Fairmoney Loan Apk – Borrow Loan Free From Collateral

Fairmoney loan app is a type of credit-led digital bank that is built for the purpose of providing easy loan for individuals or private sector to fund their business or personal use.

This digital loan bank is related to Lcredit which one of it’s purpose is also to lend out loan. Not only does it also lend out loan, you can also earn with it.

Detailing what fairmoney loan apk is, today we will be showing and directing you on how to borrow loan on Fairmoney, How To refer and earn, Link to download the apk and every details you might or will need concerning Fairmoney loan apk.

About Fairmoney

FairMoney is a loan app in Nigeria that offers its users an easy and stress-free way of lending money in a fast way without any collateral.

Not only does Fairmoney gives out loan, it also give opportunity to buy Airtime or data, pay for Cable TV subscription and more faetures.

FairMoney Loan Apk was launched around early March, in the year 2018. According to Hainy, FairMoney aimed at promoting financial inclusion through its banking, lending and investment services.

Fairmoney Loan

This loan app provides you with a different way of getting a loan in Nigeria and it does this without requesting for any collateral.

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%)

Fairmoney 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

How Fairmoney Loan Works

Borrow ₦100,000 over 3 months Interest (total cost of the loan): ₦30,000 (30% rate)

Three monthly repayments: ₦43,333Total amount payable: ₦130,000Representative: 120% APR

Now, the FairMoney app is more than just a loan app. They 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).

Fairmoney Loan Requirement

To borrow loan on Fairmoney app, there are some certain requirements which must be met. Below are the few requirements…

• Must be from Nigeria and reside in Nigeria.
• Must be at least 20 years old before you can apply for loan.
• You must have a good Credit score. This will determine the maximum amount of laon you will be able to borrow.
• Use the number linked to your bvn during registration.

Features Of Fairmoney App

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

How To Earn Upto N12,500 Per Referral

Making money from the FairMoney referral program just got easier and better! 💃🏿💃🏿💃🏿There are now more ways to cash out when you refer someone to us. Here are all the ways to get your groove on and make this December money.

• Loans: When you Register, Take Loan & Repay then refer a new customer and the person takes their first loan, you get up to ₦7,500
• Electricity Recharge: You also get rewarded up to ₦2,000 when you refer someone to buy electricity on the FairMoney MFB app worth ₦1000 or more
• KYC tier 3 upgrade: When you get a FairMoney customer to upgrade their account to a tier 3, you earn flat ₦300
• Mobile data Recharge: when the person you’ve referred buys data with their FairMoney app, you get paid up to ₦1,000
• Fairlock Deposit: when the person you’ve referred makes their first FairLock deposit worth ₦10,000 or more, you get up to ₦2,000
• When your referred friend does fulfils all the above conditions, you get additional ₦1,000 cashback!

Read about the Terms & Condition after you register and take your first loan…

How To Register On Fairmoney

Registration on Fairmoney is quite easy if you follow the below guide carefully…using XJ355 as referral code

• Download Fairmoney Apk Below.

NOTE: Once you register finish, TAP HERE to see how to claim your 1.5k registration bonu.

• Open the apk after Downloading and tap on SIGNUP.

• Enter your phone number link to your BVN in other to meet loan requirements.
• Then tap “Have A Referral Code” and enter XJ355.
• After inputting XJ355, tap on Apply.

• Tap on NEXT and enter the OTP sent to the number.
• On the next section, provide your BVN once asked.

NOTE: Your BVN (Bank Verification Number) is only for identification to confirm the details you are providing is true or fake.

• You will be asked to fill a form which comprises of your details, fill it with your correct details.
• After that, you will be taken to your dashboard.

The next step is to take a loan to get your free registration bonus and be able to refer and earn.

Claim 1.5k Registration Bonus — How To Take Loan On Fairmoney Apk

Taking loan on Fairmoney, you will be able to claim your free N1,500 registration bonus.

• On the apk Dashboard, tap on Get Loan.
• You will be asked to fill in your personal details like full name, date of birth, home address, Marital status, etc.
• Fill it with correct information then tap on Next
• Select your Professional Status on the Next Page.
• You can select Graduate, NYSC as occupational and choose 29 as pay day and 40,000 as salary.
• After that, you will be shown list of loan you can apply for.

Apply for at least N5,000 loan above and pick 30days term. Immediately you receive it in your fairmoney wallet, withdraw the money to your bank account First.

After withdrawing the money loaned to you, open Fairmoney and click on the Repay Button to repay your loan immediately and get bonus.

This makes your registration completely free! Once you’re able to take the loan, wait for a maximum of 7 days and you will receive your free N1,500 bonus

How To Repay Fairmoney Loan

After getting your required loan and you have been able to use it for the purpose you get it for, it’s time to repay the loan.

To repay your loan, simply login to the apk and navigate to the loan option. You will see the breakdown of your loan, the repayment amount and the due date.

Tap on the repay option and you will be redirected to where you will repay your loan, simply pick the best way that is convenient for you out of the listed repayment methods and follow the prompts to complete your loan repayment.

NOTE: The earlier you repay your loan, the more your access to high loan will increase.

How To Refer On Fairmoney Loan Apk

To refer on Fairmoney after registration, simply login to the apk then tap on Account at the buttom of the apk. When you refer on Fairmoney, you get upto 7,500 bonus once your referral repays loan. This referral bonus varies per account, take note. The more you use Fairmoney apk, the more your referral bonus increase.

You will see Invite Friends, tap on it then copy your referral link and share with friends.

Fairmoney N12,500 Referral Bonus Terms & Condition

• Eligible users (the ‘Referrer’) can refer multiple friends (the ‘Referee’) with their referral code until the offer campaign is closed – both will enjoy cashback
• The Referee must use the Referrer’s Referral Code to take their first loan
• The Referee must not already be a FairMoney user and must not have an existing FairMoney Bank Account
• Referral cashback offer only valid for loans of amount equal to or greater than ₦5000
• Offer Campaign Validity: till 30 days after users signs up with FairMoney MFB
• Above offers on Mobile data recharge, Electricity recharge, FairLock Deposit are only valid on the 1st transaction of the user within 30 days of signing-up with FairMoney MFB
• KYC needs to be upgraded to tier 3 within 30 days of user signing-up with FairMoney MFB

Things To Take Note About Fairmoney Referral Program

Benefits Of Fairmoney Promo — As far as this Promo is active, you will get additional N5,000 bonus per referral aside the Normal N500 referral bonus and also, your referral will get N1,500 for free, just to register and take a loan on the app.

How Long It Takes Cashback Bonus To Reflect — To receive your Cashback, your referral must apply for a loan. Once your referral is able to take a loan, you will receive the N500 bonus immediately and the 5000 naira Cashback bonus will be sent to your fairmoney wallet balance within the space of 7days.

Fairmoney Loan Review

Getting a loan can be a rigorous process, with all the requirements and time taken for processing it. FairMoney makes all of that easy. This makes them a fast and reliable option to use every time.

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