FairMoney
Instant naira-loans up to ₦3,000,000, quick approvals, flexible repayment from 61 days up to 18 months, competitive rates, no collateral or paperwork required
FairMoney offers fast personal loans from ₦1,500 up to ₦3,000,000, with approval in as little as five minutes. Loans are completely collateral-free and don’t require extensive paperwork, making them attractive for those seeking immediate cash flow solutions. Interest rates range from 2.5% to 30% monthly, depending on your profile, with terms spanning 61 days to 18 months (APR between 30% and 260%).
How to Apply: Step by Step
- Download the FairMoney app on your Android device or iPhone.
- Sign up using your phone number (linked to your BVN).
- Provide personal and income information as requested.
- Complete the identity validation and select your preferred loan offer.
- Loan is disbursed once approved—usually within minutes.
Key Pros of FairMoney Loans
FairMoney provides instant approval and very rapid disbursement, so you can get funds when you truly need it most. All loans are collateral-free.
Repayment is flexible—choose options from two months up to one and a half years. Early repayments and loan top-ups are allowed for eligible customers.
Cons to Consider
Interest rates can be on the higher side for certain users, especially for short-term or smaller loans. There are also strict eligibility requirements (age, citizenship, minimum income).
You must download a mobile app and share some personal data for KYC. iOS users may occasionally face fewer app features than Android users.
Verdict
For Nigerians seeking quick, collateral-free loans with minimal fuss and transparent terms, FairMoney is an excellent choice. Suitable for emergencies, school fees, business boosts, or personal needs—the application is straightforward, and funds arrive in minutes. Be mindful of repayment schedules and assess the interest rate before proceeding, but the convenience and speed offered here are hard to beat.