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Posted in: Loan

Fairmoney Loan App Review: 7 Things To Know About The App

FairMoney loan app is one of the numerous loan apps where you can access quick loans to sort your urgent needs.

But before you get a loan from any loan platform, it is nice you do research about the platform and review every aspect you need to understand about the platform before making your decision. 

So if this is the first time you want to take a loan from the FairMoney loan app, we are going to share vital information you may need to know about the platform.

1. How Much Can I Borrow From Fairmoney?

FairMoney offers loans between N1,500 to N500,000 or above. The amount a customer is eligible to take depends on their credit score, or the degree of trust they have established with the loan platform. 

2. Fairmoney Repayment Period

Fairmoney loan repayment period is from 61 days to 180, that is a period of about 2 to 6 months. Just like other loan apps, Fairmoney loan repayment period depends on the loan amount and the credit score of the customer. The higher the loan amount, the longer the repayment period. In the same way, the better a customer’s trust or credit score is, the longer the repayment period.

3. Fairmoney Loan Interest Rate

Fairmoney loan app interest rate usually varies between the range of 10% to 30%. However, there are cases where the interest rate may go quite higher, this mostly happens when customer fails to repay their loan on or before the due date.

4. Requirements To Get A Fairmoney Loan

To get a Fairmoney loan, below are the fee requirements that must be met.

  • Loan collectors must be 18+.
  • You are to submit your Bank Verification Number (BVN).
  • Provide your bank account details.
  • Must have a means of paying back the loan.
  • Must provide your Phone number or Facebook details.
  • Must have the Fairmoney loan mobile app.

Note: you must ensure that the phone number is linked with your Bank Verification Number (BVN).

5. Fairmoney USSD Code

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The Fairmoney loan app USSD code is *3886#. With this USSD code, you can get your loans from Fairmoney. And also, check how long or due your loan is.

6. Does Fairmoney Call Contacts?

Fairmoney loan app stated it in their policy that they will never call or send messages to the contacts of their customers, concerning the loans they took. However, they may call the customer particularly (not their contacts), especially when it’s due to repay their loan.

On Plyastore, a customer – Adeboye, complained about how Fairmoney calls their customers when it’s time to repay loan. According to him, he said: “Amazing financial saver. But the way you people call with different numbers when repayment is due is poor. Different phone number will be calling and calling. One thing for sure is that, the repayment will surely be balanced. But work on the aspect of using different numbers to call. You can be using normal phone number to call. But the app is really fair.”

7. Fairmoney Loan App Review

For every loan app, people will always have different experience using their service. Fairmoney is not an exception; there are different views from customers concerning their experience with the app. according to our check on Playstore, Fairmoney loan app has about 545,885 reviews, as at the time of writing this post. In terms of rating, the mobile app has 4.4 stars on Playstore, which is actually a good rating.

We also reviewed what customers are saying on Playstore about their experience with the app. While some customers attested that the app has always been saving them from financial crisis, there are still some that complaining of being disappointed.

On Playstore, one of the customers – Damilola, said: “The platform saved me when I wanted to augment some stuff, but fumbled at a critical stage when it asked me to link my card. I’ve been keeping a good record of repayment before the due dates without using card as repayment method. This last experience is the worst compared to the previous experiences put together. There should be other options aside adding debit cards.”

Another user – Florence, said: “The loan app is the best loan app I’ve seen so far. Once you pay early, they increase your loan amount and also the interest is reduced. But my last experience was no fun at all. After repaying all the money that I should have actually paid in two months in less than a month, my loan amount was totally reduced instead of increasing it. And the interest rate was high. Pls do something about it.”

Another user – Gbogun, said: “Very good and timely app but, the interest rate should be reviewed downward to make repayment easy on such soft loan. The disappointing thing about the app was instead of upward loan increase, it was decreased by almost half of what was previously approved even when you paid on time (N90,000 was approved and after I paid on time and reapplied, it was cut to N64,000). Right now, I’m thinking of uninstalling it from my phone to give way for better offers. Very bad experience.”

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