FairMoney Loan App Review – All You Need To Know

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FairMoney currently happens to be one of the most popular and trusted loan apps you can find right now, and as such, today, I’ll be teaching you all that there is to know about this app, such as, what it is, how to successfully secure a loan from them, their interest rates, how to save your money with them while earning interest in return, and so much more.

So, you’re ready?

Sure, then let’s begin. #enjoy.

FairMoney loan app review

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What is FairMoney?

As I already said, FairMoney is one of the most popular and trusted loan apps you can find right now, coming just right after the Branch loan app, and it does so for so many good reasons.

Reasons such as;

  • It has some of the lowest loan interest rates you can find in the market right now.
  • The duration before your loan repayment is usually longer than the competition, from 2 weeks to 18 months depending on the loan amount.
  • Even if you fail to repay your loan on the due date, you can further extend it by paying just a small fee.
  • The late payment fees added on each day you fail to repay your loan are usually lower than the competition.
  • For trusted customers, you can top up or take another loan even with an outstanding loan.
  • And aside from taking loans, you can also save your money with FairMoney with the FairSave & FairLock savings plan which gives you up to 10 – 18% annual interest rates.
  • In addition to that, you can also own a free bank account on the FairMoney app that can be used for your day-to-day transactions.
  • With your bank account, you can also get a physical Mastercard debit card that can be used for all offline and online transactions.

And having said all that, let’s take a closer look to actually see how some of these features work in real life.

How to successfully get a loan with the FairMoney loan app

Follow these steps to successfully secure a loan with the FairMoney loan app.

  • First of all, start by downloading the FairMoney app from here if you don’t have it before.
  • After downloading, open the app, and upon registration, you might be required to provide your BVN, simply do so.
  • After registering on the app, then it’s time to secure your first loan.
  • Simply tap the “Get a loan” button in front of you, and fill in every detail that is required of you.
  • After that, a suitable loan amount that you can borrow at the moment will be offered to you based on the information provided.
  • On the same page, you should be able to see the interest on top of it, and the duration of the loan.
  • For the first loan, the duration usually ranges from 2 weeks to 1 month.
  • If you’re cool with everything, simply go ahead and apply for the loan, and it will be credited to your FairMoney bank account if you already created one.
  • And from your FairMoney bank account, you can simply withdraw this money to your regular bank account.
  • And that’s it.

Pretty easy, and straightforward, right?

Now, to maintain good standing with FairMoney so you can continually get loans from them whenever you need them, and also at higher amounts, here are some of the things you should do.

  • Make sure to repay your loan in the shortest amount of time possible.
  • If you discovered you wouldn’t be able to repay a loan before the due date, you can extend it by a week, two weeks, or even a month by paying a little fee, called the extension fee.
  • And lastly, try to carry out more transactions through your FairMoney bank account.

Doing these will likely increase your chances of securing higher loan amounts in the future, and also grant you the ability to top up your loan even with an outstanding unpaid loan.

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But aside from taking loans, do you know you can also save or rather invest your money with FairMoney with the FairSave and FairLock saving plans?

Well, now you know, but first of all, what are the FairSave and FairLock saving plans, and how do they differ from each other?

What is FairSave & FairLock on the FairMoney app?

FairSave and FairLock are the two money-saving plans on the FairMoney app, where one, FairSave, is flexible, which means, you can deposit and withdraw your money whenever you like without any restrictions, and it gives you a 10% annual interest rate on every amount saved with it, while FairLock is like a fixed deposit account where you can save, but only withdraw your money when a stipulated time has been reached, and it gives an 18% annual interest rate on every amount saved there.

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So, having said that, now, how can we save or invest our money with any of these two saving plans?

Well, here you go.

How to save or invest your money on the FairMoney app

  • Open the FairMoney app, and tap on the “Access my savings” button on the home screen.
  • From there, you’d see a button that says “Save”, tap on it, and make sure you have some money in your FairMoney bank account.
  • Simply enter the amount you wish to save, and tap on “Continue”.
  • After doing that, the money will be deposited in your FairSave account, and you’re done.

To withdraw your funds at any time, simply follow the steps above, and tap on “Withdraw” instead of “Save”.

Read also: The best apps to save & invest your money online here in Nigeria, with the best interest rates.

Other benefits of the FairMoney app

Now aside from taking loans and saving money, there are also a handful of other benefits that come with the FairMoney app.

Benefits like owning a free bank account that works exactly like your regular bank accounts but with added benefits.

FairMoney loan app review

For instance, with your FairMoney bank account, you can make up to 30 free transactions in a month, unlike a regular bank account where you’re charged a fee for every transaction made.

You also get money-back bonuses on bill payments such as airtime and data purchases, cable TV subscriptions, etc.

FairMoney loan app review

And in addition to that, you can also get a personal Mastercard debit naira card that can be used to perform both offline and online transactions at no added fees.

Read also: How to get virtual Visa & Mastercard debit cards to be used for online transactions here in Nigeria.

And that’s basically all that there is to know about the FairMoney loan app, one of the best, most trusted, and most popular loan apps on the planet right now.

If you have any questions, kindly leave them in the comments below, and give this post a thumbs up by sharing it if you find it helpful, and as always, I’ll see y’all tomorrow, #peace out.