In today’s article, we will be reviewing FairMoney- one of Nigeria’s privately owned digital microfinance banks.
We will get a good overview of FairMoney and its pros and cons.
We will also debunk some myths about FairMoney and answer some of your burning questions about the FairMoney app.
Are you ready? Let’s jump right in.
- Overview of FairMoney
- FairMoney interest rates
- FairMoney reviews
- FairMoney referral program
- FairMoney Pros & Cons
- How to get started on FairMoney
- Frequently asked questions
- Final thoughts on FairMoney
Overview of FairMoney
Let’s understand what the FariMoney app is and how it functions.
FairMoney is a mobile banking app that started operation in March 2018. At first, it started as a loan lending platform; over time, it offered a suite of financial services, including money transfers and bill payments.
Traditional banks deduct money from your account balance when you send money to another bank account in Nigeria. They also deduct money for account maintenance, and when you request an ATM card, they deduct more.
These constant deductions will leave you with little or nothing to save at the end of the day.
All these regular deductions do not exist at FairMoney. You can send money to any bank account at no cost.
The app allows users to access their account balance, view recent transactions, and transfer money to other FairMoney users.
FairMoney also offers a chat feature that allows users to communicate with customer service representatives in real time.
The company’s main objective is to make life easier for Nigerians by providing them with access to short-term loans at affordable prices.
FairMoney is great and can be excellent for anyone looking for a comprehensive mobile banking solution.
Let’s examine some of FairMoney’s features.
You can apply for loans on FairMoney from as little as N1,500 to as high as N1,000,000.
Loan repayment ranges from 14 days to 18 months. However, the period of loan repayment solely depends on the loan amount you applied for.
Extension options are also available to ease repayments of loans.
When you apply for a loan and repay on time, you will receive up to a 90% discount on interest. Sounds unbelievable, right?
FairMoney’s loan service is an excellent option when you need extra cash, and the money transfer feature makes it easy to send money to friends and family.
2. Bills & Payments
You can use FairMoney to pay for your cable subscription.
FairMoney Microfinance Bank also gives a 3% discounted price to its users on airtime and data purchased on its platform.
The budgeting tool allows users to set a monthly budget and track spending. The app also includes a bill reminder feature, which helps users track when their bills are due. The expense tracker helps users track their spending so toe where their money is going.
This fixed-term deposit program allows customers to lock up a specified amount for a fixed time to earn accrued interest. You can only have access to the locked-up funds after the time elapses.
You will agree that sometimes, you will be tempted to use your savings. This is where the FairLock feature can help you. FairLock will help you lock up a particular amount of your funds, so you don’t squander them within a short time.
FairLock is free to use, and the interest rate depends on the length of time. Interest rates in FairLock are between 11%-18% annually.
Other features of using Fairmoney are 30 free bank transfers from your FairMoney account to any bank account monthly and a free ATM card when you sign up.
FairMoney interest rates
FairMoney interest rates are between 4%-30% in a month which is determined by your loan amount. FairMoney interest rate is not fixed; instead, rates are based on the profile of customers.
The period of repayment varies from 2 weeks to 18 months.
You will have access to more loans with longer repayment periods when you have a good credit score.
Read more: Is FairMoney legit?
As we already know, FairMoney is a mobile application on the Play store and App store. On the Google Play store, they have an average star rating of 4.4/5 from over 500K reviews.
The app has been downloaded over 10 million times!
This is enough proof that the FairMoney app is legit and one of the best in the market.
Despite thousands of good reviews from users, FairMoney has received its fair share of bad reviews from users. But, in the end, FairMoney has proven beyond doubt, with over 10 million app downloads that they are ready to improve their services and offerings to be a leading force in the fintech industry.
Read more: 10 best loan apps in Nigeria
FairMoney referral program
FairMoney referral program is an excellent opportunity to earn discounts when applying for loans. For each person you refer who receives a loan on the FairMoney loan app, you will receive a discount on your existing loans.
To participate in the referral program, follow these steps to participate in the FairMoney Referral program.
Step 1: Download the FairMoney app on the Google Play Store or the app store.
Step 2: Sign up if you are a new user
Step 3: Input your information and login into the FairMoney app.
Step 4: Click on the “invite friends” button.
Step 5: Click on “share your invite link via” to share your link on various social media platforms. You can also copy your link and share it with your friends.
When a new person you refer receives a loan request, you get a discount on your existing loans.
FairMoney Pros & Cons
There are a lot of things to like about FairMoney. For starters, it’s a mobile app that lets you send money to anyone in the world for free.
FairMoney also has a built-in chat feature to keep in touch with your contacts, and it has a handy currency converter to see how much money you’re sending in real-time.
As for the Cons, we have yet to find out why you shouldn’t use FairMoney. We will revert to you when we find one.
How to get started on FairMoney
1. Download the FairMoney app from the Google Play Store or the app store
2. Click on the sign-up button and input your phone number that is linked to your Bank Verification Number
3 Fill in the required field and verify your identity
4. Once you’ve created an account, you can start saving money by transferring funds into your FairMoney account from your linked bank account
Frequently asked questions
Let’s review some questions asked by readers.
Download and sign up on the FairMoney app. Enter your information and phone number that is linked to your BVN.
Confirm your identity on the app. You will receive a loan instantly in any bank account of your choice.
Your savings limit on your FairSave account depends on your account level. The higher your bank account level, the higher you can save.
Your FairMoney account will be suspended for late payment, and you will be reported to the National Credit Bureaus following the law.
Yes, FairMoney is safe and secure. They use high-level encryption and never share your information with unauthorised third parties.
FairMoney is licensed by CBN, and the National Deposit Insurance Corporation insures deposits.
You earn 10% yearly for any amount saved. For example, if you save N50,000 in your FairSave for one year, you will get N60,000.
Final thoughts on FairMoney
FairMoney is a convenient way to manage your finances on the go. The app’s intuitive interface makes it easy to navigate, and the chat feature is a handy way to get help if you need it.
FairMoney is an excellent option for anyone looking for a competitive interest rate on a personal loan. Their straightforward application process and stellar customer service make them a top choice in the industry.
So, if you want to get started, head over to Google’s play store or app store, download the app and join the FairMoney family.