Getting an instant loan in Nigeria is easy. As long as you have an internet enabled phone, BVN and can read to follow the on screen prompts, you can easily get a loan. But getting a loan from the right lender is important, which is why in this FairMoney loan app review, we will look at the lenders interest rate, how easy it is to apply and pay back the loan, and how to contact FairMoney if you have any issues using their services.
What is FairMoney?
FairMoney is a licensed Money Lender in Nigeria that provides short-term cash loans for both personal and business use to meet urgent cash needs. FairMoney is owned by a France based Fintech company with operations in Nigeria and India and expanding to other countries and territories.
The app uses artificial intelligence to analyze your bank records and validate your BVN to take lending decisions based on your credit score. The loan is 100% online, with no collateral required and you can apply at anytime, any day of the week.
Now, the FairMoney app is more than just a loan app. There is an investment feature and also a Microfinance bank that is duly licensed by the Central Bank of Nigeria. As such, all your deposits are insured with the Nigeria Deposit Insurance Corporation (NDIC).
How to Apply for FairMoney loan?
- Download and install the FairMoney App from Google play store. You can also apply online via www.fairmoney.ng
- Register for an account using your 11 digit BVN number.
- Add your card (N50 will be charged for card tokenization) and bank account details
- Verify your identity and that the information you’ve entered is correct.
- Get money sent directly to your Bank account.
How to repay your FairMoney loan?
Click on the “Repay” button in the app to pay with a Debit (ATM) card, USSD or Automatic Bank Transfer (via your Providus wallet)
- Click on ‘Loan details’ on the home screen
- Click on ‘Pay’
- Select ‘Full loan amount’ to pay your loan in full or select ‘Enter amount’ to manually enter the amount you would like to pay
- Click on ‘Next’
- Here you will see the following repayment options:
- Here you will see your unique Providus/Wema Bank account number (990*) and your account name (FairMoney – [Your Name])
- Click on ‘Copy’ and make a deposit into this account via your online banking platform or over the counter at any bank
- Here you will see your bank’s USSD code combined with the amount you would like to repay and the Providus Bank account number the funds will be transferred to
- Copy this code and paste in your phone dialer to make payment
Debit (ATM) card
- Select ‘ATM card’
- Here you will see the card(s) registered to your account
- Select the desired card and click ‘Pay’
- Payment will be deducted from the account linked to the card
FairMoney interest rate
The interest rate charged by FairMoney is between 2.5% to 30% monthly. (APRs from 30% to 260%)
An example of a FairMoney loan
Borrow ₦100,000 over 3 months
Interest (total cost of the loan): ₦30,000 (30% rate)
Three monthly repayments: ₦43,333
Total amount payable: ₦130,000
Representative: 120% APR
Note: expect both your loan amount and loan tenure to be significantly lower as individual interest rate, loan amount and loan tenure are calculated based on the applicant’s credit score and credit worthiness. Keep a good credit score and repay your loan on time to qualify for higher amounts. See how loan apps make lending decisions for first time borrowers and how to increase your loan limits.
Is FairMoney legit?
Yes, FairMoney loan is legit and secure. The app is owned by a France based company and uses European level encryption to secure its transactions. A lot of customers have testified to receiving a loan from them. Read other customer’s Reviews on Google play store.
When you download FairMoney, it will ask for your permission to scan your financial location data and other information in order to verify your identity, creditworthiness, and provide you with an instant loan. It also use this to help you better understand and improve your finances with us. The app takes privacy seriously – all data you choose to share is encrypted and your personal data will never be shared without your consent.
Fairmoney is more than just a loan app. With the FairMoney app, you can:
- Get an account number and use it to receive money from anyone in Nigeria
- Add money to your account
- Send money to any bank account for FREE
- Apply for loan and receive it instantly
- Pay your bills
What FairMoney can improve.
FairMoney app is a great loan app and offer fantastic customer care services compared to other loan apps in Nigeria.
However, a lots of customers have complained about their high interest rates, especially for first time borrowers.
Others have also complained of being denied a loan without any explanation. It can be frustrating after a customer has filled all their information and done all the verification only to be asked to try again later sometimes in the future.
What happens if I don’t pay back my loan?
We are humans and understand that unexpected and unforeseen situations may occur.
However, the app doesn’t reschedule payment dates, you should take a loan only if you have the capacity to repay it to avoid:
- Late fees (1.5% per day late)
- Report to national credit bureaus
- Suspension of your FairMoney account
- Automatic debit on your bank account.
Personal Loan Eligibility
- You are a Nigerian Citizen
- You are at least 18 years or older
- Approval of your loan depends on a number of factors, such as, all documents required are uploaded, leverage ratio and disposable Income.
- You have a Nigerian Bank account.
- Interest rate is 2% to 15% flat monthly.
- Tenor is 30 days.
How much can I borrow with FairMoney?
FairMoney will offer you a loan range between N1500 to N500000. Monthly loan payments, interest rates, and loan terms will vary depending on your credit score.
Fairmoney customer care number
Contact the customer service hotline (01 700 1276) available every Monday to Friday (9 AM – 5 PM).
customer service email – firstname.lastname@example.org is available every Monday to Sunday – 24/7.