Fairmoney Loan: How to Apply, App Download & Interest Rate in 2024

If you run out of money or credit, you’d probably be looking for the easiest way to get a fast loan online.

And Fairmoney loan app is not just one of the apps that can help, but the most popular lending app in Nigeria.

On Fairmoney, you can get an instant loan effortlessly disbursed into your Fairmoney account which you can then use to sort out some of your financial problems or use for your business.

Of course, the loans you’ll get from the Fairmoney loan app don’t require collateral, a guarantor, or any excess paperwork whatsoever.

While the app can quickly help you with payday loans, things like your safety, application and repayment process, and the trustworthiness of the app still need to be considered.

That’s why we’ve curated this post that contains an honest Fairmoney loan app review to show you if it is legit and also, all that you need to know before applying for a loan on Fairmoney.

Without a waste of time, let’s dive straight in.

What is Fairmoney?

Fairmoney is one of the most reliable online loan-giving companies that offer instant loans without collateral.

On Fairmoney, you don’t need a guarantor or any excess paperwork to get loans from as low as ₦1,500, and up to ₦1,000,000 disbursed into your account.

The Fairmoney loan app has been around for a long, it has over 5million downloads on Play Store, and is one of the few loan apps that have never been deleted Play Store since it was launched.

One cool thing about Fairmoney is that unlike other loan apps like Okash, KashKash, and Lcredit, you can save money on Fairmoney just like Opay.

Yes, Fairmoney can also be referred to as a finance app or a digital banking app.

Back to the loan, Fairmoney offers an impressively low interest rate which will keep getting better the more you borrow.

With its popularity over the years, Fairmoney is an app that should be in your book of loan list as it is a very reputable company.

Talking about reputation, who is the owner of Fairmoney?

Related: Top 20 Loan Apps in Nigeria

Is Fairmoney Loan App Legit?

With it being licensed by the Central Bank of Nigeria, and over 5,000,000 downloads, plus a 4.4 stars feedback rating on Google Play Store, Fairmoney is definitely a legit lending company.

Unlike other loan apps that keep themselves almost anonymous, Fairmoney has a physical branch, a live website, active Facebook and Twitter page, and responsive customer service.

If nothing more, all those features have already proved that the company is legit.

Read Also: Loan App for Instant Cash in 5 Minutes

Fairmoney Loan Requirements

We’ve curated a post that shows all that you need to apply for a loan on Fairmoney that you can find on our website.

But to make things easier, let’s take a look at some of the basic and most essential loan requirements on Fairmoney.

The following are the most vital requirements.

• An Android Phone.
• A bank verification number (BVN)
• A valid bank card (ATM card).

If you want to know more, you can read the full Fairmoney loan requirements here.

Related: How to Borrow Money from Opay

How to Get a Loan From Fairmoney in 2023: Step-By-Step Guide

With a simple beginner-friendly app dashboard design, it is very easy to apply for and get a Fairmoney loan.

The first thing you need is an Android phone, and the Fairmoney app installed on it (scroll down to see how to download and install the App).

After that, open the Fairmoney loan app and follow the instructions below:

• Sign Up/Register a new account.
• On the app dashboard, click on the “Get a Loan” button.
• Now, gently fill in all the required information about you.
• Enter the loan amount you would like to get.
• Select your preferred loan term/duration.
• Then, the loan amount will be disbursed into your Fairmoney account if it was accepted. Which you can then transfer to your bank account.

You can reapply if your application was rejected.

That’s how simple it is to apply for and get a loan on Fairmoney.

Since you need the Fairmoney loan app to apply for a loan on the platform, let’s see how to download it.

Check Out: How to Borrow Money from PalmPay

Fairmoney Loan Interest Rate

On fair money, loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%)

For Example:

If you borrow ₦100,000 over 3 months, and the Interest (total cost of the loan): ₦30,000 (30% rate) or (10% per month). Your total repayment amount would be 130,000.

This amount can be paid at once or scheduled into monthly payments. 

— Three monthly repayments: ₦43,333/mo

— Total amount payable: ₦130,000

Further Breakdown of Fairmoney Loan Interest:

• Loan amount from ₦1,500 to ₦1,000,000
• Repayment periods from 61 days to 18 months
• APR from 30% to 260% per annum
• Interest discounts of up to 90% for early repayments
• No hidden fees

See Also: Renmoney Loan App Review

Fairmoney Loan App Download

The Fairmoney app is the most important thing that you must have if you can to get a loan from Fairmoney. This is because all the loan application, review, and disbursement process is done on the app.

It is very easy to download the Fairmoney app and install it on your Android phone. All you need to do is click on the link below, and you’ll be taken directly to the Fairmoney loan app download page.

