Fairmoney Instant Loan comes to your rescue each time you run out of funds to suffice your immediate or pressing need. Hence, this post will show you one of the best loan apps in Nigeria so you can comfortably get funds and pay at your convenience.
About FairMoney Loan Company
Fairmoney is a loan company in Nigeria founded in 2017 and is headquartered in Lagos State. Fairmoney claims to have a presence in three continents of the world, and they are known to be building a formidable leading mobile bank they term “Digital Bank” for markets that are emerging.
Fairmoney creates a platform that enables people to access funds (loans) to augment their businesses or urgent personal needs without collateral.
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- Bank Verification Number (BVN): FairMoney will need your BVN for you to be able to process your loan successfully. Because without this, you won’t be eligible to get a loan. BVN serves as proof that you own a bank account and that the Central Bank of Nigeria endorses your bank account to receive and send money without any restrictions.
- Your Debit Card Number: Before applying for a loan you will be required to bind your bank card number so as to verify your bank account is active.
- Your Official Personal Details: This includes your full name, date of birth, occupation, academic qualification, marital status, nationality, phone number, etc.
- Access To Your Contacts: No loan app will release their money to you if you don’t allow them access to your contact list on your mobile phone, same with Fairmoney. You will be required to also add the number of your next of kin and some other contacts that are important to you.
N/B: All the abovementioned requirements are needed to intentionally get to you when you don’t repay your loan on the due date. So, I’m exposing this to you before making a decision to loan from them or any other loan company.
How To Loan
- First of all, download the Fairmoney app via this LINK on your smartphone and register to get started using your phone number.
- Provide all the information they will require
- Apply for your first loan
Advantages of Using FairMoney Loan App
- No long protocols
- Phone number and BVN verifications only
- No collateral
- Instant loan within 5 minutes of application
- They have an inbuilt wallet in the app just like a bank account that you save money too
- The loan is disbursed into their wallet, then you can decide to withdraw all or save some
- You can extend your loan due date if you can’t make repayment
- You can send money to your wallet on the Fairmoney app and use it to repay your loan instead of auto-debiting it from your bank account directly.
- Customer care is responsive and on time.
- The single loan repayment period for a small amount is one month
Disadvantages of Using The FairMoney Loan App
- You can’t extend your loan without paying a fee. Even when you pay the loan extension fee, you will still pay the full amount you were supposed to; so that’s a double charge for you.
- The loan amount at first is small
- If you repay your loan one week before the due date, you won’t be granted a higher loan. That means you must pay at least 2 days before the due date before you are considered serious.
- Their interest is not really that considerate, especially if you are getting a higher amount. I once got N100,000 and the interest was N42,000 (that’s a whopping 42% interest rate!). So, I ended up paying back N142,000 splitting it by 3 monthly intervals.
In this brief post, I have been able to expose the little detail I have about FairMoney Loan Company. Being a beneficiary (I would say), I have received a few loans from them without stress.
However, if you don’t have the ability or financial intelligence to pay back your loan, don’t bother borrowing, so that you won’t plunge yourself into unnecessary debt.
But if you feel you can measure up and you have a dire need for the loan, it’s still up to you. My own responsibility is to do research and publish valuable content to help my readers get informed and not deformed! Thank you!
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