FairMoney is a digital bank which make it easy for you to apply for a loan and receive your loan into your bank account in minutes 24/7.
FairMoney office is located in 28 Pade Odanye close, off Adeniyi Jones, Ikeja, Lagos, Nigeria (No money in the office, everything is digital).
FairMoney App offers loans from loans of up to 1 million Nairas for a period of up to 18 months. The better your lending history and positive behavior, the more you can access and the longer the period!
Fairmoney Review | is Fairmoney App Legit or Scam
According to the information we gather through our research, we find out that Fairmoney has been into operation now some years now and we have not found any scam clue from this company.
When I see question like this: is fairmoney legit or scam, i ask myself, is it fairmoney that will scam people or people scamming fairmoney, because it is fairmoney that is borrowing them money.
What if Fairmoney borrow someone money and the person did not pay? Because fairmoney is not collecting any collateral. The truth here is that there is actually a way in which Fairmoney can scam you by selling out your Data to third parties.
But is Fairmoney loan App selling their members Data to third parties? No, FairMoney is a Nigerian company with headquarters in Europe. They comply with European data security standards. FairMoney will never sell the information you shared to third parties.
And again, you can’t run away with fairmoney loan no matter how small it is because your financial information details is with them and they can easily use that to track you down wherever place you are.
Now, is Fairmoney loan App legit or scam? Yes, Fairmoney loan App is legit and not scam and it is very safe to use. Fairmoney is a financial institution registered under the financial law. They can’t scam you and you cannot run away with the money they lend to you.
If you have any questions or issues with your fairmoney account, please send an email to [email protected] or reach out through their social media platforms.
Fairmoney Customer phone number
You can reach to Fairmoney Customer Care Service on this telephone number 01 7001276 / 01 8885577.
Where is FairMoney located?
FairMoney office is located in Lagos, Nigeria. See fairmoney.ng/contact for more details.
How can I get an instant loan on Fairmoney App?
You need an Android phone and a BVN. That’s all! Download the FairMoney app from the Google Play Store. Sign up with the phone number linked to your BVN, answer a few questions and confirm your identity to receive a loan offer. If you accept it, you will receive your loan instantly in your preferred bank account!
How much can I borrow on Fairmoney Loan App and for how long?
FairMoney offers loans from loans of up to 1 million Nairas for a period of up to 18 months. The better your lending history and positive behavior, the more you can access and the longer the period!
What makes FairMoney different from other lenders?
Speed of delivery – You can get a loan instantly in 5 minutes, from anywhere in Nigeria Flexibility – You can repay on or before your due date No hidden charges – Our interest and fees charges are all-inclusive, ensuring transparency The customer is King – Our team is trained to treat you with the utmost respect at all times
Do I need documents or a collateral to collect loan on Fairmoney?
No document, no collateral! You will only need to share your BVN details during the loan application and connect your card or bank account to authorize us to debit your account for the repayment.
Why was my Fairmoney loan application rejected?
Apologies on that, you can apply again in a few days! It might be for different reasons: – Not enough information found on the phone: You should increase your phone usage (Calls/SMS) to be eligible. – We decided not to give you a credit at this time after analyzing your profile. Keep using your bank account with healthy revenues to get a loan soon.
How can I repay my loan on Fairmoney?
Click on the “Repay” button in the app to pay via card or bank transfer
How do I check Fairmoney my account balance and payment date?
Please log in in the app, you will find your customized dashboard that contains your credit status and/or all the details concerning your current balance.
Can I get another loan on Fairmoney immediately?
As soon as your previous loan repayment is confirmed, you can reapply immediately and get another loan in seconds!
How does Fairmoney auto-debit work?
– Auto-debit allows you to repay your FairMoney loan easily without taking care of it! – Your bank will ask you to authorize FairMoney to debit your account at the repayment date.
How do I pay my Fairmoney loan via card?
Select the “Debit/Credit Card” option when repaying your loan and enter your card details. If you don’t have a card, please contact your bank.
What happens if I don’t pay back my Fairmoney loan?
We are humans and understand that unexpected and unforeseen situations may occur. However, we do not reschedule payment dates, you should take a loan only if you have the capacity to repay it to avoid: – Late fees – Suspension of your FairMoney account – Report to national credit bureaus as required by law (CRC, First Central)
Can I extend my Fairmoney loan duration?
