How to Apply for a FairMoney Microfinance Bank Loans in Minutes
FairMoney is a loan app in Nigeria that offers its users an easy and stress-free way of lending money.
They launched FairMoney Loan around early March 2018. The online lending platform can now boast of disbursing over one thousand five hundred loans daily to Nigerians.
Before the launch, FairMoney has been able to help thousands of Nigerians and Nigerian businesses inch a bit closer to their dreams by providing them with the financial backing they can not afford at the moment. They have made it possible for individuals and small businesses to thrive in spite of the reality of their situation.
This loan platform provides you with a different way of getting a loan in Nigeria and it does this with no collateral. With FairMoney Loan, you can get an instant loan of up to as much as ₦1,000,000,000 without needing any paperwork or even collateral. This would be done in under five minutes or lesser.
FairMoney Loan App
The app helps you gain access to critical finance via the power of modern technology. It is fast, reliable, secure, and most of all, free!
It’s an android mobile banking app that makes getting loans and paying bills very fast and easy.
How Much Can I Borrow from FairMoney and for How Long?
You can access a FairMoney Loan in the range of ₦1,500 to ₦1,000,000,000 with durations for loans up to 60 days and above. The monthly interest is also about 10%-30% monthly. The process does not incur any additional fees or hidden costs when processing your loan.
FairMoney Loan Requirements
There are no requirements for getting a FairMoney loan. Simply sign up on the app and your loan will be processed. This is done without the rigorous due processing like documentation and collateral.
How to Apply for a FairMoney Loan
Follow the steps below to get a loan from FairMoney
- Download the Android application from Google Play Store.
- Sign up or log in with your phone number or Facebook profile.
- Create a profile of you’re a new user or apply for a loan as an old user.
- Get credited with money in your bank account within a matter of minutes.
FairMoney takes customer experience and satisfaction as a major priority. To this effect, they have launched a new app that does this perfectly. The app is easy to use and reliable, announcing their next phase of growth as the easiest way to get a loan in Nigeria.
Getting a loan on FairMoney is easy and of course, a very straightforward process that can be done by anyone at all. Here are the few steps to follow when you’re trying to get a loan.
These steps can’t be wrong. It optimizes FairMoney to make their services accessible to every Nigerian.
FairMoney Loan Review
Getting a loan can be a rigorous process, with all the requirements and time taken for processing it. FairMoney makes all of that easy. This makes them a fast and reliable option to use every time.
- Loan is approved within minutes
- No collateral or guarantor needed
We haven’t found any reason why you wouldn’t want to use FairMoney. This section will be updated if we do
Few More Things About Fair Money
In the past 7 years, a good number of lending platforms have sprung up in Nigeria. Rightly so, as access to financial inclusion is still a major bane for many Nigerians. Access to credit to cover personal and business costs still remains a huge equaliser in the growth and development of the economy.
According to reportlinker, the impact of COVID-19 on consumer lending in Nigeria cannot be overstated as the local economy was impacted by recession following various lockdown measures, resulting in rising unemployment and decreasing disposable incomes. Mainstream financial service providers were already apprehensive about lending at the beginning of 2020, with most banks not meeting the 65% loan-to-deposit ratio with various sanctions being imposed by the Central Bank of Nigeria.
At FairMoney, we started with our lending products because we realised that there was a huge gap in the market, as Nigerians within a certain demographic could not access credit facilities to power their businesses and lives, especially through traditional Financial institutions.
Our mission has always been to serve the needs of as many Nigerians as possible. Our approach to doing this involves providing millions of Nigerians with loans and capital to meet their immediate needs and in some cases, to grow their businesses, and so far, we have acquired over 5 million happy users, 2 million bank accounts, and disbursed over N117billion loans since inception.
Our goal ultimately is to use technology to bank the 60 million Nigerians currently excluded from the financial ecosystem. We have also introduced secure and innovative technology processes to improve our lending operations, as well as a strong privacy protection policy, and a comprehensive loan collection policy which has been successfully deployed in the last 4 years.
“The repayment rate has been impressive because we are using technology to underwrite loan facilities and we have also used Artificial Intelligence to underwrite loan facilities. This is a technology we have developed internally and a lot of banks do not have them.
That is how we have been able to grow our loan book while maintaining a prudent risk appetite. Our Non-Performing Loans are greater than the average standard, i.e our growth rate is higher than the average industry standard. Our default rate has been around 10%,” Laurin Hainy, CEO/Co-founder FairMoney said in an interview, recently.
After 4 years of providing credit, we realized that we could achieve more impact and deliver more value for Nigerians, and this year we have evolved from a quick loan app into a fully-fledged digital bank, as we recently acquired our Microfinance Bank License from the Central Bank of Nigeria.
We are using the existing infrastructure we have built to deliver a customer-facing service
to solve the customers’ financial needs in Nigeria.
As part of our banking offerings, we provide salary accounts that help people manage their funds better, and bank account holders have access to a number of benefits including; 100 free bank transfers monthly with no transaction fees. We also recently introduced our physical debit card that enables our customers to do more with their funds, in the most convenient way possible. We believe that all Nigerians deserve more and at FairMoney, we are providing them with the tools to achieve more financially.
In addition to our recently launched physical debit cards, customers are to expect even more exciting updates over the next couple of months.
For more information on FairMoney Microfinance Bank, please send a mail to [email protected] or call us on +234 1 888 5577
Digital Bank That Gives Instant Loans, No Collateral Needed.
Get loans up to ₦1 million, a bank account with free transfers, a debit card for spending, and more