People have been asking So many questions about Fairmoney loan app review, if they are legit or scam app?. In this article, Updatebriefly have pointed out some of those questions and we will be answering them below.
Is Fairmoney Loan App Legit or Scam?
Fairmoney Loan App is one of the best online loan app in Nigeria, many people tends to borrow money from them due to there quick and easy transaction method. The loan app is fantastic and and very easy to use, the developers did an awesome job and I recommend it for anyone who wants quick loans, paybills, buy airtime and many other services without stress or hassles. There is also no sharing of personal and account informations.
Fairmoney has been in service for more than 3years in Nigeria, they have other competitors like Palmpay, EasyCredit, Quick Check, Branch and many more.
How does Fairmoney Loan App Work?
- Install the Fairmoney loan app from android or IOS app store.
- Register an account.
- Select the option or loan you would like to apply for.
- Fill out the basic information, then submit the application.
- After submission, you may receive a call or sms for verification.
- Accept the loan agreement and submit loan.
- After submission, the approved loan amount will be disbursed into your registered account shortly and a SMS notification will be sent.
What Are The Requirement for Fairmoney Loan App?
In order to be eligible for a loan from Fairmoney, you must meet the following requirements;
- You must be residing in Nigeria.
- Yiu must be 20 years and above.
- You must have a source of monthly income.
What Are The Terms and Conditions of Fairmoney Loan App?
Before you sign up or apply for Fairmoney Loan, it is important you know the loan terms and conditions. This will help you avoid any surprises on the short or long run. Below are the terms and conditions for loan;
- You must be within 18-55 years of age before you can have access to loans.
- You must have a valid bank account before you can use Fairmoney loan app.
- The loan term or duration is between 30-365 days.
- You must be able to repay the loan in full, including interest and fees, by the end of loan term.
- Late loan repayment will attract penalties and fees.
Fairmoney Loan Interest Rate
Fairmoney loan app review on interest rate ranges from 3% up to 15% monthly. The interest rate is calculated on a daily basis. Annual Percentage Rate (APR) from 36.5% – 360%.
An example of Fairmoney Loan
For example, a 91 day loan payment terms, the interest is 9.1%. For the loan processed with the principal amount of #30,000, the interest will be #2730, the total amount due will be #32730. The total amount due for each month will be #10910, the interst would be #910.
Conclusion
Fairmoney is a legit loan app that allows you to get a loan without having to go through a lot of paperwork or waiting for long periods of time.
The app is simple to use. All you need to do is download app, register your personal and account information, apply for loan and wait for the money to be deposited into your account. Fairmoney Loan App is available for both Android and iOS users. We recommend the app, you don’t have to if they are scam app.
