![Fairmoney Loan App Review [Loan Apps Like FairMoney] 2023](https://quickloanarena.com/wp-content/uploads/2023/09/FAIRMONEY-LOAN-APP-REVIEW.png "Fairmoney Loan App Review 2024")
FairMoney is a licensed online lender, that provides quick instant loans up to N1,000,000 and for a duration of 18 months to its customers and clients. It is one of our top 8 urgent loan provider in Nigeria.
With this app, you can enjoy flexible interest with early repayment because their interest is not fixed. You can pay the lowest interest in the country with early and on-time repayment. You can collect N10,000, N50,000 and even up to N1,000,000 Naira quick loan.
In Nigeria today, FairMoney is considered one of the best and legit loan apps being used by Nigerians to access instant loans without collateral, even though the application has been accused of practicing 7 day loan app harassment.
The platform says it has given online loans to over 3 million customers in the last four years, offering instant loans between N1,500 to N500,000 with repayment periods from 61 days to 180 days at monthly interest rates that range from 10% to 30%. Many reviewers and customers however believe this rate claim by the lending app is just on paper claiming its interest is extremely high and suffocating.
FairMoney app uses artificial intelligence to analyse your bank records and validate your BVN to make lending decisions based on your credit score. The loan is 100% online, with no collateral required and you can apply at any time, any day of the week. In terms of design, the app is made to be easy for every user. The dashboard is simple and straightforward and navigating through the app is quite simple too. Application for loan and repayment can be done through simple quick steps.
Though FairMoney app has been downloaded more than 5 million times in Google Play Store, however among these millions of downloads are customers who have had to download and later uninstall the app from their phones out of frustration or disappointments experienced with the app.
FairMoney Loan App Review 2024
FairMoney is an android banking app launched in 2017 by Laurin Hainy, the current CEO and licensed by the Central Bank of Nigeria, with over 5,000,000 downloads, plus a 4.5/5 feedback rating on Google Play Store. This lending app has been giving individuals and businesses instant access to microloans from N1,500 to ₦1,000,000 at a monthly interest ranging from 2.5% to 30%.
FairMoney offers loans to its users through its mobile loan app which is available and can be downoaded on the Google Play Store. At the time of writing, the FairMoney loan app has on the Google Play store platform, having gathered over five million downloads, with well over 300,000 positive reviews.
FairMoney loan interest rate of 2.5% to 30% (APRs from 30% to 260%) has stirred a lot of cutomers to make various complaints about it being too high. For Example, when you borrow NGN100,000 for a duration of 3 months, the interest rate will be 30% (NGN30,000). If you are to pay an installment, you will pay NGN43,333 monthly for the three months. The total amount paid back will be NGN 130,000 representing a 120%APR.
The quick online loan company gives flexible and longer repayment plans ranging between 61 days and 18 months. This is however dependent on your credit score and repayment history.
According to FairMoney, you can get a loan disbursement under 5 minutes if you are eligible. No collateral or paperwork is necessary with the online loan company.
Hear them: “Time is valuable to us, so we’re not wasting yours. It doesn’t take more than 5 minutes to get a loan on FairMoney. We don’t need any paperwork or collateral.”
Fairmoney App Download: How Can I Download Fairmoney App?
To download Fairmoney app is very easy. Simply following the steps below:
- Open the app store on your mobile device. FairMoney Loan App is available for both Android and iOS devices.
- In the search bar of the app store, type “FairMoney Loan” and tap the search icon.
- Tap on the FairMoney Loan App to view more details about the app, such as the description, reviews, and screenshots. Make sure it matches your requirements and has positive user ratings.
- Check the compatibility of the app with your device and operating system version. Ensure that your device meets the minimum requirements specified by FairMoney Loan App.
- Once you have confirmed that it is the correct app, tap the “Install” or “Get” button to start downloading and installing the app on your device.
- Wait for the download and installation process to complete. The time required may vary depending on your internet connection speed.
- After the installation is complete, locate the FairMoney Loan App on your device’s home screen or app drawer.
- Tap on the FairMoney Loan App icon to launch the app.
- On the app’s home screen, you may be required to register or sign in to access the loan services. If you are a new user, follow the on-screen instructions to create an account by providing the necessary information, such as your name, phone number, and email address. If you are an existing user, sign in using your registered credentials.
- Once you have logged in, explore the FairMoney Loan App to familiarize yourself with its features, loan options, and eligibility criteria.
