FairMoney was founded in 2017 by Laurin Hainy, Matthieu Gendreau, and Nicolas Berthozat as an online lender that offers customers in Nigeria quick loans and bill payments. The company recently launched in India as well and has continued to provide more loans to its users.
In 2020, the company disbursed $93 million in loans to more than 1.3 million consumers who submitted over 6.5 million loan applications according to the CEO when speaking with Techcrunch.
FairMoney offers loans to its users through its mobile loan app which is available on the Google Playstore. At the time of writing, the FairMoney loan app has a rating of 4.5/5.0 on the Google Play store, over 5M downloads, and over 300K positive reviews.
The rest of this article gives you everything you need to know about the FairMoney loan app, interest rate, loan amount limit, requirements, how to apply for loans, USSD code, amount limit, repayment duration, and so on.
Without further ado, let’s dive in.
FairMoney Loan Requirement
All you need is an Android smartphone, your Bank Verification Number (BVN), your phone number, and your account number to qualify for a loan.
In general, your phone’s data, such as SMS, installed apps, location, and other information, is utilized to determine your loan worthiness. Don’t worry about your data being stolen; FairMoney uses end-to-end encryption and does not share your information.
How to Apply For FairMoney Loan
Downloading the FairMoney Loan App is not a difficult task at all. All you have to do is;
- Head over to Google Playstore and search for FairMoney. The required FairMoney loan app for your country will pop up.
- Alternatively, you can visit this link to install the app on Google Play Store.
- Install the app
- Launch the app for the first time, then, follow the onscreen instructions to Register.
- You will be asked to provide your phone number, then your Full name and BVN number. You will also be asked to allow the app access information on your phone.
- Provide your account number, where you want the money to be disbursed.
- Provide the necessary details and you will be taken to the Homepage.
- Request for your desired loan and the loan will be issued to your bank account within minutes.
FairMoney USSD Code
If you are using an iPhone or you don’t have an android phone, thankfully, the FairMoney USSD code is not the only platform you can use to request loans. You can also request for FairMoney loans using the Fairmoney available USSD code.
The FairMoney USSD code is *322*6#. Dialing this code will take you to a registration platform and you can also request for a loan after your registration has been approved using the same code.
FairMoney Loan Interest Rate
FairMoney, like many other financial institutions that provide loans, receives a modest fee for lending you money called interest. The amount of interest you pay is determined by the interest rate and the length of the loan.
FairMoney loan interest rate is between 2.5% to 30% (APRs from 30% to 260%). For Example, when you borrow NGN100,000 for a duration of 3months, the interest rate will be 30% (NGN30,000). If you are to pay an installment, you will pay NGN43,333 monthly for the three months. The total amount paid back will be NGN 130,000 representing a 120%APR.
FairMoney Loan Amount Limit
FairMoney Loan app’s minimum loan amount is NGN 1,500, and the maximum loan amount is NGN 1,000,000 in Nigeria.
FairMoney Loan Repayment Duration
FairMoney offers loan terms ranging from 1 month to 18 months. So, the loan is repayable for a month, two months, six months, and up to 18 months.
Note: the longer the duration you choose, the higher the amount to be paid back.
FairMoney Late Repayment Penalties
If you refuse to return your loans after the specified time period, FairMoney, like many other mobile lending companies, charges an additional fee. The late repayment fees charged by FairMoney are not disclosed in the app’s or website’s information. We will update this post whenever we have the repayment fees.
I don’t recommend going beyond your loan’s repayment duration before paying it off. If you do not pay your debt on time, your creditworthiness will suffer, and the amount you can borrow will be limited.
FairMoney Loan Over Payment
If you overpaid your FairMoney loans by accident, the excess will be refunded to your bank account within 5 working days. If the money isn’t returned, get in touch with their customer service.
How to repay your FairMoney Loan
To repay your loans, you are given three options. You can pay via bank transfer, Debit card, or USSD Code. The process is straightforward,
- Open your FairMoney loan app and go to the homepage.
- Click on Loan Details, and here you will see your repayment date and your loan history.
- Click on pay, you can put in the full amount or the amount you’d like to pay first, in case you want to pay an installment.
- Choose your desired method of payment.
Your loan payment status will show up after payment, either successful or any other type of message.
FairMoney Customer Care
- Facebook– https://web.facebook.com/fairmoney.ng/
- Twitter – https://twitter.com/fairmoney_ng