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If you are in any doubt what your personal profile is, then please choose Option A and let us do the work for you, without affecting your credit record at all. If you apply for a loan that is not right for you, you may even be declined and affect your credit profile adversely.

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At the moment defaults on loan repayments are around 10%, he said. FairMoney currently has a customer base of 200,000 and is hoping to expand its services since closing a USD$11 million Series A round.

The idea behind the move, as Google said, was to curb predatory lending which is a term for loan practices that are exploitative to customers. The number of fintech services offering micro credit has increased sharply in recent times. But still, has this become predatory in Nigeria?

The fintech sector in Nigeria and across Africa has grown rapidly and seen a significant uptake of venture funding. Customers now have a wide range of payments, lending, wealth management services to choose from and more. But in spite of this, individuals at the bottom of the pyramid are still hard to reach and you find these startups serving the same demography. Laurin says what stands FairMoney apart is its vision to offer reliable and less expensive credit to Nigerians. Ultimately, the company is slowly building its own digital bank and plans to obtain a microfinance license from the Central Bank. The bank will ensure that customers can access loans easily, say goodbye to hidden maintenance and issuance fees and carry out bank transfers for free.

FairMoney lets you get a loan from its mobile app. After answering a few questions and sharing financial information, the startup analyzes this data set as well as your geolocation, other apps installed on your phone and other factors to give you an answer in a few minutes.

FairMoney gives more than 6,500 loans daily, and since the company commenced operations in 2017, it has disbursed over one million loans to individuals and small businesses around Nigeria.

Where top-up loans are made, a composite interest rate will be calculated and applied to the loan in total. The composite interest rate takes into account both the rate applicable to the original loan and the rate applicable to the new loan.

Their minimum loan amount is N10,000 and the upper limit for a new customer is N40,000 with no collateral or guarantor required. Interest rates are determined by a number of factors, including your repayment history and the cost of lending. Loan decisions are provided within 15 seconds and if approved, the applicant receives funds within 5 minutes. 24 hours a day, 7 days a week. Loans are delivered via an Android mobile app, with lending decisions provided almost instantly.

Fairmoney is a digital bank that makes it easy to apply for a loan and receive it into your bank account in minutes. The features of Fairmoney loan app are quite similar to other instant loan apps save for some stand-out features. The simplicity of the app, instant disbursement of loans with no collateral needed and a flexible repayment plan are fascinating.

The download size of the FairMoney banking loan app on Google Play Store is 16 MB. The small download size is good for faster download on prospective users' devices and less internet bandwidth. It has over 5M+ downloads and has a 4.4 rating.

Two things stood out while I was signing up on the FairMoney loan app. One, the benefits of the app are thoroughly captured via illustrations. Then, the fact that FairMoney MFB is licensed by the Central Bank of Nigeria and deposits are insured by NDIC. That creates trust in the mind of users. The use of bright colours, friendly user interface and nifty app tricks are also commendable.

In line with the mandatory tiered-KYC requirement of banks and OFIs, sign-up to FairMoney loan app was progressive and comprehensive. Thus, without visiting a bank branch, I was able to open a full-service level 2 bank account.

To get my first loan in 5 minutes, I clicked a button on the home screen. I filled out the form asking for personal details like my first name, last name, email address, gender, date of birth, marital status, highest education, home address, and the state and city I live in.

Next, I entered my work details such as professional status, professional category, employer name, work start day, salary payday, and monthly salary. Then, I filled out my loan details with information like how much I needed, loan purpose, and how I found out about FairMoney.

I could ask for higher loans, get discounts and spread my payment in instalments if I repaid on time. Conversely, late payment attracted automatic debit, higher interest and the defaulter being reported to credit bureaus.

Nevertheless, competition in the credit loan space is increasing. FairMoney has put a strong foot forward in my opinion. For me, their 100 free bank transfer and the flexible payment plan is a winners for me. You can visit FairMoney.io to learn more about what they are building.

According to TechCrunch, FairMoney has disbursed over US$93 million in loans to its 1.3 million users who have made over 6.5 million loan applications. Meanwhile in India it had processed more than 500,000 loan applications from over 100,000 users.

Founded by Laurin Hainy, Nico Berthozat and Matthieu Gendreau, FairMoney is using loans as a launching pad for its future bank accounts. Its artificial intelligence (AI)-based platform disburses loans to users in seconds, without any human intervention.

I have been using FairMoney for over a year, and I have a very good credit score. I have never defaulted on payments. According to the fraudster, he checked my profile and found that I had a good loan record with them. 2351a5e196