Heavyweight Fintech platforms are oftentimes the best organization in the land. In the banking sector, it is difficult to know the kind of entity you keep your money with as some may swindle away with your funds. That is not the case with the top platforms in our article today. Today’s scope discusses the features and functions of major Fintech organizations like Fairmoney, Renmoney, and PalmPay. The three platforms have over the years proven to be Nigerians’ favorite platforms. They offer loans, banking services, and savings/investments to their customers. However, regardless of this, our focus is on the better platform to use between the three. This article is not constructed to criticize any platform but compare their features and functions.
Fairmoney is a good loan app that gives instant and fast loans and credit facilities to individuals and organizations. It has a mobile-friendly interface that allows users to obtain loans easily. Fairmoney is one of the most populous instant loan borrowing platforms there is in Nigeria. One of the best characteristics of Fairmoney is that it offers fast approval of your loan request. This makes it easier for customers to obtain loans in less than 5 minutes of requesting. Also, the repayment option of Fairmoney is done at the convenience of the clients.
It is easy to request a loan from Fairmoney. To request, quickly install their app from Playstore. Register an account with the platform and fill in your details. Fairmoney also uses algorithms to check the trustworthiness of users before granting them loans. Interest Rate is not fixed but it is set at the convenience of the user.
Top Features of Fairmoney Loan App
The loan amount Fairmoney offers ranges from N5000 to N500000. This would make borrowers the loan amount that is suitable to their problem.
Immediately to request a loan, Fairmoney is ready to give you your money in quick seconds. The amount is quickly inputted into your bank account without hassle. This would make the funds accessible to both the bank and the client.
Fairmoney provides a flexible repayment service in which you as the clients can pay at your convenience. Depending on the loan amount you borrow, you can easily pay back the money within a space of 60 days to 12 months.
Unlike loans given in the banks, Fairmoney loans are given to people without Collateral. Fairmoney doesn’t request collateral from you. You don’t also need a surety or guarantor to stand in for you.
Cool Interest Rates
The interest rate at Fairmoney varies depending on many factors. This includes the trustworthiness of the user and many other things. Interest Rate range from 5% to 28% depending on the repayment plan. The repayment schedule is within 60 days to 12 months. However, clients are encouraged to peruse the interest rate and repayment terms that come along with the specific loan amount they want to request.
Customer Review and Rating
Fairmoney overall is not a bad company. They have received positive reviews and good ratings in Playstore. Clients are observed to like the app’s fast response to loans and credit facilities. However, this is not the overall view of all the customers. However, people do well to conduct their terms and conditions before applying for a loan.
Renmoney offers a range of products to clients. Renmoney loan users can apply for a credit loan using personal loans, business loans, or accessing their revolving credit lines. The platform provides an easy loan experience with a quick interface. Renmoney is known for its competitive interest rate.
Renmoney offers flexible repayment terms and borrowers can quickly manage their credit facilities through their fast dashboard. To apply for a Renmoney loan, download their application. Create an Account and complete the application form and provide details.
Top Features of Renmoney
Renmoney is very unique in many ways. Just like a normal bank, they also offer services ranging from Personal loans, Business loans, and Deposits/Savings.
Renmoney offers a very convenient payment plan. The payment of the loan amount can be repaid in the space of 30 days to 12 months.
Cool Interest Rates
Renmoney interest rate on the hand range from 2.8% to 9% per month. This all depends on your credit score and loan worth.
Quick Approval and Disbursement
While Fairmoney claims to disburse loans within minutes. Renmoney on the other hand disburses loans within minutes of request.
Palmpay is a platform for mobile payments that lets users buy data and airtime, transfer funds, and make payments on their mobile devices. In 2019, the platform went live in Nigeria, and it has since expanded to Ghana.
Bank transfers, card payments, and mobile money transfers are just a few of the payment options available through Palmpay. To conduct transactions, users can link their Palmpay account to their bank, debit card, and mobile money accounts.
Other services offered by Palmpay include bill payment, investment opportunities, and discounts on purchases made through the platform, in addition to payments and transfers.
To safeguard user data and transactions, Palmpay employs cutting-edge security measures.
Features of the Palmpay Platform
Palmpay offers very competitive interest rates for its loans. This makes the loan very acceptable to collect. The interest rate is determinable in many offers. Repayment terms are designed to be very flexible, allowing users to be very selective when accepting the loan.
Palmpay has given positive remarks about the app. Users appreciate and are thankful for the seamless way loan application processes are accepted. There is no contractual work when requesting a loan on the app. Clients have experienced satisfactory service with Palmpay service. It enables customer support.
Palmpay allows users and clients to make payments, Airtime and Data. It offers p2p transfers through mobile phones.
Palmpay uses savings accounts, and investment options as services to their customers.
Palmpay uses high-security Features like fingerprint and facial recognition.
Fairmoney vs Renmoney and Palmpay; which is the best loan app?
In answering this question, we would be using two yardsticks which are: Interest Rates and Security.
1. Interest Rate
Fairmoney offers a range of loans with interest rates from 10% and 30% per year. However, the interest is dependable on the chosen loan amount. Borrowers can get credit facilities of up to N3,000,000.
Renmoney provides loans with an interest rate of 2.49% to 9% monthly. The interest rate is determined by many factors including loan amount, and the borrower’s credit score.
Palmpay offers loans of up to 300,000 depending on the user’s trustworthiness. However, Palmpay offers other services such as investment and insurance products. They may provide interest rates and investments based on their terms and conditions.
Fairmoney is a very secure platform. Fairmoney employs various security measures adopted by physical banks. The application for the loan is processed when Fairmoney has verified job, identity, and creditworthiness. Fairmoney also partners with various banks and financial institutions to safeguard user information.
Renmoney offers Two Factor Authentication. They have a cutting-edge security platform feature that keeps consumer information safe. People who borrow from Palmpay keep user information safe.
Palmpay offers the safety of financial information. Palmpay offers large encryption and security protocols. For biometric screening, you have the opportunity of using either fingerprint or face recognition to confirm transactions.
Is Fairmoney licensed by CBN?
Yes. Fairmoney is a mobile money platform that is focused on lending people money. Fairmoney is licensed by CBN as a microfinance bank.
Who is the CEO of Fairmoney?
Laurin Hainy is the Chief Executive Officer of Fairmoney.
What happens if I don’t pay my Fairmoney Loan?
It is a statute that Fairmoney answers to all credit bureaus. This includes also the CIBIL. So if you don’t pay your loan on time it would negatively affect your creditworthiness and prevent you from obtaining future loans.
Why is Fairmoney always telling me not to share my BVN?
This is because your BVN is your Financial identity. Anyone could use it to obtain your information and defraud you.
Is Renmoney on Playstore?
Yes. Renmoney is available on all app stores.
Choosing between the three would be hard for any customer. You often find that the frailty of one is an advantage of another. Palmpay, Renmoney, and Fairmoney are the trio leading the Nigerian micro-banking scene. Although, for many, it is not that way. Despite this, it is still necessary to choose the platform that best suits your need.