Fairmoney Loan: Requirements and Application Process

Wondering why Fairmoney Loan is one of the most popular online loan platforms in Nigeria?

In this article, we will discuss all that you wish to know about Fairmoney Loan, which includes their loan products, benefits, how to apply, and the requirements. I advise you to keep reading.

Fairmoney is known for giving individuals access to instant loan packages to take care of financial difficulties.

This loan can be used to cover unexpected expenses like medical bills, house rent, and other expenses.

Additionally, they do not only give loans for personal use; they also provide business loans.

This business loan package is aimed at businesses that want to expand and also for daily business operations.

Individuals can access this loan without going through the difficulties associated with commercial banks.

About FairMoney Loan

Fairmoney Loans are various loan packages offered to individuals by Fairmoney, one of the leading mobile banks.

They have offices on three continents and are interested in providing financial assistance to those who are underserved by commercial banks.

Furthermore, Fairmoney offers loans to people for personal and business use with no collateral.

They also offer affordable interest rates and good repayment options that banks do not offer to make the lives of people easier.

Additionally, individuals can access the Fairmoney Loan through their mobile app on the Google Play Store or the Apple Store.

Fairmoney is licensed to operate in Nigeria by the Central Bank of Nigeria (CBN), and their loan is available to anyone that meets the requirements.

FairMoney loan packages

The Lending platform has two types of loan packages that individuals can get access to with no paperwork or collateral.

The loan packages include:

Personal Loan

Fairmoney offers a quick personal loan from N1,500 to N3 million in 5 minutes with no collateral.

Additionally, they only demand minimum documentation, and you can repay the loan in 24 months.

This loan can be used to take care of unplanned financial expenses like groceries, rent, medical bills, and so on.

Features of a Fairmoney personal loan

You can get a loan of up to 3 million naira.
The extra loan top-up benefit allows you to get extra loans to meet your goals.
Individuals can apply for a loan repayment extension so that they can repay the loan without difficulty.
The interest rate is competitive, with a good repayment option.

Eligibility and requirements

The first and most important requirement is to download the Fairmoney mobile app on your smartphone.
You must be 18 years of age and above to be eligible.
Individuals who want to apply must be citizens of Nigeria.
You must provide your BVN (bank verification number).
Proof of employment is also required (either salary earner, self-employed, or student).
You should be earning a monthly income of not less than N1, 000.
You must have a good credit history.

Notably, if you do not meet any of the requirements, FairMoney will reject your loan application.

Business Loan

Fairmoney offers SME loans to businesses of up to 5 million naira without collateral to support business owners.

The loan amount is made available within 24 hours after they have approved the loan application.

So, you can use this loan for various purposes, like running business operations, expanding the business, and purchasing equipment.

Additionally, one good feature of this loan is that you can get a long-term business loan for up to 6 months.

They offer a competitive interest rate and good repayment options that allow you to repay without difficulty.

Eligibility and requirements

You need the mobile app installed on your mobile phone.
You must be between the ages of 22 and 65 to be eligible.
Provide a valid means of identification like an international passport, voter’s card, NINMC, and driver’s license.
They require a 6-month statement account.
Document that shows proof of address, such as rent
You need to provide your BVN (bank verification number).
Provide a CAC document if your business is registered.
Also, provide a passport or selfie.

How to Apply for a FairMoney Loan

The loan application is a simple, step-by-step process that you can do on your own.

They include:

Search for the mobile app on the Play Store or the Apple Store and install
Launch the app and sign up by providing your details, like your name, phone number, and email address.
Click on Loan on the dashboard and complete the application process by providing the loan requirements.
Choose the loan option and the repayment plan that suit your financial situation.
You will get a congratulation messages telling you the loan is on its way.
Immediately after the loan is approved, you will be notified, and your account will be credited.

How to apply for a fair money loan using the USSD code

To apply for a loan using the USSD code, follow these simple steps:

On your mobile phone, dial *566*15#
Follow the pop-up menu to check if you are eligible.
From the options Choose the loan amount you desire.
Enter the necessary information, such as BVN, bank details, and other information.
You can review and submit the loan application.
Fairmoney will review your application if it meets the requirements.
If they approve the application, they will credit your account with the loan amount.

Fair Money Interest Rate and Repayment

FairMoney’s interest rate is one of the best among lending platforms.

Their interest rates range from 2.5% to 30%, with the APR between 30% and 260%.

For example, if you borrow N100,000 over three months, the interest rate will be 30% (30,000), and the monthly repayment will be N43,333 over three months.

This will be a total of N130, 000, which is 120% APR.

The repayment period spans from 61 days to 18 months, which gives the individual the needed time to repay the loan.

FairMoney Loan Calculator

The loan calculator helps you determine the total loan amount you are to pay for any loan amount and the interest amount.

The loan calculator is available on the Fairmoney official website and also on the mobile app.

To make use of the loan calculator, follow these steps:

Visit the fairmoney official website on the internet or open the mobile app to access the loan calculator.
Enter the loan amount you wish to borrow from FairMooney. The minimum loan is N1,500, and the maximum is N3 million.
Select the repayment period of not more than 24 months
Choose the APR range between 24% and 456%.
Click on calculate.
The loan calculator will display the monthly repayment amount, total interest amount, and total payment.

The loan calculator helps you make an informed decision based on the affordability of the loan you are seeking to apply for.

So, you can choose to apply for the loan or not after getting the necessary information from the loan calculator.

How to contact FairMoney

Visit their office at 28 Pade Odanye, close off Adeniyi Jones, Ikeja, Lagos.
Send them an email at help@fairmoney.ng.
Call customer care on 07000 362 362, 02017001276.

Frequently Asked Questions (FAQs)

How do I contact FairMoney if I have a complaint?

There are different ways to contact them.

Firstly, you can call their customer care number on 07000 362 362, 02017001276.
Secondly visit their head office at 28 Pade Odanye, close off Adeniyi Jones, Ikeja, Lagos.
Lastly, You can reach them on their social media platforms or send an email to help@fairmoney.ng.

Do I need to provide collateral to access any of the loan packages?

No, they do not ask for collateral, but you will met some minimal requirements, before you can secure the loan.

What is the maximum loan I can get from Fairmoney?

You can get up to 3 million naira for the personal loan and up to 5 million naira for business loan but as a first time borrower, you will only get small loan and they will increase when you pay on time.

What is the USSD code to access fairmoney personal loan?

Dial *566*15# and follow the instructions on the screen. If you meet the requirements, they will send the loan to your account, but if you do not meet the requirement they will reject your loan application.

Can I extend my loan repayment period?

Yes, go to the manage loan section on the dashboard of the mobile app, and you will see loan extensions. Click on it to extend the loan schedule.