With FairMoney loan app, you can get loans up to ₦1 million, a bank account with free transfers, a debit card for spending, and more. However you may not get as much as N1million in your first attempt, but as you continue and increase your credit score, chances are you will shortly.
3. Can I download FairMoney app on my iphone?
Regrettably FairMoney Loan App is not yet hosted on App Store to enable iPhone users download and access the app on their phones. However if you have an Android phone, just type FairMoney loan app on Google Play Store, and the app shows up and can easily be downloaded within a few seconds.
4. Is FairMoney loan app legit?
FairMoney loan app is legit and reputable digital lender for instant cash. It is one of the top best 10 loan apps for quick cash in Nigeria.
5. What is the interest rate of FairMoney?
10% to 28% as at 2022.
Monthly interest rates however varies from 10% to 28% EIR (Effective Interest Rate per month) and APR range from 120% to 260%.) When you apply for a loan, FairMoney then uses traditional bank transfers to credit the money — bank transfers occur within a few minutes in Nigeria.
6. What will happen if I don’t pay my FairMoney loan?
FairMoney charges a minimal late penalty fee (calculated as a % of the outstanding amount after the due date). This fee is only charged if you don’t repay your loan on time and ranges from 0.2% to 0.8% per day.
7. Does FairMoney charges Processing Fees?
FairMoney Loan App in addition to their interest rate, charges a processing fee for every loan that you get from them.
8. Is FairMoney registered with CBN?
FairMoney loan app is licensed and regulated by the Central Bank of Nigeria (CBN) as FairMoney MicroFinance Bank (FairMoney). The digital lending bank has equally expanded its offering to include investment instruments.
From Reviews and Customers’ Feedback, FairMoney Loan App Has a Poor Customer Service, High Interest Rate
Read the following reviews and feedback gotten from users and borrowers of FairMoney loans to under areas these loan app needs to make adjustment.
Akinwale Adedeji
15 February 2022
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!
Evelyn Inere
15 February 2022
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…
Ema Josh
10 February 2022
My first trial was smooth and loan refund payment was automatically deduct from my bank account. I applied for another loan which shows on the app that it has been transferred to my account but I’m yet to receive any payment of such for 3days now and payment date is ticking. Please you better fix this because I can’t pay for money I didn’t receive. I’ve sent mails to your customer care but up till now no reply. Kindly resolve this please.
Edward Akpotu
2 February 2022
Its no longer reliable, 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
Omamode Okumgba
1 February 2022
Update. My initial issues (in quotes below) are still not resolved even after I updated to the latest version! Maybe Fairmoney isn’t in fair terms with Ecobank Verve card. “I can’t add/connect card, and inputting random card pin unlocks/shows mobile number linked to the card! This is a hugh security risk. Also, add fingerprint login option. Inputting pin all the time is boringly slow. Thanks for the intending innovative banking experience. #UpFairmoney.”
eden realm
9 February 2022
The app is great. 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.
Tonney Ibe
12 February 2022
Unable to add card. 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
Ajekwemu Julius
6 February 2022
Very annoying app…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
Cyprian Egbeji
13 February 2022
I’m giving 2 stars because, I’ve been using fair Money for some time now and I’ve never defaulted, but after paying off my last loan in time, i later tried taking another loan and it was rejected please can you fix this because it’s really frustrating right now,especially when i know i have a good credit score with you, Thanks
Omoruyi Uwuigiaren
14 February 2022
For now, Fair Money is a great app. One hell of a problem that they have is that the interest rate is high. If they can work on the interest rate, Fair Money Microfinance Bank will be the best in terms of the service they provide.
Chi Cindy
9 February 2022
Very disappointing equested 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
1 Comment
I have been trying to link a debit card but its saying error in processing transactions, can someone explain this to me