🇳🇬 FairMoney Loan App - How To Apply, Repay, Interest rate, Contacts.
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FairMoney loan app is among the digital loan apps in Nigeria available in the playstore. Developed by FairMoney Microfinance Bank and among the digital lending apps approved by FCCPC, the app was released on October 2017 and has since garnered 10M+ downloads with 581K+ reviews and 4.3/5 star rating.
FairMoney Loan Requirements/Eligibility Criteria
To be able to use the Fairmoney loan app, one needs to own an android smartphone, bank verification number (BVN) and ATM card.
Additionally, users must also grant the Fairmoney loan app permission to access your phone data in order to further ascertain the user’s eligibility.
FairMoney Loan Registration & Application
- Download the FairMoney loan app at the Google Playstore.
- Install it and proceed with the registration process by signing up with your phone number linked to BVN and creating your secure PIN.
- Log in, click on ‘Apply’ on the homepage and answer some few questions.
- You will receive a loan offer upon which you are required to select amount and period.
- If you choose to accept the loan offer, proceed and enter your bank details to receive your money.
FairMoney Loan Amount Limits
Fairmoney loan app offers loans ranging from a minimum of ₦1,500 to a maximum of ₦500,000 whereby the maximum amount will vary with the individual borrower’s credit score and history among other factors.
FairMoney Loan Interest Rate
Fairmoney loan app attracts monthly interest rates ranging from 10% to 30%
FairMoney Loan Repayment Duration
Fairmoney loan app offers a repayment period of one to three months.
FairMoney Loan Repayment Procedure
To repay Fairmoney loan via the Fairmoney loan app, you are required to
- Click on ‘Loan details’ on the home screen
- Click on ‘Pay’
- Select ‘Full loan amount’ to pay your loan in full or select ‘Enter amount’ to manually enter the amount you would like to pay
- Click on ‘Next’ to view the available repayment options including:
USSD – This option will display your bank’s USSD code and amount to be repaid in addition to the Providus Bank account number the funds will be transferred to.
Copy this code and paste in your phone dialer to make payment
Debit card – This option will display all the card(s) registered to your account. Tap on the desired card and click ‘Pay’
Payment will be deducted from the account linked to the card
Bank transfer – This option will display your unique Providus Bank account number and your account name.
Click on ‘Copy’ and make a deposit into this account via your online banking platform or over the counter at any bank
FairMoney Loan App Permissions
The Fairmoney loan app has access to the following once it is installed on your phone:
- SMS: read your text messages (SMS or MMS)
- Contacts: read your contacts
- Location: precise location (GPS and network-based)
- Camera: take pictures and videos
- Phone: read phone status and identity
- Photos/Media/Files: read the contents of your USB storage and modify or delete the contents of your USB storage
- Storage: read the contents of your USB storage and modify or delete the contents of your USB storage
- Wi-Fi connection information: view Wi-Fi connections
- Device ID & call information: read phone status and identity
- Receive data from Internet
- View network connections
- Control vibration
- Full network access
- Prevent device from sleeping
FairMoney Loan Contact
Hotline: 01 700 1276 or 01 888 5577