Does FairMoney gives N1m fast loan without documentation and collateral?

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. 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.

In Nigeria today, FairMoney is one of the best and legit loan apps being used by Nigerians to access instant loans without collateral. Fairmoney’s CEO, Laurin Hainy, made it clear that the app aims to provide a platform that ordinary citizens can use to fund their dreams and businesses to go up the ladder. The platform says it has given online loans to over 3 million customers in the last four years, .

The 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.

FairMoney offers 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%.

FairMoney app is, no doubt, one of the most used by Nigerians as it has been downloaded 5 million times and still counting. But 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: N1m quick online loan with no documents or collateral

Loan amounts range between ₦1,500 to ₦1,000,000 and a monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%).

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.”

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

How to Apply For Loan on The Fairmoney Loan App

Fairmoney loan app simplifies the loan application process, making it accessible to everyone. To apply for a loan, follow these simple steps:

1. Download and Install the App: Visit your device’s app store and download the Fairmoney loan app. Install it on your smartphone.
2. Create an Account: Open the app and register by providing your personal details, including your name, phone number, email address, and a valid identification document.
3. Provide Loan Details: Once your account is created, enter the loan amount and duration you require. Fairmoney uses advanced algorithms to assess your creditworthiness and determine the loan offer suitable for you.
4. Submit Documentation: Upload the required documents, such as your identification card, bank statements, and proof of income. Fairmoney employs a secure platform to ensure the confidentiality of your information.
5. Loan Approval and Disbursement: After reviewing your application, Fairmoney will notify you of the loan approval status. If approved, the funds will be disbursed directly to your registered bank account.

Services Offered By Fairmoney Loan App

In addition to providing convenient and accessible loans, Fairmoney loan app goes above and beyond to cater to the diverse financial needs of its users. Beyond loans, Fairmoney offers a comprehensive range of essential financial services, making it a one-stop platform for all your financial requirements.

1. Bill Payments: Fairmoney allows you to pay your bills effortlessly with just a few taps on your smartphone. Say goodbye to long queues and tedious processes. Whether it’s electricity bills, water bills, cable TV subscriptions, or internet bills, Fairmoney has you covered. With a secure and user-friendly interface, you can settle your bills conveniently and stay on top of your financial obligations.
2. Airtime Recharge: Need to top up your mobile phone’s airtime? Fairmoney makes it quick and easy. Whether you’re on a prepaid plan or need to send airtime to a loved one, Fairmoney enables you to recharge airtime for any network provider, ensuring you stay connected whenever and wherever you need it.
3. Utility Bills Payment: Managing utility bills can be a time-consuming task. Fairmoney simplifies the process by allowing you to pay your utility bills directly from the app. Whether it’s water, electricity, or gas bills, you can take care of your payments in a matter of seconds. Enjoy the convenience of handling your utility bills hassle-free with Fairmoney.
4. Money Transfers: Fairmoney understands the importance of seamless money transfers, especially when you need to send funds to different banks. With Fairmoney, you can initiate secure and instant money transfers to any bank account in Nigeria. Whether you’re transferring money to family or friends, paying for goods and services, or simply managing your finances, Fairmoney provides a reliable and efficient money transfer service.

By offering these additional financial services, Fairmoney has become a trusted companion for individuals seeking convenience and efficiency in managing their day-to-day financial transactions.

Fairmoney Loan App Download

1. Open the app store on your mobile device. FairMoney Loan App is available for both Android and iOS devices.
2. In the search bar of the app store, type “FairMoney Loan” and tap the search icon.
3. 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.
4. 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.
5. 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.
6. Wait for the download and installation process to complete. The time required may vary depending on your internet connection speed.
7. After the installation is complete, locate the FairMoney Loan App on your device’s home screen or app drawer.
8. Tap on the FairMoney Loan App icon to launch the app.
9. 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.
10. Once you have logged in, explore the FairMoney Loan App to familiarize yourself with its features, loan options, and eligibility criteria.
11. 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.
12. 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.
13. Ensure you carefully read and understand the terms and conditions, interest rates, and repayment schedule associated with the loan before accepting it.

