How to get a loan from FairMoney

FairMoney

FairMoney is a leading Nigerian-French FinTech company that is licensed to give loans in Nigeria. They provide instant loans to Nigerians without collateral. Ever since its entrance into the lending sector in Nigeria, the company has earned positive reviews from users The loan is given through its mobile app and they offer flexible interest rates.

Signing up for FairMoney is easy, as you can easily do that using your Facebook account. That alone reduces the need to worry about difficulty in signing up to get a loan.

FairMoney loan

In summary:

Interest rate:2% – 28%
Loan term:4 to 24 weeks
Loan available:₦1500 to ₦, 2000, 000
Repayment:In-app with debit card, bank transfer, and cash deposit.
Collateral:No collateral required
Mobile app:Available for Android phones only.
Download from the website
Customer care:No phone support
Support email:help@fairmoney.ng
How fast?5 minutes to 2 hours
Website:fairmoney.ng

FairMoney loan requirement

Below are the requirements to get a loan from FairMoney:

  1. Basic personal information such as name and email
  2. Bank Verification Number (BVN)
  3. Bank Account details
  4. Automated Teller Machine card (ATM card). This is needed because it will be used to debit you for loan repayment.
  5. A photo of you may be needed in real-time
  6. App. You can only apply for the loan from the app

How to get a loan from FairMoney

Follow these steps to get a loan from FairMoney:

1. Download the app

To get a loan, you must download the app. Without the app, it is impossible at the moment to get a loan. Currently, the app is only available for Android. There is no app for iOS, Windows or Blackberry. That means you will need to use an android phone to be able to access a loan. Go to Google Playstore to download app.

Click here to download app

2. Sign up

Once you have downloaded the app, the next step is to tap on it and sign up. You can sign up quickly with Facebook!

3. Answer a few questions to get a loan offer

At this point, you will have to answer a few questions. The answer will help the app calculate a credit score. Based on that you will get a loan offer. The offer you get will depend on a lot of factors. As you pay back your loan on time, you will have access to bigger offers.

4. Accept loan offer

Once you get a loan offer, all you have to do is click to accept it.

5. Receive loan

Once you have accepted the loan offer, you will receive the money right away

If your loan application is rejected, you can apply again in 15 days.

How much can you get?

You can get a loan from ₦1500 to ₦150, 000.  How much you get will depend on your credit score and other factors. But as you pay back your loan on time, you will have access to more funds.

FairMoney Interest rate

FairMoney has a flexible interest rate. You can borrow money and pay it back between 4 to 24 weeks. That means you can pay back in monthly installments. The monthly interest rates range from 2% – 28%. The maximum annual APR is 13%.

Loan term

The loan term ranges from 4 to 24 weeks

Repayment of loan

There are many options to repay loan. At the point of applying for loan, you have to set up your ATM debit card. All you have to do is load money in your account. Open the app, click on payment and repay.

You can also repay via bank transfers or cash deposit with the following details:

Account Name: MyCredit

Bank Name: Stanbic IBTC

Account Number: 0023462495.

Please add the code given in the app to your transfer reference/description.

Make sure that you contact the customer care before and after payment to inform them.  Take a screenshot as prof.

FairMoney Head office

Unfortunately, at the moment they do not offer in office support. We will update this post when they do.

FairMoney customer care.

The customer care email is help@fairmoney.ng

At this moment, they do not offer phone support. This page will be updated when they do.

FairMoney App

The app is only available for Android phones. You can download it from Google Playstore.

FairMoney website

The website is fairmoney.ng

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Editorial staff

Editorial staff

MakeMoney.ng is a platform that connects people with ideas, opportunities and latest trends in personal finance growth online and offline. It is the most read personal finance platform in Nigeria

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27 Comments

  2. Gd afternoon,with due respect sir,I mistakenly paid my wife fiarmoney loan of 6000 yesterday from my gtb account 0012491028 shinatayo ayinde for enitan ayinde without adding I d no 4Dx8x to 0023462495 stanbi ibtc mycredit investment limited dated 08/11/2019 at around 08:27pm,please confirm it and removed from fiarmoney application please, thank,Enitan husband.here

  3. Good afternoon team, please erroneously transfer N25,000 Into Fair maoney account (My Credit Investment ltd 0023462495) from myy stanbic IBTC account.i am not owing Fairmoney at the moment , i request for a recall of funds(N25,000) erroneously transfer to Fair money account .
    My stanbic account details is [removed].

    Thank you

  4. pls why is it that I can no longer obtain a loan from fairmoney after my fifth to sixth loans and payments?

  6. Please help me to get loan from you fairemoney then i will pay back monthly and i need 100.000 loan this is my whatsapp numbet 08136142230

  7. Please help me to get loan from you fairemoney then i will pay back monthly and i need 100.000 loan this is my whatsapp numbet 08136142230 my A/C 2038191422 first bank …..Thanks

  8. Please it seems the fairmoney app is no longer on play store , I tried to download but I couldn’t find it and I need to repay my loan

    • Please, I have been applying for a loan but is not going. Please I need your help and the money is urgent, please

  10. Good morning team, I have repaid my loan through my GT acct on 23/1/21 and I apply again but I have not received the loan yet. I don’t know how long will it take to get the loan, please help me

  12. Hi good evening, I have repaid my loan and I apply for a new loan but they are telling me I’m not eligible for a loan. I don’t know what is the problem

  13. I have been sending the credit report documents since, the mail was blocked, The amount overdue written there=24990
    Is there any other mail address I can used to send you the documents
    Thanks

  14. Good afternoon team, please erroneously transfer N43330 Into (My Credit Investment ltd [removed] Stanbic IBTC account from my GTB Account which supposed to be paid as part of my loan to Fair money account. I request for a recall of funds(N43,330) erroneously transferred.

  16. Good evening my great people, I have been trying to apply for fairmoney loan, but I don’t have an android phone. Help me, please

  17. Good evening pls have been trying to loan money here but when I input my data to where they ask my city live in..it indicates error if I put my city I live

  18. I need a loan of 1.5m to renovate my commercial building located within Rumuokoro. FairMoney loan or property agent needed

  23. Please ma, I can not get a loan from Fairmoney. Until today it’s is showing I am not eligible for the loan, why?

  25. Good morning pls I downloaded the app for 3 to 4weeks now but it keeps telling me that am not eligible for loan. I should try after some days, weeks etc. Pls help

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