Fairmoney loan app can be a powerful monetary tool to meet an assortment of short term and medium term money related targets.
With the development of technology, getting approval for an unsecured personal loan can take as little as a couple of hours with the consummation of a basic app like Fairmoney loan app on your smartphone.
Personal loans like Fairmoney loans are unsecured commitments. This implies you’re not required to vow any collateral to secure the loan.
Therefore, personal loans make incredible alternatives for refinancing higher interest rate credit card debt into fixed-rate commitments with a lower interest rate.
FairMoney is one of the best mobile apps for quick online loans in Nigeria and this article clarifies how the loan app works and features the most ideal approach to use it to get your loan approved as quickly as would be prudent.
What Is Fairmoney App?
FairMoney is a mechanized loan app that gives single payment loans, installment loans and payroll loans for interested borrowers.
The sum obtained is then deducted from your account at the interest rate given.
Their minimum loan sum is N10,000 and the upper limit is N40,000 with no collateral or guarantor required.
Interest rates are determined by various factors, including your repayment history, credit score and the cost of lending.
Loan choices are given inside 15 seconds and whenever approved, the applicant gets the cash inside 5 minutes. 24 hours per day, 7 days every week.
Loans are conveyed through an Android portable app, with lending choices given in a split second.
Barely two years prior, in March 2018, FairMoney propelled in Nigeria.
Presently, dispensing more than one thousand 500 loans day by day, the organization has helped a large number of people.
Private companies have also been able to draw nearer to their goals and above all, access to funds made conceivable by the power of technology.
Clients can get to moment loans on FairMoney without collateral, broad documentation or office visits, which normally make getting money distressing for users.
Quick Disclaimer: We are not Fair Money company; the information provided is for information purposes and personal opinion based on what we’ve tried with the app. Do read their terms and interest rate policies before you proceed.
Who Is the Owner of Fairmoney?
Laurin Hainy is the German-born, CEO of the Paris based startup Predicts and FairMoney.
He has a long background in entrepreneurship, and most recently headed up the startup studio and VC firm Le Studio.
His background is in corporate finance (Sciences Po Paris) and international law (HHS, The Hague).
Nicolas Berthozat, CPO & Cofounder at FairMoney. Nicolas has experience working with FairMoney, Le Studio VC, Altai Consulting.
Mathieu is the co-founder and CTO of fair money operations all over west Africa and the world.
How Does Fairmoney Loan Work?
With the FairMoney loan app, you can get instant loans up ₦150,000 without collateral or paperwork.
They give business loans and personal loans, you just need to download the FairMoney app, sign up and follow a simple application process to get an instant loan in only 5 minutes.
FairMoney is a quick response, secure, reliable and free Android mobile banking app, available in Nigeria.
They make getting loans and paying bills fast and easy. They also have a referral bonus for customers who refer their friends to use the app to obtain loans.
Their products include:
- Payday loans – FairMoney payday loan is designed to provide monthly overdraft to staff of companies, ministries, Parastatals and other establishments.
- Education – Any salary earner, self-employed or professional Public and Private companies, Students, Government sector employees including Public Sector is eligible for a personal loan.
- Business – The loans help business to cover cash flow payments when due.
Before you can obtain loans through the app however, there are requirements that you have to satisfy such as Age (not less than 18 years), Bank Verification number and a smartphone.
It’s as easy as that.
How to Download Fairmoney For iPhone and Their Website
Unfortunately, for users of Apple products, the fairmoney loan app is not available at the time of writing of this article.
It is only available for Android users and can be downloaded on the Google play store by easily by inputting ‘FairMoney loan app’ in the search icon.
However, you can reach them through their website at www.fairmoney.ng for any further questions and inquiries.
How Do I Borrow Money From FairMoney?
In need of money urgently and there’s no other means aside taking loans from FairMoney? The following guidelines will help you to successfully obtain a loan through the FairMoney loan app.
- First, you need to Download FairMoney loan app on Google Play Store as explained above
- After downloading, launch the app and click on ‘Get Started’.
- Input your phone number.
- A verification code will be sent to your phone. Enter it.
- Create a secret PIN number that is unique and only you know and complete the registration process by filling your personal details.
After successfully registering on the FairMoney loan app, you can then apply for your own quick loan by following the guidelines listed below.
- Launch the FairMoney loan app and click on apply.
- Fill in the information needed on the next page like name, address, nearest bus stop etc.
- You will get a loan offer thereafter.
- Enter the loan amount of your choice as long as it doesn’t exceed your limit and repayment period.
- Input your banks details and the money will be credited to your account in less than 5 minutes if loan is approved.
- On the home screen of your app, click on the ‘loan details”.
- Click on the play button.
- Choose “full loan amount” to settle your loan one-off or “enter amount” to choose the amount of money you would like to pay if you’re not in a position to settle it completely.
- Click next and follow the following options.
- For bank transfer, your unique Providus bank account number and account name will be displayed on the screen.
- Click on copy and deposit your loan amount to this account using the online banking platform or over the counter at any bank of your choice.
- For USSD transfer, the USSD code of your bank together with the loan amount to be repaid followed by the Providus bank account number where the money will be sent to.
- Copy the code and paste in on your phone dialer to repay the loan.
- For Debit card transfer, select ATM.
- The card(s) registered to your account will be displayed.
- Choose the card of your choice and click on the “pay” option.
- The loan amount will be deducted directly from the account that has been linked to the ATM card.
How Much Can I Borrow From FairMoney?
The minimum loan amount you can receive through the FairMoney loan app is ₦1,500 and maximum ₦150,000 depending on your credit score, history.
Unlike C24 Loans, Palm credit loan app, and others, the first amount is slightly higher.
How Much Is Fair Money Interest Rate?
FairMoney loan interest rate ranges from 10% to 28% EIR and APR from 120% to 260%.
FairMoney loan repayment period is between 61 days to 180 days permitting borrowers to pay back their loans in installments.
How Long Does Fair Money Take to Process a Loan?
After successful loan application through the app, it takes just 5 minutes for your loan to be processed and you will be notified if your loan is approved or rejected.
If approved, your bank account will be credited immediately.
What Happens When You Don’t Pay Back Your Loan?
We can advise you today to always pay your loans on time because the detriments of not doing so are so much.
Each day after the agreed due date of repayment, the FairMoney loan app will charge an extra 1.5% interest rate on the amount you fail to pay up.
And that is not all, you will also be reported the Credit bureau of Nigeria which means you will lose any chance to borrow from any other loan platform available in Nigeria.
Your account might get suspended and you will end up being sued. You don’t really want any of that, do you?
You can reach out to the Fairmoney customer service platform by sending them an mail through [email protected].
FairMoney Loan App Summary Notes
Fair Mones Loan can be used to pay up your school fees as a student, start up a new business venture of your choice or solve personal issues.
One of the best things about the Fairmoney loan app is that you will receive a notification a few minutes after submitting your application for a loan.
We do hope this article is enough to help you obtain your loan successfully and as quickly as possible.
If you have any further questions however, you can always visit their website or contact their customer care service as given in the article above.