In times of financial turmoil, loans sometime become a necessary evil. The nation of Nigeria is currently in those Times. Luckily there is some help out there. Here at Applet.Mobi we scoured the net to find loans for Nigerian citizens that did not require collateral, and landed on the country’s most well-known lending platform, the Fairmoney app.
Laurin Hainy, the CEO of Fairmoney, made it clear that the app’s goal is to offer a platform for regular people to fund their aspirations and businesses to succeed.
This article is put together to help provide important details about the Fairmoney loan app service in Nigeria.
What is Fairmoney Application?
Started in 2017, Fairmoney loan app is a mobile digital platform that provides Nigerians with quick, no-collateral personal and business loans.
This Nigeria-based company does business entirely through its mobile application.
With Fairmoney users can apply for loans quickly and have the funds sent directly into their bank account in less than 5 minutes. Repayments are customizable.
The app makes use of artificial intelligence to analyze an applicant’s bank records and validate his/her Bank Verification Number (BVN) to make a decision on whether or not an application for a loan will be granted.
The vision of Fairmoney according to the company is to build a leading mobile banking system for emerging markets. Keeping with this vision, the company has since expanded its platform into the continent of India. Offering the same loan services to citizens of these nations.
Features of Fairmoney
Fairmoney excels over its competitors:
- No collateral
- Simplified and easy to use App interface
- Loan range between N1500 – N1,000,000
- Ranks your profile based on a credit score review
- Individual and business loans
- The loan is 100% online
- Instant loan offer
- 100 transactions every month
- Zero account charges and no hidden fees
- Low-interest rate between 2.5% to 30%
- Loan repayment period between 61 days to 18 months
- Valid bank account details
- BVN number
- Android Smartphone
- Complete application
How to Apply For Fairmoney App Loan
- Download the Fairmoney Android App from Play Store.
- Sign up through the app and enter your phone number linked to the BVN.
- Receive and enter the OTP sent to you by the Fairmoney app for verification
- The app is sensitive enough to automatically detect the OTP code.
- Answer a few of questions.
- Confirm your identity.
- If your application is approved, you will receive the loan amount instantly in your bank account.
Products of Fairmoney
Education loans– You are eligible to apply if you are a salary earner, self-employed, a private company, professional public worker, student, Government sector employee, etc.
Payday Loans – This Fairmoney product is designed with salaried workers in mind.
Business loans – The loans assist business owners with cash flow shortages. Giving companies the necessary boost to manage business affairs.
Pros of the FairMoney App
- Fast loan delivery speed
- No guarantor
- No document
- No hidden charges
- Professional customer support team
- No collateral
Cons of FairMoney App
- Works with Credit Score Reputation
- Requires access to sensitive mobile phone data (phone numbers, images, SMS)
Start a new business, pay your student loans, get out of debt, or simply get a payday loan: the sky is the limit with Fair Money Loans app. It’s fast, secure, and reliable. With instant notification features and quick distribution of funds, its ease to see why over 5 million citizens of Nigeria have downloaded this app.
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