FairMoney is a digital bank that offers loans to Nigerians. It is licensed by the central bank of Nigeria and insured by NDIC -Nigeria Deposit Insurance Corporation.
With today’s economic realities, many Nigerians rely on loans to survive. As risky as living on credit is, it is a lifesaver for many who would otherwise be helpless while their payday is still far away. This is why, at the moment, loan apps, with their harsh recovery methods, are more like necessary evils.
This article explains how the loan application works and offers the best approach to getting your loan approved as soon as possible.
What is FairMoney App?
Fairmoney is a digital bank that allows you to apply for a loan and have it transferred to your bank account in minutes. Except for a few standout features, the features of the Fairmoney loan app are very similar to those of other instant loan apps.
The app’s simplicity, instant loan disbursement with no collateral required, and flexible repayment plan are all appealing.
In early March 2018, they launched FairMoney Loans. The online lending platform now provides over a thousand five hundred loans to Nigerians daily.
FairMoney helped thousands of Nigerians and businesses get closer to their dreams before its launch by providing them with the financial assistance they could not otherwise afford. They have enabled people and small businesses to thrive regardless of their circumstances.
The app analyzes your bank records and validates your BVN using artificial intelligence to make lending decisions based on your credit score. The loan is entirely online, with no collateral required, and you can apply at any time of day or night.
The app’s design is intended to make it simple for all users. The dashboard is straightforward, as is navigating through the app. Loan applications and repayments can be completed in a few simple steps.
How Does FairMoney work?
FairMoney launched in Nigeria four years ago, in March 2018. By distributing more than 1,500 loans per day, the organization has helped many people. Private companies have also achieved their objectives, particularly in gaining access to finance, thanks to the power of technology.
Customers can obtain FairMoney instant loans without needing collateral, extensive documentation, or office visits, making consumers feel uneasy about receiving money.
To apply for a loan from FairMoney, follow the steps below:
- Then enter your phone number and answer questions about yourself, for example, your name, your BVN, next of kin, etc.
- After completing the application, FairMoney will offer you a loan.
- Your funds will be released immediately or within 5 minutes to your account after you accept the loan offer.
How Much Can You Borrow From FairMoney?
This loan platform provides an option for obtaining a loan in Nigeria without collateral. You can get an instant loan of up to #500,000 from FairMoney Loans without needing any documents or collateral. This happened in under five minutes.
FairMoney Loan Interest Rates
Depending on the amount, repayment periods range from 61 days to 18 months, with monthly interest rates ranging from 2.5% to 30% (APRs ranging from 30% to 260%).
Repaying FairMoney Loans
To repay your loan, click on the repay button on the app. You can repay via bank transfer or a debit card.
It is important to note that if you do not repay by the due date, you will be charged late fees at FairMoney’s discretion, your lending account will be suspended, and you will be reported to the national credit bureau.
It may also lead to being permanently barred from borrowing from other credible lending institutions.
How Do I Qualify for a FairMoney loan?
This is entirely at the discretion of FairMoney. To improve your chances of qualifying for a FairMoney loan, ensure the phone number associated with your BVN is active and has a recent call/SMS history.
Your loan application will be allowed if your phone usage history is complete with a valid reason. Your bank account must also have a healthy cash flow to demonstrate that you can comfortably repay the amount of money you request to lend on the due date.
Is FairMoney a Good Loan APP?
They are regarded as the go-to app for 5-minute loans. They also provide SME loans to businesses.
FairMoney affordable loans are available with no paperwork or collateral requirements because primary smartphone data and credit history are used to determine eligibility.
The Fairmoney loan app is very safe and legitimate; as long as you meet all of the requirements for a loan, the loan will be granted to you. When applying for a loan, ensure you provide accurate information.
Is FairMoney Loan A scam?
The app is also insured by NDIC and registered by CBN. We have tested the app, and we know it is legit. When I first used this loan app, I was given a loan of #5000 with a 15-day repayment period.
- Loan package information that is clear and concise
- Disbursement times are short (within 5 minutes)
- There is no need for collateral.
- It is not suitable for big loans
- There are late charge fees
With Fair Money Loans, you can pay your student tuition, start a new business, or solve any urgent problem. One of the best aspects of Fairmoney loan applications is that you receive a notification within a few minutes of applying for a loan.
Nonetheless, competition in the credit loan market is heating up. FairMoney has made a solid first step. They have a 100% free bank transfer and flexible payment plan.