Application Description:
In the last four years, over 3 million customers have relied on us for loans.
Loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%)
💸 Loan characteristics
Loan amount from ₦1,500 to ₦1,000,000
Repayment periods from 61 days to 18 months
APR from 30% to 260% per annum
Interest discounts of up to 90% for early repayments
No hidden fees
💸 An example of a FairMoney loan
Borrow ₦100,000 over 3 months
Interest (total cost of the loan): ₦30,000 (30% rate)
Three monthly repayments: ₦43,333
Total amount payable: ₦130,000
Representative: 120% APR
Now, the FairMoney app is more than just a loan app. We own a Microfinance bank that is duly licensed by the Central Bank of Nigeria. As such, all your deposits are insured with the Nigeria Deposit Insurance Corporation (NDIC).
As we continued to seek a more efficient way to disburse these loans to you and help you spend it, we realized that our customers need a simple way to receive and spend money. Hence, why we redesigned the app to accommodate these two key actions and more.
With the FairMoney app, you can:
- Get an account number and use it to receive money from anyone in Nigeria
- Add money to your account
- Send money to any bank account for FREE
- Apply for loan and receive it instantly
- Pay your bills
This is only just scratching the surface of what we are building for you. So, sign-up to be the first to know when we launch new features tailored to meet your needs. To sign-up, download the FairMoney app now.
Also, please feel free to share any suggestions or enquiries with us (our contact details are below). We would love to hear from you.
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