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Does FairMoney Loan App Defame or Call Contacts? Is Their Interest Fair? (Honest Review)

Loan apps have become the lifeline of many Nigerians battling tough economic realities. From students hustling to pay school fees to young workers trying to survive the month, these apps promise quick relief when banks turn their backs. But relief sometimes comes with heavy baggage—interest rates, repayment pressure, and the fear of being shamed before family and friends.

Among the many digital lenders in Nigeria, FairMoney has built a name for itself. But is FairMoney truly fair? Do they harass borrowers, defame defaulters, or call contacts like many shady apps out there? Or are they the lesser evil in a system that preys on desperate borrowers? As a chronic debtor who has tested these waters, I’m serving you the raw, unfiltered truth about FairMoney—both the sweet side and the bitter pills.

What will happen if you don’t pay back? Can you clear a loan without repayment? Will they show up at your home or arrest you someday if you default? This article provides full insights and an honest review from someone who has been in debt trenches.

Advantages of FairMoney App

1. Instant Loan Approval

FairMoney uses Artificial Intelligence to check credit scores and approve loans within minutes. You can get up to a million naira in one go if your credit rating is strong.

2. No Collateral

Unlike traditional banks that demand collateral and guarantors, FairMoney only requires your BVN.

3. Bad Credit Score? Still Possible

FairMoney may still grant you a loan even if you owe other loan apps. For example, I was offered ₦40,000 despite owing three other apps. No matter how poor your credit history is, FairMoney may still give you a small loan to test your reliability.

4. Loan Extension

FairMoney allows loan extensions. If you cannot repay on the due date, you can extend it for 7 days to 3 weeks. However, it comes at a cost—extension fees start from about ₦700 depending on the duration.

5. Respectful Customer Care

Unlike many other loan apps that insult or harass defaulters, FairMoney maintains professionalism. They speak to you calmly and respectfully.

6. No Defamation

One of the strongest reasons people choose FairMoney is because they don’t call or harass your contacts. Even if you owe up to a million, they won’t defame you.

Disadvantages of FairMoney Loan

1. Interest Isn’t Fair

Despite the name, FairMoney isn’t “fair” when it comes to interest rates. Their charges are high and can trap many borrowers in endless repayment struggles.

2. Limited Loan Duration

For first-timers, FairMoney gives short tenures of 2 weeks to 1 month. This is too short for low-income earners who often default. Though loan duration may increase with consistent repayment, the starting terms can be tough.

3. Endless Calls

FairMoney may not call your contacts, but they will call you repeatedly until you pick up. The good part is that they’re friendly when you explain your situation.

4. Paid Loan Extensions

If you can’t meet deadlines, you must pay extra to extend your loan. This adds financial pressure and could push you toward bankruptcy if poorly managed.

5. Threats of Lawsuit

If your loan is overdue for months, FairMoney may send you threatening emails, warning of lawsuits or asking you to pay only the principal. Most times, these are just pressure tactics to make you pay.

Does FairMoney Call Contacts or Defame Borrowers?

No! FairMoney doesn’t call contacts or defame defaulters. Instead, they encourage you to either pay in small amounts or extend your loan with a token payment.

What Happens If I Don’t Pay Back My Loan?

FairMoney is a licensed lender. Any loan you take reflects on your BVN and credit score. For example, I still owe ₦49,000, which damaged my credit rating and prevented other apps from lending me money.

Will CBN Block or Blacklist My BVN?

CBN won’t block your account, but your BVN can be blacklisted until you repay. This only means other financial institutions may refuse to give you loans.

Does FairMoney Auto-Debit Accounts?

Yes. If your card is linked, FairMoney can debit your account automatically. To avoid unauthorized deductions, block your ATM card if you plan to default.