Is FairMoney Legit in Nigeria [Honest Review]

Out here is a world of many loan apps, some of them wild and some very reliable and friendly. You’ll also agree that these loan apps make a lot of promises, including low interest rates, faster loan disbursement, and longer repayment terms or tenure. Unfortunately, not all of them stick to their words. Today, we will review FairMoney app. Is FairMoney loan app legit or just another lender with false ads? We’ll find out.

FairMoney is a lending app owned by FairMoney MicroFinance Bank. This lender is legit because it is fully approved by the FCCPC (Federal Competition and Consumer Protection Commission) and licensed as a microfinance bank by the CBN (Central Bank of Nigeria). The address is 28 Pade Odanye Close, Off Adeniyi Jones, Ikeja 101233, Lagos. The website is

Is FairMoney App Legit?

Yes, FairMoney is legit, fully approved by the FCCPC, and licensed as a microfinance bank by the CBN. However, it doesn’t mean that this loan app is perfect. In fact, FairMoney has its flaws, especially their high interest rates.

FairMoney charges about 20% in loan interest. It can be as high as 40% depending on your credit history and the loan amount you want to borrow. Sometimes it can be 50%, especially if your credit history is poor, and you have a record of defaulting. FairMoney could still do with adjusting the interest rate to be lower.

The truth is that FairMoney’s interest rate and repayment duration is lower than that of many loan sharks such as Tiger Credit, CayCredit, and Lifeline. Now, this loan app isn’t as predatory as others but not perfect.

The higher the amount of money you borrow, the higher the interest rates, especially if your credit history is not good. For example, if you borrow 6,000 naira, you’ll have to pay back 7,782 naira in 28 days. But if you borrow 750,000 naira, you’ll be expected to pay back 1.4 million naira in 6 months.

FairMoney has a poor reputation of dialing customers multiple times to advertise their loan loan app. They also tend to call borrowers like 5 to 7 days before the due date of their loan.

Now, how long you have used FairMoney does not determine the loan amount you can qualify for. You can be with this loan app for 3 years as a level 3 user who always pays back before the due date but FairMoney will still not give you a good amount like 50,000 naira to 100,000 naira.

Like other typical loan apps, FairMoney can access your bank account and withdraw money without your authorization if you have defaulted for more than 1-2 days. This shouldn’t be a surprise because FairMoney has stated that you will be auto-debited if payment is not received as scheduled.

As for responding to reviews, FairMoney does great on this one. They reply uniquely to each complaint and review which is a rare characteristic among loan apps. Not to give you high hopes though, direct service can be slow, and sometimes unable to solve problems.

How Does FairMoney Work?

FairMoney gives loans from 1,500 naira to 3 million naira. If you install this app with the hopes of collecting an instant loan of up to 3 million naira with a long loan term, that’s giving you false hope. Your credit history needs to be very good to obtain this amount. Otherwise, you’ll be given below 50,000 naira or far less than this.

FairMoney promises 61 days to 18 months with an APR of 30% to 260% per annum. What you’ll actually experience is loan interest of up to 40% or more per month.

How to Use FairMoney App

  1. Download the FairMoney app from the Google Play Store.
  2. Open an account with your personal and bank information.
  3. Submit your registration information.
  4. Apply for a loan.

If your loan application is approved, the money will be credited to your bank account. As for the eligibility, you have to be resident in Nigeria and up to 18 years old.

Pros and Cons


  • FairMoney gives a loan.
  • Available on Google Play Store and Apple App Store.
  • Fully FCCPC approved.
  • Licensed by the CBN.
  • Lower interest rate for amounts below 10,000 naira.


  • High interest rates on higher borrowed amounts.
  • FairMoney calls borrowers 5-7 days to the due date.
  • It’s a partial loan shark.

Is Your Personal and Bank Data Safe with FairMoney Lender?

FairMoney MicroFinance Bank has not had any major customer data abuse reports. However, you cannot trust this loan app with your personal and bank information.

Now, let’s talk about the information it collects. Personal information collected includes your name, age, email address, phone number, personal description, marital status, photograph, username, NIN, and home address (such as utility bill). Bank information collected by FairMoney includes BVN (bank verification number), debit/credit card number, and bank account number.

When you install the FairMoney app, information collected from your device, either with or without your permission, includes your installed apps, device ID, device type, IMEI, GPS information, device operating system, IP address, personal contact numbers, call logs, SMS logs, Facebook friends and other social media accounts, photos, and videos or other digital content. FairMoney lender can also contact someone in your phone list, SMS, call list, etc.

It’s up to you to make this decision. FairMoney app may not be a perfect loan app but one thing they can sometimes do is actually give loans, even though their interest rates can be high.


This loan app is legit because of its current FCCPC and CBN status. If you can’t afford the high-interest loans, don’t bother borrowing money from FairMoney. In this review, FairMoney gets a 4 out of 5 rating.

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