- To apply for a loan, navigate to the loan section within the app and follow the instructions provided. This typically involves entering the loan amount, duration, and any other required details.
- Submit your loan application through the app. FairMoney will review your application, and if approved, the loan amount will be disbursed directly to your registered bank account or mobile wallet.
- Ensure you carefully read and understand the terms and conditions, interest rates, and repayment schedule associated with the loan before accepting it.
Features of FairMoney loan App
The following are key features of this lending platform.
- Speed of delivery – You can get a loan instantly in 5 Minutes, from anywhere in Nigeria
- You can get up to N1,000,000 loan in 18 months repayment period.
- Flexibility – You can repay on or before your due date with a reduced interest rate
- No hidden charges – FairMoney interest charges are all-inclusive, ensuring transparency.
- The customer is King – The loan company has a trained team that ensures to treat you with the utmost respect at all times.
FairMoney USSD Code
If you are using an iPhone or you don’t have an Android phone, thankfully, the FairMoney USSD code is not the only platform you can use to request loans. You can also request for FairMoney loans using the Fairmoney available USSD code.
The FairMoney USSD code is *322*6#. Dialing this code will take you to a registration platform and you can also request for a loan after your registration has been approved using the same code.
How can I apply for FairMoney quick online loan?
You need an Android phone. Download the FairMoney app here from the Google Play Store.
Then sign up with the phone number linked to your BVN, answer a few questions and confirm your identity to receive a loan offer. If you accept it, you will receive your loan instantly in your preferred bank account!
How much can I borrow from FairMoney?
You can borrow up to ₦1,000,000 via FairMoney app, for a duration of up to 18 months!
Just download the FairMoney mobile app and get up to ₦1,000,000 loan sent straight into your bank account within minutes. No paperwork. No collateral.
What document do I need to get Fairmoney loan?
You dont need any document to apply for FairMoney. Equally you don’t require a collateral!
You will only need to share your BVN during the loan application and connect your ATM card to authorize us to debit your account for the repayment.
What other function does FairMoney performs?
Now, the FairMoney app is more than just a loan app. The platform owns a Microfinance bank that is duly licensed by the Central Bank of Nigeria. As such, all your deposits are insured with the Nigeria Deposit Insurance Corporation (NDIC).
With the FairMoney app, you can get the following services:
- Get an account number and use it to receive money from anyone in Nigeria
- Add money to your account
- Send money to any bank account for FREE
- Apply for loan and receive it instantly
- Pay your bills
CONTACT OF FAIRMONEY
You can reach their helpdesk by sending an email to help@fairmoney.ng
FairMoney Late Repayment Penalties
If you refuse to return your loans after the specified time period, FairMoney, like many other mobile lending companies, charges an additional fee. The late repayment fees charged by FairMoney are not disclosed in the app’s or website’s information. We will update this post whenever we have the repayment fees.
I don’t recommend going beyond your loan’s repayment duration before paying it off. If you do not pay your debt on time, your creditworthiness will suffer, and the amount you can borrow will be limited.
Fairmoney Loan Harassment: Why borrowers are vowing never to patronize loan app again
A single mother has bared her mind about Fairmoney loan harassment and vowed never to borrow money from the app again, not after she has been made to pay almost 100% interest rate on a loan she collected last year.
FairMoney is widely regarded as one of the best loan apps to meet emergency instant funding in Nigeria. Various platforms have done reviews about the digital lender and have given them excellent mark. In fact if you are evaluating the first 5 best loan apps in Nigeria today, chances are you will be inclined to add FairMoney to your list.
Difficulty in Linking Their ATM Card
However our most recent findings reveal the instant loan app is presently having some difficulties managing their successes. One of the areas of challenge include the linkage of customers’ ATM cards. Many of the users interrogated complained about difficulties in getting their debit cards linked to the FairMoney system.
Yet some others are complaining that the loan app exorbitant and escalating interest rates. Many are asking if FairMoney is fair after all. The complaints are obvious from many of the feedbacks we got. The loan app will do well to look into this and make their interest rate moderate.
Many of the feedbacks we got from this top loan app are to the effect that the customer service of FairMoney is on the decline. The response time is getting poorer too. We believe this leading loan app can do better.
Real customers of FairMoney have shared their agonizing experiences with VERY SERIAL and bared the harassment they received from the platform during and after their loan execution and vowing to stay off the app. We have detailed a summary below:
I’ll Never Borrow Money From FairMoney Loan App Again — Single Mother
A single mother living in Lagos has vowed never to borrow money from FairMoney Loan App again, not after she has been made to pay almost 100% interest rate on a loan she and her sister borrowed from the lending platform last year.
