FairMoney is a fin-tech digital company that offers quick access to short-term loans through its mobile app. Based in Nigeria, It is primarily aimed at providing loans for the many people in the country without the need for Collateral of any kind. Fairmoney is one of the leading Fin-tech companies in Nigeria. It offers flexible lines of credit ranging from 30 days to 4 months.
It was launched in the year 2017 and has provided over 5 million customers with loans totalling more than $500 million dollars. This article will help you take an in-depth look at FairMoney, its benefits and how it works.
The platform FairMoney was founded by Laurin Hainy, Andel Guy-Florentin, and Nathaniel Ayemere Idoko and it is headquartered in Lagos, Nigeria. The company specializes in short-term loans and operates completely through its mobile app.
What Are The Benefits Of Using Fairmoney?
The following are the benefits and why you should choose Fairmoney.
- Access To Quick, Short-Term Loans – Fairmoney provides loans within the range of 1,500 to 500,000 Naira that can be approved and withdrawn quickly through their app. This can help you meet urgent cash needs.
- Flexible Repayment Terms – Fairmoney offers repayment periods of up to 180 days. You can pick any term that aligns with the cash flow of your choice.
- No Collateral Required – Unlike Commercial banks, a collateral or security is not required to borrow from Fairmoney. Only basic KYC documents are needed.
- Credit Building – By repaying Fairmoney loans on time, you can build a credit history. This improves your chances of getting higher loan amounts and better terms in the future.
- Accessibility – The Fairmoney app and services are designed to be easy to use even for those new to digital lending. In other words, Fairmoney is user-friendly.
- Extra Services- With Fairmoney, you can also purchase airtime and pay your bills all in one platform.
Can Fairmoney Be Trusted – Is Fairmoney Safe to Use?
Worry not! Fairmoney is a digital company that is registered and licensed with the Federal Bank of Nigeria (CBN) and all deposits are insured by the NDIC.
So in other words, Your money is Safe. Besides, they are one of the leading fin-tech companies in Nigeria making them one of the best to consider for your loans and other Services.
How to Apply For A Loan From FairMoney
Below are the steps to get a loan from FairMoney:
Install The App On Your Device:
This is the first and crucial step to get a loan from Fairmoney. The app must be downloaded because, without it, it is impossible to get a loan from Fairmoney.
The app is only made available for Android users at the moment. Which means the app isn’t available for IOS, Blackberry, or Windows. This implies that you will need an Android phone to be able to access a loan from Fairmoney.
To download the Fairmoney app, simply search for “Fairmoney” on your Google Play store and install it.
Click The Sign-Up Button
Once you have the app installed on your phone, the next step is to open the application and sign up. You can also use Facebook as an Alternative way to sign up quickly.
Answer A Series of Questions
Fairmoney will be asking you a series of questions in order to access a loan. The reason for the questions is to enable them to calculate your credit score which will determine your first loan amount. Your first loan offer depends on different factors and your answers to the questions asked.
Ensure paying back your loan quickly. In doing so, you will be given bigger loan amount offers.
Accept Your Loan Offer
After successfully getting a loan offer, The ball now lies in your court. All you have to do is click the offer given to you and accept it.
Receive The Loan Allocated To You
Once you have accepted the loan amount given to you, The money will be credited immediately to your account.
If your loan application is rejected or Unsuccessful, you can apply again in 15 days.
How Much Can You Get From Fairmoney?
You can get a loan from the range of ₦1500 to ₦500,000. The amount you can get all depends on your credit score and other factors. Try paying back your loan on time, and you will be offered bigger amounts to borrow from.
Interest Rate On Fairmoney
Interest rates vary depending on the loan amount, repayment tenure, and your individual credit score. Fairmoney interest rates are within the range of 24% to 36% APR based on various factors.
How to Repay Your Loan
Below are steps to pay back your loan on Fairmoney:
- Login to your Fairmoney app using your registered phone number or email and password.
- Go to your “My Loans” section. You will see all your active and completed loans here.
- Click on the loan you plan to make a repayment for. It will show the loan details including the amount due and the due date.
- Choose the repayment amount. You can repay full or partial amounts.
Select your preferred mode of repayment:
Bank transfer – Make a transfer from your bank account using the account details shown.
Debit card – use a debit card to repay.
Bank branch – Get a teller and make cash/cheque deposits at partner bank branches.
Enter the repayment details and confirm to proceed.
Once repayment is successful, you will get an SMS notification confirming receipt. The loan status will also change to ‘partially repaid’ or ‘repaid’ if the full amount is settled.
Repayment history gets updated under your loan account in the app. Be sure to repay on or before the due date to avoid late fees or penalties.
Conclusion
FairMoney is using technology to increase access to quick, short-term loans for consumers in Nigeria, providing an alternative to Commercial banks and loan sharks.
FairMoney leverages technology to provide short-term loans to Nigerians looking for a better borrowing experience.
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