How do I apply for Fairmoney Loan? If you are asking yourself this question, this article is a great place to start. Fairmoney Loan is one of the best online lending platforms in Nigeria currently. They are the best in providing quick and affordable loans in Nigeria.
The platform is designed to help individuals and businesses who need financial assistance achieve their goals without going through the hassle of traditional lending institutions.
As a beneficiary of Fairmoney loan offers, who had received a loan amount of N100,000 from Fairmoney, I will tell you everything you need to know about the Fairmoney loan app.
Overview of Fairmoney loan
Fairmoney loan is a type of loan provided by Fairmoney (a CBN approved lending platform) to eligible borrowers. The loan can be used for various purposes, such as paying bills, starting a business, or covering unexpected expenses.
Fairmoney loan is available to individuals who meet the eligibility criteria, which include being a Nigerian citizen, having a valid bank account, and having a verifiable source of income. There are different types of Fairmoney loans, including personal, business, and payday loans.
Features of Fairmoney loan
Fairmoney loan has several features that make it an attractive option for borrowers. Some of the features of Fairmoney loan include:
Interest rates: Fairmoney loan comes with competitive interest rates lower than those traditional lending institutions offer. This makes it easier for borrowers to repay the loan without incurring too much debt.
Repayment periods: Fairmoney loan offers flexible repayment periods ranging from 1 month to 12 months. This means that borrowers can choose a repayment period that suits their financial situation and budget.
Loan limits: Fairmoney loan offers loan limits ranging from N1,500 to N3,000,000. The loan amount offered will depend on the borrower’s creditworthiness and ability to repay the loan.
Disbursement process: Fairmoney loan offers a fast and secure disbursement process. Once your loan is approved, the loan amount will be disbursed to your bank account in minutes.
Collateral requirements: Fairmoney loan does not require collateral or a guarantor to secure the loan, meaning that borrowers can access the loan without putting up their assets as collateral.
Benefits of Fairmoney loan
Some of the benefits of a Fairmoney loan include:
Quick and easy application process: Fairmoney loan offers a straightforward application process that can be completed in a few minutes, meaning that borrowers can apply for the loan from the comfort of their homes or offices without visiting a physical branch.
Competitive interest rates: Fairmoney loan offers competitive interest rates lower than traditional lending institutions. This means that borrowers can repay the loan without incurring too much debt.
Flexible repayment options: Fairmoney loan offers flexible repayment options that allow borrowers to choose a repayment period that suits their financial situation and budget. This means that borrowers can repay the loan without feeling financially burdened.
No hidden charges: Fairmoney loan has no hidden charges or fees. This means that borrowers can access the loan without worrying about additional charges.
Improved credit score: Taking out a Fairmoney loan and repaying it on time can improve your credit score. This means you will have a better chance of accessing other loans and financial products.
FairMoney Loan Requirement
Below are the requirements to get a loan from FairMoney:
- Basic personal information such as name and email
- Must be a Nigerian
- Bank Verification Number (BVN)
- Automated Teller Machine card (ATM card). This is needed because it will be used to debit you for loan repayment.
- Bank Account details
- A photo of you may be needed in real-time.
- You can only apply for the loan from the app.
How to Apply for a Fairmoney Loan
The application process for a Fairmoney loan is straightforward and can be completed in a few simple steps.
- To apply for a Fairmoney loan, you need to visit the Fairmoney website or download the Fairmoney app on your smartphone.
- Next, you must create an account by providing your personal and contact information.
- After creating an account, you must provide additional information about your income, employment, and other relevant details.
Once your application is submitted, the Fairmoney team will review it, and you will receive a decision within minutes.
If your application is approved, you will receive the loan amount in your bank account within minutes.
Where and How to Download Fairmoney Loan App (APK)
You can download the Fairmoney app on your smartphone from the Google Play Store (it is only available for Android users). Here are the steps to download the Fairmoney app:
- Open the Google Play Store on your Android device.
- In the search bar, type “Fairmoney Nigeria” and tap search.
- Select the Fairmoney app from the search results.
- Tap “Install” to download and install the app on your device.
- Once the app is installed, please open it and follow the prompts to create an account and apply for a loan.
How to Apply for Fairmoney Loan Using USSD Code
To apply for Fairmoney loan using USSD code for loans, follow these seven steps:
- Dial *566*15# on your mobile phone
- Follow the prompts to check your loan eligibility.
- Choose the loan amount you want to apply for
- Provide the necessary information, including your bank account details, personal details, and employment status
- Review and confirm your loan application
- Wait for approval, which usually takes a few minutes.
- Once your loan is approved, the funds will be disbursed to your bank account within minutes.
8/10 Hakeem Balogun Street Agidingbi, Ikeja Lagos Nigeria
28 rue des Petits Hotels 75010 Paris
45/3, Gopala Krishna Complex, Residency Road, Mahatma Gandhi Rd, Bangalore, Karnataka
Fairmoney Loan Calculator
Fairmoney has a loan calculator feature that helps borrowers determine the amount of loan they are eligible for and the associated interest rate and repayment terms. The loan calculator is available on the Fairmoney app and website.
To use the Fairmoney loan calculator, follow these steps:
- Open the Fairmoney app or website and navigate to the loan calculator feature.
- Enter the loan amount you are interested in borrowing. The minimum loan amount is N1,500, while the maximum is N3,000,000 for up to 24 months.
- Select the loan duration that suits your financial situation. Fairmoney offers loan durations of up to 24 months.
- The loan calculator will display the interest rate and total repayment amount based on the loan amount and duration selected.
A loan calculator is a useful tool for borrowers to determine a loan’s affordability and make informed borrowing decisions.
The calculator provides transparency in the loan application process, enabling borrowers to understand the interest rates and repayment terms associated with their loan application.
It is important to note that the loan calculator provides an estimate and the final loan amount, and repayment terms may vary depending on the borrower’s creditworthiness and other factors.
Fairmoney Loan App Customer Care Number and Details
Office: 28 Pade Odanye close, off Adeniyi Jones, Ikeja.
Tel: 01 7001276 / 01 8885577
Frequently Asked Questions
What is the minimum loan amount in FairMoney?
FairMoney offers loans from N1,500 to N150,000 for up to 3 months. You can access higher loan amounts like N3,000,000 and longer repayment periods if you repay your loan on time or make payments in the app.
How much can I borrow from FairMoney for the first time?
Their minimum loan amount is N10,000, and the upper limit for a new customer is N40,000, with no collateral or guarantor required.
How long does it take to get a loan from Fairmoney?
Fairmoney loans offer a fast and secure loan disbursement process. Once your loan is approved, the loan amount will be disbursed to your bank account within 5 to 10 minutes.
Can I repay my loan before the end of the repayment period?
Yes, you can repay your Fairmoney loan before the end of the repayment period without incurring any penalties. Early repayment can also help you save money on interest charges.
What happens if I can’t repay my loan?
If you cannot repay your Fairmoney loan, contacting the Fairmoney team as soon as possible is important. The team can work with you to develop a repayment plan that suits your financial situation.
Are there any penalties for early repayment?
No, there are no penalties for early repayment of a Fairmoney loan. Early repayment can help you save money on interest charges.
Fairmoney loan is a fast, convenient, and affordable way for individuals and businesses to access financing in Nigeria. The platform offers competitive interest rates, flexible repayment periods, and a fast and secure loan disbursement process.
Fairmoney loan does not require collateral or a guarantor, making it an attractive option for borrowers who do not have assets to use as collateral. We recommend considering a Fairmoney loan as a viable option if you need financing.