Fairmoney – How to Apply for Fairmoney Loans


Fairmoney is a microfinance bank in Nigeria with over 5 million customers. Giving the typical Nigerian access to financial instruments that enable them to take charge of their life and their finances. You can bank, save, and invest with a FairMoney account. This account is open-ended, allowing you to use FairMoney to access direct loans or credit facilities.

Fairmoney - Banking and Loans

As one of the most downloaded fintech apps in Nigeria, FairMoney offers over 10,000 payday loans. You can pay back these loans or credit facilities later using cash transfers or electronic payments. You can do that manually or automatically from your debit or credit card on the “Payment Due Date,” with a flat interest rate on the loan amount.

Hence, FairMoney stands out in the fintech space by combining the convenience of digital banking with the accessibility of financial services, empowering individuals and businesses in emerging markets to achieve their financial goals.

FairMoney Personal and Business Loans

FairMoney’s digital banking platform is designed to cater to the needs of both individuals and SMEs by providing instant loans without collateral, alongside various banking and savings services to support financial growth and flexibility. Fairmoney has enabled underbanked individuals to access financial services. It offers both personal and business loans:

Personal Loans:

FairMoney offers personal loan amounts ranging from NGN 1,500 to NGN 3,000,000.


  • Instant access to loans.
  • Competitive interest rates.
  • Loan top-ups are available for accessing more funds while servicing an ongoing loan.
  • Options for loan extension for easier repayment​​.

Business Loans: FairMoney offers business loan amounts of up to NGN 5 million.


  • No collateral required.
  • SME loans are normally processed within 24 hours.
  • Long-term business loans available for up to 6 months​​.

Plus providing instant personal and business loans, Fairmoney also offers savings options, and digital banking services without the need for traditional banking infrastructure or collateral.

What is Required to Be Eligible for a FairMoney Loan?

To be eligible for loan at Fairmoney, you must have:

  • Valid Identification: A government-issued ID such as a national ID, driver’s license, or international passport.
  • Applicants must typically be 18 years or older.
  • For applicants in Nigeria, a BVN is required to help verify your identity and financial history.
  • A functional bank account is necessary for the disbursement of the loan.
  • Must have a valid phone number and email address.
  • Must be a resident of the country where FairMoney operates, such as Nigeria.
  • Have a verifiable source of income to ensure the ability to repay the loan.

How to Apply for Fairmoney Loans

Applying for a loan with FairMoney is a straightforward process, designed to be quick and user-friendly, leveraging their digital platform to provide instant financial solutions.

Here is a step-by-step guide on how to apply for a FairMoney loan:

Download the App

  • First, you need to download the FairMoney app from the Google Play Store or Apple App Store, depending on your device.

Sign Up or Log In

  • Open the app and sign up for a new account or log in if you already have an account. You’ll typically need to provide some basic information such as your name, phone number, and email address.

Complete Your Profile

  • Fill out your profile with additional required details. This may include personal information, financial details, and any other information that FairMoney requires to assess your loan application.

Apply for a Loan

  • Navigate to the loan section of the app and select the type of loan you’re interested in (personal or business).
  • Then specify how much you want to borrow and the repayment period. The app will display the interest rate, the total amount to be repaid, and other terms of the loan.

Submit Necessary Documentation

  • Upload any required documents. FairMoney may request documents such as a government-issued ID, proof of income, and other relevant documents to verify your identity and assess your creditworthiness.

Await Approval

  • Submit your loan application and wait for approval. FairMoney uses automated processes for quick loan evaluation, so you can often get a response within a few minutes.

Loan Disbursement

  • Once your application is approved, review and accept the loan offer. The loan amount will then be disbursed directly into your bank account or FairMoney wallet, depending on the options available and your preferences.


  • Repay the loan through the app according to the agreed schedule. FairMoney provides various repayment options for convenience, including bank transfers, debit card payments, and direct deposits from your FairMoney account.

Fairmoney Loan Interest Rate: What is the interest rate on a fairmoney loan?

Beyond lending, FairMoney is also redefining the banking experience with features like free bank transfers, no convenience fees, and competitive interest rates on savings.

  • Interest Rate Range: The interest rates for FairMoney loans can range from 2.5% to 30% monthly. This variation depends on several factors, including the loan amount, repayment period, and the borrower’s creditworthiness​​. With offerings such as “FairLock,” customers can enjoy higher interest rates on their savings, making FairMoney not just a lending platform but a comprehensive financial partner for its customers.
  • Annual Percentage Rates (APRs): The APRs for FairMoney loans are reported to range from 30% to 260%. These rates indicate the cost of the loan on an annual basis, including interest and any additional fees, providing a clearer picture of the loan’s overall cost​​.

Furthermore, the interest rates for FairMoney loans vary widely, reflecting the flexibility and range of loan products they offer to cater to different needs and financial situations.

Factors Affecting Interest Rates

However, there specific interest rate applied to a loan can vary based on the loan tenure and the borrower’s repayment behaviour. Here are some possible factors that can affect your interest rates if you usually apply for FairMoney loans:

Loan Amount

The size of the loan can impact the interest rate, with larger loans potentially attracting lower relative rates due to the economies of scale and the perceived lower risk of default by more financially stable borrowers.

Repayment Period

The duration over which you plan to repay the loan also affects the interest rate. Shorter loan terms may have higher monthly interest rates compared to longer terms, reflecting the urgency and increased risk of short-term lending.

Borrower’s Creditworthiness

This is a key factor and includes the borrower’s credit history, repayment track record, and current financial status. Positive loan repayment behaviour can influence future loan conditions favourably. Borrowers with a history of timely repayments and stable income are likely to be offered lower interest rates due to their lower perceived risk.

Borrower’s Income and Employment Status

Regular income and stable employment are indicators of a borrower’s ability to repay a loan, potentially affecting the interest rate offered.

Purpose of the Loan

The reason for borrowing can also influence the interest rate. Therefore, loans for business purposes may have different rates compared to personal loans due to the differing risk profiles and expected returns on investment.

Market Conditions

Broader economic and market conditions can influence interest rates. For example, higher market interest rates can lead to higher lending rates.

Regulatory Environment

Changes in regulations or government policies affecting lending institutions can also impact the interest rates charged to consumers.

This approach allows FairMoney to offer a range of loan products tailored to meet diverse financial needs and risk profiles. Thus, borrowers need to consider these rates carefully and assess their ability to repay before taking out a loan.


What is Fairmoney USSD Code?

The use of USSD codes is popular with traditional banks and some financial service providers for transactions and services access without the need for internet connectivity. However, FairMoney did not widely advertise a specific USSD code for loan applications or other financial services directly associated with its platform.

Do I need BVN for FairMoney?

Yes, you do. All you have to do is connect your bank account or credit card and provide your BVN data when applying for a loan.

What happens if I don’t pay my FairMoney loan on time?

Your CIBIL score will suffer if you don’t make your loan repayments on time, thus, you might not be able to get another loan in the future.

Can FairMoney take money from my bank account?

No, not really. However, you can effortlessly repay your FairMoney loan without having to worry about it thanks to “auto-debit.” When the repayment deadline arrives, your bank will request your permission to debit your account with FairMoney.

Does FairMoney offer SME loans?

For businesses, FairMoney provides a vital financial lifeline through its SME loans, supporting growth and operational efficiency with fast processing times and flexible repayment terms.