Fairmoney, a popular loan and finance app in Nigeria, has gained over 5 million downloads on the Playstore. Getting a loan approved on Fairmoney is quick and easy, with no collateral or guarantor required. However, some users may find the loan repayment process confusing due to the app’s multiple tabs. In this blog post, we will provide a simple step-by-step guide on how to repay your Fairmoney loan using various repayment options offered by the app.
Repaying Fairmoney Loan:
Before applying for a loan on Fairmoney, it’s essential to read and understand their repayment terms and conditions. The app offers flexible repayment options, including the option to extend the repayment date if needed. However, it is advisable to avoid extending the loan if you can repay it on the initially scheduled date. Let’s explore four different ways to repay your Fairmoney loan:
Step-by-Step Guide:
- Sign In to Your Fairmoney Account: Open the Fairmoney app and sign in to your account using your credentials.
- Click on “Repay”: Once logged in, locate the “Repay” option from the list of available features.
- Enter the Repayment Amount: On the repayment page, enter the amount you wish to repay. Alternatively, you can select the option for full loan payment.
- Click “Next” to View Repayment Options: After entering the repayment amount, click on “Next” to view the available repayment options.
Repayment Options:
a. Via Fairmoney App:
- This is the most recommended method for loan repayment.
- Fund/add money to your Fairmoney account.
- Once your account is funded, select the tab with your account balance to repay your loan.
b. Via USSD:
- Find the USSD repayment option on the Fairmoney app.
- Note the provided bank’s USSD code, the amount to be repaid, and the specified bank account number for the transfer.
- Dial the USSD code and follow the prompts to complete the payment.
c. Bank Transfer (Mobile App):
- Make use of your bank’s mobile app for loan repayment.
- Note the bank name, account name, and provided account number on the Fairmoney app.
- Use the mobile app to transfer the owed amount to the provided account number.
d. With Debit Card:
- For first-time users, this option is the most convenient.
- Click on the linked ATM card number and select “Pay.”
- Funds can be deducted automatically on the loan due date via your debit card.
Fairmoney Loan Repayment FAQs:
- Can I pay my Fairmoney loan before the due date?
- Yes, it is advisable to repay your Fairmoney loan before the due date to receive interest reductions and improve your credit score.
- What happens if I don’t pay my Fairmoney loan?
- If you fail to repay your loan on time, the interest rate will keep increasing, and you’ll receive reminders from Fairmoney urging you to repay.
- How long does it take to repay a Fairmoney loan?
- Repaying your loan on Fairmoney is a quick process. Within a few minutes after making the repayment transaction, you’ll receive a notification confirming your loan repayment.
Conclusion:
With various repayment options available, repaying your Fairmoney loan is now easier than ever. By following this step-by-step guide, you can confidently navigate through the app and repay your loan on time. Remember, timely repayments can lead to interest reductions and better credit scores, so it’s essential to stay on top of your loan payments