Review: Fairmoney offers fast loans but with arbitrary interest rates


With the current economic realities, many Nigerians are now dependent on loans to survive. As dangerous as starting on credit can be, it is vital for many who would have been left helpless while their payday is still far away. That’s why loan apps with their brutal payback method look more like necessary evils right now.

In Nigeria today, FairMoney is one of the most popular lending apps used by Nigerians to access instant loans without collateral. Fairmoney CEO Laurin Hainy has made it clear that the app aims to provide a platform that ordinary people can use to fund their dreams and businesses to climb the ladder.

The app uses artificial intelligence to analyze your bank statements and validate your BVN to make lending decisions based on your credit score. The loan is 100% online with no collateral required and you can apply anytime, any day of the week.

In terms of design, the app is designed to be easy for every user. The dashboard is simple and straightforward and navigating through the app is also quite simple. Applying for a loan and repayment can be done in a few simple and quick steps.

FairMoney offers loans between N1,500 and N500,000 with repayment periods of 61 days to 180 days at monthly interest rates ranging from 10% to 30%.

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The FairMoney app is undoubtedly one of the most used by Nigerians as it has been downloaded 5 million times and still counting. But among those millions of downloads, there are customers who had to download and then uninstall the app from their phone out of frustration or disappointment with the app.

Nairametrics spoke with some users of the app and here is what they have to say about their experience with the app:

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What users say

Olaleye Precious says her experience with the app was good at first until she started noticing an increase in the amount she had to pay in interest on her loan. Asked about her experience with the app, she said: “What the app promised was that the sooner I pay off my loans, the better the credit score, which will also ensure that I get a lower interest rate, but that’s not the case. . I noticed that the interest rate keeps increasing after each loan, even if the loan is the same amount. »

For Samuel Ishola, his challenge with the app is the difficulty in linking his debit card to the app. “Everytime I try to link my verve card it doesn’t show up after all the many steps of entering all the many numbers on the card and then they charge me N50 naira but it won’t link. I can’t apply for a loan without linking my card. It’s really frustrating,” he said.

Olalekan Yusuf says the app has been great at giving instant loans but he is unhappy that the app hasn’t improved his loan status despite meeting repayment deadlines. “I am being led to believe that quick repayment of loans will make me eligible for a higher loan amount, but that has not happened. I am still limited to a loan of N10,000, despite the fact that I am I haven’t been in default. That’s my only problem with the FairMoney app.” he said.

Google Play Store Reviews

On the App Store, the app receives a mix of positive and negative reviews: here’s what some users have to say about the app:

Obinna Ofodile:The transaction speed on the app is good, but the interest rate on the loans is too high. I was given a loan for the same amount twice, the interest rate on the first was high and the interest rate on the second was even higher. I do not understand why. I also did not receive a loan prepayment discount as promised on the application.

James Divine:For 3 consecutive days I sent and received over 25 emails just to link my card. I enter my card details to be linked, but after going through the process, I get this message that my card is linked to an active loan. I’ve deleted and reinstalled the app a dozen times, still the same old story. I managed to remove the card from my payment options. This would have been impossible if I actually had an outstanding loan. Disappointed!”

Sharon Akéré: “FairMoney sends me regular text messages inviting me to apply for a loan and as soon as I complete my application details I get an error message saying “we are facing a problem now, please download a more recently to take advantage of our services”. I can’t count the number of times I’ve applied for a loan. It’s really bad because I wonder why they can’t leave me alone. I keep getting invitations and can’t get a loan at the end of the day. »

Essosa Vincent: “The payment term is too short and the interest rate is too high and if you ask for an extension, you have to pay the extension fee first before extending your loan period, which is bad and annoying.

Tomilola Ogunade:Your application is great but I’m a bit disappointed as I paid off a N30,000 loan with interest making it N38,100 in one month and you reduced my next loan approval to N10,000. That’s ridiculous. Meanwhile, the last loan I paid, I was supposed to pay on August 8, but I paid you on July 29 only for you to even reduce the loan to a ridiculous amount. It is unfair.”


The interest rate on the FairMoney application loan is undoubtedly high. However, given the high risk the company also takes in lending to people without collateral and the high possibility of default by recipients, this may be justifiable. Limiting certain people to a certain loan amount can also be a way to minimize your risk.

Nairametrics Rating

Based on user experience and our review of the app, we rate the FairMoney app 7 out of 10.


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