Fairmoney loan is one of the legit loan app in Nigeria, they do not require collateral or paper work with just your phone and BVN you will secure the loan. With Fairmoney app you can obtain up to #1 million at a go
Requirement to obtain Fairmoney loan
Below are the requirement you need to meet up with before you can secure fair money loan
Have bank account and BVN
Have source of income
Be a Nigerian and reside in Nigeria
You must not have defaulted on loan before
Have good credit score
Lastly, have smart phone with which to download the loan app
How to apply for fairmoney loan
The first step is to head over to playstore and download Fairmoney loan app
Resister with your name and other details
You will be ask to submit your BVN, do so and proceed
After registration, you will be login to your dashboard
On your dashboard locate and click on loan there you will see amount of loan you are eligible to to obtain
Click it and wait for disbursement
If everything goes right you should receive credit alert in 2 hours time
Fairmoney loan ussd code
Another way to apply for Fairmoney loan is through ussd code, it is very fast you don’t need to download any app just dial the code on your phone and request for loan. Fairmoney loan ussd code is *556*15#.
How much you can obtain from fairmoney loan app
With fairmoney you can obtain up to #1m loan without collateral or paper work. For the first timer you might not be able to obtain up to this but as you take loan from them and pay back regularly the amount you can obtain will increase.
Fairmoney loan interest rate and repayment period
Fairmoney interest rate is between 5% to 25% depending on the amount of loan obtain and the credit score. The repayment period is also depend on the amount of loan obtain, it is between 1 month to 6 months.
Repaying your fairmoney loan
You can pay back your loan with ATM card or ask for their account number and transfer to it, when making transfer ensure you have their correct account number to avoid story that touch
Is fairmoney legit
Yes the loan app is legit, many people have receive loan form this loan company. The loan app has been downloaded more than 1m times on playstore with many positive review.
Our verdict on fairmoney loan app
Fairmoney loan is legit, they don’t send defamatory messages to their customer’s contact, but that doesn’t mean you shouldn’t pay bank your loan, if you don’t, they will forward your name to credit bureau for black listing. Which means you won’t be able to obtain loan again in Nigeria until you settle your debt.
What I like about fairmoney loan
- There is no processing fee or hidden charges
- You can obtain up to #1m loan
- Their interest rate is lower compare to other
- They give loan to everybody, no discrimination
What I don’t like about Fairmoney loan app
- They give small loan to first timer
- First timer will have high interest rate and short repayment period
Above is how to apply for fairmoney loan with ussd code and through app, though fairmoney loan app is lenient, I will advice you to take loan that you can pay back to avoid embarrassment
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