How to Borrow Money from Fairmoney in Nigeria: Need fast financial assistance? Whether it’s school fees, medical bills, rent, or urgent business needs, FairMoney offers a streamlined mobile lending platform that gives Nigerians access to loans ranging from ₦1,500 to ₦3,000,000 — all processed in under 5 minutes without paperwork or collateral. With flexible repayment periods up to 18 months and monthly interest rates starting from 2.5%, it’s a powerful solution for both personal and business needs.
This guide explains how FairMoney loans work, their latest interest rates, the application process, and repayment tips — plus, everything you need to know about eligibility and customer support.
Table of Contents
What Is FairMoney Loan?
FairMoney is a licensed digital microfinance bank offering instant mobile loans to individuals and small businesses in Nigeria. Designed to eliminate the barriers of traditional lending, FairMoney gives users access to personal or SME loans without stepping into a physical office.
The entire process — from registration to loan approval — happens digitally via the FairMoney mobile app. With over 20 million downloads and millions of satisfied users, it has become one of Nigeria’s most popular fintech lending apps.
FairMoney Loan Features at a Glance
| Feature | Details |
|---|---|
| Loan Range | ₦1,500 – ₦3,000,000 |
| Repayment Duration | 61 days to 18 months |
| Monthly Interest | 2.5% – 30% |
| APR | 30% – 260% |
| Collateral Required | No |
| Loan Top-Up | Yes – during active loans |
| Loan Extension | Available via app |
| Disbursement Method | Direct to your bank account |
| Application Method | Through FairMoney mobile app |
FairMoney Interest Rate & Repayment Breakdown
FairMoney loans come with interest rates that range from 2.5% to 30% monthly, depending on your loan amount, duration, and credit profile. The rates are calculated on a monthly basis and are adjusted based on individual borrower factors, making FairMoney’s interest structure one of the most flexible in the market.
Loan Example:
- Loan Amount: ₦100,000
- Loan Duration: 3 months
- Interest: ₦30,000 (30% for 3 months)
- Monthly Repayment: ₦43,333
- Total Payable: ₦130,000
- Representative APR: 120%
You can use the loan calculator inside the app to preview your expected repayment amount before confirming the loan.
Eligibility Criteria for FairMoney Loan
To qualify for a FairMoney loan, users must meet a few standard conditions. These are:
- Be at least 18 years old
- Have a valid Bank Verification Number (BVN)
- Be a Nigerian resident with a local bank account
- Own an Android smartphone with the FairMoney app installed
- Have a source of income (salaried, self-employed, or student)
- A minimum monthly income of ₦1,000
- Maintain a credit history (even limited ones qualify)
FairMoney uses data from your phone, bank records, BVN history, and credit behavior to determine loan eligibility and amount.
How to Apply for Fairmoney Loan (Step-by-Step Guide)
Follow this steps to apply for Fairmoney Loan:
- Download the App:
- Go to the Google Play Store
- Search for “FairMoney”
- Tap Install to download the app
- Register Your Account:
- Launch the app
- Input your phone number and verify it via OTP
- Provide personal details such as your full name, BVN, and employment info
- Apply for a Loan:
- Enter the desired loan amount
- Choose your repayment tenure (61 days – 18 months)
- Review your loan terms and accept the agreement
- Get Funded:
- If approved, funds will be transferred to your linked bank account
- You’ll receive a repayment schedule and reminders in-app
FairMoney Loan App: Is It Legit?
Yes, FairMoney is a legally licensed digital bank and microfinance institution in Nigeria. The platform is regulated by the Central Bank of Nigeria (CBN) and ensures deposits are insured.
With over 5 million users, 15,000+ loans disbursed daily, and ₦35 billion+ saved through the app, FairMoney ranks among Nigeria’s most trusted lending apps.
They do not require any form of collateral or in-person interviews. All financial transactions are handled securely through encrypted systems.
How to Repay Your FairMoney Loan
To repay your FairMoney loan, you can either allow automatic deductions or make a manual payment through the app.
FairMoney supports flexible repayment through:
- Direct debit from your bank account
- Manual repayment via the app dashboard
Repayment Tips:
- Ensure your bank account is funded on your due date
- You’ll receive SMS/email/app reminders before deadlines
- You can also apply for a loan extension if needed (based on app availability)
Late payments may attract additional charges and affect your ability to access future loans on the platform or elsewhere.
FairMoney Customer Support and Contact
If you need help during or after your loan application, FairMoney offers multiple channels for customer service.
Customer Support Hours:
Monday – Friday: 9:00 AM – 5:00 PM
Contact Information:
- Email: help@fairmoney.io
- Phone (General): 07000 362 362 / 0201 700 1276
- Phone (Business Loans): 07000 033 333 / 0201 888 9008
- Phone (Sales – Loans): 0201 888 9888
- Phone (Savings): 0201 887 5969
Office Address:
28 Pade Odanye Close, Off Adeniyi Jones, Ikeja, Lagos, Nigeria
(Note: All operations are digital — no cash at office)
Frequently Asked Questions
1. What is the minimum and maximum loan amount on FairMoney?
Loan amounts range from ₦1,500 to ₦3,000,000 depending on your credit score and eligibility.
2. Do I need collateral or documentation?
No collateral is required. All documentation is handled digitally in the app.
3. What is the interest rate on FairMoney loans?
Interest ranges from 2.5% to 30% monthly, with APRs between 30% to 260% depending on loan terms and credit profile.
4. How quickly is a loan processed?
FairMoney processes loan requests in less than 5 minutes — one of the fastest in Nigeria.
5. Can I repay early or extend my loan?
Yes. You can repay early without penalty and also apply for loan extensions directly through the app.
6. How do I contact FairMoney for help?
You can contact them via email at help@fairmoney.io or call 07000 362 362 during working hours.
7. Is FairMoney available on iPhone (iOS)?
Yes, FairMoney is available on IOS devices and can be downloaded from the Apple store.
Conclusion
FairMoney stands out as one of Nigeria’s leading digital lenders, offering flexible loan solutions without the bottlenecks of traditional banks. Whether you’re a student, salary earner, entrepreneur, or SME owner, the app offers a fast, secure way to access up to ₦3 million in funding — with no collateral and a repayment period of up to 18 months.
With competitive interest rates, easy top-ups, and growing trust from over 5 million users, FairMoney is worth considering if you need fast, reliable credit. As always, borrow responsibly and make sure your repayment plan fits your income to avoid penalties or negative credit reporting.
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