In the early years, business owners find it hard to obtain loans to upscale their businesses. The sources available for obtaining loans in those periods were loan sharks, thrifts, and cooperatives. Obtaining loans from these sources come with some challenges such as very high-interest rates. The interest rates are high such that business owners might eventually not earn profits after paying the loan back with the accumulated interest
Eventually, banks were introduced in Nigeria. With banks, individuals and business owners can save their money and even access credits for business purposes. Microfinance banks were also introduced with the objective of providing credits for business owners. In fact, anytime the Federal Government of Nigeria wants to offer financial support for Small and Medium Scale Enterprises (SMEs), it is usually through microfinance banks.
Today, most banks including Microfinance banks are now offering digital services. Some of these banks fall under the umbrella of loan apps and have helped solve the challenges of borrowing money from commercial banks. With loan apps, you can get quick and instant loans without having to provide collateral, you do not have to go to any bank, and you do not have to provide robust documentation. One of the Microfinance banks operating digitally and providing instant loans for businesses is the FairMoney Microfinance Bank.
If you are a business owner and you need a quick loan, “think FairMoney”.
FairMoney Microfinance Loan is a loan package designed by FairMoney microfinance bank specifically for business owners. The loan is given to creditworthy business owners without collecting collateral. So, you should stay away from this loan if your intention is to use the loan for personal use. In fact, this loan is a ‘made easy’ loan that you can collect instantly. The application procedure is less tedious and you do not need paperwork or robust documentation.
As earlier said, FairMoney gives only business loans. The loan is only accessible through the FairMoney Loan App.
Like every other bank app, the FairMoney loan app can be used for other transactions such as purchasing airtime, paying utility bills, and interbank transfers. To download the app you need to have an Android phone because the app is available only on Google Play Store. Proceed to Play Store and search for “Fairmoney”, you will see the app among the list of apps displayed. Click on it and download it. The app will automatically install on your phone.
No, it is not. FairMoney is yet to design an app compatible with iOS devices. Maybe in the future, there might be but presently, it is not.
There are no tangible criteria required for getting the FairMoney Business Loan. The process of applying is quick and made easy but first, you need to have the app on your phone. The requirements are listed below:
To apply for this loan, follow the guide provided below:
Yes, they are legit. They are registered with CBN and NDIC. In fact, there are satisfactory reviews from their customers on play store. So, you should have nothing to worry about.
You can get as low as ₦1,500 and as high as ₦1,000,000. Just ensure you borrow the amount you are sure to be able to payback within the repayment term given.
As the name implies, the interest rate is also fair. The interest is charged monthly at the rate of 10% to 30% of the capital borrowed. The amount charged also depends on the amount borrowed and transaction record and credit score. FairMoney does not charge loan processing fee.
The repayment term is not too good for a business loan. That was why we said you should borrow the amount you can easily pay back within a short term. The repayment period is up to 60 days.
You won’t like what will happen when you default on your loan. Your interest rate will keep increasing. Consequently, the amount you will have to pay back will also be increasing. If they notice it is getting too prolonged, you will be reported to the CBN and credit bureau for blacklisting. The CBN may authorize that the money available from your accounts with other banks should be used to pay back your loan without your consent or approval.
FairMoney is a very remarkable loan provider in Nigeria today. Many people in Nigeria have obtained loans from them without issues. They are registered with and recognized by the appropriate authorities. So, you should have nothing to worry about. If you need money to expand your business, you should “think FairMoney Loan”
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