PiggyVest vs FairMoney: Choosing the Right Financial Partner in Nigeria
Nigerians seeking financial solutions increasingly turn to fintech apps like PiggyVest and FairMoney.
But with both offering a variety of services, deciding which one suits you best can be tricky.
Let’s delve into the nitty-gritty of PiggyVest and FairMoney to help you make an informed choice.
Understanding Loan Agencies
Loan agencies bridge the gap between lenders and borrowers. Traditional lenders often have stringent requirements, but fintech apps offer quicker and more accessible loan options.
Products and Services
PiggyVest focuses on savings and investments. They offer features like automated savings (AutoSave), fixed and flexible savings plans (Flex & Save), and investment opportunities (Jar).
FairMoney, on the other hand, is a full-fledged lending platform. They provide quick personal loans with flexible repayment periods. They also offer Short Term Loans and Salary Advance options for emergencies.
Eligibility Criteria
Both platforms have basic eligibility requirements. PiggyVest might require valid ID and BVN (Bank Verification Number) for some investment options. FairMoney assesses your creditworthiness through a smartphone data analysis to determine your loan eligibility.
Interest Rates and Fees
PiggyVest offers competitive interest rates on savings and investments. FairMoney’s interest rates typically vary depending on the loan amount, tenure, and creditworthiness. They may also have one-time processing fees.
Repayment Terms
PiggyVest promotes saving habits, so there are no set repayment terms. You can withdraw your funds at your convenience (depending on the plan). FairMoney offers flexible repayment options for loans, typically ranging from a few weeks to several months.
Both PiggyVest and FairMoney provide customer support through in-app chat, email, and phone.
Loan Application Process
PiggyVest’s application process is straightforward. You can sign up and start saving or investing within minutes. FairMoney’s loan application is also quick and can be completed entirely on the app.
Loan Repayment Options
PiggyVest allows easy withdrawals through your linked bank account. FairMoney offers multiple repayment channels, including debit cards, bank transfers, and USSD options.
Choosing Between PiggyVest and FairMoney
Savings and Investments: Opt for PiggyVest if your goal is to grow your finances.
Quick Loans: FairMoney is your solution if you need immediate financial assistance.
FAQs
Can I use both PiggyVest and FairMoney?
Absolutely! You can leverage PiggyVest for saving and FairMoney for loans if needed.
Are these platforms safe?
Ensure you download the official apps from reputable app stores (Google Play Store or Apple App Store). Verify reviews and check if the Nigerian authorities license the platform.
What happens if I miss a loan repayment on FairMoney?
Late repayments can attract penalties and damage your credit score. Always borrow responsibly and ensure you can repay on time.
Are there alternatives to PiggyVest and FairMoney?
Several other Nigerian fintech apps offer similar services. Research and compare features and fees before choosing.
Also Read: PiggyVest: Mastering Your Money in Nigeria (Not a Loan App)
