FairMoney Loan: 7 Things To Know Before Taking a Loan From FairMoney

FairMoney is one of the popular fintech apps that helps users meet their urgent financial needs. But if you are not used to the policies of FairMoney, this article will be of immeasurable help for you.

However, as with other loan apps there are basic criteria that customers must meet before they will be eligible to get loans from FairMoney, users can opt for personal or business loans. Meanwhile, it is advisable to know the policies of a particular loan platform to be able enjoy their services to the fullest. 

Moreso, many users claim that the loan app has helped them to meet their urgent financial needs while others hold contrary opinions. Whichever way, individual experience may be negative or positive depending on the personal experience with the platform. But for better understanding of the FairMoney platform, keep scrolling through the article.

FairMoney Loan

1. How Much Can I Borrow From FairMoney?

The amount of money that FairMoney loan app users can borrow ranges from N1,500 to N3,000,000. This amount is totally dependent on the user’s credit score and trust.

2. FairMoney Loan Repayment Plan

The repayment plan of the FairMoney loan is relatively flexible. Under normal circumstances, the repayment plan for FairMoney loans ranges from 1 to 12 months, depending on the agreed terms. However, customers have options to choose a repayment plan that is suitable for them.

3. FairMoney Loan Interest Rate

The monthly interest on the FairMoney loan ranges from 2.5% to 30%.  Ensure that you know how to calculate the interest rate before opting for it.

4. Basic Requirements To Access FairMoney Loan

As we all know, there are basic requirements to meet before we can access loans from financial institutions. The same thing is applicable on the FairMoney platform. Some of the requirements include:

a. The applicant must have a functional Bank Verification number (BVN)

b. The customer must provide credit history

C. The applicant is required to provide proof of employment (i.e  self-employed, student or salaried)

d. The applicant must have a constant monthly cash inflow of at least N30,000

e. The customer must be 18 years and age or older.

f. The applicant must be a Nigerian

g. The user must have FairMoney MFB app

5. How Long Does It Take To Get A Fair MoneyLoan?

If the applicant meets all the basic requirements, it takes about five minutes for the user to be credited with the loan.

6. Do You Need Collateral To Access a Fair Money Loan?

No, collateral or documents are not needed to access FairMoney loans. All that is needed is your bank verification number, which is linked to your bank accounts. 

7. FairMoney Review

Users of the FairMoney loan app have different views about the platform. Most of the users are of the view that the platform is satisfactory, while others complain that the app has no feature where one can report a failed transaction. Some users also complained about the hitches emanating from the slowness of the app.

According to our check on the Play Store, we found out that there are 574,000 reviews from users. On rating, the FairMoney loan app is rated 3.3 stars.

Our check on Trustpilot also revealed that the FairMoney loan app has 503 reviews with a 4.7-star rating, which is actually good.

According to one of the users, Akpan, ‘’An excellent banking app! I really love the Fairlock feature, where I can lock money separately and for days, not necessarily months, with high interest rates. The customer support team is top-notch! It’s a great app. Please keep it up!!! But only one thing: the app is slow; it takes a lot of time to open the features of the app, even when the internet connection is excellent’’.

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