FairMoney Loan Review :How To Apply For Loan
FairMoney is a fully automated online moneylender that offers loans to its customers.
Your account is then debited when your loan is due. With low-interest, no-collateral loans, you can expand your small business or deal with personal emergencies.
FairMoney is more than just a loan app: you can use it to pay for cable TV, airtime, and mobile data packages with no fees!
FairMoney Loan was launched in early March 2018. The online lending platform can now boast of disbursing over 1,500 loans to Nigerians every day.
Prior to its launch, FairMoney was able to assist thousands of Nigerians and Nigerian companies in achieving their goals by providing them with the financial support they needed.
Individuals and small businesses have been able to thrive despite their challenges.
Loans from moneylender loans are intended to be short-term loans to help you get through before the next payday.
It is best for those looking for short-term loans, including students and others who are unable to obtain traditional bank loans due to poor credit histories.
A personal loan is available to anyone who is self-employed or works for a public or private company, as a student, or works for the government, including the public sector.
This loan platform offers a unique way to obtain loans in Nigeria, and it does so without any collateral. You can get an instant loan of up to ₦500,000 and you don’t need any paperwork or collateral..
- Your loan will be approved/refused within minutes
- Convenient repayment plan
- No collateral/guarantee needed
- The maximum loan amount is low (only ₦40,000).
- You will need valid bank details, your BVN number, and a smartphone.
FairMoney Loan app
With the app, you can gain access to vital finance. It’s fast, reliable, safe, and best of all, it’s free! It’s a mobile banking app for Android users that makes having loans and paying bills stress-free.
How much can I borrow from FairMoney and for how long?
FairMoney Loans are available in amounts ranging from ₦1,500 to ₦500,000, with a loan term ranging from 60 to 180 days.
The monthly interest rate is also between 10% and 30% a month. When it comes to handling your loan, there are no extra fees or hidden charges.
Their loans are flexible, and you can pay off the balance on or before the due date to get a lower interest rate. There are no hidden fees. The interest charges are all-inclusive, which ensures transparency.
FairMoney Loan requirements
A FairMoney loan comes with no requirements attached. Your loan will be processed after you sign up for the app. This is done without the usual risk assessment procedures such as paperwork and collateral.
FairMoney interest rate
The monthly interest rate varies depending on your profile, ranging from 10% to 30%. Several factors influence interest rates, including the repayment history and the borrowing costs.
Within 15 seconds, a loan decision is made, and if accepted, the applicant will receive their funds within 5mins.
Loans are made available via the FairMoney Android app, and lending decisions are made almost instantly. When you apply for a loan, FairMoney credits your account using traditional bank transfers, which take just a few minutes in Nigeria.
How to apply for a FairMoney Loan
Here’s how to apply for a FairMoney loan:
- Head to the Google Play Store on your smartphone and then download the FairMoney loan app.
- Log in with your details or tap on Sign up if you’re a new user and then create a profile.
- Apply for a loan and get credited within minutes
FairMoney places a high value on customer satisfaction and experience. For this reason, they’ve released a new app that does an excellent job.
The app is easy to use and reliable, signaling the start of their next step of development as the simplest way to get a loan in Nigeria.
Securing a loan through FairMoney is a simple and straightforward process that can be done by anyone.
FairMoney Loan USSD code
Most of these loan companies have their own custom-made mobile loan applications that enable users to apply for loans.
To use FairMoney’s USSD code, dial *322*6#.
Is fair money legit?
Yes, it is. You don’t have to pay anything to use FairMoney’s loan services. All you have to do is download the app, log in, and submit a loan application. The app contains everything you’ll need to use their service.
Who is the owner of Fairmoney
The founders are- Laurin Nabuko Hainy, Matthieu Gendreau, and Nicolas Berthozat
FairMoney terms and conditions
When you agree to FairMoney’s “Terms and Conditions”, you consent and agree that:
- FairMoney can send you electronic materials and other information about your rights and duties.
- Your electronic signature on agreements and documents has the same legal impact as if you signed them in ink on paper or by some other physical method.
- FairMoney will send you all important emails, billing statements, demand notes, and reminders (collectively referred to as “Disclosures”) via SMS or through your registered email address.
- When the Disclosures become available, FairMoney will give you an electronic notification.
- FairMoney will make the Disclosures available to you as soon as they become available, or as soon as they send you an email notifying you that they are available.
Unless you have withdrawn your consent prior to the transaction, this consent extends to your current transaction, any future Disclosures on the Account,
any other transactions in which you use the FairMoney Payment option at any time, and any other Disclosures that they send to you by email.
You accept that electronic Disclosures have the same value and effect as if they provided you with paper Disclosures as mandated by law.
Unless you have previously withdrawn your consent to accept Disclosures electronically, when they send you an email alerting you that the Disclosures are available electronically and making it available online,
it has the same purpose and effect as if they had provided you with paper Disclosures, whether or not you want to view the Disclosures.