Loan apps have made it easier for both individuals and businesses to obtain loans. Getting a loan used to be a burden, especially for businesses, because they had to go to traditional financial institutions that demanded a lot of information.
FairMoney is one of the numerous apps that provide easy loans without trouble. FairMoney is a loan app in Nigeria that makes borrowing money simple and without complications for its users.
FairMoney Loan was established in early March 2018. The online lending company can now brag about providing financial over 1,500 loans to Nigerians every day.
FairMoney claims to be developing the world’s most advanced mobile banking platform for emerging markets.
The fintech is one-of-a-kind because of its global reach, with offices on three continents, and its impact-driven goal. FairMoney also claims to help underbanked persons in emerging nations gain access to financial services.
FairMoney has created a new sort of credit-driven digital bank. When consumers need loans to fuel their businesses or for personal issues, they can get them without putting up any collateral, making their lives easier.
Because they can’t get those services from traditional banks, FairMoney fills in the gaps to help them prosper.
This loan platform offers a unique approach to obtaining a loan in Nigeria, and it does it without requiring any collateral.
You can acquire a quick loan of up to $500,000 with FairMoney Loan, and you don’t require any papers or collateral. This may be completed in less than five minutes.
Using the power of current technology, the app allows users to have access to crucial funds. It’s quick, dependable, safe, and best of all, it’s free. It’s a mobile banking app for Android that makes securing loans and making payments a breeze.
Application for a FairMoney Loan
To acquire a loan from FairMoney, complete the steps below.
- Users must first download the Android app from the Google Play Store, then sign up or log in using their phone number or Facebook account.
- After that, consumers must either create a new user profile or apply for a loan as an existing user. In a couple of minutes, money will be credited to your bank account.
FairMoney places a high value on client pleasure and experience. To this end, they’ve released new software that does an excellent job.
The app is simple to use and dependable, signaling the company’s next phase of growth as the simplest way to secure a loan in Nigeria.
FairMoney review on Google Play Store (2022)
FairMoney isn’t flawless, like any other technology that hasn’t been developed yet. The app has over 5 million downloads and a 3.8-star acceptance rating on the Play Store, based on over 422 thousand reviews.
While FairMoney claims to offer a fair interest rate, users have recently expressed their dissatisfaction with the platform’s interest rate. While some users have given the platform some nice feedback, however, it has also received a lot of bad feedback.
For instance, the app, according to Dr. Adetayo Olagbegi, provides false interest rate reviews. Interest rates are astronomically high. You’re also inundated with calls and advertisements via SMS.
Your loan application, on the other hand, is processed fast, and you may view the total cost of the loan before accepting it. There are no hidden fees after that unless you default? Don’t fall into the trap of defaulting.
Royal Stranger praised the app, saying, “I enjoy using the app for my banking transactions since I got it,” and adding, “I recently tried to apply for a loan.” I didn’t obtain the money I needed, and the repayment period for what I was given was too short, with a hefty interest rate (1 month for 24 percent).
To prevent default, I had to deny the loan because I wasn’t prepared for the drama. I believe you should make it possible to repay loans of $100,000 or more over a period of at least 3-6 months. This will also lower the number of people who default on their loans.
Royal Stranger was not the only one who complimented the app, as Alexander Amissah said, “This is one of the most excellent Apps I have found.
“Despite that the interest rate isn’t the lowest, the possibility of extending the loan makes things easier. The other inventive additions are both imaginative and practical. You did an excellent job!”
FairMoney, like any other business, is still refining its loan system and responding to user feedback, with the expectation that the loan app will continue to improve to satisfy the demands of customers.
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