Click Here to Download FairMoney Loan App & Get Bonus

Fairmoney Loan App Review

Now to the main purpose of this post, the Fairmoney loan app review.

First of all, Fair money is more than just a loan app, as it also offers a digital banking service that let you transfer money to any bank in Nigeria for free, buy airtime and also pay bills at no cost.

With the new feature that the company just rolled out, you can also invest your money in Fairsave and any interest on it daily.

The app offers an easy-to-use interface that makes getting a loan fast and effortless with a low interest rate.

Now, let’s see the Pros and Cons of Fairmoney.

Pros

• Instant loan in minutes without collateral.
• Fast disbursement of loans.
• It has a live website, active social media pages, and responsive customer service.
• The registration and application process is easy.
• Offers a low interest rate of 2.5 to 30 percent.
• It offers interest discounts on early loan repayment.
• They accept multiple repayment methods.
• You can extend and reschedule your loan due date.
• The Fairmoney loan app can be found on Google Play Store.
• The app is updated regularly.

Cons

• You’ll later be required to submit some documents.
• Their auto-debit feature may take you unaware.
• Loan extension requires an extension fee payment.

Those are the pros and cons of Fairmoney.

Moving forward, the Fairmoney loan app has over 5,000,000 downloads and a 4.4 stars feedback rating which can be seen below.

Here are some of the things that customers have to say about the Fairmoney loan App.

See Also: Newcredit Loan App Review

Who owns Fairmoney?

Fairmoney is an online digital banking company owned by Laurin Hainy. That simply means Laurin Hainy is the Founder & CEO of FairMoney.

Fairmoney Customer Care Number

+234 1 700 1276 is the Fairmoney phone number. You can also contact them at +234 1 888 5577.

The fairmoney customer care line is available from Monday to Friday at 9am to 5pm.

You can call them during that period and tender your request, and they’ll help you out.

Fairmoney WhatApp Number

Fair money doesn’t offer support via WhatsApp at this moment. That is why you can’t see a WhatsApp number on their contact page on the app.

Fairmoney Email Address

help@fairmoney.ng is the fairmoney email address. You can send them a mail their and they’ll reply to it ASAP.

The email customer support team is available 24/7.

Fairmoney Office Address

Fairmoney Nigeria head office is located in Lagos, Nigeria.

Related: Best Loan Apps for Students in Nigeria

Fairmoney Loan – FAQs

Does Fairmoney Ask BVN?

Yes, one of the qualifications requirements and eligibility criteria for a loan on fairmoney is your BVN.

How do I qualify for a Fairmoney loan? 

To qualify for a Fairmoney loan, you must be a Nigerian resident, be between the age range of 20 and 55, and also have a valid Bank Card, and Bank verification number (BVN).

How do I borrow money from Fairmoney?

You can borrow money from Fairmoney by simply following these steps:

• Download Fairmoney app and sign up. 
• On the App’s homepage, click on “Get a Loan”.
• Fill in all the required information.
• Enter the amount you want to borrow.
• Enter your preferred loan term.
• And get your loan credited into your Fairmoney account.

Is Fairmoney licensed by CBN?

Yes, Fairmoney is an online finance, loan, and digital banking app that is licensed by the Central Bank of Nigeria (CBN).

Is Fairmoney a microfinance bank? 

Yes, Fairmoney is a microfinance bank that does all its business online.

How much can I borrow from Fairmoney and for how long?

FairMoney offers loans from loans of up to 1 million Nairas for a period of up to 18 months. The better your lending history and positive behavior, the more you can access and the longer the period.

What do I need to get a loan on Fairmoney?

No document, no collateral! You will only need to share your BVN details during the loan application and connect your card or bank account to authorize an auto-debit on your account for the loan repayment.

Can I extend my Fairmoney loan duration?

Yes! Just go to “Manage loan” in the app to see extension offers (if any).

How much interest do I earn with FairSave on Fairmoney?

You can earn an effective annualized interest rate of 10% on whatever amount you have deposited in your FairSave.

Is My BVN safe with Fairmoney?

Yes, your Bank Verification Number (BVN) is safe with Fairmoney, as they won’t share it or do what will harm you with it.

Where is FairMoney located?

FairMoney office is located in Lagos, Nigeria. See fairmoney.ng/contact for more details.

Read Also: Reliable Loan Apps Like Fairmoney

Conclusion:

Like seriously, getting a loan has never been secure, fast, and easy. With Fairmoney, you can check your account balance just a few minutes after applying for a loan, and you’ll see that your loan has been approved.

I believe this honest Fairmoney review has cleared your thoughts on questions like: is Fairmoney legit? Can I trust Fairmoney with my information? what is Fairmoney interest rate, how to download Fairmoney loan app, and so on.

Peace!