FairMoney, through their instant credit mobile app provides a range of loan services tailored to meet different financial needs for users in Nigeria. Whether you are looking for a quick personal loan for emergencies, business loans for entrepreneurial ventures, or specific-purpose loans like education or healthcare expenses, FairMoney offers options to suit diverse requirements. In this guide, we have reviewed the FairMoney loan app, answering the frequently asked questions such as how much is their interest rates, loan limit, and repayment periods.
At the end of this review guide, you will know whether to borrow money online in Nigeria with FairMoney or to consider other loan app options available. So, let us get started without any further ado.
| Loan limit | ₦10,000 to ₦3,000,000 |
| Repayment period | 1 month to 24 months |
| Interest rates | 2.5% to 30% monthly or 30% to 260% APR |
| Loan Requirements | Download FairMoney loan app |
How much can FairMoney borrow me for a start?
FairMoney will give you a loan limit ranging from ₦10,000 to ₦40,000 for first time borrowers with no collateral or guarantor required. However, the next time you are borrowing money online through the FairMoney, you are guaranteed a broader loan range than before.
Is FairMoney loan real in Nigeria?
Yes, FairMoney offers unbeatable loan offers to people in Nigeria through their online mobile app. FairMoney is legal, authorized and regulated by the Central Bank of Nigeria (CBN), and all deposits are insured by NDIC. They abide with the information security policies, so, rest assured your personal information is safe with this online lending company in Nigeria.
What happens if I don’t pay FairMoney?
In case you delay or fail to pay your FairMoney loan balance, your credit score will be affected, hence, reducing the chances of getting a loan in future. Additionally, your loan credit limit will also be affected. That means, you are most likely to get a lower loan amount that your previous loan you delayed to repay.
How long does FairMoney take to approve?
FairMoney is one of the quickest and instant loan app in Nigeria that approves customer loan requests in a jiffy. Your loan request is most likely to take up to 5 minutes only and your loan amount will be deposited directly on your bank account.
What is the interest rate of FairMoney loans in Nigeria?
FairMoney has an interest rate ranging from 2.5% to 30% monthly or 30% to 260% APR depending on your loan limit and repayment period. If this is the kind of rate that works for you, simply download the FairMoney loan app from Google play store to borrow your first online loan in Nigeria.
What is FairMoney loan limit in Nigeria?
For those who want to borrow personal or business loans in Nigeria, FairMoney offers a loan limit that goes up to ₦3,000,000 repayable in a period of 24 months without need of any need of collateral and security. It also however depends on your repayment behavior for all continuing borrowers.
Editorial Remark
One of FairMoney’s key strengths in Nigeria is its fast approval and disbursement process. Upon submitting a loan application, borrowers receive instant decisions, and if approved, funds are typically disbursed swiftly into their bank accounts. This quick turnaround time is particularly beneficial for individuals in urgent need of financial assistance.
