This post is all about how to pay back Xcredit loan.
If you’re looking for an effortless way of getting instant loans online with multiple reliable repayment options, Xcredit is definitely worth a try.
Loan repayment isn’t the only easy transaction on Xcredit, but applying for a loan too is super simple.
On Xcredit you can get a huge loan amount in minutes with no collateral, guarantor, or ID card needed.
Although, after getting your loan, the next things on mind are how to spend it, and most importantly how to repay it back.
That’s why we’ve brought before you, how to pay back Xcredit loan. We will also discuss the consequence of late loan payments and lots more.
Without further ado, let’s get started!
Repaying Xcredit Loan
After downloading and installing the Xcredit loan app, and successfully applying for and getting your loan credited into your bank account from Xcredit, probably the next thing you want to do on the app when next you open it, is to repay your loan.
From auto-debit and card payments to bank transfer and deposits, there are lots of ways to pay back Xcredit loan.
And the cool thing is that all the repayment options on the app and the platform can be used without stress.
Within just a few minutes after you repay with any of the options, your X Credit loan dashboard will be updated and your loan will be cleared.
Now, let’s see how to repay Xcredit loan with all the available repayment options on the app.
How to Pay Back Xcredit Loan
Auto-debit is the first repayment option that Xcredit loan app/company offers.
The auto-debit method works in a way that your payment will be made automatically and deducted from your bank account via the ATM card you initially connected to your Xcredit account while applying for the loan.
Other methods of paying back your Xcredit loan can be carried out manually.
This can be done by simply following the steps below.
- Open the Xcredit App on your phone.
- On your account dashboard, Click My Loan.
- Choose one of your loans.
- Then, Click the Repay In Advance.
- Now, select your preferred repayment method from the list of the available repayment options which include:
Bank (ATM) Card
The first and most recommended way of paying back your loan on the Xcredit loan app is by using your Bank Card also known as ATM card.
You can implement this method simply by clicking on the “Bank Card” option from the repayment methods list. Then, select one of your already linked bank accounts, and then proceed.
You can also add a new card by clicking on “Add a Card”, then enter your card number, the expiry date of the card, and the card’s CVV number, then proceed to pay.
After completing the repayment process, the fund will be deducted from your bank account and your Xcredit loan will be repaid.
Keep in mind that it may take a while before your Xcredit loan dashboard will be updated.
Another way to pay back XCredit loan is by using the bank transfer method. It is highly recommended too.
This can be done by simply clicking on “Bank Transfer”, then copying the provided bank account number and transferring the fund to it.
You can transfer the fund via your bank mobile app, a nearby ATM, or using your bank USSD code to make a repayment.
Once the payment is successful, you can refresh your Xcredit App dashboard to see if it has been reflected there.
Once your loan is cleared on the Xcredit loan app, you can reapply for another loan if you wish.
What Will Happen if You Don’t Repay Your Xcredit Loan?
One of the things you don’t want to do with any loan app or lending company in Nigeria including Xcredit is not paying back the money you borrowed.
If that happens, Late fees, suspension of your Xcredit account, and a report to national credit bureaus as required by law (CRC, First Central) could be the results.
And if it gets to that extent, your contacts may be sent messages about you not running away with the company’s money.
What Happens if You Pay Back Your Xcredit Loan Late?
Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date. Repaying the loan by its due date allows you to access larger loan sizes.
More so, late repayments will affect your ability to get subsequent or larger loans. If you are very late on your payments, we report to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.
With this simple guide, whether you’re searching for how to repay Xcredit loan, or how to pay back Xcredit loan, we believe you’ve gotten a solution.