FairMoney Review
VerifiedCBN LicensedHigher loan limits for qualified borrowers
₦10,000 - ₦3,000,000
Loan Amount
3-30%
Monthly Interest
14-540 days
Repayment Term
10-15 minutes
Approval Time
Pros & Cons
Pros
- ✓Highest loan limits (up to ₦3 million)
- ✓Longest repayment terms (up to 18 months)
- ✓Lower rates for established users
- ✓Offers savings products too
- ✓Backed by international investors
Cons
- ✗Stricter requirements than other apps
- ✗Longer approval time
- ✗Higher rates for first-time users
- ✗Bank statement analysis required
How to Apply for FairMoney Loan
- 1
Download FairMoney app
- 2
Register with phone number and BVN
- 3
Link your bank account for analysis
- 4
Complete your profile fully
- 5
Apply for your eligible amount
- 6
Wait for approval (10-15 minutes)
- 7
Money sent to your bank account
User Reviews
Oluwole A.Verified
Lagos
January 2025
FairMoney gave me ₦1.5 million for my business when banks said no. 12-month repayment made it manageable.
Grace I.Verified
Ibadan
December 2024
Higher first loan than other apps (₦80,000). But the approval took 20 minutes—longer than OPay.
Emeka U.Verified
Aba
November 2024
Good for larger amounts but interest adds up. Read the terms carefully.
Frequently Asked Questions
What's the maximum FairMoney loan?
Qualified borrowers can access up to ₦3,000,000 with FairMoney—one of the highest in Nigeria.
How long can I repay FairMoney loan?
Repayment terms range from 14 days to 18 months (540 days), depending on loan amount and your profile.
Why does FairMoney need my bank statement?
FairMoney analyzes your income and spending patterns to offer appropriate loan amounts and rates.
Quick Info
- Founded
- 2017
- Headquarters
- Lagos, Nigeria
- CBN Licensed
- Yes
- Disbursement
- Instant to 24 hours
- Last Updated
- 2025-01-15
Requirements
- •Valid BVN
- •Nigerian phone number
- •Bank account with statements
- •Valid government ID
- •Proof of income (for larger amounts)