Local finance in Nigeria blends tradition with tech by supporting SMEs with finance and giving extra benefits like training, rewards, and no collateral loans to youths and businesses.
In 2025, mobile loans in Nigeria have become one of the fastest ways people get instant help when in need of cash. If you ask most people when last they visited a local bank, they’ll tell you they can’t remember the year.
Some of these microfinance banks have been around for a while, like LAPO MFB, AB MFB, and Accion MFB. So far, there are over 900+ microfinance banks verified by the CBN, and they’ve been very supportive to Nigerians. One of these strong names is FairMoney Microfinance Bank, known widely for its FairMoney App that millions now use daily.
You can get a startup or personal loan from FairMoney to grow your dream business or solve urgent financial needs with a very flexible repayment system and no collateral at all.
In this article, we’ll walk through how to borrow a loan from the FairMoney app, their new 2025 interest rate calculator, and real tips from user experience.
About the FairMoney Microfinance Bank App
FairMoney is a licensed microfinance bank in Nigeria and one of the most trusted digital lenders in Africa. Their app is available on Google Play and the Apple Store with over 10 million downloads and a 4.4-star rating.
The FairMoney App allows you to:
- Apply for loans instantly (up to ₦3,000,000)
- Pay bills and buy airtime
- Transfer money for free
- Save and earn high interest (up to 30% p.a. for first-time users)
- Get your FairMoney debit card and use it anywhere.
The bank is CBN-licensed, and all deposits are insured by NDIC, meaning your money is safe.
How to Borrow a Loan on the FairMoney App (2025 Updated)
Borrowing from FairMoney is very easy, and you can get approved in less than 5 minutes. Here’s how to do it step-by-step:
- Download the App
- Search for FairMoney on the Google Play Store or Apple Store and install it.
- Create Your Account
- Register using your phone number linked to your BVN.
- Provide basic details like your name and date of birth.
- Verify Your Identity
- Use your BVN and face verification to confirm your identity.
- This helps FairMoney link you to your bank account safely.
- Apply for a Loan
- After verification, click on “Get a Loan” inside the app.
- Enter the loan amount you need and how long you want to repay it (from 61 days up to 18 months).
- Get Instant Cash
- Once approved, your money is sent directly to your bank account within minutes—no paperwork, no waiting.
- Repay Your Loan Easily
- You can repay through the app, using your debit card, or by transfer.
- You can also extend your repayment date or top up your loan directly.
FairMoney Loan Interest Rate Calculator (2025)
FairMoney’s interest rate in 2025 is very flexible depending on your loan amount and repayment history.
- Loan range: ₦1,500 – ₦3,000,000
- Duration: 61 days – 18 months
- Monthly interest: 2.5% to 30% (APR 30%–360%)
- Processing fee: 3–15%
Example:
If you borrow ₦100,000 for 3 months at 30%,
→ You’ll pay ₦43,333 monthly = ₦130,000 total.
FairMoney now has an in-app calculator that helps you check how much interest you’ll pay before taking any loan.
Other FairMoney Features
- FairLock Savings: Earn up to 30% interest yearly.
- FairSave Wallet: Save and withdraw anytime (17% interest).
- FairTarget: Goal-based saving to meet a target (20% interest).
- FairMoney Debit Card: Works at ATMs, POS, and online stores nationwide.
- Bill Payments & Airtime: Get up to a 3% discount on airtime and bill payments.
- Security: Face recognition and instant card freeze features for your safety.
FairMoney Loan Requirements
To get a loan, you only need:
- A valid BVN
- A working phone number
- A smartphone with internet
- A good repayment record if you’ve borrowed before
No guarantor & No Collateral needed.
FairMoney Loan FAQs (2025)
1. Is FairMoney approved by CBN?
Yes, FairMoney Microfinance Bank is fully licensed by the Central Bank of Nigeria (CBN), and all deposits are insured by NDIC.
2. How long does it take to get a loan?
In less than 5 minutes after approval, your money is sent to your bank account.
3. What is FairMoney’s loan interest rate?
Between 2.5% and 30% monthly, depending on your credit score and repayment time.
4. Can I borrow without BVN?
No, BVN is compulsory to verify your identity and link your account.
5. What happens if I miss repayment?
You’ll get reminders and might be charged a penalty fee. Missing multiple times can affect your credit rating.
6. How can I increase my loan limit?
Repay loans on time, use other app services like savings, and maintain an active FairMoney account.
7. Does FairMoney give business loans?
Yes, FairMoney offers personal and business loans up to ₦5 million depending on your profile.
8. Can I repay early?
Yes, you can repay early, and it sometimes reduces your interest.
Conclusion
FairMoney has grown to become one of Nigeria’s most trusted digital microfinance banks because it offers instant loans, flexible repayments, free transfers, and solid savings options, all inside one simple app.
If you’re looking for a quick, reliable loan without collateral or long paperwork, FairMoney App is one of the best choices to try in 2025. Always borrow what you can repay, and make good use of the app’s savings and calculator tools to plan wisely.
