Are you looking for how to apply for FairMoney Loan Online? if yes then you’re at the right place.FairMoney Loan app is known for its speed when it comes to loan approval and disbursal. They don’t require you to go to a place or present numerous documents. All you need to do is get the FairMoney app, sign up, and request a loan.
This is especially good for small businesses that need money to sort out business emergencies or for businesses that are just starting out with no social proof and no collateral.
Enjoy low-interest rates, with no collateral. Download the FairMoney Loan App now to apply. Get up to ₦5 million, with no collateral. Download the FairMoney Loan App now to apply. With the FairMoney app, you can buy airtime and data! Best returns in Nigeria. Monthly Instalments. Flexible Interest Rates. You can get a quick loan in 5 minutes with FairMoney Loan App.
- No Collateral
- Low-Interest rate
- No Question, read further to find out how to apply for FairMoney loan. Get loans up to ₦1 million, a bank account with free transfers, a debit card for spending, and more.
FairMoney gives Loan amounts ranging between ₦1,500 to ₦1,000,000 and above with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%)
An example of a FairMoney loan
Borrow ₦100,000 over 3 months
Interest (total cost of the loan): ₦30,000 (30% rate)
Three monthly repayments: ₦43,333
Total amount payable: ₦130,000
Representative: 120% APR
About FairMoney Loan App
FairMoney is building the leading mobile bank for emerging markets.
We are unique thanks to our international exposure (with offices on 3 continents) and our impact-driven mission. We bring financial inclusion to underbanked people in emerging markets!
List of Top Loan Apps in Nigeria that give Loans without Collateral:
- FairMoney MFB: FairMoney’s main appeal is that it is a full-fledged digital bank that gives loans of up to ₦3,000,000. This means you can sign up to get a loan on the FairMoney app in under 5 minutes and increase your chances of getting a higher amount by banking with FairMoney and enjoying other benefits. Check out the top 8 Best Loan Apps in Nigeria 2023 with No Collateral here.
- Branch: Branch prides itself on offering quick collateral-free loans. They have over 10 million downloads and their loans require no documentation.
- Kuda: They offer loans called “overdrafts”. They can only be given to people who have been using Kuda for a while. The overdrafts typically accumulate a 0.3% interest daily.
- RenMoney: They offer loans to both individuals and start-up businesses in Nigeria. Their loan offer is currently maxed out at ₦6,000,000
- Carbon: Carbon typically helps customers buy commodities and allows payback in instalments at a later date. The repayment period is usually 3-6 months.
These apps have made it possible for the average credit-worthy Nigerian to start and grow business/businesses in Nigeria.
FairMoney Loan Requirements
Who can apply for FairMoney loan?
- Must have the Fairmoney MFB app on your Android smartphone
- Must be 18 years old and above
- Must be a Nigerian citizen
How to Apply For FairMoney Loan Online via www.fairmoney.io
FairMoney Loan App Features
- With FairMoney loan app you can access personal loans of up to ₦1,000,000 and above.
- Enjoy loan top-ups that give you access to more funds to reach your goals even as you service an ongoing loan
- You can also apply for a loan extension for convenient loan repayment
- Competitive interest rates
Top 8 loan apps Interest Rates in Nigeria 2023
| Loan app | Interest rates |
| 2.5% to 30% monthly or 30% to 260% APR |
| 15% to 34% monthly |
| 0.3% daily |
| 2% to 30% monthly |
| 2% to 30% monthly Or 23% to 68.3% APR |
| 6% to 20% monthly Or 22% to 264% APR |
| 14% to 24% monthly Or 48% to 56% APR |
| 2.9% to 34.17% monthly |
FairMoney Frequently Asked Questions
- Where will my FairMoney loan get disbursed? Your loan will be paid into your FairMoney bank account.
- Can I extend my FairMoney loan duration? Yes! Please go to “Manage loan” in the app to see extension offers (if you have one available). If you see no loan extension offer on your dashboard, please note that we are working on making it available for you.
- How do I extend my FairMoney loan? To extend your loan, kindly log in to your APP and follow the steps highlighted below: Click on the Manage loan icon — then the ‘Extension’ button — Pick your desired days of Extension — Make Payment as guided by the app. Please note that extending your loan attracts a fee. Also, you are to make payment of the amount stated and requested on the app because an underpayment or overpayment will not activate the extension.
Now I understand, with all this, my plenty of stories you may still be like, “please isn’t there a loan app in Nigeria with interest-free loans?” abi there’s no non-interest loan in Nigeria. As of the time this article was published, there is no loan app that gives loans without interest. So if anyone is telling you that there is a loan agency that gives money without interest in Nigeria, you have to do your findings before accepting their loan offer.
For more information about FairMoney SME loans, click here.