According to the borrower, a single mother, FairMoney loan app has really been over-rated in recent times and should be re-categorized as one of the loan sharks constituting threats to the quick loan industry in Nigeria.
Onyedika Onyebuchi (not her real names) who lives in Lagos, made the statement in response to our earlier report about a Widow who complained about FairMoney lending her N150,000 to pay N270,000 in 9 months. The widow a civil servant in Oyo State has decried the extremely high and killing interest rate of FairMoney.
According to Onyedika, FairMoney loan app interest rate is mad and unrealistic. She said she regretted borrowing money from them and as soon as she is done with the repayment, she will never again patronize the lending application.
Lagos Single Mother Recounts Ordeal in the Hands of FairMoney Loan App Killing Interest Rate
FairMoney interest is mad. I borrowed N100k from them lasy year to pay N172,800 in 9 months. I pay N19,200 monthly. I still have 2 more months to round up. However I will never get loan from them again.
It was I and my sister that borrowed the cash last year. We were in a financial emergency and so down on cash so were forced to approach FairMoney. We pay 8th of every month. So after this month of April, we have two more months to round up. Seriously the loan is crazy. I have already vowed never to get loan from them again. I am sure carbon will soon be like them.
Oyo State Widow Cries Out Against FairMoney Loan App High Interest Rate
Meanwhile another FairMoney customer, Mrs Olowolafe Adebowale, (not real names) a civil servant with the Oyo State Government told us she borrowed N150,000 from the Loan App to be paid back in 9-month tenure at the rate of N30,000 per month.
That’s a whopping repayment of N270,000, that is at almost 100% interest rate as against the 30% FairMoney claims in their website and Play Store profile. This loan interest is very high and not according to fairness and equitability that many think FairMoney loan app stands for. A lot of people see Fairmoney loan app as one of the best digital lending platforms in Nigeria but this claim is put under the test.
Mrs Adebowale lamented that she been a widow needed the N150,000 to meet up an emergency obligation last month and the money has been collected. She says her first repayment has already fallen due 2 days ago but she doesn’t even have any money to start the payment which is still a long while of 9 months away. She says she feels frustrated, threatened and cheated for having to pay almost 100% interest rate for 9 months.
Mrs Adebowale now wants the Federal government, regulatory agencies, FCCPC, CBN to rein on FairMoney Loan app to deal on a fair interest rate as required by law. She wants Nigerians to come to her aid and prevail on loan apps in Nigeria to not charge high interest rate that is killing.
Read her Statement below:
In first week of March 2022, I requested for a loan of N150,000 from FairMoney Loan App and it was apporved after due diligence on my profile and application. I am a widow and a civil servant living and working in Oyo State. The lending app says I will be paying back N270,000 in 9 months which equals to N30,000 every month.
I agreed with the loan terms and proceeded to collect the money due to the emergency I needed it for at the time. Please VERY SERIAL and entire Nigerians and government agencies, help me look into this. Help hundreds of borrowers and customers whgo are suffering daily under FairMoney loan app high interest rate that is both unfair and killing.
I am supposed to start the monthly repayments on April 4 which I’m still hunting for the N30,000 to be paid either today or tomorrow. Please how can you be of help by publishing FairMoney loan app high interest rate? It is unsustainable. Many people believe FairMoney is a good loan app but their high interest rate make me to wonder if this is true. Thanks.
This medium has been in the forefront of media battle against illegal loan apps and loan sharks in Nigeria. We have exposed several scam and fraudulent lending platforms that are defrauding Nigerians and Google has even removed some from their platforms.
The Nigerian government through the FCCPC has also intensified clampdown recently against the loan sharks that are charging very high interest rate and operating illegally.
Best Loan Apps Like FairMoney
Many lending platforms and loan apps like FairMoney now exist in the quick loan market today and helping millions of Nigerians access instant cash in advance until their next paycheck. These apps have similar features like FairMoney such as speed of delivery – you can get a loan instantly in 5 Minutes, you can get up to N1,000,000 loan in 18 months repayment period, flexibility – you can repay on or before your due date with a reduced interest rate, no hidden charges – interest charges are all-inclusive, ensuring transparency.
