Is FairMoney Legit or Scam: Everything To Know


Is FairMoney legit or scam

Is  FairMoney legit or scam? In this article, we will find out.

FairMoney Loan is an online loan app that makes instant loans available to Nigerians. Loans are distributed quickly after applications, and the app is simple.

FairMoney has been around for a while, and numerous users have attested to the app’s legitimacy. We are writing this review based on our interactions with this specific loan app. We have tested FairMoney, a reputable loan app and can boldly say Fairmoney is legit and trustworthy.

Let’s take a deep dive into our findings.

Who is the owner of FairMoney?

Laurin Hainy
Image credit: TechEconomy Nigeria

Laurin Hainy is the owner of FairMoney. He founded it in 2017.

Hainy had an exciting beginning to his venture into the fintech industry. Hainy, whose parents were both German and Nigerian, spent most of his childhood in Germany and only occasionally travelled to Edo State. 

He got to experience Lagos as an adult and discovered how the country functions in its most unfavourable form.

In 2016, Hainy met Gendreau, who had recently finished his product manager position at PriceMatch, a revenue management business. After watching the growth of neobanks in Europe, they discussed the opportunities in that industry.

Hainy lost his SIM card while on a brief trip to Nigeria and could not access his bank app.

In an interview with Techpoint Africa, he said, “The experience was annoying and far beyond what is usually available in Europe.”

This became the driving force behind the $67 million investor-funded company. The fact that top investors fund the company hints that FairMoney is a legit company.

Is FairMoney a bank in Nigeria?

FairMoney is a bank in Nigeria known as FairMoney MFB. This digital microfinance institution has been granted a license by the Central Bank of Nigeria (CBN). It offers financial services like loan servicing, bills and utility payments via its primary mobile application, FairMoney.

Is FairMoney registered with CBN?

FairMoney is licensed and regulated by the Central Bank of Nigeria (CBN) as FairMoney MicroFinance Bank (FairMoney).

The quick loan app FairMoney has increased its product offering to include investment instruments. 

Single payment loans, instalments, and payroll loans are all available to borrowers through the automated online lender FairMoney.

Does FairMoney have an office?

Yes, FairMoney has an office in Lagos at 28 Pade Odanye Close, Off Adeniyi Jones, 101233, Ikeja. They open Mondays to Fridays, 9 AM-5 PM. 

You can always visit their offices to lay complaints compared to other loan lending platforms that don’t have a physical address.

How safe is the FairMoney app?

The Fairmoney loan app is legitimate and safe to use. Numerous users have confirmed the legitimacy of FairMoney throughout its existence.

Signing up to apply for a loan involves a lot of security checks. Their terms and conditions also promise data privacy protection.

So, you don’t have to worry about your information or data being shared unsolicitedly.

Keep an eye out for unauthorised debits when using Fairmoney and report them immediately to your bank.

If you encounter any suspicious activity, report it immediately to your bank so it can be investigated, or get in touch with Fairmoney customer service.

How to get started on the FairMoney app

Applying for a loan in the bank can be complicated with all the requirements and processing time. All of that is made simple by FairMoney. They are, therefore, a quick and dependable option to use at all times.

Applying for a loan on FairMoney is simple and can be completed by anyone. 

Below are the FairMoney Loan Requirements 

  • Name
  • Email
  • A bank verification number is considered to be basic personal information (BVN)
  • Detailed bank account information ATM card (ATM card). It will be used to debit your account for loan repayment, so it is necessary.
  • You might be asked for a picture.
  • Install the app 

How to Apply for a FairMoney Loan

Follow the steps below to get a loan from FairMoney.

Download and install the app, which is currently only available now on Playstore and App Store

FairMoney app

Sign up or log in to your account with your phone number or Facebook profile.

Click login

Answer a few simple questions to receive a loan offer.

Fill in your details

This will assist the app in creating a credit score. You’ll receive a loan offer based on that. 

How much can you get?

Loan amounts range from N1500 to N150,000. Several factors, including your credit score, will determine how much you receive. However, you will have access to more money if you make your loan payments on time.

The interest rate on FairMoney is payments adjustable. You have up to 24 weeks to repay any loans you take out. That implies that you may make a monthly instalment—the monthly interest rates range from 2% to 28%. 

How to pay FairMoney’s loan

There are numerous ways to repay a loan.  Either through your Debit card or by funding your account on the FairMoney app.

You can also repay through bank transfers or cash deposits.

Conclusion

FairMoney is a microfinance bank registered with the Central Bank of Nigeria. They have a physical office and a safe and secure platform for financial transactions.

With over $60 million in funding and five 

million+ app downloads, our answer to the question, “is FairMoney legit or scam” is that FairMoney is a legit platform for anyone needing a microloan.

What are your thoughts? Have you used the FairMoney app? Let me know in the comments section.

Oghenemaga Emmanuel

Oghenemaga Emmanuel is a certified content marketing specialist, SEO strategist, social media expert, and digital marketing manager for B2B and B2C businesses.

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