Lagos in engineering (Android, Data, Backend), products, marketing, customer service and operations. You can also renew your cable TV subscription and recharge airtime/data with a -10% discount and no transaction fees.

Table of Contents
  • How it Works
  • Requirements
  • Pros and Cons of fairmoney loan app
  • How to Apply
  • Interest Rate
  • Loan Limit
  • Repayment channel
  • What happens if I don't pay back my loans
  • How we review fairmoney loan
  • Fairmoney app download
  • Fairmoney loan customer service number
  • Conclusion.

How Fairmoney Loan Works

Fairmoney loan works in the following ways:
  1. Download and install the fairmoney loan app
  2. Register by creating an account with the phone number linked to your BVN
  3. View your loan limit and submit your loan request
  4. Receive your loans within 5 minutes
  5. Unlock your loan limit each time you repay a loan.

Fairmoney Loan Requirements

Before applying for a loan on the fairmoney loan app, you are expected to provide these following requirement
  1. Phone number linked to your bank account
  2. Bank/debit card details
  3. Bank verification number (BVN).

Pros and Cons of Fairmoney Loan App

Fairmoney loan

Before seeking for a loan on fairmoney loan app, you have to weigh in the benefits and drawbacks of they company.


The Pros

• No Hidden Charges

You will not be charged for any loan you borrow or any payments made by you.


• No Collateral Or Documentation

All you need is your phone number and BVN to apply for a loan of up to N500,000 from your phone.


• Flexibility

You gain access to higher loans and flexible interest rates each time you repay a loan.


• Secured

Fairmoney will encrypt all the information you shared with them and protect your privacy from third party access.


• Speed of Delivery

You will receive your loan instantly within 5 minutes directly to your bank account, anywhere in Nigeria.


• Fast Customer Support System

They have a well trained customer care team that response to all your issues 24/7.


• Discount and Offers

You earn a 10% discount anytime you renew your TV cable subscription or buy airtime/data.


The Cons

• Shorter Repayment Terms

Fairmoney offers a shorter repayment terms (one to three months) unlike other lenders

• Designed mainly for Salary earners

Fairmoney loan is mostly suited for salary earners or small scale business owners because it gives you funds from N5,000 to N500,000 unlike other lenders who offers up to N5million.

How to Apply for a Loan with Fairmoney Loan App

Fairmoney loans

  1. Download and install the fairmoney app
  2. Sign-up with your phone number linked to your BVN
  3. Click "Apply" on the home page
  4. Answer a few simple questions
  5. Receive a loan offer
  6. Select amount and repayment tenure
  7. Accept loan offer
  8. Enter your bank details to receive your loan.
Note: fairmoney will request for your BVN to verify your identity and make sure you didn't default from other companies. To know your BVN number, Dial *565*0# from the phone number linked to your bank account.


Need a loan? Check out these websites that offers 24hrs loans in Nigeria without collateral

Fairmoney Personal Loans Interest Rate

Fairmoney loan interest rate ranges from 10% - 30% per month and respective APRs from 120% - 360% depending on your profile or trust score.

Fairmoney are also giving up to 1% daily discounts to reward their clients for early repayments and charge up to 1.5% daily late fees for late repayment.

Loan Limit

How to Pay-back your Loans on Fairmoney Nigeria

It's your loan approaching it's due date,or at when due? If yes, quickly follow this steps to repay your loans:
  • Login to your fairmoney app and click on the "repay" button
  • Click on "Loan details" on the home screen
  • Click on "pay"
  • Select "full loan amount" to repay your loan and click on Next
  • Now, choose your repayment method (Debit, Bank transfer or USSD) and follow the on-screen commands to successfully repay your loans.

What Happens if I Don't pay Back my Fairmoney Loans

Fairmoney do not reschedule loans payment date, you are advise to take a loan only if you have the capacity to repay it to avoid these following penalities:
  1. You will be charge 1.5% per day for late fees.
  2. You will be reported to the national credit bureaus (NCB) and you will not be able to access loans from any company upwards.
  3. Suspension of your fairmoney account
  4. Authomatic Debit on your bank account.

How Loansnigeria.com Reviews Fairmoney Loans in Nigeria

  • Overall Score - 4.9
  • Affordability - 4.7
  • Availability - 4.9
  • Customer Experience - 5.0

Please note: All reviews are prepared by loansnigeria.com, opinion expressed therein are solely based Loansnigeria.com and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review.

Fairmoney Loan App (APK) Download

Fairmoney loan

Click here to automatically take you to Google play store, hit the install button to download the fairmoney loan app.

Fairmoney Loan Customer Care Number

For issues, or complaints, contact fairmoney customer service on 01 631 6097 on Mon-Fri (9am -5pm).
Or
You can choose to send them a mail at help@fairmoney.ng

Conclusion

Fairmoney loan app gives you access to loans up to N500,000 with no collateral. Repay on time and unlock your loan limit.

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