Fairmoney Loan is one of the most reputable lending services in Nigeria in 2025. The loan company can give you unsecure personal loan that's up to N3,000,000 at affordable interest rate. The amazing part of the loan is that you're liable to extend your loan repayment of you've not seen the payback.
However, as good as Fairmoney Loan is, getting eligible or qualifying for it might not been easy for many people who don't have a good credit score or don't have credit history. But if you can provide a bank verification number (BVN), proof of employment (salaried, self-employed, student), monthly income of a minimum salary of ₦1000, your residential address, national identification number (NIN), working Email address and valid mobile number, these details will be used to will access your creditworthiness and your eligibility status will be displayed in second.
Once you're qualified, you can go ahead and apply for disbursement. The loan will be disbursed into your Fairmoney account, where you can later transfer it to any bank account in Nigeria.
Requirements to qualify for Fairmoney Loans
Here are the criterias and documents needed to qualify or get eligible for Fairmoney Loans in Nigeria:
- Be at least 18-years and not more that 65-years.
- You must be living in Nigeria with proof of residential address such as utility bills.
- Have a valid National Identification Number (NIN) or any government issued ID card such as International Passport, Voter's Card, Driver's License or National ID Card.
- Have a valid Bank Verification Number (BVN).
- Have a working email address and phone number. Both are essential for opening an account.
- A selfie photo and video during application processes on the Fairmoney app.
- Collateral, paperwork and guarantor are not needed for Fairmoney Loans.
- You can do well to upload six months account statement of your bank. It'll boost your chances of getting higher loan amount/limits.
- Maintain a great creditworthiness with other lenders (both physical and online).
If you can provide all these documents, meet all these criterias, and abide by all these credit scoring obligations, your eligibility is certain for Fairmoney Loans.
FAQ
What is FairMoney loan interest rate?
The Fairmoney Loan interest rate varies depending on factors like loan amount, loan repayment duration, and the borrower's creditworthiness. But generally, the interest rate ranges from 2.5% to 30% per month. The annual percentage rate (APR) can be as high as 13% to 260%, with a processing fee of 3-15%.
Is There FairMoney Loan Calculator?
Yes, Fairmoney has a loan calculator. The loan calculator allows you to input the loan amount and repayment period to calculate the amount you'll be needing to repay per month, total interest that you'll pay and total amount of money you'll pay back.
Can I Login to FairMoney without app?
No, it's not possible to access Fairmoney personal account without the Fairmoney mobile app that's available for download on Google Play store for Android users, and Apple App store for iOS users.
What happens if I don't pay my Fairmoney Loan?
If you fail to repay your FairMoney loan, you'll face several consequences, including late fees, potential suspension of your FairMoney account, and reporting to credit bureaus. Furthermore, the company's customer care service will not stop calling your phone number to remind you of your outstanding loan.
Conclusion
In summary, qualifying for Fairmoney Loan is easy. Just make sure that you don't owe other lenders to a point where they've reported you to credit bureau. Believe me, if your name and BVN have been blacklisted on the credit bureau portal, no online lenders that relies on credit bureau for creditworthiness of borrowers will lend you money.
So, it's important to have a good credit score and be in good terms with other online loan apps. In this video, I discussed how you can check your credit score for free on the credit bureau websites using one finance app in Nigeria. Watch the video to check your credit score and know your creditworthiness.
With that being said, if you can keep a good credit score, and you're able to provide all the documents mentioned in this article, you'll be qualified for Fairmoney Loan and the loan amount will be disbursed into your Fairmoney account within 5 minutes. You can then transfer the funds from Fairmoney to any bank account of your choice in Nigeria.
