Fairmoney provides a seamless process to obtain instant loans directly into your Fairmoney account, allowing you to tackle financial challenges or invest in your business effortlessly. The best part? Fairmoney loans don’t demand collateral, a guarantor, or excessive paperwork.
While Fairmoney can swiftly provide payday loans, it’s important to consider factors such as safety, the application and repayment procedures, and the app’s credibility.
That’s precisely why we’ve put together this comprehensive Fairmoney loan app review. Our aim is to provide an honest evaluation of the app’s legitimacy and everything you need to know before applying for a loan through Fairmoney.
So, without further ado, let’s dive into the details.
About Fairmoney Loan
Fairmoney stands out as a trustworthy online loan provider, offering instant loans without the need for collateral.
With Fairmoney, you can secure loans ranging from as low as ₦1,500 to as high as ₦1,000,000. The process is hassle-free, and you won’t be burdened with the requirement of a guarantor or excessive documentation.
Having established its presence for a considerable time, the Fairmoney loan app has garnered over 5 million downloads on the Play Store. Remarkably, it remains one of the few loan apps that have maintained a consistent presence on the Play Store since its launch.
What sets Fairmoney apart is the ability to save money within the app, similar to the features offered by Opay. In essence, Fairmoney can also be considered a finance or digital banking app.
Speaking of loans, Fairmoney extends loans with impressively low interest rates, and these rates become even more favorable as you borrow larger amounts.
Given its steadfast popularity, Fairmoney is an app that should undoubtedly be on your list of go-to loan platforms, given its outstanding reputation.
Who Owns Fairmoney?
Fairmoney is owned by Laurin Hainy, an online digital banking company. To put it simply, Laurin Hainy serves as the Founder & CEO of FairMoney.
Fairmoney Loan Interest Rate
On Fairmoney, loan amounts vary from ₦1,500 to ₦1,000,000, with repayment periods spanning from 61 days to 18 months. The monthly interest rates range between 2.5% and 30%, translating to Annual Percentage Rates (APRs) between 30% and 260%.
Here’s a practical example:
If you borrow ₦100,000 over 3 months, and the Interest (total cost of the loan) amounts to ₦30,000 (at a 30% interest rate or 10% per month), your total repayment will be ₦130,000.
This total amount can be paid in one lump sum or divided into monthly installments.
— Three monthly repayments: ₦43,333 per month
— Total amount payable: ₦130,000
To further break down Fairmoney’s loan interest:
- Loan amounts: ₦1,500 to ₦1,000,000
- Repayment periods: 61 days to 18 months
- APR: 30% to 260% per annum
- Early repayment can result in interest discounts of up to 90%
- No hidden fees
Loan Application Requirements
For a comprehensive list of loan application requirements on Fairmoney, you can visit our website. However, let’s simplify the basics here.
To secure a loan on Fairmoney, you’ll need:
- An Android Phone
- A bank verification number (BVN)
- A valid bank card (ATM card)
For more details, you can refer to the complete Fairmoney loan requirements on our website.
Is Fairmoney Loan App Legit?
Rest assured, Fairmoney is a fully legitimate lending company. It holds a license from the Central Bank of Nigeria and boasts over 5 million downloads, along with a stellar 4.4-star feedback rating on the Google Play Store.
Unlike other loan apps that maintain a certain level of anonymity, Fairmoney is transparent and accessible. It has a physical branch, a functional website, active social media pages on Facebook and Twitter, and a responsive customer service team.
The presence of these features unequivocally validates the legitimacy of the company.
How to Apply for a Loan on Fairmoney
Acquiring a loan through Fairmoney is an easy and user-friendly process. Here’s how:
- Get the App: First, you’ll need an Android phone with the Fairmoney app installed. (You can find instructions on downloading and installing the app below.)
- Registration: Sign up and register a new account on the app.
- Loan Application: On the app dashboard, locate and click the “Get a Loan” button.
- Provide Information: Fill in your required personal details.
- Specify Loan Details: Enter the desired loan amount and select your preferred repayment term.
- Loan Disbursement: If approved, the loan amount will be disbursed into your Fairmoney account. You can then transfer these funds to your bank account.
- Reapplication: If your initial application is rejected, you have the option to reapply.
Fairmoney Loan App Download
The Fairmoney app is the key tool you need to access loans from Fairmoney. This app facilitates the entire loan application, review, and disbursement process.
Downloading and installing the Fairmoney app on your Android phone is a straightforward process. Click the link below to be directed to the Fairmoney loan app download page.
- App Name: FairMoney-Instant Loans
- Size: 15MB
- Version: Latest
- Downloads: Over 5 million
- Click Here to Download FairMoney Loan App & Get Bonus
Fairmoney Loan App Review
Beyond just a loan app, Fairmoney offers a comprehensive digital banking experience. In addition to providing loans, you can freely transfer money to any bank in Nigeria, purchase airtime, and settle bills at no extra cost.
Moreover, Fairmoney recently introduced a new feature enabling you to invest in Fairsave, with daily interest accrual.
The app boasts a user-friendly interface that ensures swift and effortless loan acquisition, complete with favorable interest rates.
Pros and Cons of Fairmoney
Pros:
- Instant loans without collateral
- Swift loan disbursement
- Live website and active social media presence
- User-friendly registration and application process
- Low interest rates (2.5% to 30%)
- Early loan repayment discounts
- Flexible repayment methods
- Loan due date extension option
Cons:
- Additional document submission might be required
- Auto-debit feature can catch you off guard
- Loan extension involves a fee payment
Customer Feedback and Support
Customers have provided positive feedback regarding the Fairmoney loan app, attesting to its efficiency and user-friendliness.
Customer Care and Support:
- Fairmoney Phone Number: +234 1 700 1276, +234 1 888 5577
- Availability: Monday to Friday, 9 am to 5 pm
In conclusion
the Fairmoney loan app offers a legitimate and convenient solution for obtaining fast loans online in Nigeria. Its transparent processes, positive customer feedback, and robust support system solidify its credibility.