Is Fairmoney App Legit or Scam, Fairmoney.io | Fairmoney Loan App Review

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!

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!

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

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.

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.

Click on the “Repay” button in the app to pay via card or bank transfer

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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.

As soon as your previous loan repayment is confirmed, you can reapply immediately and get another loan in seconds!

– 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.

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.

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)

Yes! Please go to “Manage loan” in the app to see extension offers (if any)

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.

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.

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. 

Go to their terms of use and privacy policy pages (links in the footer of fairmoney.ng)

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.

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!

You earn an effective annualized interest rate of 10% on whatever amount you have deposited in your 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!

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.

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.

For now, to fund your FairSave, you need to move funds from your FairMoney bank account balance into your 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.

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.”

You can withdraw from your FairSave anytime, no strings attached.

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.

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).

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].

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!

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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.