Are you looking for how to get instant loans in Nigeria? Then this review of the Fairmoney loan app will be of interest to you. You will learn what Fairmoney loan app is all about and how to use it to get a loan in minutes.
What is fairmoney?
FairMoney is an online automated moneylender that offers single payment loans, installments loans, and payroll loans. The amount borrowed will then be deducted from your account.
FairMoney Loan was launched in March 2018. FairMoney Loan was launched in March 2018 and now disburses over one thousand five hundred loans per day to Nigerians.
FairMoney was able to help thousands and businesses in Nigeria, including Nigeria, get closer to their goals by giving them the financial support they cannot afford. They make it possible for small businesses and individuals to succeed despite the realities of their circumstances.
Who is the owner of Fairmoney?
The owner and Founder of FairMoney is Laurin Nabuko Hainy.
What Kind Of Loans Does Fairmoney Offer?
- 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 businesses to cover cash flow payments when due.
About FairMoney Loan
This loan platform offers a new way to get a loan in Nigeria. It does so without any collateral. FairMoney Loan allows you to get an instant loan of up to N500,000 with no collateral or paperwork. It would take less than five minutes to complete this loan.
Their minimum loan amount for new customers is N10,000. The maximum loan amount for existing customers is N40,000. No collateral or guarantor is required. The cost of the loan and your repayment history are key factors in determining interest rates. Lending decisions are made in 15 seconds. Funds are sent to the applicant within 5 minutes if approved. 24/7, 7 days per week. With their Android mobile app, you can receive loans in minutes.
The loans you receive from Fairmoney can be used to pay off short-term debts.
FairMoney.com: How much can I borrow and how long?
FairMoney Loans are available from N1,500 up to N500,000. Loans can be extended for as long as 60 days. The monthly interest rate is between 10% and 30%. Processing your loan does not involve any hidden fees.
FairMoney Loan Requirements
FairMoney does not require you to meet any requirements in order to get a loan. You can sign up by simply filling out the application and your loan will begin to be processed. This does not require any documentation or collateral to be processed.
How do I apply for a Fairmoney loan?
To be eligible to apply for Fairmoney loan, you should make sure you have your BVN and bank account number.
Then follow these steps to obtain a loan from FairMoney:
- Download the Android Fairmoney app from Google Play Store.
- Log in or sign up with your Facebook account or phone number.
- You can create a profile if you are a new user, or you can apply for a loan as an existing user.
- Apply for the loan amount you want.
In a matter of minutes, you can get money credited to your bank account.
FairMoney places customer satisfaction and experience as a top priority. FairMoney has launched a new app to achieve this goal. It is simple to use and reliable. This app will be their next phase of development.
Pros and Cons Of Fairmoney Loan
Pros
- Loan is usually approved fast – in minutes.
- They have a good repayment plan
- No collateral is required
- No guarantor is required
Cons
The maximum loan amount you can get is N40,000.
What happens if you don’t pay back your loan?
We recommend that you pay your loans promptly. The consequences of failing to do so can be severe.
FairMoney will add 1.5% interest to the amount that you have not paid up each day after the due date. You will also be reported to the Credit bureau of Nigeria. This means that you will not have any opportunity to borrow on any other loan platform in Nigeria. You could lose your account or be sued.
Fairmoney Customer Care Contact Details
You can reach Fairmoney customer care using the following contact details.
Contact Email: [email protected]
Contact Phone: 01 7001276 / 01 8885577
Contact Address: 3 Ajao Road, Off Adeniyi Jones, Ikeja, Lagos, Nigeria.
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