Lending to small businesses and medium-sized businesses in Nigeria has been greatly increased, expanding access to finance through the advent and growth of microfinance banks and licensed money lenders, who leverage modern technology to provide this essential financial service, and several other financial services to individuals, and small and medium-sized businesses.
Fairmoney is one of the best microfinance banks that use this modern technology to provide easy access to loans. In this guide you will learn how to get a loan from Fairmoney, the interest rate of loans provided by Fairmoney, the benefits of Fairmoney loans and possible downsides to Fairmoney loans.
Fairmoney is a Microfinance Bank that provides banking services to its users while centring on providing affordable loans, to the millions of customers that make use of the Fairmoney mobile app. The bank offers loans to users without requiring
Fairmoney was launched as a fully digital platform that offers loans to people with a valid bank account and a fully verified identity on Fairmoney. Fairmoney was launched in the year 2017 and has since grown to serve more than five million customers currently, Fairmoney provides loans to up to 10,000 customers daily and this shows the reach of Fairmoney in the fintech space of lending.
Fairmoney provides easy access to loans and much-needed funds to a wide variety of customers including salary earners, non-salary earners, entrepreneurs, petty traders, individuals, and even corporative groups.
Does FLoan ,airmoney Give Loan
Yes, Fairmoney gives loans to users on its platform that apply for loans and meet the eligibility criteria for the loans to be given out to them. Fairmoney offers up to a maximum of 1,000,000 in loan amounts to deserving and qualified customers depending on their positive credit history and bank verification number.
Fairmoney Loan Interest Rate
Fairmoney offers users interest rates that are highly affordable by the standards of the digital platform. Fairmoney offers loans to its customers at varying rates depending on your requested loan amount, the interest rate offered by Fairmoney ranges from 2.5% to 30%, with an annual percentage rate (APR) ranging from 30% to 260%.
Fairmoney Loan Eligibility
To get loans from Fairmoney you need to meet the eligibility requirements set by Fairmoney. The eligibility requirements for getting a loan on Fairmoney include:
- You need to have your bank verification number
- You need to have a positive credit history
- You need to have a verifiable source of income
- You need to be of legal age
Fairmoney Loan Application Process
The application process for Fairmoney loans is an easy process, to apply for a Fairmoney loan follow these steps:
- Login to your Fairmoney account using the Fairmoney app
- Locate and click on the loan section of the Fairmoney app at the bottom centre of the mobile app
- Click on the get loan button
- Input your desired loan amount and purpose of the loan in the provided space and click next
- Fill in or confirm your details on the next page then confirm
- Click on the agree to terms and conditions button
- Then click on the continue button and wait for your loan request to be processed
- Afterwards, a loan offer will be made to you by Fairmoney, and you will be required to either accept the loan offer or decline.
- After accepting the loan the loan amount will be disbursed to your bank account immediately
Benefits of Fairmoney Loan
Fairmoney loans come with several pros and benefits including:
- Instant disbursement of funds on approval of your loan request
- The loan eligibility requirements are very few compared to some other fintech lenders.
- Fairmoney rewards on-time repayment of loans with better interest rates, bonuses, etc.
Cons of Fairmoney Loan
Fairmoney loans also come with some downsides, some of which include:
- The interest rate can be expensive over time especially if you get a large sum loan
- Fairmoney charges high-interest rate fees on late repayments
Loans are essential for businesses especially for small and medium-sized businesses and individuals when they need funds for emergencies. Fairmoney loans are very suitable and accessible to individuals and businesses alike because the eligibility requirements are very basic and the loan does not require collateral for it to be approved and disbursed.