FairMoney loan – USSD code, Interest Rates & App Download

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FairMoney is one of the best online loans in Nigeria. What is the interest rate? How to access the their loan with ussd code? Terms and conditions, requirements, and repayment options.

Though Fairmoney requires your bvn, you can easily get up to 1 million naira without any hassle, and I think that worth submitting your BVN for.

How to get FairMoney loan

Follow the steps below to apply for fairmoney loan

Download the FairMoney loan app from the Google Play Store.

Once installed, open and Sign up. To avoid difficulty, ensure you sign up with the phone number that is associated with your BVN

Answer some startup questions as required and confirm your identity. The next step is to link your bank account to FairMoney.

Once you’ve completed the steps above, now it’s time to apply for loan. Go to the loan section and click on apply. Fill the form and submit.

Wait for approval (Usually takes less than an hour). Once your loan is approved, the loan will be disbursed into your wallet. You can withdraw it and use for any purpose of your choice

FairMoney Loan USSD code

FairMoney loan code is *566*15#.

However at the time of writing this post, the server for this is not available and of course, the use of the code isn’t working. You can try it hopefully the issue may have been resolved.

This in turn means that you may not be able to access their service on certain phones for now. You will need a smartphone with internet functionality.

You can apply for EaseMoni loan if ussd code is what you cannot do without. I’ve written an extensive report on how to get EaseMoni loan. You can check it out here

FairMoney Loan interest rate

FairMoney loan interest rates start at 2.5% and can go up to 30%. Repayment periods ranges from 7 days to 18 months depending on the amount you borrowed.

If you repay your FairMoney loan before the due date, your repayment will be at a lower interest rate


Now, how to repay FairMoney loan. The process is simple.

Open the FairMoney app and click on repay loan. A screen will pop up and you’ll be asked whether you’re making full repayment or part payment.

Click on confirm loan repayment. In one or two minutes your loan should be cleared.

highest loan Limit

Fairmoney app can offers you loans up to 1 million Naira. Their repayment period is convenient as you can have up to 18 months repayment period depending on your loan amount.

Your lending history will determine how much your loan offer can be. If you have a credible lending history, you will get a big loan offer.

FairMoney Loan Requirement

Here are the FairMoney loan requirements

  1. Bank account
  2. Bank verification Number (BVN)
  3. Good credit history
  4. Age from 18 to 60

For some other apps it isn’t so easy to obtain a loan. So many requirements and paperwork. But with the FairMoney loan app everything is so super straightforward.

What makes Fairmoney loan better?

Instant delivery – Getting loan on FairMoney is so quick, as you can obtain your fast loan in just 5 minutes, even from the comfort of your home.

Flexibility – You have the choice to make repayment on the due date or before.

No collateral or documents are required

No hidden charges – With FairMoney, all interest and charges are transparent. Nothing is hidden. You will always see how much offer you’ve got and how much you’re to pay back and for how long.

Good customer service– Fairmoney has a well-trained team and they treat their customers with respect.

They don’t defame defaulters like some other loan apps do.

Extend loan duration – when you’re unable to meet up with the repayment date, you have the option to extend the loan duration. To do this, on the FairMoney app, just go to “Manage loan”. There you will see if you have this offer available for you.

They do not charge late fees.

App download

To download the app, go to Google play store and search for FairMoney app. Click on install to download on your phone.

Terms and conditions

The following are the Terms and Conditions that to stands for every loan offers given by the FairMoney company to each of its borrowers. It regulates and explains what offer an intending lender can get and the rules that govern their loan services.

By accepting these terms and conditions and opening an account you agree that you read and comprehend it and are ready to abide by it.

By agreeing to these terms and conditions you agree

  • not to modify the Fairmoney loan app, or do anything like renting, combining, sub-licensing or translating the app into another one.
  • that you are capable of making repayment on the due date your full principal loan and the interest fees.
  • You are 18 years old or above
  • fairmoney can check your credit report based on the information you provided during sign up.
  • that you’re a Nigerian and or a resident of Nigeria
  • you can and should only add a payment card or bank account to your FairMoney Account if you are the legitimate owner and name holder of it. FairMoney will treat a violation of this as a fraudulent act and will be taken seriously.
  • You will need to submit some of your personal information like your BVN, and date of birth in the process of obtaining a loan.

FairMoney FAQ

Here are some frequently asked questions that might answer some of your quarries

Where is FairMoney address in Lagos?

You can contact FairMoney in their Lagos head office at 28 Pade Odanye Close, Off Adeniyi jones, 101233, Ikeja, Nigeria

How to extend a fairmoney loan?

Lunch the app. On the homepage, you will see a button that says extend loan. Click on it and you’ll be asked to choose for how many days you want the extension to be.

If you still not satisfied with the options in the app, feel free to contact FairMoney and explain your situation to them. They are always will to listen.

How to delete a FairMoney account?

You may want to delete your account. In such case you can talk to them via what’s app or phone call.

Note that you won’t be able to delete your account if you’re having an unpaid loan. Make sure you’ve cleared your debt before contacting their customer care agent.

All rights reserved. Do not copy, rewrite or republish this content, in part or in whole, without proper credit to the source.

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About the Author: Femi Olawole

Femi Olawole is a seasoned blogger with interest on providing helpful Contents on online loan apps, Tech and Business.

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