FairMoney is a mobile application that provides access to instant loans to individuals and small businesses in Nigeria.
It was founded in 2017 by Laurin Hainy, Matthieu Gendreau, and Nicolas Berthoz, with the aim of providing financial services to the unbanked and underbanked population in Nigeria. In this article, we will discuss everything you need to know about FairMoney loan app, including how to apply for a loan, the loan terms, and the pros and cons of using the app.
How to Apply for a FairMoney Loan To apply for a loan on FairMoney, you need to download the app from the Google Play Store or the Apple App Store. Once you have installed the app, you will be required to provide some personal and financial information, including your name, phone number, bank verification number (BVN), and bank account details.
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You will also be required to give the app permission to access your phone data, including your call logs, SMS history, and phone contacts.
After providing all the required information, the app will use an algorithm to analyze your creditworthiness and determine your loan eligibility. If you qualify for a loan, you will be given a loan offer with the loan amount, interest rate, and repayment period.
You can choose to accept or reject the loan offer. If you accept the loan offer, the loan amount will be disbursed to your bank account within minutes.
Loan Terms FairMoney offers instant loans of up to ₦500,000 to individuals and small businesses in Nigeria.
The loan terms vary depending on the loan amount and the repayment period. The interest rates range from 10% to 30%, depending on your creditworthiness and the loan amount. The repayment period ranges from 61 days to 180 days, depending on the loan amount.
One unique feature of FairMoney loan is that the interest rates are not fixed. Instead, the app uses an algorithm to determine the interest rates based on your creditworthiness and the loan amount.
This means that if you have a good credit score, you are more likely to get a lower interest rate.
Pros of Using FairMoney Loan App
Easy and Convenient Application Process: FairMoney loan app has a simple and user-friendly interface that makes it easy for anyone to apply for a loan. The app also uses an algorithm to analyze your creditworthiness and determine your loan eligibility, which makes the application process faster and more convenient.
Instant Loan Disbursement: FairMoney loan app disburses loans within minutes of approval, which makes it ideal for emergency situations. This means that you can get access to funds when you need them the most, without having to go through a lengthy loan approval process.
No Collateral Required: FairMoney loan app does not require collateral or a guarantor to approve your loan application. This makes it accessible to individuals and small businesses who do not have assets to use as collateral.
Flexible Repayment Terms: FairMoney loan app offers flexible repayment terms that allow you to choose a repayment period that suits your financial situation. This means that you can choose a repayment period that is comfortable for you, without having to worry about defaulting on your loan.
Cons of Using FairMoney Loan App
High-Interest Rates: FairMoney loan app offers loans at relatively high-interest rates compared to traditional banks. This means that if you have a low credit score, you are likely to pay a higher interest rate, which could make the loan more expensive in the long run.
Limited Loan Amount
FairMoney loan app offers a limited loan amount of up to ₦500,000, which may not be sufficient for some individuals and businesses. This means that you may have to look for alternative sources of funding
