For the majority of Nigeria’s teeming population, like the rest of the developing world, access to finance has been an obstacle to building good credit, growing businesses and other personal needs. According to the IFC, informal businesses account for 77% of MSMEs in developing countries but only 38% of Nigerian MSMEs have ever received a loan from a commercial or microfinance bank. These low numbers are influenced heavily by financial institutions presenting lending services which demand collateral that most individuals lack.
However, technology has made it easier for the average Nigerian to get instant loans for almost any need. Be it business, emergency or personal finance, digital lenders have channeled the disruptive nature of financial technology to help individuals and businesses borrow money online easily. No need for collateral, office visits or extensive documentation. This is the core of many online lending platforms including FairMoney.
Launched in March 2018, FairMoney now gives over a thousand five hundred loans daily via the FairMoney Android app. According to the company’s Head of Growth and Marketing , Joy Uzuegbu, the online lending company has helped thousands of people start and grow businesses with improved access to critical finance made possible by the power of technology.
The customer is at the heart of FairMoney’s product and the new FairMoney brand and upgraded app user experience reflects this. According to Uzuegbu, the short-term loan provider has optimised its credit decision algorithms and improved the overall customer experience to better benefit the customer.
Getting a loan on FairMoney is easy and straightforward with the following steps :
- First, download the Android app from the Google Play Store.
- Sign up with your phone number or Facebook profile
- Apply for your loan and receive money in your bank account within minutes. No collateral, no documentation.
In addition, customers can now access higher amounts of up to N150,000, 3- month installment loans and flexible interest rates which depends on positive loan history performance.
FairMoney’s proposition seems built around customer-focus, secure technology and speed – all of which makes sense for an online loan service that doesn’t rely on collateral to reduce lending risk. It’s 4.3-star rating on the Google Play Store validates that proposition to a certain degree. If you’re interested in short-term, quick loans that don’t require collateral or office visits, FairMoney can be a good place to start.