Just as Fido is the leading Fintech Mobile loan app in Ghana, FairMoney is Nigeria’s ultimate lending app with lots of positive reviews under its app on Google PlayStore.
Although Fairmoney isn’t the only mobile loan app in Nigeria, there a the likes of Blocka Cash, PalmCredits, among others. This article sought to address Fairmoney, What Fairmoney Is, How to get a loan with Fairmoney, and more.
What Is Fairmoney?
Fairmoney is an ultimate Nigerian Fintech platform that offers short-term loans to help tackle situations that required financial aid.
The FairMoney app gives you FREE bank transfers, and instant loans — no collateral is needed.
FairMoney Eligibility
There are no requirements or eligibility criteria to get FairMoney Loan; it is more or less like a Plug and Play thing, thus Signing up and Applying for the loan right away, and you shall be processed.
However, FairMoney will require you to provide the following personal information before they can proceed with your loan application.
- Your real name and email address
- Bank Verification Number (BVN)
- Bank Account details
- ATM Debit Card is required because they will need to debit your loan when the repayment date is due.
- Mobile App, since this is a Mobile Loan, you will need their mobile app before you can apply for a loan
- A Selfie Photo of you, you shall take it. through the FairMoney App before your loan is disturbed to you.
How much loan can you get?
With the FairMoney app, you can get a Loan amounts between ₦1,500 to ₦1,000,000. The amount you will be given however depends on your credit score and how you pay your loans on time.
What is FairMoney Interest rate?
FairMoney monthly interest rates range from 2.5% to 30% – For example;
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
What Is FairMoney Loan term?
FairMoney Loan term ranges 61 days to 18 months and you must always pay your loan within these days to keep up a good credit score with Them.
How to Repay FairMoney loan?
When you aapply for FairMoney Loan, it is required to set up your Bank Acount or ATM Debit card, So all you have to do now is to Loan your Bank Account or ATM Debit card with money and Open the FairMoney app on your smartphone. When logged in, click on payment and visit repay page to repay your loan.
How To contact FairMoney for Help?
In case you are finding any difficulties while applying a loan or repayment of your loan, you can reach FairMoney Support via email; [email protected]
Since almost every question you will need to know about FairMoney is answered, it’s about time we dive into how to apply for the Loan.
How To Apply For FairMoney Loan?
To Apply for a FairMoney Loan, it is required to download their Mobile App From Play Store or the Apk on their official website.
FairMoney Mobile App
The app is only aavailable for Android for users, click HERE to download the App
Once the App is successfully installed, Kindly launch/Open it and create an account.
FairMoney Sign Up
Once the app is downloaded and launched, you shall see a screen like the screenshot above; click “Sign up with phone number” to proceed.
The FairMoney Account creation is relatively more straightforward than that of Facebook account creation.
Answer a Few Questions to get a Loan Offer
When done, Answer a few questions about yourself. NB: The FairMoney app uses answers you give to calculate your credit score. Based on the Credit score, you will be given a Loan offer.
In most cases, you will not be given huge amount on your first application, but if you continue to pay your loan on time, your loan offer increases significantly. And if your loan application was rejected you can reapply again in 15 days.
Accept FairMoney Loan Offer.
Based on the answers you provided in the Questions page, you will get a loan offer – If that offer is cool by you Then click on Accept!
Recieve You Loan In a few Minutes
Once you have accepted the loan offer given you, you shall see an alert of the loan right away.
Conclusion
That is how hassle-free it is to get a loan from Nigerians top lending app FairMoney. I really hope this article was helpful to your FairMoney loan application.
However, You can as well try the following lenders Blocka Cash (Click Here) Fido Loan (Click Here), SikaPurse Loan (Click Here) WohiaSika Loan (Click Here) or Bloomkcash (Click Here) LendingPapa Loan (Click Here)
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