FairMoney is an automated online moneylender that provides single payment loans, installment loans and payroll loans for borrowers.It was founded in 2017 by Laurin Hainy, Matthieu Gendreau, and Nicolas Berthozat, FairMoney started as an online lender that provides instant loans and bill payments to customers in Nigeria.The amount borrowed is then deducted from your account.
Loan services
Loans are delivered via an Android mobile app, with lending decisions provided almost instantly.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. Loans from moneylenders are designed to be short term loans that are designed to tide you over to the next payday. It is best for anyone looking for an unsecured personal consumer loan, students and individual’s ineligible for typical bank loans due to thin credit files.
FairMoney has come a long way since its Nigeria launch in 2017. In its first year of operation, the company had little over 100,000 users. Now, it claims to have 1.3 million unique users who have made more than 6.5 million loan applications.
FairMoney headquarter is in Ikeja, Lagos. FairMoney CEO and the executives are the key people and they include Laurin Nabuko Hainy,Matthieu Gendreau and Nicolas Berthozat.And employees estimates as at September 2019 is 45.
Vision
The vision of fair money is to create the best way to make the market work for the most vulnerable, for people with poor credit ratings, or the most desperate need for quick money, is to search and present the widest selection of responsible lenders and then rank and show them fairly.And to treat people fairly in business means to act without cheating or trying to achieve an unjust advantage. It means to be honest, trustworthy and decent. Transparent, clear and informative. Lenders need to put themselves in their customer shoes.These are all what they intended to give their customers. FairMoney website visits estimate as at April 2021 is 2.7 k.
The company’s application provides a credit scoring algorithm based on data contained in a smartphone which grants access to credit for underbanked populations in emerging countries along with fast and secure business, medical, car, and personal loans, thereby enabling customers to access loans at competitive interest rates.
Mission
FairMoney’s mission is based on the belief that customers deserve a better loan comparison experience. Too many people can’t find the best loans available for their circumstances, particularly borrowers with a poor credit history. So it promises to find the best loan for customers – whatever their credit rating. They do that by making FairMoney the leading comparison website for all loan products. FairMoney is unique in the market because they service all customers, from those with the very best credit profiles to those with the poorest credit histories.
To make sure customers get the deal that’s right for them, FairMoney promises to only show customers lenders it considers to be responsible and fair providers.
And to help get the best rates and terms in the future, it provides customers with all the information they need to understand their credit rating and learn how to improve it.
Company History
FairMoney started its operations in Nigeria before expanding to India last year. From having a little over 100,000 users in its first year of operation, FairMoney has grown to have 1.3 million unique users who have made more than 6.5 million loan applications. Last year, the company disbursed a total loan volume of $93 million.
Within the short time its being in India, the company has processed more than 500,000 loan applications from over 100,000 unique users.
This year, FairMoney achieved one of its crucial goals by acquiring a microfinance bank license in Nigeria. The license allows FairMoney to operate as a financial service provider in Nigeria.
FairMoney wallet
is an electronic stored value account on FairMoney created for use by the customer. Credits, debits and charges are applied to this Account. The Account is primarily accessed through your mobile phone, the FairMoney mobile applications.
Investment account
Account for placing funds with FairMoney for an agreed tenor for a promised return at the Prevailing Rate.
Opening an account and a condition of use with FairMoney
To use FairMoney you must first open a FairMoney Bank Account by registering your details through the mobile app. As part of the signup process, you will need to accept the terms of Use and their privacy policy, and you must have legal capacity to accept the same. If you order additional services, you may be asked to accept additional terms and conditions.If you are an individual, you must be a Nigerian citizen,18 years or older to use FairMoney services and by opening a FairMoney Account you declare that you are 18 years or older.
This does not apply to products for which they may set a different age limit. Note,they may require at any time that you provide evidence of your age.You must provide all information as requested by them, such as your name, BVN, email address, mobile device number and such other information as they may request from time to time. It is collectively called Customer Information.
Staffs
They currently have twenty employees in India and a total of fifty employees in Nigeria.
Services
Digital banking and instant loans, providing collateral-free personal loans, a bank account with free bank transfers and zero convenience fee on accounts.
Social media handles
FairMoney can be found on social media with the following handles:
@Fairmoney.ng (Facebook), and @Fairmoney_ng (Instagram)and Twitter),website(fairmoney.ai).
