After writing a review on the Palmcredit Loan App, I got a lot of requests from users to also write this Fairmoney Loan App Review to help them know if Fairmoney is a scam or not, and other related things regarding the Fairmoney Loan App and how to borrow money from them.
With the Fairmoney loan App, you can get both short-term and long-term loans for business and personal purposes, however, you will get to pay back the money with an interest ( of course every loan platform has an interest fee/rate ).
So in this article, I am going to tell you everything you need to know about the Fairmoney Loan App, how to borrow money from the Fairmoney Loan App, and the pros and cons.
About the Fairmoney Loan App
Fairmoney is a banking and money lending service provider that is automated to lend out money to eligible customers. The platform was established in 2017 by three Gurus that had the intention to help people in need of urgent money and since then, they have still been in business till date and have lent out millions of naira to qualified customers.
Laurin Nabuko Hainy, Matthieu Gendreau, and Nicolas Berthozat are the owners of Fairmoney, and collaboratively, they have been able to help a lot of people get money when in need and pay back with a little interest rate which we will also discuss in the course of this article.
The Fairmoney Loan App is an automated software that allows users to borrow money from Fairmoney directly from their phones without having to go to the bank and no collateral is required to get a loan from the Fairmoney loan App.
In a nutshell, Fairmoney loan app isn’t just a loan app but a banking app that offers loans, and ATM cards, and you can use it to perform a lot of other transactions including POS machines.
So if you are looking for a way to borrow money without using collateral or taking up to a week to go to the bank to get a loan, then you should consider trying out Fairmoney.
How to Apply for a Fairmoney Loan
The process of borrowing money from the Fairmoney loan app is not complicated but pretty much simple, however, there are some requirements you would have to meet before you can get the loan, don’t worry, the requirement is not something very demanding as almost 80% of people gets to qualify easily.
To apply for a Fairmoney loan, follow the simple steps below
- Go to the Google Play store and download the app via this link
- Create an account and fill in your details accurately.
- Create a profile
- Apply for the loan and you will receive it within minutes to your bank account if you qualify for the loan
Fairmoney Loan Requirements
We mentioned that you do not need any documents or collateral to get a loan from Fiarmoney, however, they are some requirements needed for you to get the loan, and below are the requirements needed to get a loan from Fairmoney.
- A Fairmoney app and account
- A functional Android smartphone, not working on iOS or Windows at the time of writing this article.
- A valid BVN
- Valid bank details
- Valid Mobile Number
- And 2 guarantor’s phone numbers
If you have all and meet all the requirements, then you can be sure that you have a 90% chance of getting the loan with Fairmoney.
Fairmoney Loan App Download | How to Download the Fairmoney Loan App
At the time of writing this article, it is so unfortunate that the Fairmoney app isn’t available on the Apple store which means that it is compatible which iOS/iPhones, so if you are an iPhone user, and you want to get a loan from Fairmoney, you have to switch to an Andriod device.
To download the Fairmoney Loan app on your Android device for Android users, follow the steps below.
- Visit the Google Play store on your device
- Search for Fairmoney using the search button.
- Click on the download button and wait for the download and installation process to be completed.
Congratulations, you have successfully downloaded the Fairmoney app to your mobile device, you can start your loan application process immediately. Alternatively, you can use to link to go directly to the download page and download the Fairmoney app.
Fairmoney Loan Interest Rate
Of course, every money lending service platform makes profits from the interest rate gotten from borrowed money However, the interest rate of Fairmoney is between 10% and 28% EIR and APR between 120% and 260%.
This Interest rate is determined by many factors, which include your payment history, credit rating, borrowing costs, etc.
However, according to the review on the Play store, most people tend to complain about their interest rate being too high.
Hassanat Adebowale review on Play Store
As a loan platform, it’s okay except that the interests are way too high. As a bank, however, it’s a terrible app. I made transfers severally and the amount didn’t reflect in the account. Reaching their customer care service is also a hassle. They’ll waste your airtime on annoying songs instead of directing you to a representative.
Fairmoney Loan USSD Code
Unlike Palmcredit and some other money lending services platforms, Fairmoney operates in a little bit different way and has an additional feature of the USSD code for loaning money.
To borrow money from Fairmoney with USSD, follow the steps below
- Dial *322*6#.
- Follow the on-screen instructions and apply for the loan.
- You can also use the USSD code to repay your loan
Fairmoney customer care
To contact Fairmoney, you can do that by either visiting their office or calling and mailing them using the information below.
Address: 28 Pade Odanye close, off Adeniyi Jones, Ikeja, Lagos, Nigeria
Fairmoney Customer Care WhatsApp Number
Many of our readers have requested we publish the Fairmoney customer care WhatsApp number publicly. However, due to the nature of business and the large customer database of Fairmoney, it is not possible for them to provide you with customer service via WhatsApp chat.
In a nutshell, there is no Fairmoney customer care WhatsApp number. If you need their support you can only contact them via their customer care email address “email@example.com” or visit their physical office at the address above.
Fairmoney Loan Calculator
One interesting feature you’ll find lovely about Fairmoney is the loan calculator feature. This helps you to understand what you are likely to pay back within a certain loan tenure.
For example, it made simple calculations that show that once you take a loan of N100,000, at 30% interest rates and a tenure of 3 months, your simple loan calculation is that, 30% of N100,000 in 3 months is N30,000.
By this calculation, you are sure to pay back exactly N130,000 before the end of your loan tenure. That is pretty much clearer to understand rather than the sharks who lure you in to pay even more than that amount.
Fairmoney terms and conditions
Below are some of Fairmoney’s terms and conditions you need to read before going ahead to borrow money from them, so you can actually know what you are expected of and what you are also going into.
FairMoney can send you electronic materials and other information about your rights and duties.
Your electronic signature on agreements and documents has the same legal impact as if you signed them in ink on paper or by some other physical method.
FairMoney will send you all important emails, billing statements, demand notes, and reminders (collectively referred to as “Disclosures”) via SMS or through your registered email address.
When the Disclosures become available, FairMoney will give you an electronic notification.
FairMoney will make the Disclosures available to you as soon as they become available, or as soon as they send you an email notifying you that they are available.
You can visit Fairmoney’s terms and condition page to know bout about it.
Is Fairmoney Loan Legit or Scam?
Fairmoney is actually not a scam because, since its establishment in 2017, they have been giving out loans to over 1,500 people daily. However, from the reviews on Playstore, you can tell that the company also has some downsides and disadvantages.
But then, you would get scammed in any way and your BVN is also safe with them especially if you pay back your loan timely.
How much can FairMoney borrow me for a start?
For a start, you can get up to N10,000 from Fairmoney, however, if you pay back on time and keep a good record, your borrow limit will keep increasing, and with time, it can get to N40,000maximum limit.
How do I borrow money from FairMoney?
To borrow money from fair money, all you need to do is download the app and create an account, submit your details and then apply for the loan.
What will happen if I don’t pay my FairMoney loan?
Loan defaulters on Fairmoney would be prohibited from applying for a loan the following time they needed one. If you don’t pay back your loan on time, the lender has the right to take all action necessary to get their money back.
In order to prevent being a defaulter who won’t be given a loan opportunity the next time you need one quickly, try to pay back your loan as soon as you can when you borrow from Fairmoney.