With the number of lending institutions (like Fairmoney loan app) and other loan apps in Nigeria increasing everyday, it is necessary for one to do a little research before applying for loans, especially via loan apps. One of the numerous reasons to carry out a mini research on loan apps and institutions before applying for loans with them is to ensure that these apps are authentic and true to their claims; these in the long run will help you decide whether to do business with them or not.
In this article, we will be reviewing the Fairmoney loan app.
What Is FairMoney Loan App?
FairMoney loan app is an app that belongs to FairMoney Microfinance Bank. FairMoney loan app was launched in March 2018 on the Google play store. It is currently the most downloaded loan app in Nigeria with over 10 million downloads. FairMoney loan app currently boasts of over 5 million customers and 10,000 daily loan disbursements. In their words, “FairMoney helps the average Nigerian access finance tools to take control of both their life and their finances.”
How Does FairMoney Loan App Work?
FairMoney loan app provides instant loans to customers without collateral or paperwork. Like every other loan apps, FairMoney loan app grants loans to customers with stress-free procedures which are majorly carried out via the internet.
FairMoney loan app can grant loans as low as N1,500 and as high as N1000,000 depending on what your loan limit is. Usually first time users are more often than not only allowed to apply for small loans. Your loan limit increases if you keep a good credit score by repaying your loans on time.
Failure to repay a loan after the due date will attract late payment fees on the FairMoney loan app, this works in such a way that a certain amount will be added to your principal debt everyday until the day you pay off your loan. Late payment on the FairMoney loan app can mess up your credit score and make you unqualified to apply for future loans on the platform.
Is FairMoney Loan App Legit?
The FairMoney loan app is legit and not a scam. True to its claim, the loan app gives loans to eligible customers following successful applications. FairMoney loan app has helped some Nigerians relieve the burdensome effect of the Nigerian economy and has amassed a good number of users and loyal customers following its 2018 release.
How To Download And Get Started On The FairMoney Loan App
To gain access to FairMoney loan deals, you will need to download the FairMoney loan app. Note that FairMoney does not have a website where you can apply for loans, the only platform where you can apply for FairMoney loan is on the mobile apple which is available on the Google play store.
How To Download FairMoney Loan App
To download the FairMoney loan app, follow these steps:
1. Go to the Google play store
2. Search for FairMoney loan app
3. When it pops up, hit the download button.
How To Get Started On The FairMoney Loan App
After you have successfully downloaded the FairMoney loan app from the Google play store, the next step is to sign up on the app, that is if you are a first time user.
How To Sign Up On FairMoney Loan App
To sign up on the FairMoney loan app, follow these steps;
1. Open the FairMoney loan app
2. Click the “sign up” button
3. The next screen that will pop up will request for your phone number, input it.
4. Click next
5. An OTP will be sent to the number you inputted
6. Enter the OTP and click next
7. Create and confirm your login pin.
That is it, with these 7 steps, you can easily sign up on the FairMoney loan app.
How To Borrow Loan On FairMoney Loan App
Loan applications on the FairMoney loan app are as easy as can be, it is stress-free and fast.
Here is how to borrow loan on the FairMoney loan app:
1. On the home page click the “loans” button
2. Input how much loan you need, your monthly income and your email address then proceed to click “next”
3. Enter your BVN (Bank verification number)
4. Verify your identity by taking a selfie. Note to use a well lit up area for your selfie in order for your face to be very visible.
5. Agree to terms and conditions on the next page and click confirm
6. Click on the “give access” button on the next page and wait while they assess your information.
7. After an assessment has been carried out, your loan limit will be decided. To see your loan limit, click on “loans”
8. The maximum amount you can borrow will be displayed under “select amount”, if you wish to borrow a smaller amount, click on the arrow and choose the most suitable amount displayed.
