Free tool by Dxmetrics
Fairmoney “loan calculator”
Calculate the interest rate of your fairmoney loan, any amount, with ease.
What is fairmoney loan calculator?
This tool is easy and straightforward to operate.
just fix in the values you want to calculate for and you’ll get the best estimate of how much you’ll pay as interest.
- Principal: this is the amount of money you want to borrow, in Nigerian Naira (NGN)
- Rate: The interest rate of the loan you’ll collect
- Time: Number of months or years the loan will last
What is FairMoney interest rate?
Fairmoney interest rate ranges from 2.5% to 30% monthly interest, depending on the number of months you choose while processing the loan. Official rates gotten from the fairmoney loan application are as follows:
Fix in these rates in the loan calculator tool to get the official fairmoney interest rate for any amount of loan.
2 weeks (17.9% fee)
1 month (26.3% monthly fee)
2 months (20.5% monthly fee)
3 months (18.13% monthly fee)
4 months (15.38% monthly fee)
5 months (13.88% monthly fee)
6 months (12.37% monthly fee)
A sample calculation:
If you borrow 10,000 Naira for 1 month, Interest rate will be 2, 000 Naira (20% rate), Total repayable will be 12,000 Naira.
What are the requirements for FairMoney loan?
Fairmoney needs no introduction, they’re currently the best loan application in Nigeria, they have good terms and dosent inflate the interest.
Borrowing from fairmoney is easy, you just need your BVN and an ATM card and you’re good to go.
The full requirements for a loan from fairmoney are:
- Bank verification number
- ATM card that can perform online transaction
- Good credit ratings
- Data bundle
How much can I borrow from FairMoney for the first time?
You can borrow up to N1,000,000 from fairmoney on your first loan, the amount you’ll be given depends on your credit rating.
What you have to do is to strive for a good credit rating.
You can improve your credit rating by using the fairmoney application to buy airtime, data, pay bills and save money using the fair save feature, when next fairmoney calculate your credit ratings your loan offer will increase.
What will happen if I don’t pay FairMoney loan?
Fairmoney charge a 1.5% late penalty for everyday you fail to pay up your loan.
So let’s say you borrowed 10,000 Naira, you’ll be charged 1.5/100 * 10000, which is 150 Naira daily for everyday that has passed your loan repayment date.