In these challenging times where finances are scarce, and individuals and businesses are in desperate need of funds, FairMoney emerges as a beacon of hope. This instant loan service is designed to provide Nigerians with rapid access to much-needed funding in the simplest way possible – without requiring collaterals, guarantors, or commitment deposits. Fairmoney is one of the prominent solutions but many still ask, how do I apply for a FairMoney loan? This article will guide you through the seamless process of applying for a FairMoney loan.
Since its arrival in Nigeria in March 2018, FairMoney has been a trailblazer, disbursing over 1,500 loans daily to Nigerians. The platform is committed to providing a reliable and trustworthy financial solution, assisting individuals and businesses alike in overcoming financial hurdles.
The application process for a FairMoney loan is incredibly straightforward and hassle-free. Gone are the days of cumbersome paperwork and lengthy waiting times. With just a few taps on your smartphone, you can apply for a loan and receive an instant decision.
How do I apply for a FairMoney Loan?
You can answer the question: “how do I apply for a FairMoney loan” in four easy steps.
- Download the FairMoney application from your Google Play Store on your Android device.
- For New users, create a profile with your phone number or Facebook profile by filling out the details and confirming them.
- Existing users can sign in with their Facebook profile or phone number.
- Follow the loan process and enjoy an instant loan in a matter of minutes.
You can also apply using the FairMoney Loan USSD Code
What are those things that make me eligible for a FairMoney loan?
It is shocking to understand that FairMoney does not give you the trouble of making any elaborate arrangements or meeting a stipulated expectation before accessing their loans. There are no other requirements than getting the app, signing up, applying and having your loan processed and approved in minutes.
There is also no collateral or documentation.
How much money can I borrow from the FairMoney app?
Fair money offers loans ranging from N1,500 (one thousand five hundred naira) to N500,000 (five hundred thousand naira). With a monthly interest of 2.5%-30% (Annual Percentage Rates [APRs] from 30% 260%).
A practical example being:
If Mr john borrows N100,000 (one hundred thousand naira) for over three months, he will incur an interest rate from FairMoney of N30,000 (thirty thousand naira) at 30%.
His three monthly payments will average N43,333 (forty-three thousand three hundred and thirty-three naira). He will therefore have a total amount of N130,000 (one hundred and thirty thousand naira) payable Representing a 120% Annual Percentage Rates.
How long are the loans from FairMoney Valid?
The FairMoney loan takes a duration of up to 61 days to 18 months. And the whole process does not involve any additional fees or hidden charges.
What are the Advantages of taking a FairMoney Loan?
Here are some of the advantages of taking a FairMoney loan
- To solve your financial troubles instantly in fast and easy ways.
- There is no need to provide any collateral.
- There are no hidden or unexpected charges.
- It saves you the time, effort and paperwork of going to the bank.
What are the disadvantages of taking a FairMoney loan?
- Concerns about your privacy.
- The fact that things may get messy between you and them if you do not meet up to the expectations of the loan.
In conclusion
Essentially, you have to ensure that he only takes a loan when there are no other options available. Additionally, you must ensure that you fulfil the conditions of their loan contract for repayment.
If these conditions are duly met, you can rest assured that you and FairMoney would have a mutually beneficial relationship for a long time.
