FairMoney is a renowned Nigerian-French FinTech company with a loan-giving license in Nigeria. They provide Nigerians with fast loans with no collateral. Since its entrance into the Nigerian loan business, the company has received excellent feedback from users. The loan is provided via its mobile app, and the interest rates are variable.
Signing up with FairMoney is simple because you may do so using your Facebook account. That alone eliminates the need to be concerned about the difficulty of signing up for a loan.
In this article, Study Loaded will be sharing detailed information about how to apply for fairmoney loan, Interest rate, requirements, phone number, payment duration, and types of loans they have.
An Overview of FairMoney Loan
This loan platform offers a unique way to get a loan in Nigeria without collateral. You can get a quick loan of up to $500,000 from FairMoney Loan without any paperwork or collateral. This would take no more than five minutes.
FairMoney Loan Application
Using the power of current technology, the app allows you to gain access to essential finance. It is fast, dependable, secure, and, most importantly, free. It’s a mobile banking app for Android that makes getting loans and paying expenses quick and simple.
Fairmoney Loan Type
Fairmoney MFB has different types of loans, the two common ones are, Personal loans where you can apply for 3,000,000 naira loan, and Business loans where you can apply for 5,000,000 naira loan.
Personal Loans: You can now access quick loans of up to ₦3,000,000 in 5 mins, no collaterals & easy repayment terms!
Business Loans: Take your business to the next level with up to ₦5,000,000 FairMoney SME loans.
FairMoney loan In Summary:
|2% – 28%
|4 to 24 weeks
|₦1,500 to ₦500,000
|In-app with a debit card, bank transfer, and cash deposit.
|No collateral is required
| Available for Android phones only.
Download from the website
|01 7001276 / 01 8885577
|5 minutes to 2 hours
How Much Can I Borrow from FairMoney and for How Long?
You can get a FairMoney Loan ranging from $1,500 to $500,000, with loan periods ranging up to 60 days. The monthly interest is also between 10% and 30%. When processing your loan, there are no additional fees or hidden charges.
How to Apply for FairMoney Loan
Follow the steps below to get a loan from FairMoney
- Download the Mobile App from Google Play Store.
- Sign up or log in with your phone number or Facebook profile.
- Create a profile if you’re a new user or apply for a loan as an old user.
- Get credited with money in your bank account within a matter of minutes.
FairMoney values client experience and satisfaction. To that end, they have released new software that achieves this successfully. The app is simple to use and reliable, and it has announced its next phase of growth as the simplest way to get a loan in Nigeria.
Getting a loan with FairMoney is a simple and clear process that anyone may complete. Here are some measures to take while applying for a loan.
FairMoney Loan Requirement
Below are the requirements to get a loan from FairMoney:
- Basic personal information such as name and email
- Bank Verification Number (BVN)
- Proof of employment (Salaried, self-employed, student)
- Monthly income of a minimum salary of ₦1000
- Bank Account details
- Automated Teller Machine card (ATM card). This is needed because it will be used to debit you for loan repayment.
- A photo of you may be needed in real-time
You can only apply for the loan from their official Fairmoney Loan Mobile Application.
To be eligible on how to apply for fairmoney loan app you must:
- Have the Fairmoney Microfinance Bank (MFB) App on your Android smartphone
- Be 18 years old and above
- Be a Nigerian citizen
How to get a loan from FairMoney
For students, business owners who are interested in collecting a loan with no collateral, then follow these steps on how to apply for fairmoney loan:
1. Download the app
To get a loan, you must download the app. Without the app, it is impossible at the moment to get a loan. Currently, the app is only available for Android.
There is no app for iOS, Windows, or Blackberry. That means you will need to use an Android phone to be able to access a loan. Go to Google Playstore to download the app.
2. Sign up
Once you have downloaded the app, the next step is to tap on it and sign up. You can sign up quickly with Facebook!
3. Answer a few questions to get a loan offer
At this point, you will have to answer a few questions. The answer will help the app calculate a credit score. Based on that you will get a loan offer. The offer you get will depend on a lot of factors. As you pay back your loan on time, you will have access to bigger offers.
4. Accept loan offer
Once you get a loan offer, all you have to do is click to accept it.
5. Receive loan
Once you have accepted the loan offer, you will receive the money right away
If your loan application is rejected, you can apply again in 15 days.
How much can you get?
You can get a loan from ₦1,500 to ₦500,000. How much you get will depend on your credit score and other factors. But as you pay back your loan on time, you will have access to more funds.
FairMoney Interest rate
FairMoney has a flexible interest rate. You can borrow money and pay it back between 4 to 24 weeks. That means you can pay back in monthly installments. The monthly interest rates range from 2% – 28%. The maximum annual APR is 13%.
FairMoney Loan term
The loan term ranges from 4 to 24 weeks
Repayment of loan
There are many options to repay the loan. At the point of applying for a loan, you have to set up your ATM debit card. All you have to do is add money to your account. Open the app, click on payment, and repay.
You can also repay via bank transfers or cash deposit with the following details:
- Account Name: MyCredit
- Bank Name: Stanbic IBTC
- Account Number: 0023462495.
Please add the code given in the app to your transfer reference/description.
Make sure that you contact customer care before and after payment to inform them. Take a screenshot as proof.
FairMoney Head office
ADDRESS: 28 Pade Odanye Close, off Adeniyi Jones, Ikeja, Lagos, Nigeria (No money in the office, everything is digital)
FairMoney customer care.
The customer care email is [email protected]
FairMoney Phone Number
The official Fairmoney Loan direct customer care service phone number is: 01 7001276 / 01 8885577
The Fairmoney App is only available for Android phone users. You can download it from Google Playstore.
The official website for Fairmoney is https://www.fairmoney.ng and https://www.fairmoney.io