This post is all about how to repay Fairmoney loan in Nigeria.
With over 5 million downloads on Playstore, Fairmoney is one of the most downloaded and most used loans and finance apps in Nigeria.
On the App, you can apply and get your loan application approved in just a few minutes without any collateral, or guarantor.
However, repaying a Fairmoney loan can be a little bit confusing to some newbies, as the app has many tabs and you won’t want to go the wrong way.
Anyways, if you’re struggling with repaying your loan on Fairmoney, just keep reading for in this post, I’ll show you exactly how to repay Fairmoney loan in fast and easy ways.
Without further ado, let’s get started!
Repaying Fairmoney Loan
We all know that you can’t receive a loan without paying back, especially on all these online lending Apps.
Therefore, before applying for a loan on Fairmoney, it is advisable you read their repayment terms and conditions.
One more thing is that repaying your Fairmoney loan is flexible as they give you the option to extend the repayment date.
This means when you receive a loan on the Fairmoney app and you’re not able to pay it back at the scheduled repayment date, you can reschedule your loan repayment by extending it.
However, it is not advisable you extend your loan if you can repay it at the initially scheduled date.
Anyways, Fairmoney offers a wide range of loan repayment options that are easy to use. Now, let’s see how to repay Fairmoney loan in four different ways.
How to Repay Fairmoney Loan
The following is a step-by-step guide on how to repay Fairmoney loan.
- Sign in to your account on the Fairmoney app.
- Click on “Repay” from the list.
- Now, enter the amount you want to pay, or select full loan payment.
- Then, click on “Next” to view the available repayment options including:
Via Fairmoney App
The first and most recommended method to use in repaying your loan is the Fairmoney app.
I believe you should know that Fairmoney isn’t just a lending app, it is an overall finance app where you can save your money and even invest.
Therefore, to repay your loan on the app, all you just need to do is to fund/add money to your account. Once added, proceed to repay your loan by selecting the tab with your account balance.
USSD method is one of the repayment options you’ll see on the Fairmoney repayment option list.
Here, your bank’s USSD code, the amount to be repaid, and a specified bank account number to which the money will be transferred will be displayed.
Now, click or copy the USSD code and paste it to your phone dialer to make the payment.
Bank Transfer (Mobile App)
You can also repay your loan on Fairmoney using your Bank’s mobile app to transfer the fund owed.
All you just need to do is take note of the bank name and account name, then copy the provided account number and paste it into the transfer tap of your bank’s mobile app to make payment.
With Debit Card
If it’s your first time using Fairmoney, and you’re seeking how to repay Fairmoney loan, then, this is the best option for you.
All you need to do is click on the ATM card number that is linked with your account, and click “Pay”.
Note: Funds can also be deducted automatically to repay your loan on the deadline day via your debit card.
Fairmoney Loan Repayment FAQs
Can I pay my Fairmoney loan before the due date?
Yes, you can repay your Fairmoney loan before the due date. In fact, it is really advisable you repay your loan before the due date so as to get a reduction in interest, and also a good credit score.
What happens if I don’t pay my Fairmoney loan?
If you don’t pay your Fairmoney loan on time, Fairmoney will keep increasing your interest rate every day.
More so, you’ll keep getting calls from Fairmoney, urging you to repay your loan.
How long do Fairmoney loan takes to repay?
Repaying your loan on Fairmoney doesn’t take much time. Within a few minutes after carrying out the repayment transaction, you’ll get a notification message from Fairmoney confirming your loan repayment.
How do I pay back my loan on Fairmoney?
You can pay back your loan on Fairmoney via USSD, Bank transfer, and/or your debit card (ATM card).
With a wide range of repayment options, I believe by now, how to repay Fairmoney loan shouldn’t be something to worry about anymore since you’ve read this article.
If you still have questions concerning this topic, please feel free to use the comment box below.