If the features, loan amount and interest rates of FairMoney do not meet your desire, you can apply for quick instant funding from many other alternative loan apps like FairMoney which are Branch, Carbon, Aella Credit, Quick Check and Money in Minutes App. . With this platforms, Nigerians can get access to instant funds, with low interest, fast approval and quick disbursement that protect customers’ privacy. They are reputable, 100% online and deliver better alternative than FairMoney which practices loan app harassment and high interest rates.
Is FairMoney loan app legit?
FAQs
How can I apply for FairMoney quick online loan?
You need an Android phone. Download the FairMoney app here from the Google Play Store.
Then sign up with the phone number linked to your BVN, answer a few questions and confirm your identity to receive a loan offer. If you accept it, you will receive your loan instantly in your preferred bank account!
How much can I borrow from FairMoney?
You can borrow up to ₦1,000,000 via FairMoney app, for a duration of up to 18 months!
Just download the FairMoney mobile app and get up to ₦1,000,000 loan sent straight into your bank account within minutes. No paperwork. No collateral.
What document do I need to get Fairmoney loan?
You dont need any document to apply for FairMoney. Equally you don’t require a collateral!
You will only need to share your BVN during the loan application and connect your ATM card to authorize us to debit your account for the repayment.
What other function does FairMoney performs?
Now, the FairMoney app is more than just a loan app. The platform owns a Microfinance bank that is duly licensed by the Central Bank of Nigeria. As such, all your deposits are insured with the Nigeria Deposit Insurance Corporation (NDIC).
With the FairMoney app, you can get the following services:
- Get an account number and use it to receive money from anyone in Nigeria
- Add money to your account
- Send money to any bank account for FREE
- Apply for loan and receive it instantly
- Pay your bills
CONTACT OF FAIRMONEY
You can reach their helpdesk by sending an email to help@fairmoney.ng
FairMoney Loan App Reviews From Real Customers
Read the following reviews and feedback gotten from real users and borrowers of FairMoney loans.
Very Useless as a Banking App!
I used their card at a Super Mart, the transaction failed, i contacted them through email, facebook and Instagram handles, they ignored me for almost 3 months now. My funds are yet to be reversed. I sent screenshots, sent the failed transaction receipts, nothing was done and my money went into thin air! They are a bunch of criminals! Bank with them at your risk and don’t forget someone warned you. Obedience is better than sacrifice!
I have been trying to add my atm but the Fairmoney loan app kept saying invalid cvv.
Nothing is wrong with my debit card but i keep getting this error, tried to log out and create another account but saying my bvn has been linked,. Tried to go back to the previous account… I have no access to it anymore, I’ve sent mail but no reply yet. Pls i need help…
FairMoney no longer reliable, – Edward Akpotu
I have been trying to add a debit card for weeks now, it says card will be added to your account but it doesn’t work, I tried several cards, says same thing, and after contacting customer care both via email and call, they have proven unsuccessful, please fix this issue and I am not the only one with this problem, you can check other reviews, fix it and I’ll give you back the 5stars, thank you
Loan app is great But…
However, I was denied loan after 2 successful attempts wherein I paid back and on time. I don’t know why my loan application should be disapproved if I have been committed to timely repayment. Can someone please explain to me what might have been the cause.
Unable to add card. – Tonney Ibe
I tried several cards, wasted a lot of hours to no avail. I think it’s intentional. If loans are unavailable, then specify. Don’t use the add card trick to frustrate users
Very annoying app… Ajekwemu Julius
I’ve been unable to link my card for almost a week now, all to no avail…the most annoying part is that you can’t get a loan without linking your debit card….so please tell me? What’s the need of creating an app when it cannot do simple transactions? Smh
Loan app very disappointing – Chi Cindy
I requested for a loan yesterday and I got a message like this dear chinwendu congrats your loan of…… have been paid into your fairmoney MFB account .log in to app,click on ‘send money’if you want to transfer it somewhere else . I have been clicking since 24 hours and it keeps telling me insufficient fond. I haven’t received any money so don’t expect me to repay,
FairMoney APK: How to download Fairmoney APK?
About FairMoney App APK
- App by FairMoney MicroFinance Bank
- Content Rating Mature 17+
- App Updated 07-06-2023
- Apk Version 9.13.1
- Category Finance
- Android OS Version N/A
- App Apk Size Varies with device
- Url Play Store
To download FairMoney APK (FairMoney app) and start enjoying the services of this Fintech application, search for FairMoney app apk on Google Play Store, click and download.
