Fairmoney instant loan app that gives out loans to Nigerians and most recently Indians, is one of the lowest interest rates loan apps today.
In fact, Fairmoney loan app can be easily considered one of the best loan apps in Nigeria well above Carbon loan app which is another legit 24 hour loan app in Nigeria.
Growing up, collecting loans from banks was a scary thing with stories of people losing their houses because of collateral then years later, Micro Finance bans became a thing and small business owners were the target.
Still there was nothing for us regular people to get instant loans from without easily without providing our left kidney.
Today, things have changed because there are several loan apps that can make a huge difference in not just the loans we can take but the ease at which we are given those loans without collateral.
For one of the highest paying instant loan apps in Nigeria like Fairmoney, you can get a loan in 5 minutes or less on the same day, from download of app to collection of your loan directly into your bank account.
And don’t worry about Fairmoney running out of loans to give out in the near future because they recently secured a €10million funding according to Nairamterics.
As one of the most popular 24 hour loan apps today, you can confidently setup your fairmoney account to get access to instant loans.
How do I get a loan from Fairmoney?
To get a loan from Fairmoney instant loan app, you don’t need a series of documentation like alot of other lending banks or even apps.
You don’t even need a salary account.
All you need is to calmly create your profile and request for your first loan which should arrive in minutes.
Chances of your loan application not being successful in Fairmoney is slim to none even if you have never worked a day in your life to earn any sort of salary. Just proof that you can pay back the loan, that is all.
And to pay back a loan, you are given several loan repayment options like – bank transfer, use of debit/credit card, USSD and so much more.
What is Fairmoney interest rate?
Monthly interest rates on Farimoney loan app ranges from as low as 10% to 30% on the amount you borrow.
You borrow a Fairmoney loan of N100,000 to be paid back in 3 months, here is how it can be calculated.
- Loan amount: N100,000
- Interest rate: 30% interest
- Total amount to pay back: N130,000
- Monthly payments: N43,333
It’s as simple as that.
How much can I borrow from Fairmoney Instant Loan App?
On Fairmoney loan app, you can borrow as much as N500,000 and that limit keeps I rising.
The best part is, you can collect such amount of money withing a few minutes of creating your profile because Fairmoney is an instant loan app which means loans are instant to your bank account.
Back when Fairmoney started in about 2017 – 2018, the limit was a mere N150,000 but some few years and lots of loyal customers later who pay back their loans on time, Fairmoney instant loan app have increased their lending limit to new and existing customers.
How do I signup for Fairmoney loan app?
- First you download the Fairmoney instant loan app from your app store – click here to download.
- You register and fill the form
- Add your bank details
- Receive your first loan within minutes.
So go ahead and collect your first loan.
Fairmoney terms and conditions to consider.
There are 3 terms and conditions you should look at.
What happens if you can’t pay back the loan on time.
1.5% of the loan amount will be added to your loan for the first 10 days then after that you will be requested to pay back as soon as you can.
What happens if you can’t pay all loan at once?
You can pay any amount you want because their are 2 options when trying to pay back a loan – full amount and other amount.
If you have a loan spread across several months, you cna pay back any amount during any month of your loan duration but must complete payment of the loans at the end of the tenure.
What happens if you pay your loan early.
Great! You get a discount of early loan repayments on Fairmoney app.
Are there any hidden fees when processing my loan application?
None at all. Your complete loan is paid to you.
Fairmoney 24 hour loan app is one of the absolute best instant loan app in Nigeria as of this writing. It is better than Carbon loan app , better than Microfinance banks and much better and less stressful than collecting directly from your bank.