FairMoney Review; FairMoney is one of the leading online loan apps in Nigeria, a digital financial microfinance bank providing financial services solutions.
Fairmoney offers array of loans, personal and business, savings products, alongside credit with no collateral, as well as other financial technology services.
If you are looking to take a loan with Fairmoney, however, contemplating if the platform is ideal for your financial/user status, this Fairmoney review will provide an unbiased opinion of what you should expect, then be able to make your comparison with similar lenders to see what is suitable for your circumstance.
Features of Fairmoney
| Features | Product offering |
| Instant/quick loan | You can apply through the app, complete your details and if approved, you get loan deposited into your reference account |
| Loan amounts | Fairmoney offer loan subject to your creditworthiness, you can access up to N1,000,000 or above, with loan tenure spanning across 30 days, 180 days to 12 months |
| Savings products | Offering savings like; Fairsave and Fairlock, users save money and earn interests using these features. |
| Bank services | The Fairmoney app provides banking services like; free fund transfers, bill payments, airtime/data purchase. |
| Transparency and security | It was claimed that the app offer transparent terms, no hidden charges for some services. |
Interest Rates/Fairmoney Review
Interest remains a vital spot every borrower must put into genuine consideration, this is where you feel unmatched pain if not measured within your financial expectations.
Be sure to understand that interest rate is not fixed, it’s subject to your creditworthiness, principal amount, loan tenure, and repayment history.
However, some metrics are available to the public;
- Fairmoney has an observed interest rates between 2.5% – 30% monthly which is equivalent to 30% – 260% APR, though subject to the loan.
- Savings/deposit products: Fairloack, Fairsave offer interest on deposits from about 17% – 30% for savings.
- Some loan offers are high: First time small loans may come with lower interest rate, however, the longer terms or larger amounts, interest rises significantly, where late repayment and penalty fees may apply.
The ideal thing is to always check the app to see what the exact interest rate and total repayment will be prior to accepting a loan.
Who should consider taking out a loan from Fairmoney
There are borrowers or situations which Fairmoney might work perfectly well, and others where you may need to apply caution.
Good for;
- Those looking to get fast loan for emergency
- Users who have good credit and repayment history
- People who will compare offers and read terms carefully
- Those looking to save, and process convenient bill payment using the app
Not good for;
- Borrowers looking to receive large amounts for a long duration
- People whose incomes are unstable, there’s tendency to find it hard meeting up with repayment date.
- People who will accept offer without checking full repayment costs.
- Who dislike high-cost of borrowing, or prefer bank loan with lower interest rate.
Pros and Cons of using Fairmoney loan
Pros
| Fairmoney | Pros |
| Ease and speed | The process of applying for the loan is relatively easy, loan approval and disbursement for many users happens quick, making it suitable for emergency situations |
| Flexible terms | It has different loan amounts and repayment period, better terms for repeat users and borrowers with good history. |
| Several financial services at once | You don’t just borrow alone, you save, pay bills, etc., |
| Licensed and regulated | Fairmoney is a licensed microfinance bank in Nigeria duly regulated, deposits are insured by the NDIC. |
| Good savings | For those using Fairsave/Fairlock the savings interest rates are comparatively attractive compared to many commercial banks. |
Cons
Based on user experience and complaints, we’ve been able to come up with the below drawbacks.
| Fairmoney | Cons |
| High interest and cost | Many users are of the opinion that the interest and fees, and short repayment plan make these loans expensive, effective cost over a short period can be really worrisome |
| Hidden/unexpected charges | Fairmoney claimed to have transparent fees, some users have reported unexpected charges, where the full cost doesn’t clearly communicate before accepting the loan. |
| Customer service issues | Many users on autopilot and other forums complain of unresponsive or slow customer care. Delays, lack of resolution of issues, especially about disputed transactions, loan default, credit scoring issues, etc. |
| Credit score | Defaulting can negatively impact your credit score. Users reported that even small delays can lead to serious consequences. Some reported aggressive, persistent contacts or reminders when repayment is due or missed. |
| User experience/technical issues | Some users reported glitches, app instability, delays in transfers, difficulties accessing funds or switching devices. There were complaints on difficulty in reading and understanding terms. |
Recent user reviews and feedback/Fairmoney review (2025)
Positive: Some users say Fairmoney is the best loan app ever because of how quickly loans go into wallet. Good features; loan, savings, transfers, etc.
Negative: Multiple users complain of unresponsiveness from support when issues arises like; delay in login, difficulty linking cards, mistaken/unauthorized deductions.
Some users claim they have been debited even after paying off loans, or their account/card got linked to liabilities mistakenly, and getting refunds for such error is difficult.
Tips for using Fairmoney
- Be sure to check the total repayment amount which include but are not limited to; principal, interest and any other fee.
- Borrow what you can afford to pay
- Repay on time to avoid extra fees and penalties.
- Compare with alternative lenders to see who offers the best rate, amount and flexible repayment plan.
- Read the loan terms carefully
- Use saving features, Fairsave, and Fairlock can help you build buffer so as to only borrow when necessary.
Is Fairmoney trustworthy?
Following the provision and guideline for running loan services in Nigeria, Fairmoney as a microfinance bank can be said to be trustworthy having being licensed to carry out it operations in Nigeria.
They claim to comply with data security.
What happens if you don’t pay Fairmoney?
If you don’t pay your Fairmoney loan, you’ll incur a late fee of 1% per month on the unpaid amount and your Bank Verification Number will be reported to the national credit bureaus, which can negatively impact your credit score.
How much can Fairmoney loan me for a start?
You could initially borrow N10k for your first loan with Fairmoney, the exact amount depends on their assessment of your profile.
As you demonstrate good credit history by repaying your loans on time, your loan amount and repayment period will gradually increase, allowing you to borrow up to N3,000,000.
Can Fairmoney deduct money from my bank account?
Yes, Fairmoney can deduct money from your linked bank account to repay a loan if you have authorized them to do so during the application process.
Can I get Fairmoney loan with bad credit
Fairmoney cares about finding loans for everybody, not just borrowers with good credit profile. Fairmoney wants to provide a service for people who really need it, especially for customers having difficulty finding loans and finances.
Is Fairmoney safe to save money?
Fairmoney is generally considered a safe platform to save money because it is a microfinance bank licensed by the Central Bank of Nigeria, its odeposits are incurred by the Nigeria Deposit Insurance Corporation (NDIC) up to applicable limits.
Conclusion
Fairmoney review – Fairmoney is a useful fintech tool in Nigeria for may users. It gives fast access to credit, savings and other financial tools in one app.
It’s ideal for emergency and short-term cash needs. Its licensing, savings rates, and services are positive.
The cost of borrowing can be high though, there are non-trivial risks, if one is not careful.