Fair Money – Everything You Need To Know
There has been a quantum leap in the digital banking sector in Nigeria. Fair Money is one of the famous digital lending platforms offering instant loans to qualified persons.
Also, there are other services offered by FairMoney. If you wish to know more about these services and how to get a loan from Fair Money, please, kindly read down and pay attention to every detail.
Overview Of Fair Money
Fair Money is a Microfinance bank that is licensed by the Central Bank Of Nigeria and Nigeria Deposit Insurance Corporation to not only offer loans to citizens but to perform every mobile banking service through its approved mobile application by Google Play Store.
Yes, Fair Money is not only about helping people meet up with their needs and emergencies but also about helping its customers to send and receive money without hitches. In addition, users can also save and earn interest on Fair Money. Currently, Fair Money has over three million users across the country.
How Does Fair Money Work?
Fair Money is an MFB that offers digital banking services to its customers. Before it was known only for the issuance of loans but with the increase in the need for other banking services, Fair Money upgraded to meet the demands of its users.
For a Fair Money loan, you need to meet the requirements; (we will list them in one of the subsequent headings), download the app and have an account with Fair Money.
Fair Money Mobile App
The Fair Money mobile app is where Fair Money Microfinance Bank performs its magic. With the Fair Money mobile app, you can seamlessly access the Fair Money services anywhere and anytime!
The FairMoney App, which FairMoney Microfinance Bank offers, was released on October 10, 2017. As of April 3, 2023, the app has over 10,000,000 downloads, 566K positive reviews, 4.3-star ratings, and a download size of 20.32 MB.
With the FairMoney app, the following services can be accessed;
- Get an account number and use it to receive money from anyone in Nigeria
- Add money to your account.
- Send money to any bank account for FREE
- Apply for a loan without collateral and receive it instantly
- Pay your online bills,
- Enjoy discounted airtime and bill payments
- Earn daily interest with FairSave with Free withdrawals
- Earn interest rates as high as 26% with FairLock (fixed-term deposits)
Fair Money Loan
The Fair Money loan is one of the most accessible loans to secure with a low-interest rate, a flexible repayment loan term, and fast loan disbursement.
Characteristics Of FairMoney Loan
The following are the characteristics of a FairMoney loan;
- The process is simple and done online
- The disbursement is fast upon loan approval
- You can borrow between N1,500 and N1,000,000
- Collateral, property papers, or guarantors are not needed.
- The repayment plan is between three months and eighteen months.
- The Annual Percentage Rate ranges from 30% to 260% per annum.
- There are no hidden fees.
Borrow ₦100,000 over three months
Interest (total cost of the loan): ₦30,000 (30% rate)
Three monthly repayments: ₦43,333
Total amount payable: ₦130,000
Representative: 120% APR.
Requirements For A FairMoney Loan
It is worth of note that FairMoney does not give free money. If you must access FairMoney loans, you must be eligible and also prove it by ensuring the following;
- You must be a resident of Nigeria.
- Have a solid and reliable source of income.
- Your Bank Verification Number (BVN) is essential.
- Your NIN
- Your name and valid email address
- A registered and active phone number.
- And the FairMoney app
How To Borrow Money From FairMoney
The process of obtaining a loan from FairMoney using the FairMoney app is simple and easy and done online.
To apply for a FairMoney loan, follow the steps below;
1.Download The FairMoney App
The first step to obtaining a FairMoney loan is downloading the FairMoney loan app from Google Play Store. To do that, head to Google Play Store and type “FairMoney app” in the search bar. Once the app shows, click on Install to download. Once the download is successful, you can explore the app.
2. Sign Up
After downloading the app, proceed to sign up on the app by supplying your basic details. You can also sign up with FairMoney through Facebook!
3. Get Your Credit Score
FairMoney calculates credit scores by asking specific questions to the applicants. The answers given determine the creditworthiness of the applicants.
4. Accept Loan Offer
Once your credit score is determined, FairMoney will send a loan offer to you. Accept it and proceed to fill out the details of your desired loan.
5. Get Paid
If you are satisfied with the loan application form, submit it. The management team gets to review your application, and upon approval, you get paid.
FairMoney Minimum And Maximum Loan
The minimum and maximum loan amount on FairMoney is N1,500 and M1,000,000, respectively. This means you can borrow as little as N1,500 and as much as N1,000,000.
However, as a first-timer, you have a specific credit limit which increases based on your frequency on the app and your faithfulness to the terms and conditions of the loans.
What Is FairMoney Interest Rate?
One of the unique features of FairMoney is its low-interest rate. The interest of Fairmoney is between 2% to 28%.
FairMoney Repayment Term
The repayment term of Fairmoney is flexible. This implies that applicants can comfortably choose when to repay their loans.
However, the loan term is between 3 months and 18 months.
How To Contact FairMoney
You can reach out to FairMoney via any of the following means;
Mail ID: firstname.lastname@example.org
Contact number: 017001276 / 01 888 5577
Official Address: 28 Pade Odanye Close, Off Adeniyi Jones, 101233, Ikeja, Nigeria.
Frequently Asked Questions
How much can I borrow from FairMoney for the first time?
You can borrow between N1,500 and N150,000 from FairMoney for the first time based on your qualification. Also, you can borrow up to N1,000,000 with time.
What is the code to borrow money from FairMoney?
The USSD code to borrow money from FairMoney is *566*15#.
Why Is FairMoney Not Giving Me a Loan?
If Fairmoney is not giving you money, there are reasons for that. However, your credit score is the ultimate reason. Kindly review and improve your credit score by answering the questions rightly.
Can I borrow N500,000 from FairMoney?
Yes, you can borrow N500,000 from FairMoney using the FairMoney app, provided you are eligible for it.
What are the stages of a Fairmoney loan?
There are three major stages of a fair money loan. They are ;
- Installation of app
- Signing up
- And loan application.
Fairmoney seems to be a good app at the time of writing this article. With its 3 million users and positive reviews on the Google Play Store, we believe Fairmoney is worth the try.
Meanwhile, it is erroneous to limit Fairmoney to loans only. This we have explained in the article. Got questions? We are in the comments section.