FairMoney’s personal loan offer is designed with fast cash and convenience in mind. You can borrow between ₦1,500 and ₦3,000,000 with tenures ranging from 61 days up to 24 months. The monthly interest rate starts from 2.5% and may reach up to 30%, depending on risk and tenure. Notably, you won’t be asked for any collateral.

To qualify, applicants need to be at least 18 years old, a Nigerian citizen, and should have a monthly income and a BVN. The process is entirely digital, completed via the FairMoney app for Android or iOS. Your application can be approved within minutes, making this loan a top choice for anyone needing cash urgently.

How to Apply for a FairMoney Loan

1. Download the FairMoney app from your phone’s store.
2. Sign up or log in with your phone number linked to your BVN.
3. Complete the necessary registration information.
4. Choose the loan offer that best fits your needs.
5. Accept the offer, and your loan is credited to your account immediately.

Pros of FairMoney Loans

FairMoney stands out for ultra-fast approvals—some users report receiving funds within five minutes. There’s no need for collateral or lengthy paperwork. Flexible repayment plans allow users to pay over several months, and there are options for loan extensions and top-ups to manage your finances better.

Cons of FairMoney Loans

However, interest rates can be much higher for some users, especially those with limited credit history. The maximum amount offered will also depend on your profile, and the app is mandatory for application and account management, which may not suit everyone.

Verdict: Should You Apply?

FairMoney loans are great if you need cash urgently, and appreciate a quick, hassle-free process. If matched with competitive rates, FairMoney could be your go-to app for personal lending in Nigeria. Compare to your other options before applying for higher amounts.