When faced with financial constraints and in need of a quick loan without collateral or excessive paperwork, Fairmoney emerges as the most popular and trustworthy lending app in Nigeria. With over 5 million downloads on the Play Store and an excellent reputation, it offers instant loans ranging from ₦1,500 to ₦1,000,000 with reasonable interest rates. In this review, we’ll delve into the key features, loan application process, and overall legitimacy of the Fairmoney loan app.
About Fairmoney Loan App:
Fairmoney is a reliable online loan-giving company that provides instant loans without the need for collateral or a guarantor. The loan amounts range from ₦1,500 to ₦1,000,000, with repayment periods ranging from 61 days to 18 months. The monthly interest rates vary from 2.5% to 30%, with an APR from 30% to 260%. One notable advantage is that the interest rate improves as borrowers build a positive repayment history.
Who Owns Fairmoney?
Fairmoney is an online digital banking company owned by Laurin Hainy, who serves as the Founder & CEO of the company.
Is Fairmoney Loan App Legit?
Fairmoney is undoubtedly a legitimate lending company. It holds a license from the Central Bank of Nigeria and boasts over 5,000,000 downloads on the Play Store. The company maintains a physical branch, an active website, and responsive customer service, making it a credible and reputable option for borrowers.
Fairmoney Loan Application Requirements:
To apply for a loan on Fairmoney, you’ll need the following essentials:
- An Android phone.
- A Bank Verification Number (BVN).
- A valid bank card (ATM card).
How to Apply for a Loan on Fairmoney:
The application process on Fairmoney is straightforward and user-friendly. Here’s a step-by-step guide:
- Download and install the Fairmoney app on your Android phone.
- Sign up and create a new account.
- Access the app dashboard and click on “Get a Loan.”
- Fill in your required personal information.
- Specify the loan amount and preferred repayment term.
- If approved, the loan amount will be disbursed into your Fairmoney account, which can then be transferred to your bank account.
Fairmoney Loan App Review:
Apart from offering instant loans, Fairmoney goes beyond being just a loan app. It doubles as a digital banking service, allowing users to transfer money to any bank in Nigeria for free, buy airtime, and pay bills at no additional cost. Furthermore, the company recently introduced the option to invest money in Fairsave, earning daily interest.
Pros of Fairmoney:
- Instant loans without collateral.
- Fast loan disbursement.
- Active website and responsive customer service.
- Easy registration and application process.
- Low interest rates ranging from 2.5% to 30%.
- Interest discounts for early loan repayment.
- Multiple repayment methods and the option to extend or reschedule the due date.
- The Fairmoney loan app is available on Google Play Store and frequently updated.
Cons of Fairmoney:
- Subsequent document submission may be required.
- Beware of the auto-debit feature, which could catch you unaware.
Conclusion:
Fairmoney stands out as a reliable and popular choice for obtaining instant loans in Nigeria. Its legitimate status, user-friendly interface, and additional digital banking services make it a top contender in the loan app market. However, borrowers should be mindful of their repayment responsibilities and avoid potential surprises with the auto-debit feature. Overall, Fairmoney proves to be a trustworthy solution for addressing financial needs efficiently.