Benefits of Using Fairmoney Loan App

Fairmoney offers numerous advantages that make it a preferred choice for borrowers. Here are some key benefits:

1. Quick and Convenient: With Fairmoney, you can apply for a loan anytime and anywhere, using just your smartphone. The application process is straightforward, and funds can be disbursed within minutes upon approval.
2. Flexible Repayment Options: Fairmoney allows you to choose a repayment plan that suits your financial capabilities. Whether you prefer weekly, bi-weekly, or monthly installments, Fairmoney offers flexibility to make timely repayments.
3. No Collateral Required: Fairmoney loans are unsecured, meaning you don’t have to provide any collateral to secure the loan. This makes it accessible to a wider range of individuals who may not possess valuable assets.
4. Credit Score Building: By repaying your Fairmoney loans on time, you can improve your creditworthiness. Fairmoney reports loan repayment activities to credit bureaus, which can positively impact your credit score over time.

Advantages of Using Fairmoney Loan App

• Quick and convenient loan application process
• No collateral required
• Flexible repayment options
• Credit score improvement potential

Disadvantages of Using Fairmoney Loan App

• Higher interest rates compared to traditional bank loans
• Limited loan amounts for first-time borrowers
• Not suitable for long-term financing needs

Frequently Asked Questions (FAQs)

What are the eligibility criteria for a Fairmoney loan?

The eligibility criteria typically include being of legal age, having a valid identification document, a source of income, and a bank account.

Can I apply for a loan with Fairmoney if I have a low credit score?

Fairmoney takes into account various factors when assessing loan applications, and a low credit score does not necessarily disqualify you from obtaining a loan. Fairmoney considers your overall financial profile, including income stability and repayment ability, rather than solely relying on credit scores. While having a good credit score can increase your chances of approval and potentially provide more favorable loan terms, Fairmoney strives to provide access to loans for individuals with different credit backgrounds.

How quickly can I receive the loan funds once approved?

Fairmoney is known for its quick loan disbursement process. Once your loan application is approved, the funds are typically disbursed directly to your registered bank account within a short timeframe, often within minutes. However, the exact time may depend on factors such as your bank’s processing speed and any potential delays due to external factors. Fairmoney aims to provide a seamless and efficient borrowing experience, ensuring that you receive the funds you need promptly.

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 FAIRMAONEY?

You can borrow up to ₦1,000,000 via FairMoney app, for a duration of up to 18 months!

CAN I ACCESS FAIRMONEY QUICK ONLINE LOAN ANYWHERE IN NIGERIA?

Yes, you can use FairMoney via FairMoney app from anywhere.

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 DOCUMENTS DO I REQUIRE TO APPLY FOR 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.

CONTACT OF FAIRMONEY

You can reach their helpdesk by sending an email to help@fairmoney.ng

REVIEWS, AND FEEDBACK OF FAIRMONEY LENDING APP

Ifeanyi Osaro
25 September 2021
I really love this app it only takes some few minutes to register and check your credit score , disbursement is very fast . But I have been trying to request for another for the past 3 weeks it keeps denying my request even after paying my loan before the due date two times. It’s really annoying. Work on it please.

Esther Okafor
27 September 2021
Seriously, i love this app but right now am having issues with it. I have gone a long way with it and have paid my loans on time but my problem is that i applied for a loan on Saturday and they just attended to me as a beginner. The offer was so poor that am still confused up till now. I really want to know what my offense is. I need this loan for today for my business.

lawrence ben
16 September 2021
The app is simply amazing. Excellent response and request granted. Fairmoney is the best loan app I have ever used. I can attest to it. They are fair just as their name and considerate. If you can’t meet up with your monthly repayment, there is provision to extend it with a little fees. Trust me they are the best. I’ve gotten about 300k from them. Try them you will not regret your actions. FAST MONEY are criminals, rude and inconsiderate. Don’t try FAST MONEY OOOH!

St Solomons Agbaji
24 September 2021
I had to edit my rating. My loan amount was automatically paid without me initiating it. This was just 3 days after the disbursement, and the full interest was also deducted. This happened as soon as I paid some money into my wallet.. I was so disappointed in many ways especially for the amount involved (just NGN 15,000). Please tell me it’s an error.. because that would just be the best explanation for this. Sorry I had to come and say these here…My email hasn’t been responded to yet

Yusuf Isyaku
28 September 2021
I really appreciate the experience for the pounder of this app, but in the bill payment their is no electricity, so that update is needed! And also i had from yours agent said.. if you sign up as new customer, you are eligible to get a loan from 100,000 up to 500,000 but i filled all the instructions, at the end said am not eligible to get loan! I against that ok! It means you deceived customer!