9. Choose the time frame you will be repaying the loan
10. Click the “take the loan” button.
How To Repay Loan On FairMoney
To repay your FairMoney loan, follow these steps;
1. Login to the Fairmoney loan app.
2. Click on “Repay” from the list.
3. Enter the amount you want to pay, or select full loan payment.
4. Click on “Next” to view the available repayment options.
There are several ways to repay FairMoney loan; the different ways to repay your FairMoney include;
How To Repay Your FairMoney Loan On The App
To repay your FairMoney loan on the FairMoney loan app:
1. Fund your FairMoney wallet
2. Login to the FairMoney loan app
3. Click on “repay”
4. Click on the “account balance button”.
How To Repay Your FairMoney With USSD Code
To repay your FairMoney loan using USSD code, follow these steps:
1. Login in to the FairMoney loan app
2. Click on “repay”
3. Locate the USSD code option.
Your bank’s USSD code, the amount you are to repay and the account number you are to pay into will be displayed on the screen.
4. Copy the USSD code and dial it on your phone to initiate the payment.
How To Repay Your FairMoney Loan Wih Bank App
If you are more comfortable repaying your FairMoney loan with your bank’s mobile app, here is what to do;
1. Login to the FairMoney loan app
2. Click on “repay”
3. Choose the pay with mobile app option
4. Take down the account details that will be provided (if need be write them down), proceed to your mobile app to make the payment.
How To Repay Your FairMoney Loan With Debit Card
To repay your FairMoney loan with a debit card you will need to provide the details of your ATM card, details such as card number, expiration date, pin etc.
If you have an ATM card already linked to your FairMoney loan app, all you need to do is to click on the card number and the equivalent of your loan will be debited from your card.
Pros Of FairMoney Loan App
The following are the pros of FairMoney loan app;
1. It is user friendly and requires zero to no assistant for first time users.
2. FairMoney loan app is fast.
3. FairMoney offers loans according to your financial capability, meaning when they assess your personal information, they offer you a loan based on what you are able to repay without pressure.
4. FairMoney offers loans with no collateral, this means you do not have to bring your valuables before you’re granted a loan.
5. It requires no long and cumbersome paperworks.
6. FairMoney gives out instant loans.
7. It has flexible repayment options.
Cons Of FairMoney Loan App
The following are the cons of FairMoney loan app;
1. High interest rate; FairMoney has a rather high interest rate of over 10-30% per month.
2. It offers first time users a very minimal loan amount.
3. You must download the FairMoney loan app in order to apply for a loan on FairMoney.
Frequently Asked Q & A
Is the FairMoney loan app available on IOS devices?
No! The FairMoney loan app is only available for android devices. FairMoney is however assuring that the loan app will be available for IOS devices in the nearest future.
Can I Get A Loan On The FairMoney Loan App Without A BVN?
No! You must have and provide your BVN to be eligible for a loan on the FairMoney loan app.
Who Can Borrow Money On The FairMoney Loan App?
Anybody above the age of 18 with a BVN can borrow money on the FairMoney loan app.
What Happens If I Don’t Repay My FairMoney Loan On Time?
As mentioned earlier, failure to repay your FairMoney loan on time, you will be asked to pay a late payment fee.
What Happens If I Don’t Repay My FairMoney Loan?
As said by FairMoney, your account will be blacklisted, restricting you from borrowing future loans on the platform, additionally, your BVN will be reported to the National Credit Bureau and you might be banned from borrowing money on other lending platforms.
Can I Borrow Money On FairMoney Website?
No! The only platform you can apply for a FairMoney loan is on the FairMoney loan app.
What Is FairMoney’s Interest Rate?
FairMoney interest rates range from 2.5 to 30%, with annual percentage rates (APRs) from 30% to 260%. The minimum loan tenure is 61 days, and the maximum loan tenure is 18 months.
Does FairMoney Offer Customer Services?
Yes, the FairMoney loan app offers customer services. You can either call their customer care line or visit their office in Ikeja, Lagos or better yet send them an email.
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Final Verdict
FairMoney loan app is another excellent loan app that delivers fast, easy and stress-free loan services to customers. The app is the number 1 most downloaded loan app in Nigeria and has over 5 million users. FairMoney loan apps have different loan amounts ranging from N1500 to N1000,000. They equally have very flexible repayment options for every user.
FairMoney loan app is legit and is one loan app you can bank on.
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