What FairMoney has to offer
FairMoney is a payday loan lender that gives loans to borrowers with a salary account. These loans are usually given to eligible employees through their employer.
The FairMoney loan has a friendly interest rate that ranges between 5% - 28%, with no additional fees depending on the loan tenure and the amount borrowed. The amount you can receive varies between ₦150000 and ₦1,000,000 and you can repay within six months. The processing time is immediate, taking up to 2 minutes to get the loan. If you do not repay the loan within six months, an extra interest of 1.5% is added.
FairMoney loan requirements
FairMoney is licensed under the Money Lenders Law. They do not require collateral from borrowers, but they have some strict criteria that you need to meet to qualify for a loan. Here are some requirements you need to consider:
- You have to be at least 18 years old
- You must have a bank account with BVN
- You must live in Nigeria
- You must have a functional Facebook account
- You must have the mobile app
FairMoney loan review conclusion
There are many reviews on the FairMoney loan platform. Most of them are positive reviews, while other negative reviews say the interest rate is high. FairMoney has been operating as a long-standing and trustworthy loan lender.
The reviews say the approval process is quick, and the loan is paid into your account within minutes. FairMoney loans in Nigeria are available to students, employed individuals, and business owners. Because the pay-out happens in 2 minutes, it can be used as an emergency loan.