If you are looking for a quick and easy way to get a loan in Nigeria, you might want to check out FairMoney Loan. FairMoney is a digital bank and instant loan app that offers personal loans of up to ₦3,000,000 without any collateral or paperwork. In this blog post, we will tell you everything you need to know about FairMoney loan, including its benefits, requirements, interest rate and terms, how to apply for it, and what other things you can do with the app.
Benefits of FairMoney Loan
– You can get a loan in 5 minutes after completing the registration process on the app.
– You can enjoy loan top-ups that give you access to more funds to reach your goals even as you service an ongoing loan.
– You can apply for a loan extension for convenient loan repayment if you need more time.
– You can get competitive interest rates that range from 2.5% to 30% per month (APRs from 30% to 260%).
– You can get longer loan tenures of up to 24 months depending on your loan amount and repayment history.
– You can improve your credit score by repaying your loans on time and accessing higher loan amounts and lower interest rates.
Requirements for FairMoney Loan
– You must have the FairMoney MFB app on your Android smartphone. You can download it from Google Play Store or scan the QR code on their website.
– You must be 18 years old and above and a Nigerian citizen.
– You must have a bank verification number (BVN) and a bank account linked to your phone number.
– You must have a proof of employment (salaried, self-employed, student) and a monthly income of at least ₦1000.
– You must have a good credit history or no previous defaults on loans.
Interest Rate and Terms of FairMoney Loan
– The interest rate and terms of FairMoney loan vary depending on your loan amount, repayment period, and credit score.
– The minimum loan amount is ₦1500 and the maximum is ₦3,000,000. The minimum repayment period is 61 days and the maximum is 18 months.
– The monthly interest rate ranges from 2.5% to 30% (APRs from 30% to 260%). For example, if you borrow ₦100,000 for 3 months, the total cost of the loan will be ₦30,000 (30% rate) and you will repay ₦43,333 per month.
– You can repay your loan in full or in installments using your debit card, bank transfer, or USSD code on the app.
– If you repay your loan early, you will not incur any penalty fees. If you repay your loan late, you will incur a late fee of 1% per day.
How to Apply for FairMoney Loan
– To apply for FairMoney loan, you need to follow these simple steps: fairmoney loan app download
– Download the FairMoney MFB app on your Android smartphone from Google Play Store or scan the QR code on their website.
– Sign up or log in with your phone number and create a PIN.
– Complete the registration process by providing your personal details, BVN, bank account, proof of employment, and monthly income.
– Select the loan offer that suits your needs and agree to the terms and conditions.
– Done! You will receive your loan in your bank account within minutes.
See also: Kada Loan – How to Apply for a Loan from Kada Bank
FairMoney Loan Code
You can also apply for a FairMoney loan using their USSD code *322*2#. All you need is your phone number and bank account details.
FairMoney Loan Login
how do you access your loan account online? Here are the steps to follow:
1. Download the FairMoney app from Google Play Store or App Store and install it on your phone. Or visit https://fairmoney.io/
2. Open the app and sign up with your phone number and email address.
3. Verify your identity by uploading a selfie and your BVN (Bank Verification Number).
4. Apply for a loan by choosing the amount and duration you want.
5. If approved, you will receive the money in your bank account within minutes.
6. To repay your loan, open the app and click on “Repay”. You can pay with your debit card or through a bank transfer.
7. To check your loan status, balance and history, open the app and click on “My Loans”.
That’s it! You can now enjoy the convenience and benefits of FairMoney loan login.
FairMoney Loan App
– FairMoney is not just a loan app. It is also a digital bank that offers banking, savings, and investment services. With the FairMoney app, you can also:
– Open a free current account with zero maintenance fees and get a virtual debit card that you can use for online transactions.
– Save money with up to 15% annual interest rate and withdraw anytime without penalty fees.
– Invest in fixed deposits with up to 20% annual interest rate and lock your money for a fixed period of time.
– Send money to any bank account in Nigeria for free or pay bills with zero convenience fees.
– Refer your friends and family to FairMoney and earn rewards for every successful referral.
FairMoney is a digital bank and instant loan app that offers personal loans of up to ₦3,000,000 without any collateral or paperwork. It also offers banking, savings, and investment services that help you take control of your finances. If you are looking for a fast and easy way to get a loan in Nigeria, you should give FairMoney a try. Download the app today and start enjoying the benefits of FairMoney.