Yes! Please go to “Manage loan” in the app to see extension offers (if any)
Can I trust FairMoney with my identity and bank account details?
FairMoney is a Nigerian company with headquarters in Europe. They comply with European data security standards. FairMoney will never sell the information you shared to third parties.
Why do Fairmoney request permissions on my phone when installing the FairMoney app?
FairMoney collect and processes securely data from your phone (SMS, device details, location, phonebook) to make a lending decision. This data is necessary for us to approve your loan in real-time without asking you for cumbersome paperwork.
What happens if I lose my phone?
Send an email to [email protected] to get the details of your loan and your repayment date. You can also sign in from another phone using your phone number and password.
Is Fairmoney CBN
Yes, fairmoney is registered with CBN.
Is my money safe with FairSave on Fairmoney?
Absolutely! Your FairSave is as secure as your FairMoney bank account. All transactions and account management are handled using 256-bit HTTPS SSL encryption. We are licensed by the Central Bank of Nigeria (CBN), and all deposits are insured by NDIC.
What is the difference between FairMoney bank account and FairSave?
The main difference is that you earn money daily when you keep money in your FairSave, unlike your regular FairMoney account which would be your current account. The moment you credit your FairSave, you start earning money!
How much interest do I earn with Fairmoney FairSave?
You earn an effective annualized interest rate of 10% on whatever amount you have deposited in your FairSave.
When do I get the interest posted to my FairSave?
Interest is paid daily. Even though the interest on your FairSave is per annum, you are credited with the interest accrued on funds in your FairSave daily!
How is the interest calculated on FairSave?
You effectively earn 10% interest annually. However, this is posted daily i.e, if you hold N100,000 for 365 days in your FairSave, you will end up with N110,000. Once you start accruing daily interest on your FairSave, you will be able to see clearly how much interest you are earning daily. The interest will be given on the standing balance of your FairSave.
What is Withholding Tax and how does it affect interest earned on FairSave?
All interest earned in FairSave is subject to 10% withholding tax, which can be seen and tracked in the transaction history of the app. This is deducted directly from interest earned – no action is needed on your behalf.
Can I save automatically to FairSave from my FairMoney account?
For now, to fund your FairSave, you need to move funds from your FairMoney bank account balance into your FairSave.
How do I start saving on Fairmoney FairSave?
Saving is easy with FairSave! All you need to do is click on the “Enter FairSave” button when you open your FairSave and input how much you want to save. The money will be moved from your FairMoney bank account into your FairSave. If your FairMoney bank account is not sufficiently funded, you will be prompted to add money to your FairMoney bank account to continue.
Can I fund my FairSave through another bank account?
No, you can only fund your FairSave through your FairMoney bank account. You can fund your FairMoney bank account by going to your FairMoney app and tapping, “Fund account.”
When can I withdraw my savings on FairSave?
You can withdraw from your FairSave anytime, no strings attached.
How do I withdraw from my Fairsave?
To withdraw from your FairSave: Click on the “Withdraw” button in your FairSave, input how much you want to withdraw, and click on continue. The amount inputted will be moved from your FairSave into your FairMoney bank account.
Can I withdraw my FairSave money to any bank account?
No, you can only withdraw to your FairMoney bank account. However, you can always transfer money from your FairMoney bank account to another bank account for free (you have 100 free transfers monthly).
Is there a limit to how much I can save in my FairSave?
The limit on how much you can save in your Fairsave is dependent on your bank account level. The higher your bank account level, the more you can save in FairSave. To increase your level, please contact our support team at [email protected].
How do I get FairSave on my FairMoney App?
FairSave will be available from version 8.70.0 of the FairMoney app. However, it is currently rolled out to customers who applied to be on the FairSave waitlist. Do not worry If you don’t have this feature yet on your FairMoney app, as we will be making it available to you very soon, and we will be sure to notify you when we do!
Why am I not seeing any interest posted in my FairSave?
Earned interests below 0.01 Naira will not be displayed on the app. This, however, does not mean that your interest is not being accrued, it may just take a while before it is visible to you on the app.
PLEASE DON’T FORGET TO HELP US TO SHARE THIS POST TO OTHERS BY USING THE SHARING BUTTON BELOW.