Categories: Grants/Loans

How to Apply For FairMoney Loan Online – www.fairmoney.io

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.

Apply for a loan range of up to #100,000 and above On FairMoney.
  • 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:

  1. 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.
  1. Branch: Branch prides itself on offering quick collateral-free loans. They have over 10 million downloads and their loans require no documentation.
  1. 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.
  1. RenMoney: They offer loans to both individuals and start-up businesses in Nigeria. Their loan offer is currently maxed out at ₦6,000,000
  1. 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?

FairMoney does not limit your work, income, or other conditions. So long as you are 20-55 years old, all you need is an Android device, a data connection, a means of identification, as well a valid bank account, and a card.
  • 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

To apply for FairMoney loan online is very easy, firstly you have to Download the FairMoney MFB App online.

  1. Download the FairMoney App on Google Play Store using this link: https://fairmoney.app.link/9mVwx3ahv9
  2. Sign up/Log in
  3. Complete the registration process for the loan
  4. Select the loan offer
  5. Done! You will receive your loan soon.
FairMoney Loan amounts range between ₦1,500 to ₦1,000,000
Repayment periods From 61 days to 18 months
Monthly interest rates that range From 2.5% to 30% (APRs from 30% to 260%)

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
  • FairMoney
 2.5% to 30% monthly or 30% to 260% APR
  • Branch
 15% to 34% monthly
  • Kuda
 0.3% daily
  • QuickCheck
 2% to 30% monthly
  • Carbon
 2% to 30% monthly Or 23% to 68.3% APR
  • Aella
 6% to 20% monthly Or 22% to 264% APR
  • Palmcredit
 14% to 24% monthly Or 48% to 56% APR
  • Renmoney
 2.9% to 34.17% monthly

FairMoney Frequently Asked Questions

How can I get a FairMoney loan? Applying for a loan through FairMoney app is easy and simple! Please follow the steps below to access a loan with us:

Download the FairMoney App via Google Play Store using this link: https://fairmoney.app.link/9mVwx3ahv9
Sign up with the phone number linked to your BVN.
Answer a few questions, and confirm your identity to receive a loan offer. Once you accept the offer, you will receive your loan within 5 minutes.

How much can I borrow from FairMoney and for how long? FairMoney offers loans of up to N1,000,000 for a period of up to 18 months. The better your lending history and positive behaviour, the more you can access and the longer your repayment period!
Do I need documents or collateral to apply for FairMoney loan? No document, no collateral! You will only need to share your BVN details during the loan application and connect your card or bank account to authorize us to debit your account for the repayment.
Can I get another loan immediately? As soon as your previous loan repayment is confirmed, you can reapply immediately and get another loan in seconds!
What happens if I lose my phone? Send an email to help@fairmoney.ng to get the details of your loan and your repayment date. You can also sign in from another phone using your phone number and password
Can I get a FairMoney loan top-up? Yes, to request a Top-up loan, kindly update your APP to the latest version, and click on “Manage loan” on your APP home page. If you are eligible for a Top-up loan, you’ll find it displayed for you to apply. If the offer is not available for you at the moment, please note that we’re working on making it available for you as soon as possible.
  • 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.

Peter Lawson

Peter Hezekiah Lawson (Sir Pee). The CEO of onlineproject.com.ng. A reputable researcher, Web Developer, ICT Instructor and a publisher of many research works in Education.

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